Media titans cut e-business units

NEW YORK - Two of the world's major media companies are cutting back their internet units.

Rupert Murdoch's News Corp is merging its US digital media unit with Fox television, reportedly saving tens of millions of dollars and putting about half the 400 staff at News Digital Media out of work.

The New York Times, meanwhile, will cut 69 jobs at its money-losing internet unit, New York Times Digital.

"The growth in internet advertising spending ... is not happening as quickly as we like," Times spokeswoman Catherine Mathis said.

Times Digital posted a cashflow loss of $US18 million ($39.8 million) in the third quarter as revenues almost doubled from the year before, to $12.1 million.

- REUTERS