NEW YORK – The New York Times Co. plans to raise the cover price and home-delivery rates for the newspaper next month, Janet Robinson, the company's chief executive, told an investor conference Wednesday.
Robinson said the price increases would result in about $7 million to $8 million in additional revenue in 2007, and $14 million to $16 million on an annual basis going forward.
A spokeswoman for the newspaper, Catherine Mathis, said later that home-delivery rates for The New York Times would increase 3 percent to 4 percent, while the newsstand price would increase from $1 to $1.25 beginning July 16. Sunday newsstand prices will increase from $3.50 to $4 on July 15 in the New York metropolitan area only.
Last week Dow Jones & Co. said it would raise the cover price of The Wall Street Journal from $1 to $1.50, also on July 16.
Newspaper publishers throughout the country are looking for additional ways to increase revenues amid a slump in advertising as marketers shift spending to other media and online. Last week the Times reported its advertising revenue for May declined 8.5 percent from the same month last year and 4.4 percent so far this year.