New York Times Hikes Prices

Updated from 3:45 p.m. EDT

Those New Yorkers who still buy newspapers are going to be paying more for them this summer.

New York Times (NYT Quote - Cramer on NYT - Stock Picks) CEO Janet Robinson said at an investor conference on Wednesday that the publisher will be raising its newsstand and home-delivery prices for its flagship newspaper next month, a New York Times spokeswoman confirmed.

Home-delivery rates for The New York Times would increase 3% to 4%, while the newsstand price would rise to $1.25 from $1 beginning July 16. Sunday newsstand prices will increase from $3.50 to $4 on July 15 in the New York metropolitan area only.

Dow Jones (DJ Quote - Cramer on DJ - Stock Picks) said last week it will raise the cover price of The Wall Street Journal from $1 to $1.50 on July 16.

Price hikes for newspapers come amid a nationwide advertising slump for the industry as ad spending gravitates to online news aggregators. Last week, New York Times reported a company-wide 8.5% drop in advertising revenue for May, with a 9.1% decline at its namesake paper.