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
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.
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.