By: 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 to $8 million in additional revenue in 2007, and $14 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% to 4%, 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.
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% from the same month last year and 4.4% so far this year.
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