05/16/2008 05:12 am ET Updated May 25, 2011

Rupert Murdoch To Double The Price of The New York Post

Mr. Murdoch has set his sights on Newsday because he sees it as a way to eliminate losses at The New York Post, a News Corporation property that loses an estimated $50 million a year. By combining Newsday and The Post, the company believes it could earn about $50 million a year in profit.

Mr. Murdoch said Wednesday that the company was taking separate steps to stem losses at The Post. He said the paper would raise its cover price within the next two weeks to 50 cents, from a quarter. Other initiatives could save the paper roughly $20 million a year, Mr. Murdoch said. Raising the price is risky, given that last year an increase to 50 cents was quickly reversed as sales suffered.

For the quarter ended March 31, News Corporation reported a 16 percent gain in both operating income and revenue, mainly from growth in the television and cable networks businesses.

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