NEW YORK, May 9 (UPI) -- Rupert Murdoch's New York Post will reverse its price hike to 50 cents and return to selling for a quarter, the newspaper said Wednesday.
The move, effective Thursday, follows a sales plummet of up to 20 percent at some high-volume newsstands in the 10 days since the News Corp. newspaper doubled its price, Crain's New York Business reported.
Post Editor in Chief Col Allan denied the rollback was related to a sales drop.
"This is a business decision and part of a well-planned strategy," he said. "We're proud of our sales and the numbers being thrown around by our competition are pure fantasy and wishful thinking."
The Post started selling for a quarter in 2000. The move helped the Post nearly double its circulation, overtaking the archrival Daily News, which held its price at 50 cents.
But when the Post went to 50 cents April 30, the News halved its price to a quarter -- and its sales jumped 30 percent, Crain's said.
The News, owned by U.S. News & World Report Editor in Chief Mortimer Zuckerman, has told newsstand dealers it will go back to 50 cents next week.
