Daily Mail increases cover price as ad sales drop

Daily Mail is lifting its weekday cover price to make up for declining advertising revenue, Bloomberg reported.

The price will be up to 55 pence from 50 pence starting next week, according to the company statement on PR Newswire. Prices will stay unchanged for the Saturday edition and the Mail on Sunday.

"The continuing high cost of newsprint means it is necessary to increase the cover price of the newspaper," according to the company statement. It was the first price increase for the paper since April 2008, The Telegraph reported.

Ad revenue of the newspaper unit for the 13 weeks ending on July 3 is 7 percent lower year-over-year. In June alone, it had been down 9 percent, according to the company.

The Daily Mail is the second most popular paper in the United Kingdom, with an average net circulation of 2,068,632 as of the end of May, according to Audit Bureau of Circulation.