By Arsheeya Bajwa
(Reuters) – Comcast is raising prices for its Xfinity program, the media giant said on Wednesday, as it looks to offset high programming costs.
Xfinity provides video, broadband and phone services.
Bloomberg News earlier reported that on average, subscribers will see a 3% increase in prices.
The price for internet-only service will increase by $3 a month, the report added.
“Rising programming costs continue to drive the highest increase in customers’ bills,” the company told Reuters, adding that it is investing in its broadband network.
Peers Verizon Communications and AT&T also raised prices earlier this year. Verizon raised prices on some of its wireless plans in August.
Comcast forecast higher broadband losses after the number of customers unexpectedly declined in the third quarter amid tough competition, overshadowing the strong performance of its streaming and parks businesses.
