Comcast Corporation has announced that it is raising its prices for pay television service and internet access by 3%, writes Todd Shields for Bloomberg.

Comcast is citing rising programming costs and investments in its broadband network for its decision to raise its costs.

The increases will be part of January bills, adding to the monthly $129 that Comcast gets from subscribers.

Comcast will also raise the price for internet-only service by $3 a month. The increase in pay-TV prices will vary by market to cover higher fees for regional sports and local broadcasts.

“Rising programming costs continue to drive the highest increase in customers’ bills,” a spokesman said in an emailed statement. “We’re working hard to manage these costs.”

Comcast, which is the largest US pay-TV provider, joins other companies that have increased its prices. Namely, AT&T Inc. and Verizon Communications Inc. both recently raised its prices. 

Cord-cutting and increasing competition have eroded the company’s traditional customer base.

In the third quarter of 2023, the company lost 490,000 cable-TV customers and 18,000 broadband subscribers, with nearly all of those being residential customers. 

Read more about Comcast’s rising costs and why the company feels it needs to raise those prices in Bloomberg.

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