The Hollywood Reporter, a paper that specialises in entertainment news and currently published five days a week, will become in October "a glossy, large-format weekly magazine," The New York Times reported Sunday.

Subscribers to the daily printed version will now receive a daily digital edition in a PDF file. The Hollywood Reporter's website will also be redesigned with a focus on breaking news that will allow the publication to compete with entertainment blogs that have eroded its readership, The Daily News revealed.

The price of the new magazine has been set at $5.99, up from the $2.99 currently charged, The Associated Press informed. However, the annual subscription will decrease from $300 to $249.

In the last four years, the publication has lost advertisers and its annual revenue declined from $50 million to $30 million, according to The New York Times. With the new design, the company aims to attract new ads from the beauty, fashion, and liquor industry so it does not have to depend solely on film studios and television networks.

Richard Beckman, CEO of e5 Global Media, which bought The Hollywood Reporter from Nielsen Company in December, said the initial circulation of the magazine will be 60,000 copies but its expected to quadruple in three years, The Daily News quoted