News Corp's New York Post and Wall Street Journal are offering discounted advertisement prices, the Financial Times wrote, citing people familiar with the plan.
The ad price cuts come as the Wall Street Journal prepares to launch a New York edition later this month, the FT said.
Chief Executive Rupert Murdoch is looking to ramp up competition with the New York Times, according to the FT. Murdoch has used similar strategies to expand his business in other cities, the newspaper said.
The FT reported that it saw presentations to potential advertisers that appear to offer rates discounted between 79 and 83 percent for full-page ads.
Murdoch will spend about $30 million this fiscal year and next to support the New York edition of the Wall Street Journal, the newspapers said, citing people briefed on the plans.
The company said the ad discounts were not as high as 80 percent and it was not spending as much as $30 million on the New York edition, according to the FT.
A spokesman for News Corp did not immediately return a message seeking comment.
(Reporting by Elinor Comlay; Editing by Bernard Orr)