E5 Global Media LLC, the company that bought the trade publication from The Nielsen Co. last December, confirmed the change will happen in early November.
The Hollywood Reporter has been struggling with falling circulation amid stiff competition from blogs that cover the entertainment industry.
The newsstand price of the glossy magazine will be $5.99, about double the $2.99 charged for the current issues, which come out five times per week.
Annual subscriptions will cost $249, down from about $300 now.
The switch was reported earlier in The New York Times.
The change is part of an overhaul under way since former US Weekly editor-in-chief Janice Min was hired as its editorial director in May.