NEW YORK (
has announced its plans to close
, its grand,
(AAPL - Get Report)
iPad-only, nationwide, daily, electronic newspaper experiment.
In a statement, News Corp. said
will cease publication as a standalone entity on Dec. 15. The brand, however, will "live on in other channels," according to the media giant.
"From its launch, The Daily was a bold experiment in digital publishing and an amazing vehicle for innovation," said News Corp. CEO Rupert Murdoch, in the company's statement. "Unfortunately, our experience was that we could not find a large enough audience quickly enough to convince us the business model was sustainable in the long-term,"
Started in February, and best known for its 360-photographs, the publication lasted just ten months. The Daily cost 99-cents per week or $39.99 for a one-year subscription.
Editor-in-Chief, Jesse Angelo, remains with the company and will become the publisher of
The New York Post
as another part of today's News Corp. shake-up.
The company announced that it will split into two companies: newspapers and book publishing will retain the News Corp. name while a new television and entertainment enterprise will be known as
Robert Thomson, who has been Managing Editor of
The Wall Street Journal
, will now become CEO of News Corp.'s new publishing business
Murdoch will serve as both Chairman of the new News Corp. as well as CEO and Chairman of Fox Group.
--Written by Gary Krakow in New York.
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