News Corp. Folds The Daily

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NEW YORK (TheStreet) - News Corporation(NWS) has announced its plans to close The Daily, its grand, Apple(AAPL) iPad-only, nationwide, daily, electronic newspaper experiment.

In a statement, News Corp. said The Daily 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.

The Daily's 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 Fox Group.

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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