More Videos:

News Corp. Folds The Daily

Tickers in this article: AAPL NWSA

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.

>To submit a news tip, send an email to:

Usage of this site is governed by TheStreet's Terms of Use available here. Information collected on this site may be collected by TheStreet and OC Register. TheStreet's use of information collected on this site will be governed by TheStreet's privacy policy available here. OC Register's use of information collected on this site will be governed by OC Register's privacy policy available here. If either TheStreet's or OC Register's privacy policy have provisions that are more restrictive than the provisions of the other party's privacy policy, such more restrictive provisions shall not apply to such other party.

Copyright © 2012 Orange County Register Communications. All Rights Reserved.
Site Help | Site Map