News Corp is closing its tablet newspaper The Daily later this month, just two years after its launch.
The product launched in February 2011 for the iPad and there were persistent rumours about the size of losses and possible closure.
The Daily offered a weekly subscription for 99 cents — an entirely new venture for News Corp, which had traditionally focused on buying and restructuring existing publications.
Almost a year after its release, It was launched for Android tablets, available first on the Samsung Galaxy Tab 10.1 and later on the Galaxy Tab 7.7. The publication was also available for the Kindle Fire.
“From its launch, The Daily was a bold experiment in digital publishing and an amazing vehicle for innovation,” said Mr Murdoch. “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. Therefore we will take the very best of what we have learned at The Daily and apply it to all our properties.”
“I know The New York Post will continue to grow and become stronger on the web, on mobile, and not least, the paper itself,” Murdoch continued. “I want to thank all of the journalists, digital and business professionals for the hard work they put into The Daily.”
According to a news release, the brand will “live on,” as The Daily’s technology and some staff will be folded into The New York Post. Jesse Angelo, founding editor of The Daily and executive editor of the Post, will become publisher of the newspaper.
Paul Carlucci, who has served as publisher of the Post since 2005, will focus on his role as chairman of News America Marketing, while Greg Clayman, publisher of The Daily, will oversee the company’s global digital strategy, digital investments, and distribution partnerships, according to News Corp.
This summer, News Corp fired 50 of its 170 employees. The layoffs also came with a revamp of The Daily’s presentation, moving or expanding certain sections.
The newspaper’s demise was announced as part of a restructuring effort at News Corp. The firm said it will split its publishing and media and entertainment ventures into two companies. The publishing arm will retain the name News Corp, while the media and entertainment division will be known as Fox Group.
Read the official blog announcement here