Murdoch's 'The Daily' Is Shutting Down

Rupert Murdoch

The iPad-only news outlet 'The Daily' will shut down next month, its parent company News Corp. said Monday.

'The Daily,' which launched in Feb. 2011, is a digital publication that was only available on the iPad for paying customers. While the publication was originally touted the future of journalism and encouraged by (NASDAQ: AAPL) late CEO Steve Jobs, the business model was ultimately not sustainable.

"From its launch, The Daily was a bold experiment in digital publishing and an amazing vehicle for innovation. 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," News Corp.'s chairman and CEO Rupert Murdoch said in a company statement.

Some staff from 'The Daily' will be folded into 'The New York Post,' which is another News Corp. property. Technology and other assets will also become a part of the The Post, according to the company's statement.

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