Rupert Murdoch Rumored to Be Launching Tablet-Targeted News Service

Wall Street Journal on iPad

Is News Corp head honcho Rupert Murdoch planning a game-changing digital news outlet?

That’s what sources are telling CNBC, which today reported that “this new digital news venture would incorporate text, photo and video, tailored for the iTunes app format.”

Of course, with the iPad’s rapid success and many companies from Microsoft to Google to HP planning their own tablet devices, it’s not too surprising News Corp, which owns a slew of newspapers including the Wall Street Journal and the New York Post, would want to corner the digital market sooner rather than later.

What’s surprising, however, is that sources say the new subscription service would “not be based on any of News Corp’s existing papers.” Though still too early to say, it seems the service would aggregate news from the company’s many assets for a fee–a Google News just for News Corp–rather than having apps created on a by-paper basis.

And Murdoch has already seen some success in the app market. The subscription Wall Street Journal iPad app has brought in more than 10,000 users at $17.29 per month, earning the company well over $2 million annually.