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News Corp. To Shut Down The Daily, An iPad-Only Newspaper

Though it was heralded loudly and with much excitement and not a little cash when it launched, News Corp.'s The Daily news app, a newspaper that existed only as a digital edition on the iPad, is closing. Effective immediately, its editor-in-chief Jesse Angelo is moving to become publisher of the New York Post, and will be taking "other assets" from The Daily along for the ride, according to an announcement. This will include some Daily staff.

Rupert Murdoch's quoted in the release saying that while the Daily was an innovative "bold experiment," News Corp. simply "could not find a large enough audience quickly enough to convince us the business model was sustainable in the long term." You can read that how you wish, but the underlying truth is that even with decades of publishing expertise and some staff that are hot enough that Murdoch wants to keep them, News Corp. simply couldn't work out how to monetize The Daily. It turned from digital superstar to money-bleeding mess, with rumors of a $30-million-dollar-per-year loss rate.