News Corp's iPad-Only News Outlet 'The Daily' Folds

Rupert Murdoch, right, Chairman and CEO of News Corporation, and Eddy Cue, vice president of Apple, attend the launch of The Daily, Wednesday, Feb. 2, 2011. (Photo: AP/Mark Lennihan)

A little less than two years after it's launch, News Corporation has announced that its experimental digital publication "The Daily" has been shut down.

The iPad-only news app will cease publication on Dec. 15, but the company said in its announcement that some of the technology and other components of The Daily, as well as some staff, will be folded into The New York Post. Jesse Angelo, the founding Editor-in-Chief of The Daily and long-time Executive Editor of The New York Post, has been named publisher of The New York Post.

“From its launch, The Daily was a bold experiment in digital publishing and an amazing vehicle for innovation," Rupert Murdoch said in a 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. Therefore we will take the very best of what we have learned at The Daily and apply it to all our properties. Under the editorial leadership of Editor-in-Chief Col Allan and the business and digital leadership of Jesse, I know The New York Post will continue to grow and become stronger on the web, on mobile, and not least, the paper itself. I want to thank all of the journalists, digital and business professionals for the hard work they put into The Daily.”

When News Corp. launched The Daily in 2011, it said it spent about $30 million to start it up, and estimated that operating costs would amount to about half a million dollars per week, or about $26 million a year.

The paper specifically for iPad users was sold for 14 cents a day. (Photo: Spencer Platt/Getty Images)

News Corp. said Monday that its new publishing company will keep the News Corp. name, while its separate media and entertainment company will be renamed Fox Group.

The conglomerate announced plans this summer to split into two public companies, one for its newspaper and book publishing business and the other for its fast-growing movie and TV operations. Murdoch will serve as chairman of the new News Corp. and chairman and CEO of Fox Group.

The Associated Press contributed to this report.