'The Daily,' an iPad-only publication from News Corp., is shutting down.(Photo: Getty Images)
News Corp. on Monday announced that Robert Thomson, managing editor of The Wall Street Journal, will become CEO of its new publishing business once News Corp. splits into two public companies.
for the split were announced this summer. One company will house its
newspaper and book publishing business; the other is for its television
and movie operations.
News Corp. also announced that it is shutting down The Daily, its iPad-only national news publication, as part of a digital restructuring.
The publication's editor-in-chief Jesse Angelo will become publisher of News Corp.'s The New York Post.
In a press release, News Corp said The Daily
will live on "in other channels." It will cease publication as a
standalone entity on Dec. 15 after struggling to find an audience large
enough to sustain it.
News Corp first launched The Daily last
February. Subscribers paid 99 cents a week, or $39.99 for an annual
subscription. It was the first application at Apple's App Store that
directly handled subscriptions.
The slick format included
360-degree photos, a table of contents with a carousel of images for
different stories and the ability for readers to tailor content to their
interests. Advertisers at launch included HBO, Macy's and Verizon.
"From its launch, The Daily was
a bold experiment in digital publishing and an amazing vehicle for
innovation," News Corp. CEO 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."
News Corp. also said the new
publishing company will keep the News Corp. name, while its separate
media and entertainment company will be renamed Fox Group.
Thomson will become , CEO of the new publishing company, effective .Jan. 1.
Murdoch remains slated to serve as chairman of the new News Corp. and chairman and CEO of Fox Group.