News Corporation is undergoing some structural changes and will be eliminating its daily iPad-only news app, The Daily, on December 15. The brand “will live on in other channels,” says the company in a statement.

“From its launch, The Daily was a bold experiment in digital publishing and an amazing vehicle for innovation,” says chairman and CEO Rupert Murdoch in a press release. “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.”

As initially reported by FOLIO:, News Corp. had spent more than $30 million on development of The Daily. In February 2011, it was reported that costs were less than $500,000 per week. "We’ll be happy when we’re selling millions," Murdoch said. "Our ambitions are high but the costs are low."

Greg Clayman, publisher of The Daily, will oversee the company’s digital strategy, new digital investments and distribution partnerships. Jesse Angelo, the founding editor-in-chief of The Daily and long-time executive editor of The New York Post, will assume the role of publisher of The New York Post. Technology and other assets from The Daily, including some staff, will be folded into The Post.

In addition to shuttering The Daily, the company announced that it would separate its publishing and media and entertainment businesses. These two divisions signify the start of two independent, publicly traded companies.

According to a statement from the company, the publishing entity will retain the name News Corporation, while the media and entertainment company, which began when Murdoch acquired 20th Century Fox and launched the Fox Network more than 25 years ago, will be named Fox Group.

Robert Thomson, editor-in-chief of Dow Jones and managing editor of The Wall Street Journal since 2008, will become CEO of the new publishing company. Gerard Baker, currently deputy editor-in-chief of The Wall Street Journal, will succeed Robert Thomson as editor-in-chief of Dow Jones and managing editor of The Wall Street Journal beginning Jan. 1. 

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