The Daily folds: News Corp’s tablet publication goes bust

Rupert Murdoch's the Daily, an iPad only news publication announced Monday that it was closing its doors.

The closure is a blow to Murdoch and News Corporation, whose reputations have suffered since the phone hacking scandal that shuttered the News of the World.

In a statement, reported Politico, Murdoch wrote:

"From its launch, The Daily was a bold experiment in digital publishing and an amazing vehicle for innovation."

"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," he went on to write.

The app-only paper launched in February 2011 and employed about 170 journalists at its peak.

The Daily Mail reported that the newspaper cost $30 million to establish and about $500,000 per week to run.

Four months ago, the publication reported losses of $10 million and weeks later cut its staff down by nearly one third.

Many of the top jobs at the Daily will move to Murdoch's other publications like the Wall Street Journal and the New York Post.

Mashable reported that Jesse Angelo, the founding editor-in-chief of the Daily, will become publisher of the New York Post.

The death of the Daily was likely caused by readers refusing to pay for a general interest newspaper that costs money, when so much news is available online for free.

The newspaper also suffered numerous technical glitches when it was launched.

Subscriptions to the Daily were 99 cents per week, or $39.99 annually.

News Corp. said the online newspaper would put out its last edition on Dec. 15.