The newspaper had a high profile launch in February 2011, but had apparently struggled to pay its way — recent reports suggested the losses were looking like $30 million a year, and rumors that Rupert Murdoch would kill the publication have been around since at least early summer.
Here's what the press release says:
News Corporation also announced that effective immediately, 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. As part of a digital restructuring initiative, the company will cease standalone publication of The Daily iPad app on December 15, 2012, though the brand will live on in other channels. Technology and other assets from The Daily, including some staff, will be folded into The Post.
Mr. Murdoch said: “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. 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.”
Business Insider spoke to one former reporter with the publication who felt it had been killed before it really had a chance to succeed. "It sucks," he told us. "It was a really cool, hip product. I think this is nothing more than bad timing."
The same source told us that staff members being let go will get a three month severage package.
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