Dive Summary:

• News Corp. announced Monday that it would close its iPad news publication The Daily, effective Dec. 15.
• The daily news magazine lasted for 22 months, but showed signs of struggle last summer when about a third of the staff was laid off.
• Chairman-CEO Rupert Murdoch issued a statement, calling The Daily "a bold experiment in digital publishing and an amazing vehicle for innovation," but he indicated that it failed to find a "a large enough audience quickly enough to convince us the business model was sustainable in the long-term."

From the article:

News Corp. said on Monday that it is shutting down The Daily, its ambitious but expensive attempt to create an iPad newspaper, on Dec. 15.

The decision follows a 22-month effort that delivered both some significant achievements -- developing the iPad as a publishing platform, for example, and accumulating 100,000 paying subscribers for a brand-new product -- but seemed to stall out at a time when its parent company was becoming less able to indulge a length investment period. ...