The Daily is dead.
The much-heralded $1/week newspaper app for iPads from Rupert Murdoch's News Corp. will close very soon. Effective immediately, its editor in chief will move to a new position within News Corp., becoming the publisher of the New York Post.
In a statement, Murdoch is quoted as saying the business model did not appear to be sustainable. The app was launched in February 2011. According to a rumor, The Daily was losing $30 million per year.
See the story at Fast Company.