News Corp. to shut down iPad-based newspaper, The Daily

News Corp.'s experiment with the newspaper of the future is coming to an end. In a press release covering a wide range of corporate restructuring initiatives, the media conglomerate announced that it is closing The Daily, the tablet-only newspaper that launched with much fanfare in early 2011.

Though a "bold experiment in digital publishing," the venture was not "sustainable in the long-term," explains News Corp. Chairman and CEO Rupert Murdoch in the press release.

Publication of The Daily will halt on December 15. Remaining assets and some staff of the iPad-based magazine will be folded in to the New York Post. The digital newspaper had approximately 120 employees after laying off staff earlier this year.

[Via AllThingsD]