Rupert Murdoch has announced he will shut the tablet newspaper The Daily from December 15, saying the business model for the publication was not sustainable. The paper was only available on iPad, iPhone, Android phones or Kindle Fire.
Announcing the decision today amid a number of changes to New Corporation and Fox Group, Mr Murdoch said the lessons learned from The Daily would be applied to other titles within the group. Technology "and other assets, including some staff" will be folded into The New York Post. He 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. [...] I want to thank all of the journalists, digital and business professionals for the hard work they put into The Daily."
Ofcom has escalated its investigation into whether BSkyB remains a "fit and proper" owner of a broadcasting licence.
The media regulator has asked Rupert Murdoch's company News Group Newspapers - publisher of The Sun and the now-defunct News of the World (NotW) - to provide it with a series of documents relating to the civil litigation that the media company is involved in.
Broadcasting regulator Ofcom has set up a dedicated team to investigate whether BSkyB is a "fit and proper" owner of a broadcasting license.
Ofcom told the Financial Times in a Freedom of Information disclosure that a dedicated team was investigating material emerging from the Leveson inquiry.
If Ofcom decides there has been rum goings-on it could force the resignation of James Murdoch, who is still chairman of BSkyB, and/or the halving of NewsCorp's stake in the company to below 20 per cent, destabilising the stock.