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Glenn Halbrooks

Rupert Murdoch to Stop Publishing The Daily

By December 6, 2012

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News Corp. CEO Rupert Murdoch has had a rough year. He's been told he's not fit to run a media company by a group of British lawmakers in the wake of that country's phone-hacking scandal, his mother just died and now he's scrapping The Daily.

A photo of News Corp. CEO Rupert Murdoch
Even a media mogul like Rupert Murdoch can't always find success online.
Photo © Getty Images
The Daily launched in 2011 as the world's first newspaper to be available only on tablet computers and smartphones. With Murdoch's marketing muscle and money behind it, it was supposed to represent the future for print media in the digital age.

When The Daily laid off one third of its staff this summer, it was clear the paper was in trouble. Now that it's gone, media critics have several theories on why it failed.

Perhaps there wasn't enough knowledge that it existed. Or maybe the fact it was designed to be like a traditional newspaper, without the constant news updates that are expected on the Internet, was a turnoff. Then there was the $40 yearly subscription price for an untested brand.

What this failure shows is that online media is still full of obstacles that derail even the most researched business plans. It's estimated Murdoch may have lost $30 million a year on this short-lived experiment.

In a year of bad news for him, the good news is that News Corp. reported an operating income of $1.38 billion in its most recent quarter. So with that perspective, The Daily lost what amounts to the loose change that you probably have under your sofa cushions.

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