Murdoch's The Daily Shutting Down

News Corp. CEO Rupert Murdoch.
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The iPad-only news outlet The Daily will shut down Dec. 15, its parent company News Corp. said Monday.

The Daily, which launched in February 2011, is a digital publication that was only available on the iPad for paying customers. While the publication was originally touted the future of journalism and encouraged by Apple's late CEO Steve Jobs, the business model was ultimately not sustainable.

"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," News Corp.'s chairman and CEO Rupert Murdoch said in a company statement.

Some staff from The Daily will be folded into the New York Post, which is another News Corp. property. Technology and other assets will also become a part of the the Post, according to the company's statement.