The Daily is done.
"The Daily was a bold experiment in digital publishing and an amazing vehicle for innovation," Murdoch said in a statement. "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."
The tablet newspaper's editor, Jesse Angelo, will become publisher of the New York Post, the Murdoch-owned tabloid, and some of the Daily's assets—and staff—will be folded into that newspaper, too.
The Daily's last daily publication will be Dec. 15, News Corp. said.
At its launch party at the Guggenheim Museum in February 2011, Murdoch heralded The Daily as "a national news publication for the iPad that we have created from scratch."
"We're entering a remarkable age of innovation, a digital renaissance," he said. "Our aim is for The Daily to be the indispensable source for news, information and entertainment."
The company spent about $30 million on the launch, Murdoch said, and operating costs would be about "half a million a week."
In July, The Daily laid off roughly a third of its staff—sparking rumors of its imminent demise. The publication was said to be "on probation" and would be evaluated after the presidential election.
According to The New York Times, The Daily was on track to lose about $30 million this year.