|(Photo credit: Scott Beale)|
According to reports in Fortune, The New York Times and Business Insider, The Daily was losing as much as $30 million annually since it first appeared in February 2011. Its Editor-in-Chief, Jesse Angelo, will become Publisher of the New York Post. News Corp. chair Rupert Murdoch said an undisclosed number of Daily staffers, along with technology and other assets of the electronic paper, also will be folded into the Post.
"We could not find a large enough audience quickly enough to convince us the business model was sustainable in the long term," Murdoch conceded. Business Insider reports that editorial staffers being jettisoned will receive three-months severance pay.
The Daily lost a third of its then 170-member workforce last summer because of lagging ad revenue and circulation (see "TUOL" post 8/1/12). Reuters first reported The Daily's imminent demise late last week.