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News Corp. to shutter The Daily

News Corp. is pulling the plug on its high-profile but money-losing digital-only news magazine The Daily on Dec. 15.

The company created the product as an application for the iPad to try to compete in the digital age. But The Daily was unable to keep pace with more established print titles.

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“The brand will live on in other channels,” News Corp. said in a statement. The technology used for the application and some staff will be folded into the company’s print tabloid the New York Post.

The Daily’s founding editor-in-chief, Jesse Angelo, will become publisher of the New York Post.

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“From its launch, The Daily was a bold experiment in digital publishing and an amazing vehicle for innovation,” News Corp. Chief Executive Rupert 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.”

Earlier this year, The Daily laid off 29% of its full-time staff (50 of its 175 employees) and took a $30-million write-down on the struggling news operation. The online publication was launched in early 2011 in hopes of reaching a new generation of readers by capitalizing on the soaring popularity of Apple Inc.'s iPad tablet computer.

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