The Daily Has Cost News Corp $10 Million So Far

Rupert Murdoch's iPad publication has been a pricey endeavor

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In its first quarter of existence, The Daily, News Corp's paid subscription-only iPad newspaper has cost Rupert Murdoch and Co. about $10 million. According to Paid Content, News Corp chalks the loss up to "investment costs because the app has only just gone paid." Sites that offer The Daily's content for free, such as The Daily: Indexed Tumblr, probably don't help either. The Daily contributed to News Corp's a recent drop in operating income seen in its publishing division, from $82 million to $36 million. "U.K. and Australian newspapers advertising revenue also fell, newsprint costs increased and the Integrated Marketing Services division turned in lower earnings while also paying out a further $125 million to settle a lawsuit."

This article is from the archive of our partner The Wire.