Rupert Murdoch's News Corp. launched the first iPad-only newspaper Wednesday. It is hoping the right combination of traditional reporting and technological wizardry will lure enough subscribers and advertisers to pay for a new way of delivering journalism.
News Corp. plans to charge 99 cents per week or $40 per year for the newspaper, called The Daily.
That's less than what many publishers charge per month for home delivery of newspapers, though The Daily won't be burdened with the cost of printing or delivering a physical newspaper.
In other news, New York Times Co., publisher of the namesake newspaper, dropped as much as 5.9 percent after reporting a 26 percent decline in profit as print advertising and circulation revenue continued to shrink. Fourth-quarter net income fell to $67.1 million, or 44 cents a share, from $90.9 million, or 61 cents, a year earlier, the company said in a statement today. Revenue slid 2.9 percent to $661.7 million, compared with the $666 million average analyst estimate, according to a Bloomberg survey.
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