To bear the fruits of upcoming tablet technology the firm invested a great deal in the digital newspaper to make it an interactive and compelling read.
The newspaper, which attracted only around 100,000 subscribers, will last be published on n 15 December, News Corp said.
According to the Telegraph, Murdoch admitted the economics of The Daily had not worked, despite low overheads relative to a print newspaper.
“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,” he said.
The newspaper was introduced in February last year