News Corp.'s The Daily to fold in December

The iPad-only newspaper The Daily will fold Dec. 15, after it failed to gain enough traction to support itself, its parent company said Monday.

The publication launched last year to much fanfare as the world's first tablet-only daily outlet, but has struggled since the initial burst of interest wore off.

"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," News Corp. chief Rupert Murdoch said.