The Daily will close on 15 December but it will "live on in other channels", News Corp said in a statement yesterday. Technology and other assets including some of The Daily’s 120 staff will be folded into the New York Post.

Rupert Murdoch, chairman of News Corp, said The Daily had been a bold experiment in digital publishing but that it was not able to find a large enough audience quickly enough to convince the company that it was sustainable in the long-term.

"Therefore we will take the very best of what we have learned at The Daily and apply it to all our properties," he said.  

Jesse Angelo, The Daily’s editor-in-chief, will become publisher at The New York Post and Greg Clayman, The Daily’s publisher, will oversee the company's digital strategy.

Murdoch said: "Under the editorial leadership of editor-in-chief Col Allan and the business and digital leadership of Jesse, I know The New York Post will continue to grow and become stronger on the web, on mobile, and not least, the paper itself."

News Corp invested $30 million (£18.6m) in The Daily’s launch but in July this year it was reported that it was going to cut 50 of its 170 employees.

The news of TheDaily’s closure came the day after the corporation announced the resignation of its chief executive Tom Mockridge.

At the same time it was reported that the Wall Street Journal’s managing editor Robert Thomson would be named chief executive of the corporation's forthcoming publishing spin-off, which will include publisher Dow Jones & Co and The New York Post.

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