The Daily, published by Murdoch's News Corporation, will be available only on Apple's iPad for 99cents an issue and will be based out of New York.

According to internet reports, around 100 reporters have been employed by the publication, ranging from renowned tabloid hacks through to respected broadsheet journalists.

The exact style of The Daily is yet to be revealed, but more information on the title is expected to be revealed in coming weeks, with a mix of the two styles likely.

Already media analysts are speculating that Murdoch would favour the iPad over all other forms of device.

He has fought hard to make money from printed newspapers, but struggled with his efforts to charge for information on the internet.

However, Apple has already shown that there is a developing culture of paid-for mobile access, where content is made available through an online service tied to a device. Murdoch may see a future in combining printed newspapers with an iPad effort.