News Corp announced it will cease publication of its groundbreaking digital newspaper The Daily on Dec. 15.

The iPad-only newspaper launched in February 2011, and although it proved to be popular — the publication was the No. 3 top grossing iPad app last year according to the 2011 iTunes Rewind feature — the paper was unable to run profitably. News Corp reported it expected to lose $30 million on the publication during 2011.

2012 proved to be an even more difficult year for The Daily. The paper slipped down the top grossing iPad app charts (according to our traffic tracking service AppData, The Daily is currently the No. 61 top grossing iPad app) and the publication laid off 50 full-time staff in August.

“From its launch, The Daily was a bold experiment in digital publishing and an amazing vehicle for innovation,” said Rupert Murdoch in statement accompanying the news. “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.”

According to today’s press release, The Daily’s editor-in-chief Jesse Angelo will move to The New York Post to take up the position of publisher. Technology, other assets and some staff from The Daily will also be folded into The Post.