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News Corp.'s new media co. to be named Fox Group

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NEW YORK (AP) -- News Corp. said Monday that its new publishing company will keep the News Corp. name, while its separate media and entertainment company will be renamed Fox Group.

The conglomerate announced plans this summer to split into two public companies, one for its newspaper and book publishing business and the other for its fast-growing movie and TV operations. Rupert Murdoch will serve as chairman of the new News Corp. and chairman and CEO of Fox Group.

The company named Wall Street Journal managing editor Robert Thomson as CEO of the new News Corp. He's set to begin his work on Jan. 1.

As part of the changes, News Corp. said it will cease publication of The Daily, its iPad news application, on Dec. 15.

"From its launch, The Daily was a bold experiment in digital publishing and an amazing vehicle for innovation," Murdoch said in a statement. "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. had hoped The Daily would lure both paying subscribers and advertisers to a digital newspaper that included news, gossip and opinion. The publication's intended audience included people who don't read traditional newspapers or watch TV news while still consuming media through other means. But The Daily never caught on. It had just 100,000 subscribers as of July, when News Corp. said it was laying off about one-third of the publication's 170-person staff.

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