According to the report media mogul Rupert Murdoch has sunk around US$30 million into the digital project and employed around 100 members of staff.
“The Daily” aims to be the first of a kind, a digital-only newspaper with rich media and photography built especially for the iPad and other tablets.
A portion of the content will be sourced from other corners of the News Corporation empire with Fox Sports even offering some video. But according to the people working on the prototype, the majority of the content will be original.
The Daily beta is expected to launch around Christmas with a full release on iPad and other tablet devices in early 2011. At the moment it’s expected to cost 99 cents a week, or about US$4.25 a month. Is that something you'd pay for?
Full report here.
While we're on the subject of iPad, you might like to know that iOS 4.2 finally launched this morning.
Update: First pic below. Expect the official unveiling to take place next week.
Update 2: The unveiling of the new iPad paper has now been delayed. Reports suggest Murdoch and Jobs will try again in a few weeks times, after ironing out the app's subscription model.