The Daily Has Lost $10 Million
Rupert Murdoch’s iPad newspaper lost $10 million in its first quarter, which could explain why so many journalists have been leaving it so soon.
That’s about the same as what Newsweek lost in the quarter before it was sold to Sidney Harman, reports BusinessInsider (though obviously we must take into account the Daily’s one-time startup costs).
It’s also a tenth of what Condé Nast spent to launch Portfolio.
That’s still pretty expensive, and is expected to get more so: News Corp.
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