With no printing or distribution costs, the US-focused Daily will cost 99 cents (62p) a week.

According to the US elite fashion industry journal Women’s Wear Daily, the Murdoch-Jobs “newspaper” will be run from the 26th floor of the News Corp offices in New York, where 100 journalist have been hired, including Pete Picton, an online editor from the Sun, as one of three managing editors. The editor of the Daily has not been announced, but observers are assuming it will be Jesse Angelo, the managing editor of the New York Post and rising star in the News Corp firmament…

The 79-year-old Murdoch is said to have had the idea for the project after studying a survey that suggested readers spent more time immersed in their iPads than they did – comparatively speaking — on the internet, where unfocused surfing is typical.