News Corp. this morning announced that Robert Thomson, the managing editor of The Wall Street Journal, will become the CEO of the new publishing company to be created through the split of News Corp. into two independent companies on January 1, 2013.
"This is an incredibly exciting time, for me personally, and for our companies' ambitious futures," said Rupert Murdoch in the company's announcement. "The challenges we face in the publishing and media industries are great, but the opportunities are greater."
Thomson has served as Editor-in-Chief of Dow Jones and Managing Editor of The Wall Street Journal since 2008. Bedi Ajay Singh, who most recently served as President, Finance and Administration & CFO for MGM Studios, will assume the role of Chief Financial Officer for the new publishing company. Gerard Baker, currently the Deputy Editor-in-Chief of the WSJ, will take over the title of Editor-in-Chief of Dow Jones and Managing Editor of the WSJ.
As part of the major announcement concerning the split of News Corp. the company announced the end of their tablet newspaper experiment, The Daily.
"As part of a digital restructuring initiative, the company will cease standalone publication of The Daily iPad app on December 15, 2012, though the brand will live on in other channels. Technology and other assets from The Daily, including some staff, will be folded into The Post," the statement announced.
News Corp. launched The Daily on February 2, 2011 as the world's first tablet-only daily newspaper. The launch was much hyped and was generously funded.
"I'm convinced that in the tablet era there is room for a fresh voice," Murdoch said. "New times demand new journalism. Simply put, the iPad demands that we completely reinterpret our craft," Murdoch told the press gathered for the event in 2011.
Apple's Eddie Cue attended the launch event, filling in for Steve Jobs who had recently gone on medical leave.