News Corp sets launch date for iPad newspaper and prepares to ditch MySpace

Rupert Murdoch and Steve Jobs expected to launch their digital newspaper on 19 January

Rupert Murdoch's News Corp is expected to launch its iPad-only digital newspaper on 19 January, according to sources who spoke to news agency Reuters.

The launch will take place at a press event attended by Murdoch and Apple chief executive Steve Jobs, with whom the publication, known as The Daily, will be launched.

News Corp said that The Daily will deliver original coverage of news, the arts, lifestyle, sports and opinion and the only device that it will be available on at launch will be the iPad, and on a paid subscription basis.

Meanwhile, the company plans to ditch its social networking site MySpace, according to reports. Murdoch is planning to cut around half of MySpace's staff worldwide to make the social network more attractive to potential buyers.

The site has been struggling to return to profitability after the soaring popularity of rival Facebook saw its traffic and advertising revenues fall, this despite News Corp recently revamping the web site to focus on music, games and social entertainment.