Hearst, Apple Strike a Deal... Not a Great Start for The Daily...

Hearst has struck a deal with Apple that will make it the first big magazine publisher to sell subscriptions for its digital editions on the iPad.

NOT A GREAT START: Speaking of Apple and media, Rupert Murdoch’s iPad-specific newspaper, The Daily, lost $10 million in the first quarter, said News Corp. chief operating officer Chase Carey on Thursday on a first-quarter earnings conference call.

Murdoch said in February that News Corp. had invested $30 million in project. The Daily launched on Feb. 2 on Apple’s iTunes and has been charging users 99 cents a week since late March.

A News Corp. spokeswoman said there have been roughly 800,000 free downloads of the Daily app. It is not clear how many subscriptions have been sold thus far. Overall, News Corp. said net income fell 24 percent in the quarter to $639 million on a 6 percent decline in revenues to $8.26 billion

— J.K.

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