The first newspaper designed exclusively for the iPad looks set to be unveiled later this month, according to reports.

The publication, to be called The Daily, has already begun employing journalists in several US cities such as Los Angeles and New York.

The formal announcement of the digital title owned by News Corporation will be made at an event at the San Francisco Museum of Modern Art on Wednesday, two sources close to the company said.

The event is expected to be attended by Steve Jobs, chief executive of iPad-maker Apple, and News Corporation chief executive officer Rupert Murdoch.

Details on how much a subscription to the tablet-only paper will cost are unclear, but the name at least implies it will come out once a day. It will cover general news, culture and entertainment and will include video. The publication is a bold attempt by Murdoch to rewrite the business of journalism, as revenue from print circulation and advertising has plunged and growing advertising sales on websites have not made up the difference.

At an investor’s conference last month, News Corporation chief operating officer Chase Carey touted the benefits of tablet computing technology. “We didn’t want it for a PC,” he said.

“We think the tablet, you know, is a unique experience. You can design something that takes advantage of that experience, takes advantage of the multimedia capabilities of it, the technological capabilities of it. I think it could be an interesting product.”

News Corporation’s other digital initiatives are setting the pace in a struggling industry. The Wall Street Journal’s website has been a subscription site for 14 years and now has nearly 450,000 electronic subscribers, according to the latest report by the Audit Bureau of Circulations. The newspaper charges $3.99 (£2.50) per week for an iPad subscription, which includes access to its website. News Corporation will not reveal how many people are paying, but more than one million have downloaded the app for free, which contains some preview material but full access is restricted.

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