News Corp owner Rupert Murdoch is planning to launch a digital national newspaper for tablet deviecs, such as Apple's iPad.
He plans to make the newspaper available as a paid application with a monthly subscription fee.
According to the L.A Times, the newspaper application, which is still in its developmental stage, will have its own staff and editorial team and will be backed by News Corp-owned press institutions such as the New York Post and financial service Dow Jones.
Citing sources with knowledge of the venture, the L.A Times reports that the company plans to invest anything between $30 million to $40 million in order to launch the unique, mobile-only digital newspaper.
The sources also claim that New York Post executive director Jesse Angelo will spearhead the digital news service, in addition to his current obligations.
News Corp is yet to reveal a launch date, but Murdoch is thought to be planning to release the digital newspaper by the end of the year.