News Corp. on Wednesday took the wraps off The Daily, its national news publication built specifically for the iPad. The media giant is touting its new offering as the first national daily news publication built from the ground up for Apple’s tablet.

The Daily will feature a mixture of text, video, photos, and other interactive content. News Corp. executives promised a product that blends what CEO Rupert Murdoch called “the best of journalism” with “the best of contemporary technology.”

“The iPad demands that we completely re-imagine our craft,” Murdoch told reporters at a press event in New York to mark The Daily’s Launch.

The first issue of The Daily hit the US App Store Wednesday. The app costs 99 cents a week. The app is not available yet on the UK app store and there is no information regarding pricing.

Apple, which was on hand at Wednesday’s launch, is introducing a new form of subscription billing for readers of The Daily. Readers will have the option of being billed on a weekly basis or paying $40 for a yearly subscription to the digital publication. In fact, the terms of service agreement when you download iOS apps has been changed to include information about in-app subscriptions.

“It’s incredible to believe something of this production value can be done every single day,” said Eddy Cue, Apple’s vice president of Internet services, who represented his company at Wednesday’s launch event.
While The Daily will be available for a subscription, the first two weeks are being offered for free through a sponsorship with US-based mobile phone carrier Verizon.