News Corp is set to announce The Daily, it's long-awaited iPad only newspaper.

Developed in partnership with Apple, The Daily is expected to feature a new subscription payment model that takes a weekly payment of 99c from your iTunes account.

In return, the iPad newspaper will - hopefully - offer an experimental and fresh approach to reading the news.

Macworld's Jason Snell is reporting live from the launch in New York. Coverage is expected to begin at 4pm BST.