The tablet-only publication will be called the Daily and is expected to be made available to the public in early 2011.
Unlike many other newspapers, the Daily will not have separate online and paper editions. The news publication will be available only through its dedicated iPad app and will require a subscription.
According to media reports, users will pay $0.99 per week for access to the newspaper.
More than 100 journalists have already been hired to work for the Daily, some of whom previously worked for other publications, including the New Yorker and the Los Angeles Times. News Corporation has reportedly committed to investing $30 million in the project.
News Corporation chairman and media mogul Rupert Murdoch has expressed enthusiasm about the new publication. In an interview with his Fox News television station, Murdoch referred to the Daily as his "number one most exciting project."
News Corporation owns a variety of media outlets worldwide, including Fox News, Sky News, the New York Post and the Wall Street Journal.
