Rupert Murdoch has this morning at the Guggenheim Museum in New York, in collaboration with his News Corporation‘s media empire launched the first digital newspaper meant for the iPad. Dubbed The Daily, the paper has launched with a full media team of 100s of journalists and editorial team some from formerly respected positions in The Atlantic, AOL and New York Times.

The Daily will feature news, photos, graphics and videos with the iPad’s touchscreen. It will cost just $ 0.14 per day, $1 a week, $40 per year and will be sold exclusively via Apple’s iTunes store. The first two weeks will be free. The Daily is still not available outside the US but if you have a US iTunes account, you can get to purchase the digital paper.

Esquire, the New Yorker, Vanity Fair, Glamour, GQ and Wired are some of the digital papers currently being sold in the iPad. It cost News Corp $13 Million to setup and will cost it $500,000 to run every week.