News Corp. Chairman Rupert Murdoch introduced on Wednesday the first ever newspaper created solely for tablet devices such as the iPad, according to Reuters.

Simply called The Daily, the electronic newspaper will cover everything from national politics to sports. It costs 14 cents per day, 99 cents a week or $39.99 a year, with a two-week free trial.

Murdoch said the company spent around $30 million developing The Daily, and that it will cost around $500,000 a week to run it. He believed he could sell “millions” of subscriptions.

“Our ambitions are very big, but our costs are very low,” Murdoch said.

Editor Jesse Angelo told Reuters that the news source will include text, photos and high-definition video.

For now, the application is available only on Apple Inc’s. iPad. Samsung Electronics Co. and Motorola Mobility Holdings Inc. are making rival devices running on Google Inc.’s Android system. Murdoch said The Daily will be available on other devices later.