Venture Beat

Conde Nast Digital President Sarah Chubb said Thursday that Rupert Murdoch's plans for the iPad Daily don't "make any sense" in terms of the project's likely return on its $30 million investment.

Chubb, who oversaw the relaunch of Gourmet Magazine as an iPad app, compared the Daily to that effort, which involved a much smaller budget. Chubb said that due to those lower costs, Gourmet had already covered its expenses.

Anthony Ha writes that publishers are skeptical of the Daily's chances and quotes Chubb as saying it would have to be "one kick-ass newspaper" to be profitable.

Last month Murdoch told the Australian Financial Review that he expected there would be 30 to 40 million iPads sold next year and that everyone, including children, would eventually have one. Murdoch said the Daily needs just 800,000 subscribers at $1 per week to be a financial success.