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Mr. Armstrong is Mr. Dunkley's partner in a separate newspaper venture, The Phnom Penh Post in Cambodia.
Former Tory party treasurer Lord Ashcroft has emerged as a potential backer of David Montgomery's regional newspaper venture Local World.
Turnbull said he welcomed Schwartz's newspaper venture because he wanted to see more diversity, but some detractors had characterised the founder of the Saturday Paper as a rich property developer embarking on a vanity project.
The closure of News Corp's iPad newspaper venture The Daily in December symbolises the company's ongoing struggle to find the right blend of digital content desirable enough to attract significant numbers of subscribers.
He was only reappointed as managing director of Daily Mail & General Trust Metro in December, after resigning as the chief executive of David Montgomery's Local World regional newspaper venture.
"He expressed amazement that New Scotland Yard had supported this newspaper venture and felt that it was holding both his force and ours up to ridicule," according to the Met record of the call.
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Watch Microsoft rise and plateau, AoL begin to give up on its newspaper ventures, Apple lose its sheen.
Apart from Scotsman Publications, which posted a pretax profit of £8.2 million in July, the brothers' other newspaper ventures, particularly The European, turned into sinkholes.
My father was a serial journalism entrepreneur who launched a succession of small newspaper ventures -- all of which failed.
The company's 20% investment in Local World, David Montgomery's local newspaper publishing venture, has delivered post-tax profits of £2.7m in its first six months of operations.
David Montgomery's Local World has agreed to buy Daily Mail & General Trust's 80-plus regional titles for just over £50m and a near 40% stake in the newly formed newspaper joint venture.
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