Independent proprietors and shareholders

Alexander Lebedev's deal today to acquire the Independent and Independent on Sunday caps a complex story of shifting ownership over the past quarter-century
Photograph: John Macdougall/AFP/Getty

The Independent's journalist founders, Andreas Whittam Smith, Stephen Glover and Matthew Symonds, all became shareholders in its parent company Newspaper Publishing – along with Douglas Long, the original managing director, and the more than 30 City institutions that invested £16m in the project ahead of the launch in October 1986
Photograph: Jane Bown/Guardian

Lord Sieff, the greatly respected president of Marks & Spencer, gave Newspaper Publishing added credibility in the City as its founding chairman
Photograph: Joe Partridge / Rex Features/Rex Features

One source of anxiety to the founders was Mirror Group chief Robert Maxwell, who managed to acquire slightly under 5% of the company through nominees before its launch. Later, he raised his holding to 8% – but he never got any further
Photograph: Rex Features

When Newspaper Publishing needed additional investment in 1990, it found it from a more congenial source – the Spanish paper El Pais and the Italian paper La Repubblica, which each took a 12.49% stake. Carlo Caracciolo, La Repubblica's co-founder and 'editor prince', was the face of the new co-owners
Photograph: Olycom SPA/Rex Features

It was only after the Maxwell era that Mirror Group Newspapers really became involved. When Newspaper Publishing hit crisis again, in 1994, it assumed control as part of a consortium with El Pais and La Repubblica. The chief executive was David Montgomery, pictured here in 1993 with his finance director John Allwood. In October 1994, the Independent papers leased offices from Mirror Group in the Canary Wharf tower
Photograph: Graham Turner/Guardian

Montgomery again, in 1995, when Mirror Group became a controlling shareholder in the Independent, along with...
Photograph: Sean Smith/Guardian

...Independent News & Media, publisher of the Irish Independent, whose chairman and chief executive was Tony O'Reilly. His group had bought 24.9% of Newspaper Publishing in 1994, trying to get in ahead of the Mirror. He finally won control in 1998
Photograph: David Levenson/Getty Images Europe

The cost of owning the Independent titles was a key issue for INM's rebel shareholder Denis O'Brien, who called repeatedly for sale or closure
Photograph: Chris Bacon/PA

In March last year, a deal to placate O'Brien led to O'Reilly's replacement as chief executive with his son Gavin, which was widely seen as opening the door to a sale of the London titles
Photograph: Josep Lago/AFP/Getty