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 Photograph: John Macdougall/guardian.co.uk 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 Photograph: Jane Bown/guardian.co.uk 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 Photograph: Joe Partridge / Rex Features/guardian.co.uk 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 Photograph: guardian.co.uk 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 Photograph: Olycom SPA/guardian.co.uk 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 Photograph: Graham Turner/guardian.co.uk Montgomery again, in 1995, when Mirror Group became a controlling shareholder in the Independent, along with... Photograph: Sean Smith/Guardian Photograph: Sean Smith/guardian.co.uk ...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 Photograph: David Levenson/guardian.co.uk 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 Photograph: Chris Bacon/guardian.co.uk 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 Photograph: Josep Lago/guardian.co.uk