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Excellent ad revenue growth has not been enough to make the Independent titles profitable.
1994: Control of Newspaper Publishing, the publisher of The Independent and The Independent on Sunday, passes to Mirror Group and the Irish Independent Newspaper Group, controlled by the Heinz-boss-turned-media-tycoon Tony O'Reilly (pictured).
1998: Having lost faith in its ability to turn around performance on the titles, which had been losing money for a decade, the Mirror Group sells complete control to O'Reilly for pounds 30 million. Simon Kelner is appointed editor of the daily title. A former sports journalist and editor of The Mail on Sunday's supplement Night …