Hearst, one of the nation’s leading media companies, will acquire the Dallas Morning News, both companies announced.
DALLAS — Hearst, a global media company, will acquire The Dallas Morning News, both companies announced.
DallasNews Corporation, the holding company of The Dallas Morning News and Medium Giant, reached a definitive agreement with Hearst, one of the nation’s leading information and media companies, both companies said in a press release.
Pending the close of the sale, DallasNews shareholders will receive $14 in cash for each share of common stock, a 219% increase based on the closing price of the company’s common stock. The transaction values DallasNews, Texas’ oldest continually operating company, at $74.9 million.
The transaction has been unanimously approved by the Board of Directors of both companies and is expected to close in the coming months, the release states. When the transaction closes, DallasNews Corporation will become a private company and its shares will no longer trade on Nasdaq, the release states.
The purchase marks a significant change from the paper’s longtime local leadership. DallasNews Corporation currently has 439 employees, with 157 in the newsroom, the paper said in a release.
Hearst said in a release that the media company will strengthen the Morning News’ 140-year legacy through additional resources. The paper has undergone several rounds of downsizing in recent years, including the elimination of 40 jobs in 2023.
The Dallas Morning News will join Hearst Newspapers, which publishes 28 dailies and 50 weeklies across the U.S. Hearst, which recently purchased the Austin American-Statesman, currently owns eight Texas papers, including the Houston Chronicle and the San Antonio Express-News.
“For 140 years, The Dallas Morning News has earned enviable status as one of the most trusted and distinguished daily newspapers in the U.S.,” Grant Moise, chief executive officer of DallasNews Corporation and publisher of The Dallas Morning News, said in a release. We’ve done so by focusing on the issues that matter most to our North Texas community and by embracing the kind of objective, accountable and skillful reporting at the heart of impactful journalism. The Hearst family of newspapers shares these values. Their resources, expertise and track record of supporting — and investing in — local independent journalism will ensure The Dallas Morning News thrives for decades to come.”
In 1885, The Dallas Morning News was launched as a spin-off of the Galveston Daily News by the A. H. Belo Corporation. The Dallas-based company went on to own several television stations, including WFAA, before its television assets were acquired by Gannett in 2015.
The A. H. Belo Corporation later became the DallasNews Corporation after the company sold off its television assets.
“Hearst Newspapers is committed to supporting The Dallas Morning News’ continued success through smart investments in their digital strategy, compelling journalism and expanded audience reach,” Jeff Johnson, president of Hearst Newspapers, said. “This move aligns squarely with our strategy of backing trusted, high-impact local media brands in growth markets.”
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