DallasNews Corp. (Nasdaq: DALN) announced that shareholders on Tuesday approved its pending merger with New York-based Hearst Corp., one of the nation’s leading information, services, and media companies.
DallasNews Corp., the holding company of The Dallas Morning News and marketing and media company Medium Giant, announced in July that it intended to merge with Hearst. The transaction is expected to close as soon as Wednesday, DallasNews said.
Once the transaction is closed, The Dallas Morning News and Medium Giant will now join Hearst, and DallasNews shareholders will receive an all-cash consideration of $16.50 per share of DallasNews common stock. DallasNews will cease to trade as a public company.
The Dallas Morning News now joins a lineup of other leading Texas newspapers under Hearst ownership, including the Houston Chronicle, the San Antonio Express-News, and the Austin American-Statesman.
“We’d like to thank DallasNews shareholders for voting to approve this important and value creating merger with Hearst, and for securing the future of DallasNews,” DallasNews Board Chairman John A. Beckert said in a statement. “We’re proud to have delivered this compelling and certain premium for shareholders and are confident that The Dallas Morning News and Medium Giant have a bright future ahead as members of the Hearst family.”
Jeff Johnson, president of Hearst Newspapers, said the deal will lead to a stronger future for both companies.
“With the agreement now approved, we’re excited to work with our new colleagues at The Dallas Morning News and Medium Giant,” Johnson said in a statement. “Bringing these respected organizations into Hearst fully aligns with our commitment to strengthening trusted, high-impact local media in growing markets, and we look forward to building the future together.”
DallasNews said it reported the results of the stockholder Special Meeting via a Form 8-K filed with the Securities and Exchange Commission.
J.P. Morgan Securities LLC served as exclusive financial advisor to DallasNews Corp. and Haynes Boone served as legal advisor.
The Dallas Morning News has been honored with nine Pulitzer Prizes over its 139-year history, and is known for its strong journalistic reputation, intense regional focus, and close community ties.
Medium Giant is an integrated creative marketing agency with offices in Dallas and Tulsa. It works with a roster of premium brands and companies. In 2024, the agency earned top industry recognition, winning an AAF Addy and the AMA DFW Annual Marketer of the Year Award for Campaign of the Year, along with six prestigious Davey Awards. It is a wholly owned business of DallasNews Corp.
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