Dallas Morning News To Be Acquired by Hearst in Deal Valuing DMN Parent at $74.9M

For 140 years, North Texans have relied on the locally owned Dallas Morning News for their daily headlines. But soon the power behind the paper will reside in a boardroom in New York City, 1,400 miles away.

The historic newspaper and its parent company, DallasNews Corp. (Nasdaq: DALN), are being acquired by Hearst Corp.—a media giant founded in 1887 by William Randolph Hearst, who would later be portrayed as the billionaire newspaper owner in the classic film “Citizen Kane.” Hearst’s empire has since grown to own 28 daily newspapers, over 300 magazines, and an array of TV stations and cable networks. Its assets span from A&E and Lifetime to Esquire and Cosmopolitan to a minority stake in ESPN, along with big-city dailies including the San Francisco Chronicle and the Houston Chronicle.

And soon, Hearst will own the Dallas Morning News. News of the deal was announced today by Hearst President and CEO Steven R. Swartz and Grant Moise, CEO of DallasNews Corp. and publisher of The Dallas Morning News.

With the acquisition, DallasNews shareholders will receive $14.00 in cash for each share of common stock—a premium of 219% based on Wednesday’s closing price of DallasNews’ common stock of $4.39 per share—giving DallasNews Corp. a valuation of $74.9 million. The deal has been unanimously approved by the boards of of both companies and is slated to close during the third or early fourth quarter.

As of the deal’s close, DallasNews Corporation will become a private company and its shares will no longer trade on Nasdaq, the companies said.

At that time, the Dallas Morning News will join the nationwide lineup of Hearst Newspapers, the operating group behind Hearst’s newspapers, weeklies, local digital marketing services businesses, and directories.

Medium Giant, DallasNews’ integrated creative marketing agency, will complement Hearst Newspapers’ agency-level services, the companies added.

‘One of the most trusted and distinguished daily newspapers in the U.S.’

Winner of nine Pulitzer Prizes, The Dallas Morning News was co-founded in 1885 by George Bannerman Dealey and has been a mainstay of local news reporting in an increasingly challenging time for print media. Its longtime competitor, The Dallas Times Herald, ceased publishing in 1991.

“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.,” Moise said in a statement. “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.”

“We also believe our Medium Giant clients will benefit from access to, and collaboration with, Hearst Newspapers’ agency level services,” Moise added. “The agencies will deliver best-in-class solutions, digital expertise and strategic acumen.”

Jeff Johnson, president of Hearst Newspapers, said his company is committed to supporting The Dallas Morning News’ continued success “through smart investments in their digital strategy, compelling journalism and expanded audience reach.”

“This move aligns squarely with our strategy of backing trusted, high-impact local media brands in growth markets,” Johnson added. “We’re looking forward to working with the teams at The News and Medium Giant.”

Robert W. Decherd—DallasNews Corp.’s former board chairman, president, and CEO during a 50-year career—is currently the owner of a majority of the voting power of DallasNews Corporation stock.

“The News’ 140-year commitment to distinguished journalism has been extraordinarily important to the evolution of Dallas as one of America’s greatest cities,” Decherd said in a statement. “We have generations of News employees to thank for this. I’m confident that the path forward with Hearst Newspapers assures The News’ ability to continue informing and strengthening North Texas for many years to come.”

J.P. Morgan Securities LLC and Haynes Boone served as exclusive financial advisor and legal advisor, respectively, to DallasNews Corporation. Clifford Chance US LLP served as legal advisor to Hearst.

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