Shareholders of DallasNews Corporation, the parent company of The Dallas Morning News and the integrated creative marketing agency Medium Giant, Tuesday overwhelmingly approved a definitive merger agreement with Hearst Corporation, a major privately held media and information services company.
The approval came during a special shareholder meeting, with 89.3% of total shareholders voting in favor, including 77.0% of Series A shareholders and 98.8% of Series B shareholders. This decision effectively shut out a competing unsolicited bid from MNG Enterprises Inc., an affiliate of the hedge fund Alden Global Capital, which had escalated its offer multiple times but was repeatedly rejected by the DallasNews board.
The merger, first announced on July 9, 2025, values the deal at approximately $90 million in cash, representing a substantial premium for shareholders amid a challenging landscape for local journalism.
Background on DallasNews Corporation: Founded in 1885 as The Dallas Morning News by George Bannerman Dealey, the company has been a cornerstone of North Texas journalism for nearly 140 years, serving a region experiencing rapid population and economic growth.
Hearst, established in 1887 by William Randolph Hearst, is one of the largest U.S. media conglomerates, owning 28 daily newspapers, 50 weeklies, and digital properties across the country.
Hearst gains entry into the Dallas-Fort Worth metroplex, the fourth-largest U.S. media market. DallasNews CEO Grant Moise highlighted access to Hearst's "vast knowledge and resources" for expanding digital and local coverage. Hearst President Jeff Johnson echoed this, noting alignment with "strengthening trusted, high-impact local media in growing markets."
Alden Global Capital, a New York-based hedge fund notorious for aggressive cost-cutting in media acquisitions, also made a bid, which was rejected by shareholders. Alden which owns over 200 newspapers nationwide, including the Chicago Tribune, Denver Post, and New York Daily News. Alden's strategy often involves layoffs, reduced local coverage, and profit maximization, earning it criticism as a "vulture" investor in the press.