Alden Global Capital, through its subsidiary MediaNews Group, this month attempted to acquire The Dallas Morning News by submitting a last-minute bid of $16.50 per share, valuing the deal at approximately $88.3 million.
The offer came two weeks after DallasNews Corporation, the parent company of The Dallas Morning News, had agreed to a $75 million buyout by Hearst Corporation at $14 per share, a deal approved by both companies’ boards and set to close later in 2025.
Alden’s bid, which was 18% higher than Hearst’s, aimed to disrupt the merger but was ultimately rejected by DallasNews Monday.
Alden, an investment firm known for acquiring newspapers and aggressively cutting costs, offered a “non-binding expression of interest” to purchase DallasNews, which also owns marketing agency Medium Giant. MediaNews Group, Alden’s media arm and the second-largest newspaper publisher in the U.S., had acquired 9.9% of DallasNews’ Series A common stock after the Hearst deal was announced on July 9, 2025. The firm positioned its offer as a “superior proposal,” citing The Dallas Morning News’ commitment to quality journalism and operational efficiency.
The “poison pill” strategy deterred Alden from acquiring additional shares, protecting the Hearst merger by ensuring other shareholders could dilute Alden’s stake if it crossed the 10% threshold.
Alden Global Capital has a controversial history of slashing newsroom staff and resources at acquired papers, such as The Denver Post (reduced from 250 to 70 journalists by 2018) and the Chicago Tribune, earning it labels like “vulture capitalists” and “destroyer of newspapers.” This reputation likely influenced the board’s preference for Hearst, a family-controlled media company seen as more aligned with The Dallas Morning News’ journalistic legacy.