[DEFA14A] DallasNews Corporation Series A Additional Proxy Soliciting Materials
DallasNews Corporation (DALN) has entered into a definitive merger agreement under which it will become a wholly owned subsidiary of Hearst Media West, LLC. The deal, announced to employees, community leaders and clients on 10 July 2025, is targeted to close in the third or early fourth quarter of 2025, pending shareholder approval and customary conditions.
The employee letter emphasises strategic alignment: Hearst鈥檚 history of investing in digital transformation, its nationwide portfolio of 28 dailies, 50 weeklies and other media assets, and its private-company status that 鈥渞emoves short-term public market pressures.鈥� DALN management cites progress on its 鈥淩eturn to Growth鈥� plan鈥攕olid cash, no debt鈥攂ut acknowledges ongoing structural challenges that a larger owner can better address. Medium Giant, DALN鈥檚 marketing-services subsidiary, is expected to integrate with Hearst Newspapers鈥� agency services, expanding reach and functional expertise.
Operational continuity: DALN will continue trading on Nasdaq until close and employees are told it is 鈥渂usiness as usual.鈥� Detailed Q&A reiterates that no role changes are expected before completion; post-closing integration plans will be communicated later. All stakeholder communications contain standard forward-looking-statement language and remind investors that a proxy statement will be filed with the SEC.
- Timeline: Close anticipated Q3鈥換4 2025.
- Approvals: Requires DALN shareholder vote and regulatory clearances.
- Deal terms: Purchase price and other financial specifics were not disclosed in these materials.
The communications frame the merger as a strategic solution to industry disruption, offering scale, capital and digital capabilities, while cautioning about customary risks such as deal termination, litigation and employee retention.
DallasNews Corporation (DALN) ha stipulato un accordo definitivo di fusione che la trasformer脿 in una controllata al 100% di Hearst Media West, LLC. L'accordo, annunciato ai dipendenti, ai leader della comunit脿 e ai clienti il 10 luglio 2025, 猫 previsto che si concluda nel terzo o all'inizio del quarto trimestre del 2025, subordinatamente all'approvazione degli azionisti e al rispetto delle condizioni consuete.
La lettera ai dipendenti sottolinea l'allineamento strategico: la storia di Hearst negli investimenti nella trasformazione digitale, il suo portafoglio nazionale composto da 28 quotidiani, 50 settimanali e altri asset mediatici, oltre al suo status di societ脿 privata che "elimina le pressioni di mercato a breve termine." La direzione di DALN evidenzia i progressi nel piano "Return to Growth" 鈥� solida liquidit脿, assenza di debiti 鈥� ma riconosce le sfide strutturali in corso che un proprietario pi霉 grande pu貌 affrontare meglio. Medium Giant, la controllata di servizi di marketing di DALN, dovrebbe integrarsi con i servizi agenziali di Hearst Newspapers, ampliando portata ed expertise funzionale.
Continuit脿 operativa: DALN continuer脿 a essere quotata al Nasdaq fino al completamento dell'operazione e ai dipendenti 猫 stato comunicato che sar脿 "business as usual." Un dettagliato Q&A ribadisce che non sono previsti cambiamenti di ruolo prima della conclusione; i piani di integrazione post-chiusura saranno comunicati successivamente. Tutte le comunicazioni agli stakeholder contengono il consueto linguaggio sulle dichiarazioni previsionali e ricordano agli investitori che sar脿 depositata una proxy statement presso la SEC.
- Tempistiche: Chiusura prevista tra il terzo e quarto trimestre 2025.
- Approvazioni: Necessaria votazione degli azionisti di DALN e autorizzazioni regolamentari.
- Termini dell'accordo: Prezzo di acquisto e altri dettagli finanziari non sono stati resi noti in questi materiali.
Le comunicazioni presentano la fusione come una soluzione strategica alla disruption del settore, offrendo scala, capitale e capacit脿 digitali, pur avvertendo sui rischi consueti come la possibile interruzione dell'accordo, contenziosi e retention dei dipendenti.
DallasNews Corporation (DALN) ha firmado un acuerdo definitivo de fusi贸n por el cual se convertir谩 en una subsidiaria de propiedad total de Hearst Media West, LLC. El acuerdo, anunciado a empleados, l铆deres comunitarios y clientes el 10 de julio de 2025, est谩 previsto que se cierre en el tercer trimestre o a principios del cuarto trimestre de 2025, sujeto a la aprobaci贸n de los accionistas y a las condiciones habituales.
La carta a los empleados destaca la alineaci贸n estrat茅gica: la historia de Hearst en inversiones en transformaci贸n digital, su cartera nacional de 28 diarios, 50 semanarios y otros activos medi谩ticos, y su condici贸n de empresa privada que 鈥渆limina las presiones del mercado p煤blico a corto plazo.鈥� La direcci贸n de DALN menciona avances en su plan 鈥淩eturn to Growth鈥� 鈥� efectivo s贸lido, sin deuda 鈥� pero reconoce desaf铆os estructurales continuos que un propietario m谩s grande puede manejar mejor. Medium Giant, la subsidiaria de servicios de marketing de DALN, se espera que se integre con los servicios de agencia de Hearst Newspapers, ampliando alcance y experiencia funcional.
Continuidad operativa: DALN seguir谩 cotizando en Nasdaq hasta el cierre y se ha comunicado a los empleados que ser谩 鈥渘egocios como siempre.鈥� Un detallado Q&A reitera que no se esperan cambios de roles antes de la finalizaci贸n; los planes de integraci贸n post-cierre se comunicar谩n m谩s adelante. Todas las comunicaciones a las partes interesadas incluyen el lenguaje habitual sobre declaraciones prospectivas y recuerdan a los inversores que se presentar谩 una declaraci贸n proxy ante la SEC.
- Cronograma: Cierre anticipado en el tercer o cuarto trimestre de 2025.
- Aprobaciones: Requiere votaci贸n de accionistas de DALN y autorizaciones regulatorias.
- T茅rminos del acuerdo: El precio de compra y otros detalles financieros no fueron divulgados en estos materiales.
Las comunicaciones presentan la fusi贸n como una soluci贸n estrat茅gica a la disrupci贸n de la industria, ofreciendo escala, capital y capacidades digitales, advirtiendo sobre riesgos habituales como la posible terminaci贸n del acuerdo, litigios y retenci贸n de empleados.
DallasNews Corporation (DALN)鞚赌 Hearst Media West, LLC鞚� 鞕勳爠 鞛愴殞靷 韼胳瀰霅橂姅 斓滌 頃╇硲 瓿勳暯鞚� 觳搓舶頄堨姷雼堧嫟. 頃措嫻 瓯半灅電� 2025雲� 7鞗� 10鞚� 歆侅洂, 歆�鞐� 毽崝 氚� 瓿犼皾鞐愱矊 氚滍憸霅橃棃鞙茧┌, 欤检＜ 鞀轨澑 氚� 鞚茧皹鞝侅澑 臁瓣贝 於╈”鞚� 鞝勳牅搿� 2025雲� 3攵勱赴 霕愲姅 4攵勱赴 齑�鞐� 毵堧毽悹 鞓堨爼鞛呺媹雼�.
歆侅洂 雽�靸� 靹滍暅鞐愳劀電� 鞝勲灥鞝� 鞝曤牞鞚� 臧曥“頃╇媹雼�: Hearst鞚� 霐旍韯� 鞝勴櫂 韴瀽 鞐偓, 28臧� 鞚缄皠歆�, 50臧� 欤缄皠歆� 氚� 旮绊儉 氙鸽敂鞏� 鞛愳偘鞙茧 甑劚霅� 鞝勱淡 韽姼韽措Μ鞓�, 攴鸽Μ瓿� 雼赴 瓿店皽 鞁滌灔 鞎曤皶鞚� 鞝滉卑頃橂姅 牍勳儊鞛� 須岇偓霛茧姅 鞝愳瀰雼堧嫟. DALN 瓴届榿歆勳澏� 鈥楻eturn to Growth鈥� 瓿勴殟鞚� 歆勳爠鈥旉铂瓿犿暅 順勱笀 氤挫湢, 氍措秬毂勨�旍潉 鞏戈笁頃橂┐靹滊弰, 雿� 韥� 靻岇湢欤缄皜 雿� 須臣鞝侅溂搿� 頃搓舶頃� 靾� 鞛堧姅 歆�靻嶌爜鞚� 甑“鞝� 霃勳爠 瓿检牅毳� 鞚胳爼頃╇媹雼�. DALN鞚� 毵堨紑韺� 靹滊箘鞀� 鞛愴殞靷澑 Medium Giant電� Hearst Newspapers鞚� 鞐愳澊鞝勳嫓 靹滊箘鞀れ檧 韱淀暕霅橃柎 氩旍渼鞕� 旮半姤鞝� 鞝勲靹膘潉 頇曥灔頃� 鞓堨爼鞛呺媹雼�.
鞖挫榿 鞐办啀靹�: DALN鞚赌 瓯半灅 鞕勲 鞁滌爯旯岇 Nasdaq鞐愳劀 瓿勳啀 瓯半灅霅橂┌ 歆侅洂霌れ棎瓴岆姅 鈥滌澕靸� 鞐呺 鞙犾鈥濌皜 鞝勲嫭霅橃棃鞀惦媹雼�. 靸侅劯 Q&A鞐愳劀電� 鞕勲 鞝� 鞐暊 氤�瓴届澊 鞐嗢潉 瓴冹瀯鞚� 鞛檿鞚疙晿氅�, 瓯半灅 鞕勲 頉� 韱淀暕 瓿勴殟鞚赌 於旐泟 瓿奠霅� 鞓堨爼鞛呺媹雼�. 氇摖 鞚错暣甏�瓿勳瀽 旎る雼堨紑鞚挫厴鞐愲姅 響滌鞝侅澑 氙鸽灅 鞓堨浮 歆勳垹 氍戈惮臧� 韽暔霅橃柎 鞛堨溂氅�, 韴瀽鞛愳棎瓴� SEC鞐� 頂勲鞁� 靹彪獏靹滉皜 鞝滌稖霅� 瓴冹瀯鞚� 靸侁赴鞁滍偟雼堧嫟.
- 鞚检爼: 2025雲� 3攵勱赴~4攵勱赴 齑� 毵堦皭 鞓堨爼.
- 鞀轨澑 鞝堨皑: DALN 欤检＜ 韴憸 氚� 攴滌牅 鞀轨澑 頃勳殧.
- 瓯半灅 臁瓣贝: 毵れ瀰 臧�瓴� 氚� 旮绊儉 鞛 靹鸽秬靷暛鞚赌 瓿店皽霅橃 鞎婌晿鞀惦媹雼�.
旎る雼堨紑鞚挫厴鞚赌 鞐呹硠 順茧瀫鞐� 雽�頃� 鞝勲灥鞝� 頃搓舶毂呾溂搿� 頃╇硲鞚� 鞝滌嫓頃橂┌, 攴滊, 鞛愲掣 氚� 霐旍韯� 鞐焿鞚� 鞝滉车頃橂姅 頃滍幐, 瓯半灅 膦呺, 靻岇啞, 歆侅洂 鞙犾 霌� 鞚茧皹鞝侅澑 鞙勴棙鞐� 雽�頃挫劀霃� 欤检潣毳� 雼闺秬頃╇媹雼�.
DallasNews Corporation (DALN) a conclu un accord d茅finitif de fusion selon lequel elle deviendra une filiale 脿 part enti猫re de Hearst Media West, LLC. L'accord, annonc茅 aux employ茅s, aux leaders communautaires et aux clients le 10 juillet 2025, devrait se finaliser au troisi猫me trimestre ou au d茅but du quatri猫me trimestre 2025, sous r茅serve de l'approbation des actionnaires et des conditions habituelles.
La lettre aux employ茅s souligne l'alignement strat茅gique : l'historique d'investissement de Hearst dans la transformation num茅rique, son portefeuille national comprenant 28 quotidiens, 50 hebdomadaires et d'autres actifs m茅diatiques, ainsi que son statut d'entreprise priv茅e qui 芦 supprime les pressions 脿 court terme des march茅s publics 禄. La direction de DALN cite les progr猫s r茅alis茅s dans son plan 芦 Return to Growth 禄 鈥� tr茅sorerie solide, absence de dette 鈥� tout en reconnaissant des d茅fis structurels persistants qu'un propri茅taire plus important peut mieux g茅rer. Medium Giant, la filiale de services marketing de DALN, devrait s'int茅grer aux services d'agence de Hearst Newspapers, 茅tendant ainsi sa port茅e et son expertise fonctionnelle.
Continuit茅 op茅rationnelle : DALN continuera 脿 锚tre cot茅e au Nasdaq jusqu'脿 la cl么ture, et les employ茅s ont 茅t茅 inform茅s que ce sera 芦 business as usual 禄. Une FAQ d茅taill茅e r茅affirme qu'aucun changement de r么le n'est attendu avant la finalisation ; les plans d'int茅gration post-cl么ture seront communiqu茅s ult茅rieurement. Toutes les communications aux parties prenantes contiennent le langage standard des d茅clarations prospectives et rappellent aux investisseurs qu'une d茅claration de procuration sera d茅pos茅e aupr猫s de la SEC.
- Calendrier : Cl么ture pr茅vue au T3鈥揟4 2025.
- Approbations : N茅cessite un vote des actionnaires de DALN et les autorisations r茅glementaires.
- Conditions de l'accord : Le prix d'achat et d'autres d茅tails financiers n'ont pas 茅t茅 divulgu茅s dans ces documents.
Les communications pr茅sentent la fusion comme une solution strat茅gique face 脿 la disruption du secteur, offrant 茅chelle, capital et capacit茅s num茅riques, tout en mettant en garde contre les risques habituels tels que la r茅siliation de l'accord, les litiges et la r茅tention des employ茅s.
DallasNews Corporation (DALN) hat eine endg眉ltige Fusionsvereinbarung getroffen, durch die sie eine hundertprozentige Tochtergesellschaft von Hearst Media West, LLC wird. Der Deal, der am 10. Juli 2025 den Mitarbeitern, Gemeindef眉hrern und Kunden angek眉ndigt wurde, soll im dritten oder fr眉hen vierten Quartal 2025 abgeschlossen werden, vorbehaltlich der Zustimmung der Aktion盲re und der 眉blichen Bedingungen.
Das Mitarbeiteranschreiben betont die strategische Ausrichtung: Hearsts Geschichte der Investitionen in digitale Transformation, ihr landesweites Portfolio von 28 Tageszeitungen, 50 Wochenzeitungen und weiteren Medienverm枚gen sowie der Status als Privatunternehmen, der 鈥瀔urzfristigen Druck durch den 枚ffentlichen Markt鈥� eliminiert. Das Management von DALN verweist auf Fortschritte im 鈥濺eturn to Growth鈥�-Plan 鈥� solide Liquidit盲t, keine Schulden 鈥� erkennt jedoch anhaltende strukturelle Herausforderungen, die ein gr枚脽erer Eigent眉mer besser bew盲ltigen kann. Medium Giant, die Marketing-Dienstleistungstochter von DALN, soll mit den Agenturdienstleistungen von Hearst Newspapers integriert werden, um Reichweite und funktionale Expertise zu erweitern.
Betriebliche Kontinuit盲t: DALN wird bis zum Abschluss weiterhin an der Nasdaq gehandelt, und den Mitarbeitern wurde mitgeteilt, dass es 鈥瀊usiness as usual鈥� bleibt. Ein ausf眉hrliches Q&A bekr盲ftigt, dass vor Abschluss keine Rollen盲nderungen erwartet werden; Integrationspl盲ne nach dem Abschluss werden sp盲ter kommuniziert. Alle Stakeholder-Kommunikationen enthalten die 眉blichen zukunftsgerichteten Aussagen und erinnern Investoren daran, dass eine Proxy-Erkl盲rung bei der SEC eingereicht wird.
- Zeitrahmen: Abschluss erwartet im 3. bis 4. Quartal 2025.
- Genehmigungen: Erfordert Abstimmung der DALN-Aktion盲re und beh枚rdliche Freigaben.
- 骋别蝉肠丑盲蹿迟蝉产别诲颈苍驳耻苍驳别苍: Kaufpreis und weitere finanzielle Details wurden in diesen Unterlagen nicht offengelegt.
Die Kommunikation stellt die Fusion als strategische L枚sung f眉r die Branchenst枚rung dar und bietet Skalierung, Kapital und digitale F盲higkeiten, warnt jedoch vor 眉blichen Risiken wie Vertragsabbruch, Rechtsstreitigkeiten und Mitarbeiterbindung.
- Strategic owner with deep media resources may accelerate DALN鈥檚 digital and audience initiatives.
- Private-company structure removes short-term earnings pressure, allowing longer-term investment in journalism and marketing services.
- Medium Giant alignment with Hearst Newspapers鈥� agency services could expand client reach and revenue.
- Financial terms undisclosed, leaving shareholders unable to assess transaction value.
- Closing contingencies include shareholder vote, regulatory approvals and potential litigation, any of which could derail the deal.
- Employee retention and integration risk acknowledged, particularly in a competitive media talent market.
Insights
TL;DR: All-stock cash-undisclosed deal positions DALN under Hearst, pending Q3鈥換4 close; strategic fit strong, closing risks remain.
The filing confirms a signed merger agreement but omits financial consideration, leaving valuation impact unclear for DALN shareholders. Strategically, Hearst gains a dominant North Texas news brand and marketing agency, while DALN benefits from private-owner capital and relief from quarterly earnings pressure. Integration risk appears low given cultural alignment, yet the deal still needs shareholder approval, and termination clauses could trigger costs. Absence of price disclosure limits immediate assessment of accretion/dilution, so investor focus shifts to proxy details once filed.
TL;DR: Hearst adds another large metro daily; DALN gains scale and digital muscle in challenging local news market.
Hearst鈥檚 newspaper group has pursued selective roll-ups of strong regional brands to counter secular print declines. DALN鈥檚 cash-positive, debt-free position eases acquisition financing and allows rapid digital investment post-close. Medium Giant gives Hearst an agency asset to monetise marketing spend beyond subscriptions. For DALN, private ownership should enable longer-term digital experimentation without Wall Street scrutiny. Risks include potential newsroom attrition and uncertainty until integration details emerge, but Hearst鈥檚 track record suggests continuity rather than cost-cutting.
DallasNews Corporation (DALN) ha stipulato un accordo definitivo di fusione che la trasformer脿 in una controllata al 100% di Hearst Media West, LLC. L'accordo, annunciato ai dipendenti, ai leader della comunit脿 e ai clienti il 10 luglio 2025, 猫 previsto che si concluda nel terzo o all'inizio del quarto trimestre del 2025, subordinatamente all'approvazione degli azionisti e al rispetto delle condizioni consuete.
La lettera ai dipendenti sottolinea l'allineamento strategico: la storia di Hearst negli investimenti nella trasformazione digitale, il suo portafoglio nazionale composto da 28 quotidiani, 50 settimanali e altri asset mediatici, oltre al suo status di societ脿 privata che "elimina le pressioni di mercato a breve termine." La direzione di DALN evidenzia i progressi nel piano "Return to Growth" 鈥� solida liquidit脿, assenza di debiti 鈥� ma riconosce le sfide strutturali in corso che un proprietario pi霉 grande pu貌 affrontare meglio. Medium Giant, la controllata di servizi di marketing di DALN, dovrebbe integrarsi con i servizi agenziali di Hearst Newspapers, ampliando portata ed expertise funzionale.
Continuit脿 operativa: DALN continuer脿 a essere quotata al Nasdaq fino al completamento dell'operazione e ai dipendenti 猫 stato comunicato che sar脿 "business as usual." Un dettagliato Q&A ribadisce che non sono previsti cambiamenti di ruolo prima della conclusione; i piani di integrazione post-chiusura saranno comunicati successivamente. Tutte le comunicazioni agli stakeholder contengono il consueto linguaggio sulle dichiarazioni previsionali e ricordano agli investitori che sar脿 depositata una proxy statement presso la SEC.
- Tempistiche: Chiusura prevista tra il terzo e quarto trimestre 2025.
- Approvazioni: Necessaria votazione degli azionisti di DALN e autorizzazioni regolamentari.
- Termini dell'accordo: Prezzo di acquisto e altri dettagli finanziari non sono stati resi noti in questi materiali.
Le comunicazioni presentano la fusione come una soluzione strategica alla disruption del settore, offrendo scala, capitale e capacit脿 digitali, pur avvertendo sui rischi consueti come la possibile interruzione dell'accordo, contenziosi e retention dei dipendenti.
DallasNews Corporation (DALN) ha firmado un acuerdo definitivo de fusi贸n por el cual se convertir谩 en una subsidiaria de propiedad total de Hearst Media West, LLC. El acuerdo, anunciado a empleados, l铆deres comunitarios y clientes el 10 de julio de 2025, est谩 previsto que se cierre en el tercer trimestre o a principios del cuarto trimestre de 2025, sujeto a la aprobaci贸n de los accionistas y a las condiciones habituales.
La carta a los empleados destaca la alineaci贸n estrat茅gica: la historia de Hearst en inversiones en transformaci贸n digital, su cartera nacional de 28 diarios, 50 semanarios y otros activos medi谩ticos, y su condici贸n de empresa privada que 鈥渆limina las presiones del mercado p煤blico a corto plazo.鈥� La direcci贸n de DALN menciona avances en su plan 鈥淩eturn to Growth鈥� 鈥� efectivo s贸lido, sin deuda 鈥� pero reconoce desaf铆os estructurales continuos que un propietario m谩s grande puede manejar mejor. Medium Giant, la subsidiaria de servicios de marketing de DALN, se espera que se integre con los servicios de agencia de Hearst Newspapers, ampliando alcance y experiencia funcional.
Continuidad operativa: DALN seguir谩 cotizando en Nasdaq hasta el cierre y se ha comunicado a los empleados que ser谩 鈥渘egocios como siempre.鈥� Un detallado Q&A reitera que no se esperan cambios de roles antes de la finalizaci贸n; los planes de integraci贸n post-cierre se comunicar谩n m谩s adelante. Todas las comunicaciones a las partes interesadas incluyen el lenguaje habitual sobre declaraciones prospectivas y recuerdan a los inversores que se presentar谩 una declaraci贸n proxy ante la SEC.
- Cronograma: Cierre anticipado en el tercer o cuarto trimestre de 2025.
- Aprobaciones: Requiere votaci贸n de accionistas de DALN y autorizaciones regulatorias.
- T茅rminos del acuerdo: El precio de compra y otros detalles financieros no fueron divulgados en estos materiales.
Las comunicaciones presentan la fusi贸n como una soluci贸n estrat茅gica a la disrupci贸n de la industria, ofreciendo escala, capital y capacidades digitales, advirtiendo sobre riesgos habituales como la posible terminaci贸n del acuerdo, litigios y retenci贸n de empleados.
DallasNews Corporation (DALN)鞚赌 Hearst Media West, LLC鞚� 鞕勳爠 鞛愴殞靷 韼胳瀰霅橂姅 斓滌 頃╇硲 瓿勳暯鞚� 觳搓舶頄堨姷雼堧嫟. 頃措嫻 瓯半灅電� 2025雲� 7鞗� 10鞚� 歆侅洂, 歆�鞐� 毽崝 氚� 瓿犼皾鞐愱矊 氚滍憸霅橃棃鞙茧┌, 欤检＜ 鞀轨澑 氚� 鞚茧皹鞝侅澑 臁瓣贝 於╈”鞚� 鞝勳牅搿� 2025雲� 3攵勱赴 霕愲姅 4攵勱赴 齑�鞐� 毵堧毽悹 鞓堨爼鞛呺媹雼�.
歆侅洂 雽�靸� 靹滍暅鞐愳劀電� 鞝勲灥鞝� 鞝曤牞鞚� 臧曥“頃╇媹雼�: Hearst鞚� 霐旍韯� 鞝勴櫂 韴瀽 鞐偓, 28臧� 鞚缄皠歆�, 50臧� 欤缄皠歆� 氚� 旮绊儉 氙鸽敂鞏� 鞛愳偘鞙茧 甑劚霅� 鞝勱淡 韽姼韽措Μ鞓�, 攴鸽Μ瓿� 雼赴 瓿店皽 鞁滌灔 鞎曤皶鞚� 鞝滉卑頃橂姅 牍勳儊鞛� 須岇偓霛茧姅 鞝愳瀰雼堧嫟. DALN 瓴届榿歆勳澏� 鈥楻eturn to Growth鈥� 瓿勴殟鞚� 歆勳爠鈥旉铂瓿犿暅 順勱笀 氤挫湢, 氍措秬毂勨�旍潉 鞏戈笁頃橂┐靹滊弰, 雿� 韥� 靻岇湢欤缄皜 雿� 須臣鞝侅溂搿� 頃搓舶頃� 靾� 鞛堧姅 歆�靻嶌爜鞚� 甑“鞝� 霃勳爠 瓿检牅毳� 鞚胳爼頃╇媹雼�. DALN鞚� 毵堨紑韺� 靹滊箘鞀� 鞛愴殞靷澑 Medium Giant電� Hearst Newspapers鞚� 鞐愳澊鞝勳嫓 靹滊箘鞀れ檧 韱淀暕霅橃柎 氩旍渼鞕� 旮半姤鞝� 鞝勲靹膘潉 頇曥灔頃� 鞓堨爼鞛呺媹雼�.
鞖挫榿 鞐办啀靹�: DALN鞚赌 瓯半灅 鞕勲 鞁滌爯旯岇 Nasdaq鞐愳劀 瓿勳啀 瓯半灅霅橂┌ 歆侅洂霌れ棎瓴岆姅 鈥滌澕靸� 鞐呺 鞙犾鈥濌皜 鞝勲嫭霅橃棃鞀惦媹雼�. 靸侅劯 Q&A鞐愳劀電� 鞕勲 鞝� 鞐暊 氤�瓴届澊 鞐嗢潉 瓴冹瀯鞚� 鞛檿鞚疙晿氅�, 瓯半灅 鞕勲 頉� 韱淀暕 瓿勴殟鞚赌 於旐泟 瓿奠霅� 鞓堨爼鞛呺媹雼�. 氇摖 鞚错暣甏�瓿勳瀽 旎る雼堨紑鞚挫厴鞐愲姅 響滌鞝侅澑 氙鸽灅 鞓堨浮 歆勳垹 氍戈惮臧� 韽暔霅橃柎 鞛堨溂氅�, 韴瀽鞛愳棎瓴� SEC鞐� 頂勲鞁� 靹彪獏靹滉皜 鞝滌稖霅� 瓴冹瀯鞚� 靸侁赴鞁滍偟雼堧嫟.
- 鞚检爼: 2025雲� 3攵勱赴~4攵勱赴 齑� 毵堦皭 鞓堨爼.
- 鞀轨澑 鞝堨皑: DALN 欤检＜ 韴憸 氚� 攴滌牅 鞀轨澑 頃勳殧.
- 瓯半灅 臁瓣贝: 毵れ瀰 臧�瓴� 氚� 旮绊儉 鞛 靹鸽秬靷暛鞚赌 瓿店皽霅橃 鞎婌晿鞀惦媹雼�.
旎る雼堨紑鞚挫厴鞚赌 鞐呹硠 順茧瀫鞐� 雽�頃� 鞝勲灥鞝� 頃搓舶毂呾溂搿� 頃╇硲鞚� 鞝滌嫓頃橂┌, 攴滊, 鞛愲掣 氚� 霐旍韯� 鞐焿鞚� 鞝滉车頃橂姅 頃滍幐, 瓯半灅 膦呺, 靻岇啞, 歆侅洂 鞙犾 霌� 鞚茧皹鞝侅澑 鞙勴棙鞐� 雽�頃挫劀霃� 欤检潣毳� 雼闺秬頃╇媹雼�.
DallasNews Corporation (DALN) a conclu un accord d茅finitif de fusion selon lequel elle deviendra une filiale 脿 part enti猫re de Hearst Media West, LLC. L'accord, annonc茅 aux employ茅s, aux leaders communautaires et aux clients le 10 juillet 2025, devrait se finaliser au troisi猫me trimestre ou au d茅but du quatri猫me trimestre 2025, sous r茅serve de l'approbation des actionnaires et des conditions habituelles.
La lettre aux employ茅s souligne l'alignement strat茅gique : l'historique d'investissement de Hearst dans la transformation num茅rique, son portefeuille national comprenant 28 quotidiens, 50 hebdomadaires et d'autres actifs m茅diatiques, ainsi que son statut d'entreprise priv茅e qui 芦 supprime les pressions 脿 court terme des march茅s publics 禄. La direction de DALN cite les progr猫s r茅alis茅s dans son plan 芦 Return to Growth 禄 鈥� tr茅sorerie solide, absence de dette 鈥� tout en reconnaissant des d茅fis structurels persistants qu'un propri茅taire plus important peut mieux g茅rer. Medium Giant, la filiale de services marketing de DALN, devrait s'int茅grer aux services d'agence de Hearst Newspapers, 茅tendant ainsi sa port茅e et son expertise fonctionnelle.
Continuit茅 op茅rationnelle : DALN continuera 脿 锚tre cot茅e au Nasdaq jusqu'脿 la cl么ture, et les employ茅s ont 茅t茅 inform茅s que ce sera 芦 business as usual 禄. Une FAQ d茅taill茅e r茅affirme qu'aucun changement de r么le n'est attendu avant la finalisation ; les plans d'int茅gration post-cl么ture seront communiqu茅s ult茅rieurement. Toutes les communications aux parties prenantes contiennent le langage standard des d茅clarations prospectives et rappellent aux investisseurs qu'une d茅claration de procuration sera d茅pos茅e aupr猫s de la SEC.
- Calendrier : Cl么ture pr茅vue au T3鈥揟4 2025.
- Approbations : N茅cessite un vote des actionnaires de DALN et les autorisations r茅glementaires.
- Conditions de l'accord : Le prix d'achat et d'autres d茅tails financiers n'ont pas 茅t茅 divulgu茅s dans ces documents.
Les communications pr茅sentent la fusion comme une solution strat茅gique face 脿 la disruption du secteur, offrant 茅chelle, capital et capacit茅s num茅riques, tout en mettant en garde contre les risques habituels tels que la r茅siliation de l'accord, les litiges et la r茅tention des employ茅s.
DallasNews Corporation (DALN) hat eine endg眉ltige Fusionsvereinbarung getroffen, durch die sie eine hundertprozentige Tochtergesellschaft von Hearst Media West, LLC wird. Der Deal, der am 10. Juli 2025 den Mitarbeitern, Gemeindef眉hrern und Kunden angek眉ndigt wurde, soll im dritten oder fr眉hen vierten Quartal 2025 abgeschlossen werden, vorbehaltlich der Zustimmung der Aktion盲re und der 眉blichen Bedingungen.
Das Mitarbeiteranschreiben betont die strategische Ausrichtung: Hearsts Geschichte der Investitionen in digitale Transformation, ihr landesweites Portfolio von 28 Tageszeitungen, 50 Wochenzeitungen und weiteren Medienverm枚gen sowie der Status als Privatunternehmen, der 鈥瀔urzfristigen Druck durch den 枚ffentlichen Markt鈥� eliminiert. Das Management von DALN verweist auf Fortschritte im 鈥濺eturn to Growth鈥�-Plan 鈥� solide Liquidit盲t, keine Schulden 鈥� erkennt jedoch anhaltende strukturelle Herausforderungen, die ein gr枚脽erer Eigent眉mer besser bew盲ltigen kann. Medium Giant, die Marketing-Dienstleistungstochter von DALN, soll mit den Agenturdienstleistungen von Hearst Newspapers integriert werden, um Reichweite und funktionale Expertise zu erweitern.
Betriebliche Kontinuit盲t: DALN wird bis zum Abschluss weiterhin an der Nasdaq gehandelt, und den Mitarbeitern wurde mitgeteilt, dass es 鈥瀊usiness as usual鈥� bleibt. Ein ausf眉hrliches Q&A bekr盲ftigt, dass vor Abschluss keine Rollen盲nderungen erwartet werden; Integrationspl盲ne nach dem Abschluss werden sp盲ter kommuniziert. Alle Stakeholder-Kommunikationen enthalten die 眉blichen zukunftsgerichteten Aussagen und erinnern Investoren daran, dass eine Proxy-Erkl盲rung bei der SEC eingereicht wird.
- Zeitrahmen: Abschluss erwartet im 3. bis 4. Quartal 2025.
- Genehmigungen: Erfordert Abstimmung der DALN-Aktion盲re und beh枚rdliche Freigaben.
- 骋别蝉肠丑盲蹿迟蝉产别诲颈苍驳耻苍驳别苍: Kaufpreis und weitere finanzielle Details wurden in diesen Unterlagen nicht offengelegt.
Die Kommunikation stellt die Fusion als strategische L枚sung f眉r die Branchenst枚rung dar und bietet Skalierung, Kapital und digitale F盲higkeiten, warnt jedoch vor 眉blichen Risiken wie Vertragsabbruch, Rechtsstreitigkeiten und Mitarbeiterbindung.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A
Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934
(Amendment No. )
Filed by the Registrant ☒
Filed by a Party other than the Registrant ☐
Check the appropriate box:
| ☐ | Preliminary Proxy Statement |
| ☐ | Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) |
| ☐ | Definitive Proxy Statement |
| ☐ | Definitive Additional Materials |
| ☒ | Soliciting Material under §240.14a-12 |
(Name of Registrant as Specified In Its Charter)
N/A
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
Payment of Filing Fee (Check the appropriate box):
| ☒ | No fee required. |
| ☐ | Fee paid previously with preliminary materials. |
| ☐ | Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a6(i)(1) and 0-11. |
This Schedule 14A relates solely to preliminary communications made prior to furnishing shareholders of DallasNews Corporation, a Texas corporation (the “Company”), with a definitive proxy statement relating to a proposed transaction involving the Company, Hearst Media West, LLC, a Delaware limited liability company (“Parent”), and Destiny Merger Sub, Inc., a Texas corporation and wholly owned subsidiary of Parent, whereby the Company would become a wholly owned subsidiary of Parent (the “Merger”).
This Schedule 14A consists of the following documents relating to the Merger:
| 1. | Email sent to the Company’s employees |
| 2. | Employee Q&A (attached to email sent to the Company’s employees) |
| 3. | Communication sent to community and industry leaders |
| 4. | Communication sent to certain clients of Medium Giant Company, Inc., a wholly owned subsidiary of the Company (“Medium Giant”) |
| 1. | The following email was sent to the Company’s employees on July 10, 2025: |
From: Grant Moise
Subject: An Important Day for our Company
To: DallasNews Corp - All Active Employees
Team,
This morning, we announced that the Company has entered into a definitive merger agreement to join Hearst. As many of you know, Hearst is one of the nation’s leading information, services and media companies, with a diverse mix of media brands across the country. The transaction is expected to close during the third or early fourth quarter.
We enter into this exciting partnership with Hearst with similar values and a shared history in journalism going back nearly 140 years. Both organizations are battle-tested, resilient and have learned how to earn and keep our readers’ trust through editorial excellence and ethical, honest reporting. There is simply no daylight in how Hearst and The Dallas Morning News view these overarching commitments.
We also share a belief that these are extraordinary times in the media business, with rapid and consequential changes in content creation, delivery and distribution. Hearst’s well-established track record investing in digital strategies, editorial excellence and audience reach will enhance our own journalistic mission.
The timing is also right. You all deserve tremendous credit for making meaningful progress on our Return to Growth Strategy – including putting the Company on solid financial footing – but structural challenges remain. Chief among them has been balancing the continued need to make investments in journalism and marketing services with shorter-term public market expectations. As a private company moving forward under the Hearst banner, we remove those pressures while gaining access to Hearst’s resources, platform and stellar industry reputation.
Importantly, our alignment with Hearst extends beyond the newsroom. Hearst Newspapers’ agency level services will connect well with Medium Giant and operate with the same mission: to leverage fundamental storytelling skills and digital expertise to help clients exceed their marketing goals. The symmetry between Hearst and Medium Giant going forward expands opportunities towards that goal through expanded reach, access to deeper functional expertise and broader strategic relationships.
I have included a link to this morning’s press release as well as Q&A that provides additional information. I encourage you to review these resources and I also look forward to speaking with all of you at our Town Hall scheduled for 2 pm. Please be on the lookout for a calendar invitation for additional details. I will be joined by Jeff Johnson, president of Hearst Newspapers and several Hearst colleagues. We will do our best to answer questions and lend further context.
Finally, we recognize there may be media interest in today’s announcement. As such, if you are contacted, please do not answer questions or offer any opinions and direct them instead to either Katy or me.
In closing, I want to share my excitement about the future of our Company and the many opportunities ahead of us to build on our legacy, improve our North Texas community and ensure The Dallas Morning News thrives for decades to come.
Most importantly, I want to thank you for your indispensable role in pursuit of this vital work. We have done this as a team for a long time, and we will continue in that spirit moving forward.
Grant S. Moise
Chief Executive Officer | President and Publisher
Forward-Looking Statements
This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on current expectations, estimates and projections about, among other things, the industry and markets in which the Company operates and the transactions described in this communication. Words such as “anticipate,” “assume,” “believe,” “can,” “could,” “estimate,” “forecast,” “intend,” “expect,” “may,” “project,” “plan,” “seek,” “should,” “target,” “will,” “would” and their opposites and similar expressions are intended to identify forward-looking statements. Forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those set forth in forward-looking statements. While the Company’s management believes the assumptions underlying its forward-looking statements and information are reasonable, such information is necessarily subject to uncertainties and may involve certain risks, many of which are difficult to predict and are beyond the control of the Company’s management. These risks include, but are not limited to: (i) the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement between the Company and Hearst (the “Merger Agreement”); (ii) the outcome of any legal proceedings that may be instituted against the Company and others following announcement of the Merger Agreement; (iii) the inability to complete the proposed merger transaction involving the Company and Hearst (the “Merger”) due to the failure to obtain the requisite approval of the Company’s shareholders or the failure to satisfy other conditions to completion of the Merger; (iv) risks that the proposed transaction disrupts current plans and operations and the potential difficulties in employee retention as a result of the Merger; (v) the impact, if any, of the announcement or pendency of the Merger on the Company’s relationships with customers or other commercial partners; (vi) the amount of the costs, fees, expenses and charges related to the Merger; and (vii) other risks described in the Company’s public disclosures and filings with the Securities and Exchange Commission (the “SEC”). All forward-looking statements speak only as of the date of this communication or, in the case of any document incorporated by reference, the date of that document. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are qualified by the cautionary statements in this section. We undertake no obligation to update or publicly release any revisions to forward-looking statements to reflect events, circumstances or changes in expectations after the date of this communication.
Additional Information and Where to Find It
This communication is being made in connection with the proposed merger transaction involving the Company and Hearst. In connection with the proposed transaction, the Company will file a proxy statement with the SEC. This communication is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or with respect to the proposed transaction. SHAREHOLDERS ARE URGED TO READ THE PROXY STATEMENT CAREFULLY AND IN ITS ENTIRETY WHEN IT BECOMES AVAILABLE BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. The definitive proxy statement will be mailed to the Company’s shareholders. In addition, when available, the proxy statement and the documents incorporated therein by reference will be available free of charge at the SEC’s website, www.sec.gov. When available, the proxy statement and the documents incorporated therein by reference also may be obtained for free at the Company’s website, dallasnewscorporation.com, or by contacting the Company at (214) 977-8869.
Participants in the Solicitation
The Company and its directors and officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in connection with the proposed transaction. Information regarding the Company’s directors and executive officers is included in its proxy statement for its 2025 annual meeting of shareholders, which was filed with the SEC on March 26, 2025, and will be included in the proxy statement relating to the proposed transaction, when it becomes available.
| 2. | The following Q&A was included as an attachment to the email sent to the Company’s employees on July 10, 2025: |
Questions and Answers
| 1. | Why is Hearst the right, new owner for The Dallas Morning News? |
First, Hearst Newspapers is committed to supporting our continued success through smart investments in digital strategy, compelling journalism, and expanded audience reach. It is a ‘plus’ that their commitment includes alignment with us on shared values developed over our respective nearly 140 years in journalism. This further underpins their commitment to invest in our success moving forward.
It’s also of course true that the media industry continues to be defined by disruption and change, with AI serving as the latest – and perhaps most impactful – data point. In this environment, we will be better working with Hearst, which has a committed track record of investing in local media organizations.
Finally, as a private company moving forward under the Hearst banner, we remove the public market pressures while gaining access to Hearst’s resources.
| 2. | Who is Hearst? |
Notably, Hearst’s history in the media business is almost as long as ours as they have been in business for close to 140 years.
From a business perspective, Hearst is one of the nation’s leading information, services and media companies. Their media assets include: cable television networks such as A&E, HISTORY, Lifetime and ESPN; 35 television stations; 28 daily and 50 weekly newspapers; digital services businesses; and more than 200 magazine editions around the world.
Their other businesses include global financial services leader Fitch Group; Hearst Health, a group of medical information and services businesses; and Hearst Transportation, which includes CAMP Systems International, a major provider of software-as-a-service solutions for managing maintenance of jets and helicopters.
| 3. | It seemed like we had turned the corner with a strong cash position, no debt and the opportunity to meaningfully invest back into the business. Why not allow that process to play out before selling? |
There is no question that our team has done a great job putting the company on solid financial footing. At the same time, it’s no secret that there are challenges in balancing the continued need to make investments in the business with shorter-term public market expectations.
Hearst understood this pain point, is an excellent partner and appropriately valued the Company. So they are the right partner at the right time and will help our company moving forward.
| 4. | When will the transaction close? |
The transaction is expected to close during the third or early fourth quarter.
| 5. | What should I expect to happen in the next several weeks? |
You won’t see any changes over the next several weeks. In fact, until the expected close date for the transaction during the third or early fourth quarter, it will be business as usual in every respect.
Moreover, until the closing, DallasNews Corporation will continue to trade on Nasdaq.
| 6. | What does this mean for me and my role? |
Before the transaction closes, no change at all. It is business as usual. More generally, we have had many conversations with Hearst, and we know that they see The Dallas Morning News and Medium Giant as high-performing and high-potential – valuable assets in a growing market. Once the transaction closes, Hearst and our management team will work together to thoughtfully assess roles and responsibilities moving forward.
| 7. | How long will it take for me to understand how this impacts me? |
After the transaction closes, we expect to have a clearer line of sight into the integration plan. As a reminder, though, it is business as usual.
Forward-Looking Statements
This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on current expectations, estimates and projections about, among other things, the industry and markets in which the Company operates and the transactions described in this communication. Words such as “anticipate,” “assume,” “believe,” “can,” “could,” “estimate,” “forecast,” “intend,” “expect,” “may,” “project,” “plan,” “seek,” “should,” “target,” “will,” “would” and their opposites and similar expressions are intended to identify forward-looking statements. Forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those set forth in forward-looking statements. While the Company’s management believes the assumptions underlying its forward-looking statements and information are reasonable, such information is necessarily subject to uncertainties and may involve certain risks, many of which are difficult to predict and are beyond the control of the Company’s management. These risks include, but are not limited to: (i) the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement between the Company and Hearst (the “Merger Agreement”); (ii) the outcome of any legal proceedings that may be instituted against the Company and others following announcement of the Merger Agreement; (iii) the inability to complete the proposed merger transaction involving the Company and Hearst (the “Merger”) due to the failure to obtain the requisite approval of the Company’s shareholders or the failure to satisfy other conditions to completion of the Merger; (iv) risks that the proposed transaction disrupts current plans and operations and the potential difficulties in employee retention as a result of the Merger; (v) the impact, if any, of the announcement or pendency of the Merger on the Company’s relationships with customers or other commercial partners; (vi) the amount of the costs, fees, expenses and charges related to the Merger; and (vii) other risks described in the Company’s public disclosures and filings with the Securities and Exchange Commission (the “SEC”). All forward-looking statements speak only as of the date of this communication or, in the case of any document incorporated by reference, the date of that document. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are qualified by the cautionary statements in this section. We undertake no obligation to update or publicly release any revisions to forward-looking statements to reflect events, circumstances or changes in expectations after the date of this communication.
Additional Information and Where to Find It
This communication is being made in connection with the proposed merger transaction involving the Company and Hearst. In connection with the proposed transaction, the Company will file a proxy statement with the SEC. This communication is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or with respect to the proposed transaction. SHAREHOLDERS ARE URGED TO READ THE PROXY STATEMENT CAREFULLY AND IN ITS ENTIRETY WHEN IT BECOMES AVAILABLE BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. The definitive proxy statement will be mailed to the Company’s shareholders. In addition, when available, the proxy statement and the documents incorporated therein by reference will be available free of charge at the SEC’s website, www.sec.gov. When available, the proxy statement and the documents incorporated therein by reference also may be obtained for free at the Company’s website, dallasnewscorporation.com, or by contacting the Company at (214) 977-8869.
Participants in the Solicitation
The Company and its directors and officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in connection with the proposed transaction. Information regarding the Company’s directors and executive officers is included in its proxy statement for its 2025 annual meeting of shareholders, which was filed with the SEC on March 26, 2025, and will be included in the proxy statement relating to the proposed transaction, when it becomes available.
| 3. | The following communication was sent to community and industry leaders on July 10, 2025: |
Dear Community Leader,
I am reaching out directly to let you know that, earlier today, we announced that DallasNews Corporation, the parent company for The Dallas Morning News, has signed a definitive merger agreement with Hearst, one of the nation’s leading information, services and media companies. While the deal will take time to finalize, I wanted you to hear directly from me about what this means for our ongoing commitment to North Texas.
The Dallas Morning News has been an integral institution in our city for 140 years. Nothing about today’s news changes that, and we will remain steadfastly committed to skilled journalism that covers our community comprehensively and insightfully. In addition to maintaining our journalistic standards, my leadership team and I will remain visible and engaged throughout our community. It has always been important to me that The News not only covers this community, but that we also actively participate in the daily work necessary to help North Texas achieve its full potential.
This view is aligned with Hearst’s own, industry-leading civic engagement efforts and constitutes one of several reasons why they are the ideal partner for us moving forward. Hearst has an equally long history of serving local markets and currently publishes 28 dailies and 50 weeklies across the United States.
There are also, of course, business reasons why this partnership makes sense, including our multi-year pursuit of building a sustainable business model for local journalism. The values that have framed our business model have been grounded in two key principles: 1) The News would responsibly cover this fast-growing market by maintaining one of the largest regional newsrooms in the country, and 2) The News will remain committed to the highest standards of journalism. Hearst shares these values, and we are confident that their resources, expertise, and track record of supporting and investing in local independent journalism will greatly enhance our own prospects.
As a reader, community leader, and supporter of The News, I want to thank you for your ongoing partnership. We look forward to remaining partners for many years in this new journey together.
Grant S. Moise
Chief Executive Officer | President and Publisher
Forward-Looking Statements
This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on current expectations, estimates and projections about, among other things, the industry and markets in which the Company operates and the transactions described in this communication. Words such as “anticipate,” “assume,” “believe,” “can,” “could,” “estimate,” “forecast,” “intend,” “expect,” “may,” “project,” “plan,” “seek,” “should,” “target,” “will,” “would” and their opposites and similar expressions are intended to identify forward-looking statements. Forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those set forth in forward-looking statements. While the Company’s management believes the assumptions underlying its forward-looking statements and information are reasonable, such information is necessarily subject to uncertainties and may involve certain risks, many of which are difficult to predict and are beyond the control of the Company’s management. These risks include, but are not limited to: (i) the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement between the Company and Hearst (the “Merger Agreement”); (ii) the outcome of any legal proceedings that may be instituted against the Company and others following announcement of the Merger Agreement; (iii) the inability to complete the proposed merger transaction involving the Company and Hearst (the “Merger”) due to the failure to obtain the requisite approval of the Company’s shareholders or the failure to satisfy other conditions to completion of the Merger; (iv) risks that the proposed transaction disrupts current plans and operations and the potential difficulties in employee retention as a result of the Merger; (v) the impact, if any, of the announcement or pendency of the Merger on the Company’s relationships with customers or other commercial partners; (vi) the amount of the costs, fees, expenses and charges related to the Merger; and (vii) other risks described in the Company’s public disclosures and filings with the Securities and Exchange Commission (the “SEC”). All forward-looking statements speak only as of the date of this communication or, in the case of any document incorporated by reference, the date of that document. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are qualified by the cautionary statements in this section. We undertake no obligation to update or publicly release any revisions to forward-looking statements to reflect events, circumstances or changes in expectations after the date of this communication.
Additional Information and Where to Find It
This communication is being made in connection with the proposed merger transaction involving the Company and Hearst. In connection with the proposed transaction, the Company will file a proxy statement with the SEC. This communication is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or with respect to the proposed transaction. SHAREHOLDERS ARE URGED TO READ THE PROXY STATEMENT CAREFULLY AND IN ITS ENTIRETY WHEN IT BECOMES AVAILABLE BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. The definitive proxy statement will be mailed to the Company’s shareholders. In addition, when available, the proxy statement and the documents incorporated therein by reference will be available free of charge at the SEC’s website, www.sec.gov. When available, the proxy statement and the documents incorporated therein by reference also may be obtained for free at the Company’s website, dallasnewscorporation.com, or by contacting the Company at (214) 977-8869.
Participants in the Solicitation
The Company and its directors and officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in connection with the proposed transaction. Information regarding the Company’s directors and executive officers is included in its proxy statement for its 2025 annual meeting of shareholders, which was filed with the SEC on March 26, 2025, and will be included in the proxy statement relating to the proposed transaction, when it becomes available.
| 4. | The following communication was sent to certain clients of Medium Giant on July 10, 2025: |
Dear [client name]:
Earlier this morning, DallasNews Corporation – the parent company for Medium Giant and The Dallas Morning News – announced that it has entered into a definitive merger agreement to join Hearst, one of the nation’s leading information, services and media companies.
For Medium Giant clients specifically, what’s important to know is that Hearst Newspapers’ agency level services operate with a mission aligned to our own: leveraging fundamental storytelling skills and digital expertise to help you exceed marketing goals. We are confident that the symmetry between Hearst and Medium Giant going forward expands opportunities towards that goal through expanded reach, access to deeper functional expertise and broader strategic relationships.
In the short-to-medium term, it is business as usual as we expect the transaction to close during the third or early fourth quarter. Nonetheless, we expect you might have questions so please don’t hesitate to reach out to either me or your account lead and we will of course do our best to answer them.
I also encourage you to read this morning’s press release for more information concerning the rationale, timing and related considerations for this important transaction.
Thank you for your time and we look forward to continuing to deliver on your marketing goals – now and well into the future.
/John Kiker/
President, Medium Giant
Forward-Looking Statements
This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on current expectations, estimates and projections about, among other things, the industry and markets in which the Company operates and the transactions described in this communication. Words such as “anticipate,” “assume,” “believe,” “can,” “could,” “estimate,” “forecast,” “intend,” “expect,” “may,” “project,” “plan,” “seek,” “should,” “target,” “will,” “would” and their opposites and similar expressions are intended to identify forward-looking statements. Forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those set forth in forward-looking statements. While the Company’s management believes the assumptions underlying its forward-looking statements and information are reasonable, such information is necessarily subject to uncertainties and may involve certain risks, many of which are difficult to predict and are beyond the control of the Company’s management. These risks include, but are not limited to: (i) the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement between the Company and Hearst (the “Merger Agreement”); (ii) the outcome of any legal proceedings that may be instituted against the Company and others following announcement of the Merger Agreement; (iii) the inability to complete the proposed merger transaction involving the Company and Hearst (the “Merger”) due to the failure to obtain the requisite approval of the Company’s shareholders or the failure to satisfy other conditions to completion of the Merger; (iv) risks that the proposed transaction disrupts current plans and operations and the potential difficulties in employee retention as a result of the Merger; (v) the impact, if any, of the announcement or pendency of the Merger on the Company’s relationships with customers or other commercial partners; (vi) the amount of the costs, fees, expenses and charges related to the Merger; and (vii) other risks described in the Company’s public disclosures and filings with the Securities and Exchange Commission (the “SEC”). All forward-looking statements speak only as of the date of this communication or, in the case of any document incorporated by reference, the date of that document. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are qualified by the cautionary statements in this section. We undertake no obligation to update or publicly release any revisions to forward-looking statements to reflect events, circumstances or changes in expectations after the date of this communication.
Additional Information and Where to Find It
This communication is being made in connection with the proposed merger transaction involving the Company and Hearst. In connection with the proposed transaction, the Company will file a proxy statement with the SEC. This communication is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or with respect to the proposed transaction. SHAREHOLDERS ARE URGED TO READ THE PROXY STATEMENT CAREFULLY AND IN ITS ENTIRETY WHEN IT BECOMES AVAILABLE BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. The definitive proxy statement will be mailed to the Company’s shareholders. In addition, when available, the proxy statement and the documents incorporated therein by reference will be available free of charge at the SEC’s website, www.sec.gov. When available, the proxy statement and the documents incorporated therein by reference also may be obtained for free at the Company’s website, dallasnewscorporation.com, or by contacting the Company at (214) 977-8869.
Participants in the Solicitation
The Company and its directors and officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in connection with the proposed transaction. Information regarding the Company’s directors and executive officers is included in its proxy statement for its 2025 annual meeting of shareholders, which was filed with the SEC on March 26, 2025, and will be included in the proxy statement relating to the proposed transaction, when it becomes available.
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FAQ
When is the DALN鈥揌earst merger expected to close?
Will DallasNews (DALN) continue trading before the merger closes?
What synergies are highlighted between Hearst and DallasNews?
Are any changes to employee roles announced?
Where can shareholders find definitive deal information?
Were purchase price or exchange ratio disclosed?
