DallasNews Corporation Files Definitive Proxy Statement and Issues Letter to Shareholders
DallasNews Corporation (Nasdaq: DALN) announced the filing of a definitive proxy statement for its pending merger with Hearst. Under the agreement, shareholders will receive $15.00 per share in cash, representing a significant 242% premium over the July 9, 2025 closing price of $4.39.
The company's largest shareholder, Robert W. Decherd, and the Board unanimously support the Hearst merger. The special meeting of shareholders is scheduled for September 23, 2025, with shareholders of record as of August 14, 2025 eligible to vote. The transaction requires approval from two-thirds of both Series A and Series B shareholders.
The company also addressed an unsolicited proposal from Alden Global Capital, noting that Decherd has explicitly stated he will not support any transaction with Alden, effectively blocking alternative deals.
DallasNews Corporation (Nasdaq: DALN) ha annunciato il deposito della dichiarazione di voto definitiva relativa alla fusione in corso con Hearst. Nell'ambito dell'accordo, gli azionisti riceveranno 15,00 $ per azione in contanti, pari a un rilevante premio del 242% rispetto al prezzo di chiusura del 9 luglio 2025, pari a 4,39 $.
Il maggiore azionista della societ脿, Robert W. Decherd, e il Consiglio di Amministrazione appoggiano all'unanimit脿 la fusione con Hearst. L'assemblea straordinaria degli azionisti 猫 fissata per il 23 settembre 2025, e avranno diritto di voto gli azionisti registrati alla data del 14 agosto 2025. La transazione richiede l'approvazione dei due terzi sia degli azionisti Serie A sia di quelli Serie B.
La societ脿 ha inoltre affrontato una proposta non sollecitata da parte di Alden Global Capital, precisando che Decherd ha dichiarato esplicitamente che non sosterr脿 alcuna operazione con Alden, bloccando di fatto offerte alternative.
DallasNews Corporation (Nasdaq: DALN) anunci贸 la presentaci贸n de la declaraci贸n de poder definitiva para su fusi贸n pendiente con Hearst. Seg煤n el acuerdo, los accionistas recibir谩n 15,00 $ por acci贸n en efectivo, lo que representa una importante prima del 242% sobre el cierre del 9 de julio de 2025, que fue de 4,39 $.
El mayor accionista de la compa帽铆a, Robert W. Decherd, y la Junta apoyan un谩nimemente la fusi贸n con Hearst. La reuni贸n extraordinaria de accionistas est谩 programada para el 23 de septiembre de 2025, y podr谩n votar los accionistas registrados a fecha del 14 de agosto de 2025. La transacci贸n requiere la aprobaci贸n de dos tercios tanto de los accionistas de la Serie A como de la Serie B.
La compa帽铆a tambi茅n abord贸 una propuesta no solicitada de Alden Global Capital, se帽alando que Decherd ha declarado expl铆citamente que no apoyar谩 ninguna operaci贸n con Alden, bloqueando de facto ofertas alternativas.
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DallasNews Corporation (Nasdaq: DALN) a annonc茅 le d茅p么t de la d茅claration de procuration d茅finitive concernant sa fusion en cours avec Hearst. Dans le cadre de l'accord, les actionnaires recevront 15,00 $ par action en esp猫ces, soit une prime de 242 % par rapport au cours de cl么ture du 9 juillet 2025, 脿 4,39 $.
Le principal actionnaire de la soci茅t茅, Robert W. Decherd, et le conseil d'administration soutiennent 脿 l'unanimit茅 la fusion avec Hearst. L'assembl茅e g茅n茅rale extraordinaire des actionnaires est pr茅vue le 23 septembre 2025, et pourront voter les actionnaires inscrits au registre au 14 ao没t 2025. La transaction n茅cessite l'approbation des deux tiers tant des actionnaires de la s茅rie A que de la s茅rie B.
La soci茅t茅 a 茅galement 茅voqu茅 une proposition non sollicit茅e d'Alden Global Capital, en pr茅cisant que Decherd a d茅clar茅 explicitement qu'il ne soutiendrait aucune op茅ration avec Alden, bloquant de fait des offres alternatives.
DallasNews Corporation (Nasdaq: DALN) gab die Einreichung der endg眉ltigen Stimmrechtsunterlage f眉r die anstehende Fusion mit Hearst bekannt. Im Rahmen der Vereinbarung erhalten die Aktion盲re 15,00 $ pro Aktie in bar, was eine erhebliche Pr盲mie von 242% gegen眉ber dem Schlusskurs vom 9. Juli 2025 in H枚he von 4,39 $ darstellt.
Der gr枚脽te Aktion盲r des Unternehmens, Robert W. Decherd, und der Vorstand unterst眉tzen die Fusion mit Hearst einstimmig. Die au脽erordentliche Hauptversammlung der Aktion盲re ist f眉r den 23. September 2025 angesetzt; stimmberechtigt sind die Aktion盲re, die am 14. August 2025 im Register eingetragen sind. Die Transaktion erfordert die Zustimmung von zwei Dritteln sowohl der Series-A- als auch der Series-B-Aktion盲re.
Das Unternehmen ging auch auf ein unaufgefordertes Angebot von Alden Global Capital ein und teilte mit, dass Decherd ausdr眉cklich erkl盲rt habe, er werde kein Gesch盲ft mit Alden unterst眉tzen, wodurch alternative Angebote de facto blockiert werden.
- All-cash offer at $15.00 per share represents a 242% premium
- Unanimous board approval and support from largest shareholder
- Immediate liquidity and certainty of value for shareholders
- Partnership with Hearst ensures preservation of journalistic integrity
- Transaction requires high voting threshold of two-thirds approval from shareholders
- Share price may return to pre-announcement level of ~$4 if deal fails
- Shareholders will lose potential future upside of remaining independent
- Alternative higher bids unlikely due to largest shareholder's stance
Shareholders to Receive All-Cash Consideration of
Hearst Merger Provides Accelerated ROI and Immediate Liquidity, While Eliminating Company Ownership Risks for Shareholders
Recommends Shareholders to Vote 鈥淔OR鈥� the Hearst Merger to AG真人官方ize Certain Value and Secure the Future of DallasNews
DALLAS, Aug. 18, 2025 (GLOBE NEWSWIRE) -- DallasNews Corporation听(Nasdaq: DALN) (the 鈥淐ompany鈥� or 鈥淒allasNews鈥�), the holding company of听The Dallas Morning News听and Medium Giant, announced today that it has filed a definitive proxy statement in connection with its pending merger with Hearst, one of the nation鈥檚 leading information, services and media companies, for听
鈥淭his is an exciting transaction that carries the unanimous support of both our Board and the Company鈥檚 largest shareholder and will enable DallasNews shareholders to secure a significant all-cash premium on their investment,鈥� said John A. Beckert, Chairman of the Board, DallasNews. 鈥淗earst is uniquely capable of completing this merger and upholding the proud 140-year legacy of DallasNews, and we invite all shareholders to consider and vote FOR this important value-creating transaction.鈥�
In addition, the Board of Directors of DallasNews issued a letter to shareholders outlining the case for approving the Hearst Merger:
Dear DallasNews Shareholders,
On behalf of the Company鈥檚 Board of Directors (the 鈥淏oard鈥�), I am pleased to present an exciting opportunity for DallasNews Corporation (the 鈥淐ompany鈥� or 鈥淒allasNews鈥�) to be acquired at a significant premium through a merger agreement with Hearst (the 鈥淗earst Merger鈥�), one of the nation鈥檚 most distinguished media organizations.
If the Hearst Merger is approved, DallasNews shareholders will receive all-cash consideration of
DallasNews shareholders are encouraged to review the full details of the Hearst Merger contained in the Company鈥檚 definitive proxy materials filed with the Securities and Exchange Commission and mailed to all shareholders together with this letter.
The Hearst Merger cannot be completed unless shareholders approve the merger proposal. Your vote is critically important regardless of the number of shares that you own.
If you have questions about voting your proxy or require replacement proxy materials, please contact our proxy solicitor D.F. King, who has been retained to assist shareholders with voting their proxies. They can be contacted toll-free at +1 (866) 416-0577 or by email at [email protected].
The Hearst Merger Proposal: An All-Cash Offer at a Substantial and Attractive Premium for Shareholders
The all-cash merger consideration provides certainty of value and liquidity to shareholders. In approving the Hearst Merger, DallasNews shareholders would be able to realize significant and immediate value for their shares, and would no longer be subject to market, economic, and other risks that arise from owning an equity interest in a public company.
Hearst鈥檚 offer of
Further, Hearst鈥檚 reputation in the news industry and financial capacity offer shareholders a strong assurance that it can complete the transaction.
The Board and the Company鈥檚 Largest Shareholder Support This Merger
In addition to the Board鈥檚 unanimous support for the Hearst Merger, the transaction has the full support of DallasNews鈥� largest shareholder, Mr. Robert W. Decherd.
Mr. Decherd has publicly confirmed that he will vote FOR the Hearst Merger. Mr. Decherd also stated his confidence in Hearst鈥檚 commitment to upholding the legacy of DallasNews, and its capacity to further the Company鈥檚 historic commitment to meeting community news and information needs with journalistic excellence.
If the Hearst Merger is Not Approved By Shareholders, DallasNews Will Remain a Standalone Public Company and its Shares May Return to their Pre-Announcement Trading Value of ~
DallasNews continues to have healthy liquidity and good stand-alone prospects.
If the Hearst Merger is not approved by shareholders, we will continue to operate DallasNews as an independent organization.
However, the Hearst Merger offers a substantial and compelling premium for the Company and one we would be hard pressed to replicate in the short to medium term as a public company.
The Company鈥檚 standalone business plan would continue to be subject to the usual execution, business, competitive, political, financial, industry, market and other risks.
Mr. Decherd has also clearly expressed his view to the Board and Company management over the years that any decision regarding the future of The Dallas Morning News must prioritize the preservation of journalistic integrity and independence.
As a result, and based on the challenges facing the media industry at large, it appears highly unlikely that any similar quality offer will occur that would meet or exceed the premium offered by Hearst and be acceptable to Mr. Decherd.
The Alden Proposal Is an Illusory, Non-Binding Expression of Interest That Will Not be Consummated
On July 22, 2025, the Company received an unsolicited, non-binding proposal (the 鈥淎lden Proposal鈥�) from MNG Enterprises, Inc., an affiliate of Alden Global Capital (鈥淎lden鈥�), which was subsequently amended on August 11, 2025.听
Alden has a controversial track record in the newspaper industry, with a well-documented history of cost-cutting, staff reductions, and reduced coverage of local communities. Mr. Decherd has publicly stated that he will not agree to any transaction that would compromise the future of DallasNews.
Alden may contact shareholders in an attempt to defeat the Hearst Merger, depriving shareholders of an opportunity to receive a substantial cash premium for their shares. Shareholders are urged to disregard Alden鈥檚 outreach and discard any materials received from Alden.
To be clear, Mr. Decherd has stated that there is听苍辞听scenario involving Alden or its affiliates as a buyer for DallasNews which he would support. Mr. Decherd鈥檚 message was clear: as long as he is the controlling shareholder, Alden will never听own DallasNews.
Vote FOR the Hearst Merger on the Enclosed Proxy Card Today and Secure an Attractive Cash Premium for Your Shares
Your vote is vital to ensuring that DallasNews shareholders can realize a significant cash premium for their shares.
Your vote is very important regardless of how many shares you own. Mr. Decherd has the ability to veto an alternative transaction with Alden, but he does not have the ability to approve the Hearst Merger on his own. Two-thirds of the shares of Series A Common Stock, voting as a single class, must vote in favor of the Hearst Merger, in addition to two-thirds of the shares of Series B Common Stock, voting as a single class, and two-thirds of the combined shares of Series A and Series B Common Stock, voting together as a single class. If the Hearst Merger is not approved by DallasNews shareholders, the price of the Company鈥檚 shares may return to the trading price prior to the announcement of the transaction.
Please vote your proxy today 鈥�FOR鈥� the Hearst Merger and the proposals described in the proxy statement, prior to the special meeting of shareholders on September 23, 2025, at 10:00 a.m. CT.
On behalf of the Board, we ask for your support for this unique opportunity to realize significant cash value for your shares, and to secure the future of DallasNews.
Sincerely,
John A. Beckert
Chairman of the Board
| 听 | If you have questions about voting your proxy or require replacement proxy materials, please contact our proxy solicitor D.F. King & Co., Inc. toll-free +1 (866) 416-0577 or by email at [email protected]. | 听 |
About听DallasNews Corporation
听is the听Dallas-based holding company of听The Dallas Morning News听and Medium Giant.听The Dallas Morning News, a leading daily newspaper, is renowned for its excellent journalistic reputation, intense regional focus, and close community ties. As a testament to its commitment to quality journalism, the publication has been honored with nine Pulitzer Prizes.听, an integrated creative marketing agency with offices in听Dallas听and Tulsa, 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.听Medium Giant听is a wholly owned business of听DallasNews Corporation. For additional information, visit听mediumgiant.co.
Forward-Looking Statements
This communication听contains forward-looking statements within the meaning of Section听27A of the Securities Act of 1933, as amended, and Section听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.听Words such as 鈥渁nticipate,鈥� 鈥渁ssume,鈥� 鈥渂elieve,鈥� 鈥渃an,鈥� 鈥渃ould,鈥� 鈥渆stimate,鈥� 鈥渇orecast,鈥� 鈥渋ntend,鈥� 鈥渆xpect,鈥� 鈥渕ay,鈥� 鈥減roject,鈥� 鈥減lan,鈥� 鈥渟eek,鈥� 鈥渟hould,鈥� 鈥渢arget,鈥� 鈥渨ill,鈥� 鈥渨ould鈥� 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鈥檚 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鈥檚 management. These risks include, but are not limited to: (i)听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 鈥淗earst Merger Agreement鈥�); (ii)听the outcome of any legal proceedings that may be instituted against the Company and others following announcement of the Hearst Merger Agreement or the Company鈥檚 implementation of a shareholder rights plan (the 鈥淩ights Plan鈥�); (iii)听the inability to complete the proposed Hearst Merger due to the failure to obtain the requisite approval of the Company鈥檚 shareholders or the failure to satisfy other conditions to completion of the Hearst Merger; (iv)听risks that the proposed transaction disrupts current plans and operations and the potential difficulties in employee retention as a result of the Hearst Merger; (v)听the impact, if any, of the announcement or pendency of the Hearst Merger on the Company鈥檚 relationships with customers or other commercial partners; (vi)听the amount of the costs, fees, expenses and charges related to the Hearst Merger and the Rights Plan; (vii) the ability of the Rights Plan to protect shareholders' interests and to effectively ensure that the Board has sufficient time to make informed judgments that are in the best interests of the Company and its shareholders; and (viii)听other risks described in the Company鈥檚 public disclosures and filings with the听Securities and Exchange Commission听(the 鈥淪EC鈥�). All forward-looking statements speak only as of the date of this communication听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, on August 15, 2025, the Company filed a definitive proxy statement with the听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.听On or about August 18, 2025, the Company will mail the definitive proxy statement and a WHITE proxy card to each shareholder entitled to vote at the special meeting of shareholders to consider the approval of the Hearst Merger Agreement.听SHAREHOLDERS ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT CAREFULLY AND IN ITS ENTIRETY BECAUSE IT CONTAINS IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. In addition, the definitive proxy statement and the documents incorporated therein by reference are publicly available free of charge at the SEC鈥檚 website,听www.sec.gov. The definitive proxy statement and the documents incorporated therein by reference also may be obtained for free at the Company鈥檚 website,听dallasnewscorporation.com, or by contacting the Company at (214)听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鈥檚 directors and executive officers is included in its proxy statement for its 2025 annual meeting of shareholders, which was filed with the听SEC听on March 26, 2025, and is incorporated by reference in the definitive proxy statement.
Shareholder Contact
D.F. King & Co., Inc.
Toll-free: 1-866-416-0577
[email protected]
Media Contact
Gagnier Communications
Riyaz Lalani / Dan Gagnier
[email protected]
FAQ
What is the offer price for DallasNews Corporation (DALN) in the Hearst merger?
When is the DALN shareholder vote for the Hearst merger?
What approval is needed for the DALN-Hearst merger to pass?
Why did DallasNews reject Alden Global Capital's proposal?
What happens if DALN shareholders reject the Hearst merger?
