Dallas Morning News shareholders approved the sale of the paper to Hearst Corp. Tuesday, marking the end of about 140 years of local control.
DallasNews Corp., the holding company for The Dallas Morning News and marketing agency Medium Giant, announced the deal in a press release.
“It’s a historic day for DallasNews Corporation for so many reasons,” said Grant Moise, CEO of DallasNews Corporation told The News. “The most important is that the shareholders have voted to provide The Dallas Morning News with the opportunity to exist for another 140 years.”
The News was one of the last independently owned daily papers in the region. It was founded in 1885.
Now, it joins other newspapers like the Houston Chronicle, the San Antonio Express-News and the Austin American-Statesman — all under the Hearst flag.
DallasNews Corp. is valued at $74.9 million and will go up to $88.3 million, according to The News. Its shareholders will get an all-cash consideration of $16.50 per share, the company said.
MediaNews Group, a newspaper operator owned by investment firm Alden Global Capital, previously made three separate bids to The News, the first just a few weeks after it announced its deal with Hearst.
The News publicly rejected what it called “unsolicited” offers – the final decline announced Thursday.
MediaNews Group network owns 77 daily and more than 150 weekly publications throughout the nation, including The Denver Post, The Bay Area’s The Mercury News, and Boston Herald.
Penelope Rivera is KERA's breaking news reporter. Got a tip? Email Penelope Rivera at privera@kera.org.
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