This is a breaking news story that is being updated.
Less than two weeks after The Dallas Morning News announced its purchase agreement with Hearst, a new bidder has entered the fray.
Alden Global Capital’s MediaNews Group, upped the ante by offering $16.50 per share in cash for the 140-year-old newspaper. MediaNews Group currently owns nearly 10% of DallasNews shares.
This price is $2.50 more per share than the amount offered by Hearst, in an agreement that was unanimously approved by both Hearst and DallasNews Corporation’s boards.
The Morning News is one of the last independently owned daily newspapers in the region and the only daily newspaper serving Dallas.
DallasNews issued a press release Wednesday stating that it has received the offer from MediaNews Group and is “carefully reviewing” the proposal, but it has “not changed its recommendation in support” of its merger with Hearst.
DallasNews declined to provide an interview or further comment to KERA News.
MediaNews Group describes itself as the largest private newspaper operator in the United States, noting that it has 77 daily and 150 weekly publications in its portfolio. However, that list does not include any outlets based in Texas.
Hearst currently operates 28 daily newspapers, 50 weekly publications, including major newspapers in Austin, Houston and San Antonio.
Neither Hearst nor MediaNews Group returned a request for comment prior to publication.
NOTE: KERA collaborates with The Dallas Morning News on Arts Access, an arts journalism partnership. This article was published without prior review from The Dallas Morning News.
