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Investing.com -- DallasNews Corporation (NASDAQ:DALN) stock soared 208% following an announcement that media giant Hearst will acquire the company for $14 per share in cash.
The offer represents a 219% premium to DallasNews’ closing price of $4.39 on Wednesday, July 9. The transaction, unanimously approved by both companies’ boards of directors, is expected to close during the third or early fourth quarter of this year.
Upon completion of the deal, The Dallas Morning News will join Hearst Newspapers, which currently publishes 28 dailies and 50 weeklies across the United States. DallasNews’ integrated creative marketing agency, Medium Giant, will complement Hearst’s agency-level services.
Jeff Johnson, president of Hearst Newspapers, indicated the company plans to support The Dallas Morning News through investments in digital strategy, journalism, and audience reach. The acquisition aligns with Hearst’s strategy of supporting trusted local media brands in growth markets.
DallasNews CEO Grant Moise noted that Hearst’s resources and expertise in supporting local independent journalism would ensure The Dallas Morning News "thrives for decades to come."
Robert W. Decherd, former board chairman and majority voting shareholder of DallasNews, expressed confidence that the merger would allow The News to continue its 140-year tradition of distinguished journalism.
Following the transaction’s completion, DallasNews will become a private company and its shares will no longer trade on Nasdaq.
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