The massive deal means that media titan Hearst will own four of Texas’ five largest daily newspapers.
DALLAS (TIP): The Dallas Morning News announced on Thursday morning that it is being bought by media giant Hearst. Judging from the responses some DMN staffers posted to social media following the announcement, the “merger,” as DMN calls it, wasn’t something many saw coming. According to an article posted beneath the top story on its website homepage, the sale includes the newspaper as well as Medium Giant, DallasNews Corp.’s “integrated creative marketing agency.”
“The deal was unanimously approved by the boards of directors from both companies and is expected to close in September or October,” the article states.
Once the deal is final, Hearst will own four of the five largest newspapers in Texas among its collection of nearly 30 newspapers. Heart acquired the Austin American-Statesman in February, and also owns the Houston Chronicle and the San Antonio Express-News. Also in Texas, Hearst owns the Beaumont Enterprise, Midland Reporter-Telegram and Laredo Morning Times. That is a whole lot of daily Texas news going out under one company’s banner.
“Hearst Newspapers is committed to supporting The Dallas Morning News’ continued success through smart investments in their digital strategy, compelling journalism and expanded audience reach,” Jeff Johnson, president of Hearst Newspapers, said in a statement shared with the Morning News. “This move aligns squarely with our strategy of backing trusted, high-impact local media brands in growth markets.”
The Morning News wrote that DallasNews shareholders “will get $14.00 per share, which is 319% more than the July 9 closing price of $4.39. That puts the value of the company, Texas’ oldest continually operating company, at $74.9 million.”
The major news apparently surprised at least some of the local paper’s staffers, prompting social media responses from some of the outlet’s reporters.
(Media outlets)