Hearst buys parent company of Dallas Morning News, expanding Texas footprint
Shareholders at the publicly traded DallasNews will receive $14 per share, valuing the deal at nearly $75 million, the Dallas Morning News reported.
The Dallas Morning News will join the company's Hearst Newspapers division, the company said, which publishes 28 dailies and 50 weeklies, including the San Francisco Chronicle, the Houston Chronicle and Times Union in Albany, N.Y.
The Dallas Morning News, one of the largest newspapers in Texas, has served the Dallas-Fort Worth area for 140 years and won nine Pulitzer Prizes. The acquisition also includes Medium Giant, a marketing firm also owned by DallasNews. The marketing firm will ' complement Hearst Newspapers' agency level services,' the company said in a statement.
'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.
The acquisition was expected to close in the next few months, Hearst said.
Hearst was also reportedly a bidder for the Santa Rosa Press Democrat this spring but that publication, and six others in the North Bay, was purchased by Alden Capital, an investment firm that has been criticized for reducing the number of journalists in its newsrooms.
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