DallasNews (DALN)has signed a definitive merger agreement to be acquired by global media company Hearst. The deal was unanimously approved by the boards of directors from both companies and is expected to close in September or October. 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 $74.9M. Once the deal closes, DallasNews will become part of Hearst Newspapers, a division of Hearst. Hearst is a diverse media company with a portfolio of 28 daily newspapers and 50 weeklies. In addition, Hearst owns 35 television stations and more than 200 magazines and has an ownership stake in cable networks A&E, HISTORY, Lifetime and ESPN. DallasNews Corporation has 439 employees, with 157 in the newsroom.
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