Dallas Morning News will be sold to Hearst, owner of Houston Chronicle
The Dallas Morning News has been sold to Hearst, the media company that also owns the Houston Chronicle, San Antonio Express-News and Austin American-Statesman among its 28 daily newspapers.
The sale, expected to close in the fall, marks the end of 140 years of local ownership of the Dallas newspaper.
Hearst now owns the major daily newspapers in four of Texas’ five biggest cities. (The Fort Worth Star-Telegram is owned by McClatchy Media, which acquired it in 2006).
“Their resources, expertise and track record of supporting and investing in local independent journalism will ensure The Dallas Morning News thrives for decades to come,” said Grant Moise, publisher of The Morning News and CEO of DallasNews Corp.
DallasNews Corp. stock soared Thursday, reaching a record high above $13 since it entered the NASDAQ in 2021. Its shares had closed the day before at $4.39. Shareholders are expected to receive $14 per share through the company’s sale. Hearst is privately owned.
The sale came as a surprise to journalists at The Dallas Morning News, who were not informed ahead of the official announcement Thursday morning, according to a statement from the Dallas News Guild union.
The Morning News has struggled with declining revenue in recent years, resulting in significant staff cuts. The company offered buyouts to employees in 2015, 2021 and 2023. About 43 employees were laid off in 2019.
Hearst was founded in 1887 by media baron William Randolph Hearst. Today, the company’s portfolio includes 35 television stations and over 200 magazines in addition to its newspapers.
