DallasNews Corporation Continues to Enhance Strategy of Sustained Profitability and Growth
- Company focusing on strongest areas of revenue growth
- Program helps reduce overall expenses
- None.
Implementing Limited Voluntary Staff Reductions
Focusing Newsgathering on a Rapidly Growing Region
DALLAS, Sept. 13, 2023 (GLOBE NEWSWIRE) -- DallasNews Corporation (Nasdaq: DALN), the parent company of The Dallas Morning News and Medium Giant, its media and marketing agency, is taking another step in its path toward becoming a sustainably profitable enterprise. In June 2023, the Company announced it was exiting an unprofitable business partnership which allowed the Company to concentrate on its strongest and most promising areas of revenue growth.
Today, the Company is announcing a limited voluntary staff reduction program that will be offered across all departments to eligible individuals at The News and Medium Giant. Though the exact number of people who will take the option is unknown, it is expected that this could ultimately reduce the total workforce by about 6 percent, or 40 full-time and part-time positions.
This will still allow the news department the resources to maintain the same comprehensive coverage throughout Texas while helping to reduce overall headcount and non-headcount expenses. Throughout its 180-year history, the Company has evolved in parallel with the city, region, and state it covers. Today’s announcement allows for a dynamic, modern model to maintain and uphold that journalistic responsibility while re-investing in key areas across the organization.
“Like any business, DallasNews Corporation must achieve profitability to be a healthy and sustainable organization,” said Grant Moise, the Company’s Chief Executive Officer and publisher of The News. “While we will be parting with some who have been with us for many years, I hope this program will provide a helpful bridge to their next chapter. We are genuinely appreciative of their fine work.”
About DallasNews Corporation
DallasNews Corporation is the Dallas-based holding company of The Dallas Morning News and Medium Giant. The Dallas Morning News is Texas’ leading daily newspaper with a strong journalistic reputation, intense regional focus and close community ties. Medium Giant is a media and marketing agency of divergent thinkers who devise strategies that deepen connections, expand influence, and scale success for clients nationwide. For additional information, visit dallasnewscorporation.com or email invest@dallasnews.com.
Statements in this communication concerning DallasNews Corporation’s (the “Company”) business outlook or future economic performance, revenues, expenses, cash balance, investments and other financial and non-financial items that are not historical facts are “forward-looking statements” as the term is defined under applicable federal securities laws. Words such as “anticipate,” “assume,” “believe,” “can,” “could,” “estimate,” “forecast,” “intend,” “expect,” “may,” “project,” “plan,” “seek,” “should,” “target,” “will,” “would” and their opposites and similar expressions are intended to identify forward-looking statements. Forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those statements. Such risks, trends and uncertainties are, in most instances, beyond the Company’s control, and include changes in advertising demand and other economic conditions; consumers’ tastes; newsprint and distribution prices; program costs; the success of the Company’s digital strategy; labor relations; cybersecurity incidents; and technological obsolescence. Among other risks, there can be no guarantee that the board of directors will approve a quarterly dividend in future quarters or that our financial projections are accurate, as well as other risks described in the Company’s Annual Report on Form 10-K and in the Company’s other public disclosures and filings with the Securities and Exchange Commission. Forward-looking statements, which are as of the date of this filing, are not updated to reflect events or circumstances after the date of the statement.
Contact:
Katy Murray
214-977-8869
Kmurray@dallasnews.com
