[SCHEDULE 13D/A] DallasNews Corporation Series A SEC Filing

Rhea-AI Filing Summary

Amendment No. 2 to a Schedule 13D discloses that MNG and affiliated reporting persons delivered an Enhanced Proposal to acquire all issued and outstanding Series A Common Stock of DallasNews Corp not already owned by MNG for $17.50 per share in cash, representing a $1.00 increase over a prior $16.50 proposal. The filing reports the reporting persons collectively beneficially own 470,000 shares, or approximately 9.9% of the Series A Common Stock based on 4,739,025 shares outstanding as reported by the issuer. The Enhanced Proposal Letter is included as Exhibit 99.6 to the Schedule 13D/A.

Positive

• Enhanced cash offer: MNG proposes $17.50 per share in cash, a $1.00 increase over its prior $16.50 proposal.
• Material disclosure: The Enhanced Proposal Letter is filed as Exhibit 99.6, providing the board and market with the offer terms.
• Significant stake reported: Reporting persons beneficially own 470,000 shares, approximately 9.9% of Series A Common Stock (based on 4,739,025 shares outstanding).
• Multiple affiliated filers: The filing identifies Strategic Investment Opportunities LLC, MNG Enterprises, MNG Investment Holdings, Freeman Heath, and Alden Global Capital as reporting persons.

Negative

• None.

Insights

Financial Analyst

TL;DR: MNG raised its cash bid to $17.50 and holds a 9.9% stake; this is a material, shareholder-focused bid disclosure.

The Schedule 13D/A confirms an enhanced cash offer of $17.50 per share (a $1.00 increase from $16.50) to acquire remaining Series A shares not owned by MNG. The reporting persons collectively beneficially own 470,000 shares (9.9%) based on 4,739,025 shares outstanding cited in the filing. The Enhanced Proposal Letter is appended as Exhibit 99.6, making the proposal a formal, documented bid that is material to valuation and shareholder decision-making.

M&A Specialist

TL;DR: The amendment formalizes a higher acquisition proposal and files the offer letter as Exhibit 99.6, signaling an active buyout process.

The amendment updates Item 4 to disclose delivery of an Enhanced Proposal to the issuer's board offering $17.50 in cash per share for outstanding common stock not already held by MNG. Item 5 discloses the reporting group's current 470,000-share (9.9%) beneficial position. Inclusion of the proposal letter as Exhibit 99.6 makes terms publicly available for shareholders and advisers to review.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 2)

DallasNews Corp

(Name of Issuer)

Series A Common Stock, $0.01 par value

(Title of Class of Securities)

235050101

(CUSIP Number)

Guy Gilmore
MNG Enterprises, Inc., 5990 Washington Street
Denver, CO, 80216
(303) 954-6450

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

08/11/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 235050101

1

Name of reporting person

Strategic Investment Opportunities LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 470,000.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 470,000.00

11

Aggregate amount beneficially owned by each reporting person

470,000.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

9.9 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentage of Series A Common Stock (as defined herein) reported as beneficially owned by the Reporting Person is based on 4,739,025 shares of Series A Common Stock outstanding as of July 28, 2025, as reported in the Form 10-Q filed by the Issuer on July 30, 2025.

SCHEDULE 13D

CUSIP No. 235050101

1

Name of reporting person

MNG Enterprises, Inc.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 470,000.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 470,000.00

11

Aggregate amount beneficially owned by each reporting person

470,000.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

9.9 %

14

Type of Reporting Person (See Instructions)

CO, HC

Comment for Type of Reporting Person:

The percentage of Series A Common Stock reported as beneficially owned by the Reporting Person is based on 4,739,025 shares of Series A Common Stock outstanding as of July 28, 2025, as reported in the Form 10-Q filed by the Issuer on July 30, 2025.

SCHEDULE 13D

CUSIP No. 235050101

1

Name of reporting person

MNG Investment Holdings LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 470,000.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 470,000.00

11

Aggregate amount beneficially owned by each reporting person

470,000.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

9.9 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentage of Series A Common Stock reported as beneficially owned by the Reporting Person is based on 4,739,025 shares of Series A Common Stock outstanding as of July 28, 2025, as reported in the Form 10-Q filed by the Issuer on July 30, 2025.

SCHEDULE 13D

CUSIP No. 235050101

1

Name of reporting person

Freeman Heath

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 470,000.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 470,000.00

11

Aggregate amount beneficially owned by each reporting person

470,000.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

9.9 %

14

Type of Reporting Person (See Instructions)

IN, HC

Comment for Type of Reporting Person:

The percentage of Series A Common Stock reported as beneficially owned by the Reporting Person is based on 4,739,025 shares of Series A Common Stock outstanding as of July 28, 2025, as reported in the Form 10-Q filed by the Issuer on July 30, 2025.

SCHEDULE 13D

CUSIP No. 235050101

1

Name of reporting person

Alden Global Capital LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 470,000.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 470,000.00

11

Aggregate amount beneficially owned by each reporting person

470,000.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

9.9 %

14

Type of Reporting Person (See Instructions)

IA, OO

Comment for Type of Reporting Person:

The percentage of Series A Common Stock reported as beneficially owned by the Reporting Person is based on 4,739,025 shares of Series A Common Stock outstanding as of July 28, 2025, as reported in the Form 10-Q filed by the Issuer on July 30, 2025.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Series A Common Stock, $0.01 par value
(b)	Name of Issuer: DallasNews Corp
(c)	Address of Issuer's Principal Executive Offices: P.O. Box 224866, Dallas, TEXAS , 75222-4866.
Item 1 Comment: Pursuant to Rule 13d-2 of the Securities Exchange Act of 1934, as amended, this Amendment No. 2 to the Schedule 13D ("Amendment No. 2") amends certain items of the Schedule 13D filed with the Securities and Exchange Commission (the "Commission") on July 22, 2025 (the "Original Schedule 13D"), as amended and supplemented by Amendment No. 1 filed with the Commission on July 31, 2025 (collectively, the "Schedule 13D"), relating to the Series A Common Stock, par value $0.01 per share (the "Series A Common Stock"), of DallasNews Corporation (the "Issuer"). All capitalized terms contained herein but not otherwise defined shall have the meanings ascribed to such terms in the Schedule 13D. Except as specifically provided herein, this Amendment No. 2 does not modify any of the information previously reported in the Schedule 13D.
Item 4.	Purpose of Transaction
	Item 4 of the Schedule 13D is hereby amended and supplemented as follows: On August 11, 2025, MNG delivered a letter to the Board (the "Enhanced Proposal Letter") setting forth the terms of its enhanced offer (the "Enhanced Proposal") to acquire all of the issued and outstanding shares of the Issuer's Common Stock not already owned by MNG for $17.50 per share in cash, which represents a $1.00 per share increase over its initial Proposal of $16.50 per share. The foregoing description of the Enhanced Proposal Letter is qualified in its entirety by reference to the full text of the Enhanced Proposal Letter, a copy of which is included as Exhibit 99.6 to this Schedule 13D and is incorporated by reference in its entirety.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5(a) of the Schedule 13D is hereby amended and supplemented as follows: As of the date hereof, the Reporting Persons may be deemed to beneficially own 470,000 shares of Series A Common Stock, or approximately 9.9% of the Series A Common Stock outstanding. The percentage of Series A Common Stock reported as beneficially owned by the Reporting Persons is based on 4,739,025 shares of Series A Common Stock outstanding as of July 28, 2025, as reported in the Form 10-Q filed by the Issuer on July 30, 2025.
Item 7.	Material to be Filed as Exhibits.
	Item 7 of the Schedule 13D is hereby amended and supplemented as follows: Exhibit Description Exhibit 99.6: Enhanced Proposal Letter to the Board, dated August 11, 2025

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Strategic Investment Opportunities LLC

Signature:	/s/ Guy Gilmore
Name/Title:	Guy Gilmore, Chief Operating Officer of MNG Enterprises, Inc., sole member of MNG Investment Holdings LLC, its managing member
Date:	08/11/2025

MNG Enterprises, Inc.

Signature:	/s/ Guy Gilmore
Name/Title:	Guy Gilmore, Chief Operating Officer
Date:	08/11/2025

MNG Investment Holdings LLC

Signature:	/s/ Guy Gilmore
Name/Title:	Guy Gilmore, Chief Operating Officer of MNG Enterprises, Inc., its sole member
Date:	08/11/2025

Freeman Heath

Signature:	/s/ Heath Freeman
Name/Title:	Freeman Heath
Date:	08/11/2025

Alden Global Capital LLC

Signature:	/s/ Heath Freeman
Name/Title:	Heath Freeman, President
Date:	08/11/2025

FAQ

What price did MNG offer for DallasNews (DALN)?

MNG offered $17.50 per share in cash, which is $1.00 higher than its prior $16.50 proposal.

How many DallasNews Series A shares do the reporting persons own?

470,000 shares, representing approximately 9.9% of the Series A Common Stock based on 4,739,025 shares outstanding.

What does the Schedule 13D/A amend?

It amends Item 4 (Purpose) to disclose the Enhanced Proposal and Item 5 (Interest) to update beneficial ownership.

Is the Enhanced Proposal letter included in the filing?

Yes. The Enhanced Proposal Letter is included as Exhibit 99.6 to the Schedule 13D/A.

Who are the reporting persons named in the filing for DALN?

Strategic Investment Opportunities LLC; MNG Enterprises, Inc.; MNG Investment Holdings LLC; Freeman Heath; and Alden Global Capital LLC.