If You Invested in Dallasnews Corporation (DALN)

DallasNews Corporation (formerly trading on Nasdaq under the symbol DALN) was a Dallas-based holding company for two primary businesses: The Dallas Morning News and Medium Giant. According to company disclosures and merger communications, The Dallas Morning News is described as a leading daily newspaper with an excellent journalistic reputation, an intense regional focus, and close community ties. The publication has been honored with nine Pulitzer Prizes, underscoring its long-standing commitment to quality journalism. Medium Giant is characterized as an integrated creative marketing agency with offices in Dallas and Tulsa, working with a roster of premium brands and companies and earning multiple industry awards.

Historically, DallasNews Corporation operated in the newspaper publishers segment within the information sector. Its structure as a holding company meant that its business activities were conducted through The Dallas Morning News and Medium Giant. The Dallas Morning News generated revenue from subscriptions and retail sales of the newspaper, as well as advertising sold within the newspaper and on related digital platforms by Medium Giant’s cross-functional sales team. Medium Giant generated revenue from services provided as a full-service, integrated creative marketing agency. Company segment disclosures identified two reportable segments: TDMN, focused on the newspaper and related advertising, and Agency, focused on Medium Giant’s marketing services.

On July 9, 2025, DallasNews Corporation entered into an Agreement and Plan of Merger with Hearst Media West, LLC, Destiny Merger Sub, Inc., and Hearst Communications, Inc. Subsequent amendments increased the per-share merger consideration. A Second Amendment dated September 14, 2025, raised the cash consideration to $16.50 per share. A special meeting of shareholders was held on September 23, 2025, at which shareholders approved the merger proposal by the required voting thresholds for both Series A and Series B common stock, as detailed in the company’s Form 8-K reporting the vote results.

On September 24, 2025, the merger was completed, as described in a Form 8-K filed by the company. Destiny Merger Sub, Inc. merged with and into DallasNews Corporation, with DallasNews surviving as a wholly owned subsidiary of Hearst Media West, LLC. At the effective time of the merger, each share of Series A and Series B common stock (other than specified excluded and dissenting shares) was canceled and converted into the right to receive $16.50 in cash, without interest and less any applicable withholding taxes. As a result, the prior public shareholders of DallasNews Corporation ceased to have rights as shareholders other than the right to receive the merger consideration.

In connection with the completion of the merger, DallasNews Corporation notified The Nasdaq Stock Market LLC that the merger had closed and requested suspension of trading in its Series A common stock. Nasdaq filed a Form 25 on September 24, 2025, to remove the Series A common stock from listing and registration under Section 12(b) of the Securities Exchange Act of 1934. The Form 25 identifies DallasNews Corp as the issuer and the Nasdaq Stock Market LLC as the exchange, and it covers the delisting of the Series A common stock.

Following the merger and delisting, DallasNews Corporation filed a Form 15 on October 3, 2025, certifying the termination of registration under Section 12(g) and suspension of reporting obligations under Sections 13 and 15(d) of the Exchange Act for its Series A and Series B common stock. The Form 15 notes that, as of the certification date, there was approximately one holder of record, and it explains that, on September 24, 2025, Merger Sub merged with and into the company, with the company surviving as a wholly owned subsidiary of Hearst Media West, LLC.

Before the merger, DallasNews Corporation’s public disclosures emphasized the strategic rationale for joining Hearst, including the premium cash consideration for shareholders and Hearst’s role as an information, services and media company. Press releases and proxy materials described the transaction as a way to secure the future of DallasNews, with The Dallas Morning News and Medium Giant expected to operate as part of Hearst’s newspaper and media operations. The company also reported that its board of directors unanimously supported the transaction and that its largest shareholder entered into a voting and support agreement in favor of the merger.

For historical reference, DallasNews Corporation’s segment reporting highlighted TDMN and Agency as its two reportable segments. TDMN primarily generated revenue from subscriptions and retail sales of The Dallas Morning News and from advertising on print and related digital platforms. The Agency segment generated revenue from services offered by Medium Giant as a full-service advertising and creative marketing agency. Management used measures such as segment profit and adjusted operating income to evaluate performance, as described in the company’s financial results disclosures.

With the completion of the merger and subsequent deregistration, DALN no longer trades as a public stock. Researching DALN today involves reviewing historical news, SEC filings, and corporate communications that document its operations as a newspaper-focused holding company and its transition into a privately held subsidiary of Hearst.

Key Business Segments

• TDMN Segment: Focused on The Dallas Morning News, generating revenue from subscriptions, retail sales of the newspaper, and advertising within the newspaper and on related digital platforms.
• Agency Segment: Comprised of Medium Giant, an integrated creative marketing agency with offices in Dallas and Tulsa, providing services to a roster of premium brands and companies.

Corporate Transformation and Trading Status

DallasNews Corporation’s corporate transformation is documented through its merger agreement with Hearst, shareholder approval of the merger, and subsequent completion of the transaction on September 24, 2025. After the merger, the company became a wholly owned subsidiary of Hearst Media West, LLC, its Series A common stock was delisted from Nasdaq via Form 25, and its reporting obligations were terminated via Form 15. Accordingly, DALN functions as a historical ticker representing the former public company that now operates within the Hearst corporate structure.

Frequently Asked Questions about DallasNews Corporation (DALN)