M&A · Tech · Newspapers: Publishing or Publishing & Printing
Hearst Media West, LLC to acquire DallasNews Corp
Announced Jul 10, 2025 · Closed Sep 24, 2025
Deal value—
Premium242.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$14.00 per share
Transaction
- Acquirer
- Hearst Media West, LLC
- Target
- DallasNews Corp (DALN)
- Buyer type
- Strategic
- Offer price per share
- $14.00
- Enterprise value
- —
- Status
- Closed Sep 24, 2025
Deal protections
- Break fee (target pays)
- $3.0M
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- JPMorgan
- JPMorgan fee
- $5.0M
Sector context · Tech
- Comparable deals
- 62 in the prior 24 months
- Premium
- 242.0% vs. 37.0% sector median
- EV / Adj. EBITDA
- Sector median 16.7x
- Break fee
- Sector median 3.0%
Timeline
- AnnouncedJul 10, 2025
- Proxy filedAug 4, 2025
- Definitive proxyAug 15, 2025
- Shareholder voteSep 23, 2025
- ClosedSep 24, 2025
Valuation · fairness opinions
Discounted cash flow$8.10$8.45
Offer $14.00
Implied value per DallasNews Corp share by analysis, from JPMorgan · DCF discount rate 13.5%–15.5%.