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Dallas Morning News sold to Hearst

M

Mediafrog+

Was the last vestige of the G.B. Dealey and Belo empire, which once owned WFAA radio and TV as well as numerous other broadcasting and newspaper properties.

www.dallasnews.com

DallasNews Corporation agrees to merge with Hearst

DallasNews Corporation and Hearst have signed a definitive merger agreement, which has been unanimously approved by the boards of directors from both companies and is expected to close in
www.dallasnews.com www.dallasnews.com
 
Fun obscure fact:
The Hearst empire first entered the north Texas market in 1923 with the purchase of the lowly Fort Worth Record.
The Fort Worth Record operated WPA, which in March 1922 became the first radio station in Fort Worth (pre-dating WBAP by two months). Hearst wanted to focus on print, and felt radio was a distraction, so they turned in the license for WPA in May 1923, after just 14 months on the air. Hearst sold the Record to the Star-Telegram two years later.
 
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Mediafrog+ said:
Was the last vestige of the G.B. Dealey and Belo empire, which once owned WFAA radio and TV as well as numerous other broadcasting and newspaper properties.

www.dallasnews.com

DallasNews Corporation agrees to merge with Hearst

DallasNews Corporation and Hearst have signed a definitive merger agreement, which has been unanimously approved by the boards of directors from both companies and is expected to close in
www.dallasnews.com www.dallasnews.com
Click to expand...
I believe this means that Austin is the only big Texas market without a Hearst paper. San Antonio and Houston are Hearst properties; Hearst bought the Houston Chronicle way back in 1987 from the Houston Endowment, which turned down a bigger cash offer from William Dean Singleton (then owner of the Dallas Times Herald) to go with Hearst.
 
Mark Roberts said:
I believe this means that Austin is the only big Texas market without a Hearst paper. San Antonio and Houston are Hearst properties; Hearst bought the Houston Chronicle way back in 1987 from the Houston Endowment, which turned down a bigger cash offer from William Dean Singleton (then owner of the Dallas Times Herald) to go with Hearst.
Click to expand...
The Austin American-Statesman was sold to Hearst this past February, so they will be present in the top four Texas markets.

When the broadcast arm of Belo still existed there was speculation that Hearst would buy the company, but it went to Gannett, now TEGNA.
 
Mediafrog+ said:
Was the last vestige of the G.B. Dealey and Belo empire, which once owned WFAA radio and TV as well as numerous other broadcasting and newspaper properties.

www.dallasnews.com

DallasNews Corporation agrees to merge with Hearst

DallasNews Corporation and Hearst have signed a definitive merger agreement, which has been unanimously approved by the boards of directors from both companies and is expected to close in
www.dallasnews.com www.dallasnews.com
Click to expand...
Is it really a "merger" and not a outright sale???
 
salemjedi54 said:
Is it really a "merger" and not a outright sale???
Click to expand...
It’s an outright sale. Companies being sold will frequently pass it off as a “merger” as it sounds better from a PR perspective.

I’m surprised the Dealey heirs hung onto the DMN as long as they did. Wonder if Hearst could go after the Fort Worth Star-Telegram and if any regulators would care these days.

When what was then Gannett bought out Belo it was also described as a “merger” though that was also fudging the truth.

Sort of like saying that Tibet “merged” with China.
 
tested said:
Here's what caught my attention: the price was $75 million. that just seems like a fraction of the value it had a few years ago.
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Newspaper values have been plummeting for decades. If you think broadcast radio and TV have one foot in the grave, then newspapers are zombies.

The real surprise was that the sale price per share was more than triple the current stock price. Nice payday for those who had not dumped their shares.
 
Mediafrog+ said:
It’s an outright sale. Companies being sold will frequently pass it off as a “merger” as it sounds better from a PR perspective.

I’m surprised the Dealey heirs hung onto the DMN as long as they did. Wonder if Hearst could go after the Fort Worth Star-Telegram and if any regulators would care these days.

When what was then Gannett bought out Belo it was also described as a “merger” though that was also fudging the truth.

Sort of like saying that Tibet “merged” with China.
Click to expand...
Or that Sirius "merged" with XM.
 
Mediafrog+ said:
True, but the last minute effort of Sinclair to try and hijack the deal was intriguing. Still would have resulted in a triopoly in DFW.
Click to expand...

Didn't realize Sinclair owned any properties in DFW, though a Nexstar/TEGNA deal will result in a triopoly in DFW if that becomes legal. I'm not convinced it will, though it probably can't be ruled out.

Word on the street has been that Sinclair is exploring a potential sale of its broadcast properties, though it has apparently told employees and shareholders that it's as likely to be a buyer as it is a seller should any sort of merger happen.
 


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