I left there 28 years ago. It was a great place to work when the family owned it.
Hearst buys Dallas Morning News
- Thread starter Shropshire Slasher
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Typist Clerk
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Alden has put in a competing bid for the Morning News, promising to keep printing it daily. No word on when the board will consider it.
$2.50 more per share is convincing enough for these ghouls to sell.
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I think that the Belo family still hold large portions of the stock. I could actually seeing them selling to Hearst for a lower price because I think the Belo family actually still has some pride in what the DMN was and do not want to see it completely gutted. The family held on as long as they could but the company was running out of money and assets to sell.
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Paywalled but will put here.
https://www.bizjournals.com/denver/...ewsgroup-ups-bid-for-dallas-morning-news.html
MediaNews Group, the Denver-based national newspaper chain vying to buy the Dallas Morning News' parent company, has upped its bid to $93.6 million to undercut the Hearst newspaper company's offer that's already been welcomed by the Texas media business.
The $17.50 per-share bid, a $1 per-share increase from MNG Enterprises Inc.'s last offer, was made even though 140-year-old DallasNews struck a deal with San Francisco-based Hearst Corp. in early July for $74.9 million. In filings with the U.S. Securities and Exchange Commission on Monday, MNG accused DallasNews of acting against the interests of its shareholders by not engaging with any of the Denver company's offers.
"We are perplexed by your refusal to have a single discussion with us in the weeks since our Original Proposal was submitted. Both our Original Proposal and Enhanced Proposal offer substantially more economic value to your shareholders, and – unlike Hearst – we are offering to continue publishing the beloved print edition of The Dallas Morning News. Our Enhanced Proposal is therefore better for DallasNews' shareholders and the readers of The Dallas Morning News alike," the letter from MediaNewsGroup said.
MediaNewsGroup, owned by New York City-based investment firm Alden Global Capital, is the nation's second-largest newspaper owner. Its portfolio includes the Denver Post alongside an array of other news outlets such as the Chicago Tribune, Boston Herald, San Diego Union-Tribune, Orange County Register and many smaller publications.
Alden Global Capital has a reputation for buying struggling newspapers, cutting the staff, selling the real estate and jacking up the subscription price. The Denver Post once described Alden as "vulture capitalists," in an editorial published following a round of layoffs in 2018.
In late July, DallasNews rejected MNG's initial offer countering the DallasNews agreement with Hearst. Robert Decherd — the company's controlling shareholder and descendant of Dallas Morning News co-founder George Dealey — told the Dallas Business Journal that there were "no circumstances" that would compel him to sell to Alden Global. Decherd has about 55% of the company's total voting power.
MNG argues that what it's offering DallasNews, which amounts to $25% more money, is a better deal than the agreement with Hearst.
"We have tremendous respect for The Dallas Morning News and its nearly 140 years of excellence in journalism and service to the people of North Texas, as well as for its talented team of journalists. We welcome a discussion around the future operations of The Dallas Morning News in order to address Mr. Decherd's concerns," the letter from MNG said.
Hearst publishes 28 daily newspapers, including dailies in all four of Texas' largest cities, notably the Houston Chronicle, Austin American-Statesman and San Antonio Express-News. It also owns 50 weekly publications and over 200 magazines.
MNG's legal counsel was Sidley Austin LLP and got financial advice from Moelis & Company LLC in its attempts to buy the Dallas Morning News.
https://www.bizjournals.com/denver/...ewsgroup-ups-bid-for-dallas-morning-news.html
MediaNews Group, the Denver-based national newspaper chain vying to buy the Dallas Morning News' parent company, has upped its bid to $93.6 million to undercut the Hearst newspaper company's offer that's already been welcomed by the Texas media business.
The $17.50 per-share bid, a $1 per-share increase from MNG Enterprises Inc.'s last offer, was made even though 140-year-old DallasNews struck a deal with San Francisco-based Hearst Corp. in early July for $74.9 million. In filings with the U.S. Securities and Exchange Commission on Monday, MNG accused DallasNews of acting against the interests of its shareholders by not engaging with any of the Denver company's offers.
"We are perplexed by your refusal to have a single discussion with us in the weeks since our Original Proposal was submitted. Both our Original Proposal and Enhanced Proposal offer substantially more economic value to your shareholders, and – unlike Hearst – we are offering to continue publishing the beloved print edition of The Dallas Morning News. Our Enhanced Proposal is therefore better for DallasNews' shareholders and the readers of The Dallas Morning News alike," the letter from MediaNewsGroup said.
MediaNewsGroup, owned by New York City-based investment firm Alden Global Capital, is the nation's second-largest newspaper owner. Its portfolio includes the Denver Post alongside an array of other news outlets such as the Chicago Tribune, Boston Herald, San Diego Union-Tribune, Orange County Register and many smaller publications.
Alden Global Capital has a reputation for buying struggling newspapers, cutting the staff, selling the real estate and jacking up the subscription price. The Denver Post once described Alden as "vulture capitalists," in an editorial published following a round of layoffs in 2018.
In late July, DallasNews rejected MNG's initial offer countering the DallasNews agreement with Hearst. Robert Decherd — the company's controlling shareholder and descendant of Dallas Morning News co-founder George Dealey — told the Dallas Business Journal that there were "no circumstances" that would compel him to sell to Alden Global. Decherd has about 55% of the company's total voting power.
MNG argues that what it's offering DallasNews, which amounts to $25% more money, is a better deal than the agreement with Hearst.
"We have tremendous respect for The Dallas Morning News and its nearly 140 years of excellence in journalism and service to the people of North Texas, as well as for its talented team of journalists. We welcome a discussion around the future operations of The Dallas Morning News in order to address Mr. Decherd's concerns," the letter from MNG said.
Hearst publishes 28 daily newspapers, including dailies in all four of Texas' largest cities, notably the Houston Chronicle, Austin American-Statesman and San Antonio Express-News. It also owns 50 weekly publications and over 200 magazines.
MNG's legal counsel was Sidley Austin LLP and got financial advice from Moelis & Company LLC in its attempts to buy the Dallas Morning News.
Deskgrunt50
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**** Alden in the face with a rusty, barb-wire *****.
Slacker
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In late July, DallasNews rejected MNG's initial offer countering the DallasNews agreement with Hearst. Robert Decherd — the company's controlling shareholder and descendant of Dallas Morning News co-founder George Dealey — told the Dallas Business Journal that there were "no circumstances" that would compel him to sell to Alden Global. Decherd has about 55% of the company's total voting power.
Stick by your guns, cowboy. Texas needs more heroes.
Stick by your guns, cowboy. Texas needs more heroes.
Great news. Anything to **** off the Alden suits is a win.
