Haynes Boone advised DallasNews Corporation, parent company of The Dallas Morning News and Medium Giant, in the successful completion of its take-private sale to Hearst, one of the nation’s largest information, services and media companies.

The transaction, valued at approximately $88.3 million, closed following a definitive merger agreement announced in July and an overwhelming shareholder vote of approval on Sept. 23. Under the terms of the agreement, Hearst acquired all outstanding shares of DallasNews common stock for $16.50 per share in an all-cash transaction. DallasNews has ceased trading as a public company.

Haynes Boone acted as legal counsel to DallasNews throughout the process, including in its response to the attempt by an affiliate of Alden Global Capital to buy DallasNews by making an unsolicited competing proposal, following the announcement of the transaction with Hearst. Despite Alden’s efforts, which included increasing its proposal multiple times, the Hearst transaction was completed.

“It’s been a privilege to support DallasNews in a deal that honors its legacy and positions the organization for continued excellence in journalism as well as strategic growth,” said Haynes Boone M&A Partner Jennifer Wisinski, who led the deal team with Partner Rosebud Nau.