• by Ray Schultz , September 16, 2025

The ongoing drama over the sale of the Dallas Morning News has taken a new turn.  

Alden Global Capital’s MNG Enterprises has raised its offer for DallasNews Corp. to $20 per share in cash.  

This is $3.50 more than Hearst’s most recent proffer of $16.50 per share. And it represents “an approximately 356% premium over the $4.39 closing price per share of Series A Common Stock on July 9, 2025, the day before Hearst announced its initial bid,” MNG says in a letter to the DallasNews Corp. board of directors. 

The new bid comes one day after Hearst made what it says was its final offer.  

“With $16.50 being Hearst’s ‘best and final’ offer, Hearst has conceded that it has nothing more to offer,” MNG argues. “That admission, alongside the clear superiority of our improved proposal, eliminates any doubt the ‘auction’ has concluded and MNG’s $20.00 offer is the best.”

Shareholders will vote on the proposed merger with Hearst next week. Will they be swayed by the $20 bid from MNG and choose to make a quick killing?  

MNG’s offer is non-binding, and it will have to conduct due diligence before signing such a deal. But it seems to be ready. “The path to maximizing value and preserving the future of The Dallas Morning News is clear, and there is no further reason for delay. We will be providing a purchase agreement to the board in the coming days in an effort to finalize a transaction with speed and certainty.” 

The company adds, “As the largest private newspaper company in the United States, we understand the unique role of The Dallas Morning News in North Texas, and we remain committed to maintaining the print edition and protecting the paper’s editorial freedom so this iconic institution continues to serve its community with independence and integrity.”   

This is an obvious response to critics who claim Alden Global Capital is in the business of gutting newsrooms.  

The Hearst proposal is supported by DallasNews Corp.’s largest single shareholder, Robert W. Decherd, who has repeatedly stated he will not agree to a sale to Alden Global Capital. And the Hearst merger has won the unanimous approval of DallasNews Corp.’s board of directors. 

Newspaper publishers around the country must be following this bidding war with interest. It seems to prove that the news business is far from moribund.