Hearst will own the largest newspapers in all four of the largest cities in Texas.
DALLAS — This article was originally published by our content partners at the Dallas Business Journal. You can read the original article here.
When Hearst Corp. completes its purchase of the Dallas Morning News, the media giant will own the largest newspapers in all four of the largest cities in Texas.
The $74.9 million all-stock sale of DallasNewsCorp. (Nasdaq: DALN), the parent company of DMN and marketing agency Medium Giant, announced on July 10 marks the end of independence for a regional institution dating back 140 years. It also represents the latest deal in an ongoing trend of consolidation over the last couple of decades. A quarter of all U.S. newspapers fall under the control of just 10 companies, according to a report by the Medill Local News Initiative at Northwestern University.
New York-based Hearst, one of the largest media companies in the U.S., has been among the most active players. In February, Hearst announced the acquisition of the Austin American-Statesman from Gannett Co. Inc. for an undisclosed amount. The acquisition of DMN will continue Hearst’s foray into Texas.
The company, whose history dates back to 1887 when it was founded by newspaper baron William Randolph Hearst, owns 28 daily and 50 weekly newspapers, digital services businesses and more than 200 magazine editions around the world. Within Texas, Hearst owns the Houston Chronicle and the San Antonio-Express News as well as the Statesman. Hearst purchased the Chronicle in 1987 for $400 million.