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Kekst CNC represents the DallasNews Corp. as it gets acquired by Hearst Corp. for about $75M.
The 140-year-old Dallas Morning News will join Hearst’s collection of 28 daily and 50 weekly publications.
The New York-based media company also is getting DNC’s Medium Giant, integrated creative marketing agency, in the deal.
Hearst’s $14 per share cash offer is a 219 percent premium over DNC’s closing $4.39 closing price as of July 9.
Jeff Johnson, president of Hearst Newspapers, said his company “is committed to supporting the DNC’s continued success through smart investments in their digital strategy, compelling journalism and expanded audience reach.”
The move is part of Hearst’s strategy of “backing trusted, high-impact local media brands in growth markets,” he added.
Robert Decherd, DNC’s former chairman, president & chief and biggest shareholder during a 50-year career, said the Dallas Morning News' "distinguished journalism has been extraordinarily important to the evolution of Dallas as one of America’s greatest cities.”
He’s “confident that the path forward with Hearst Newspapers assures The News’ ability to continue informing and strengthening North Texas for many years to come.”
Kekst CNC’s Jonathan Morgan and James Hartwell are handling media for DNC’s transaction.
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