Alden Global Capital Makes a Play for The Dallas Morning News
MediaNews Group, the newspaper operator owned by the investment firm Alden Global Capital, put in a bid on Tuesday to buy The Dallas Morning News, a last-minute twist in the sale of a publication that has been locally owned for 140 years.
This month, the media conglomerate Hearst agreed to acquire DallasNews Corporation, the parent company of The Dallas Morning News, in a deal valued at $75 million, or $14 a share. That deal has been approved by the boards of each company and was expected to close later this year.
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The traditional journalism business model has long since collapsed, and news organizations have shrunk or disappeared entirely. While a number of promising experiments are under way, the public has not shown a willingness to buy what news organizations are selling.
Related Knowledge Center: Local media
The hollowing out of the local news ecosystem has been well documented; in some communities, efforts are underway to reverse the growing news desert.