Hearst Wins Bidding War for 140-Year-Old Dallas Newspaper (1)

Hearst gained approval for its acquisition of DallasNews Corp., the parent of the Dallas Morning News, winning a two-month bidding war despite offering less money than a company backed by investor Alden Global Capital.

DallasNews shareholders on Tuesday authorized the $88 million Hearst bid, which values their company at $16.50 per share, or more than three times the closing price before the deal was first announced in early July. Alden-backed MediaNews Group offered $20 a share, a deal rejected by the Dallas newspaper company’s former chairman, Robert Decherd.

Adding the Morning News gives Hearst control over ...