DallasNews Corporation Continues to Enhance Strategy of Sustained Profitability and Growth
September 13 2023 - 10:15AM
DallasNews Corporation (Nasdaq: DALN), the parent company of
The Dallas Morning News and Medium Giant, its media
and marketing agency, is taking another step in its path toward
becoming a sustainably profitable enterprise. In June 2023, the
Company announced it was exiting an unprofitable business
partnership which allowed the Company to concentrate on its
strongest and most promising areas of revenue growth.
Today, the Company is announcing a limited
voluntary staff reduction program that will be offered across all
departments to eligible individuals at The News and Medium
Giant. Though the exact number of people who will take the option
is unknown, it is expected that this could ultimately reduce the
total workforce by about 6 percent, or 40 full-time and
part-time positions.
This will still allow the news department the
resources to maintain the same comprehensive coverage throughout
Texas while helping to reduce overall headcount and non-headcount
expenses. Throughout its 180-year history, the Company has evolved
in parallel with the city, region, and state it covers. Today’s
announcement allows for a dynamic, modern model to maintain and
uphold that journalistic responsibility while re-investing in key
areas across the organization.
“Like any business, DallasNews Corporation must
achieve profitability to be a healthy and sustainable
organization,” said Grant Moise, the Company’s Chief Executive
Officer and publisher of The News. “While we will be parting
with some who have been with us for many years, I hope this program
will provide a helpful bridge to their next chapter. We are
genuinely appreciative of their fine work.”
About DallasNews Corporation
DallasNews Corporation is the Dallas-based holding
company of The Dallas Morning News and Medium Giant.
The Dallas Morning News is Texas’ leading daily
newspaper with a strong journalistic reputation, intense regional
focus and close community ties. Medium Giant is a media and
marketing agency of divergent thinkers who devise strategies that
deepen connections, expand influence, and scale success for clients
nationwide. For additional information, visit
dallasnewscorporation.com or email invest@dallasnews.com.
Statements in this communication concerning
DallasNews Corporation’s (the “Company”) business outlook or future
economic performance, revenues, expenses, cash balance, investments
and other financial and non-financial items that are not
historical facts are “forward-looking statements” as the term is
defined under applicable federal securities laws. Words such as
“anticipate,” “assume,” “believe,” “can,” “could,” “estimate,”
“forecast,” “intend,” “expect,” “may,” “project,” “plan,” “seek,”
“should,” “target,” “will,” “would” and their opposites and similar
expressions are intended to identify forward-looking statements.
Forward-looking statements are subject to risks, uncertainties and
other factors that could cause actual results to differ materially
from those statements. Such risks, trends and uncertainties are, in
most instances, beyond the Company’s control, and include changes
in advertising demand and other economic conditions; consumers’
tastes; newsprint and distribution prices; program costs; the
success of the Company’s digital strategy; labor relations;
cybersecurity incidents; and technological obsolescence. Among
other risks, there can be no guarantee that the board of directors
will approve a quarterly dividend in future quarters or that our
financial projections are accurate, as well as other risks
described in the Company’s Annual Report on Form 10-K and
in the Company’s other public disclosures and filings with the
Securities and Exchange Commission. Forward-looking statements,
which are as of the date of this filing, are not updated to reflect
events or circumstances after the date of the statement.
Contact:Katy
Murray214-977-8869Kmurray@dallasnews.com
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