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About DallasNews Corporation
DallasNews Corporation (NASDAQ: DALN) is a Dallas-based media and publishing company that holds a significant place in the Texas media landscape. The company is best known as the parent organization of The Dallas Morning News, one of Texas' most prominent daily newspapers with a rich history of journalistic excellence and a strong regional focus. With a mission to deliver high-quality, hyperlocal news and information, DallasNews Corporation serves the diverse and rapidly growing North Texas community, home to over 8 million residents.
Core Business Areas
The company operates through two primary divisions:
- The Dallas Morning News: A trusted source for news, investigative journalism, and cultural coverage, this publication has a long-standing reputation for serving the North Texas community with integrity and depth. Its offerings include print editions, digital subscriptions, and a robust online presence.
- Medium Giant: A full-service advertising and marketing agency that specializes in creating and delivering compelling stories to drive customer engagement. This division provides a diversified revenue stream and supports businesses with innovative marketing solutions.
Revenue Streams and Business Model
DallasNews Corporation generates revenue through multiple channels, including:
- Advertising and Marketing Services: This includes both print and digital advertising, although the company has faced challenges with declining print ad revenues. Digital marketing services offered by Medium Giant provide a growth avenue in this segment.
- Subscription Revenue: The company has made significant strides in growing its digital-only subscription base, reflecting a strategic shift toward sustainable, recurring revenue streams.
- Commercial Printing and Distribution: Leveraging its printing facilities, DallasNews Corporation provides commercial printing and third-party distribution services, adding another layer to its revenue model.
Industry Context and Challenges
The media industry is undergoing a profound transformation, with traditional print publications facing declining circulation and advertising revenues. DallasNews Corporation has proactively addressed these challenges by implementing cost-saving measures, such as transitioning to a smaller, more efficient printing facility and discontinuing certain print-only publications. The company's strategic focus on digital transformation and hyperlocal content positions it to compete effectively in an increasingly digital-first landscape.
Competitive Landscape
DallasNews Corporation operates in a highly competitive environment, facing competition from regional newspapers, national media organizations, and digital-first news platforms. Its differentiation lies in its deep regional expertise, hyperlocal coverage, and commitment to investigative journalism that addresses issues impacting the North Texas community.
Strategic Initiatives
Recent initiatives include the launch of new content sections like "High Profile," which showcases the diverse and influential personalities in the region, and the implementation of its "Return to Growth Plan." This plan focuses on achieving sustainable profitability through operational efficiencies, digital subscription growth, and strategic cost reductions.
Significance and Market Position
As a cornerstone of Texas journalism, DallasNews Corporation continues to play a vital role in informing and connecting the North Texas community. Its efforts to modernize operations and adapt to industry changes underscore its commitment to remaining a trusted and relevant media organization in an evolving landscape.
The Dallas Morning News has announced the return of veteran journalist and columnist Robert Wilonsky to its team. Wilonsky, who previously served as an editor and city columnist, is known for his distinctive coverage of Dallas's people, places, and politics.
Editorial Page Editor Rudy Bush praised Wilonsky's storytelling abilities about Dallas, his hometown. Prior to his return, Wilonsky held the position of Vice President of Public Relations and Communications at Heritage Auctions, where he was instrumental in developing the company's storytelling and public engagement strategies.
This homecoming represents a significant development for both the journalist and his readership, who have long valued his insightful commentary and deep understanding of local issues. Wilonsky's return promises to continue his legacy of providing comprehensive coverage of Dallas with his characteristic wit and expertise.
The Dallas Morning News has released a three-part investigative series titled 'Meth: The Prison Pipeline', revealing significant disparities in methamphetamine sentencing across federal judicial districts. The investigation, conducted by reporter Kevin Krause and data journalist José Luis Adriano, analyzed over 670,000 crimes from the U.S. Sentencing Commission.
Key findings show that meth sentences in the Northern District of Texas are notably severe, with a median sentence of 10 years compared to the national median of 6 years. First-time, non-violent offenders can face decades in prison without parole, costing taxpayers up to $1.4 billion annually. The investigation highlights that meth trafficking carries harsher punishments than fentanyl, despite causing fewer deaths and hospitalizations.
The Dallas Morning News has launched its new brand campaign 'This is Home', aimed at building community and reinforcing reader trust in North Texas. The campaign, developed in collaboration with Medium Giant over 15 months, focuses on meaningful storytelling and shared experiences. It emphasizes the concept of intersections where stories, people, and perspectives meet, covering both triumphs and challenges in the region. The campaign will spotlight iconic intersections across North Texas, highlighting the newspaper's 150-year legacy of chronicling stories that shape readers' lives.
DallasNews (DALN) reported a Q3 2024 net loss of $3.9 million, or $(0.73) per share, compared to a net loss of $1.4 million in Q3 2023. Total revenue decreased 9.7% to $31.1 million. The quarter included $3.0 million in severance expenses due to planned headcount reductions. Advertising and marketing services revenue fell 18.5% to $12.0 million, while circulation revenue slightly decreased by 0.8% to $16.1 million. Digital-only subscription revenue grew 8.8%, offsetting some print circulation decline. The company ended Q3 with $14.0 million in cash and no debt, while implementing a new volume-centric digital subscription strategy.
DallasNews (DALN) has scheduled its third quarter 2024 financial results release for Wednesday, November 13, 2024, before market opening. The company will host a conference call on Thursday, November 14, 2024, at 9:00 a.m. CST, which will be webcast live on their website. A replay will be available until November 20, 2024. DallasNews operates The Dallas Morning News, Texas' leading daily newspaper, and Medium Giant, a full-service advertising agency with offices in Dallas and Tulsa.
The Dallas Morning News is launching two major initiatives to inform and guide voters for the November 2024 general election. The first is 'Back to the Ballot', an online tool featuring a personalized quiz and issue-specific reporting on gun legislation, reproductive rights, education, and border and immigration. This initiative aims to increase voter engagement and understanding.
The second is a comprehensive Voter Guide, set to release on September 30, 2024. It will provide side-by-side comparisons of candidates' responses to key issues and include a build-your-own-ballot tool. The guide covers 76 races across North Texas and features input from 163 invited candidates.
These initiatives are based on a survey of 3,000 North Texans and include a Spanish-language, culturally tailored voter guide. The efforts aim to address Texas's low voter turnout, which ranked 40th nationally in the 2022 midterms.
DallasNews (Nasdaq: DALN) reported net income of $1.5 million ($0.27 per share) and operating income of $0.6 million for Q2 2024, compared to a net loss of $0.9 million in Q2 2023. The company's total revenue decreased by 11% to $32.1 million, primarily due to exiting its shared mail program and discontinuing print-only niche publications. Despite this, circulation revenue increased by 1.2% to $16.2 million, with digital-only subscription revenue growing by 18.8%. The company achieved expense savings of $5.4 million, resulting in an adjusted operating income of $1.2 million, an improvement from the $0.3 million loss in Q2 2023. DallasNews had $17.1 million in cash and cash equivalents with no debt as of June 30, 2024.
DallasNews (Nasdaq: DALN) has announced the schedule for its second quarter 2024 financial results release and conference call. The company will release its Q2 2024 financial results before the market opens on Wednesday, July 31, 2024. A conference call will be held on the same day at 9:00 a.m. CDT.
The call will be simultaneously webcast on the company's website, with an archive available later. For listen-only access, investors can dial 1-877-336-4436 and use the access code 8453121. A replay will be available from 12:00 p.m. CDT on July 31 until 11:59 p.m. CDT on August 6, 2024, using the access code 4993908.
DallasNews (Nasdaq: DALN) reported a Q1 2024 net loss of $1.4 million or $(0.25) per share, showing an improvement from the Q1 2023 net loss of $2.6 million or $(0.49) per share. The adjusted operating loss was $0.8 million, a 64% improvement from the previous year's $2.2 million. This improvement is attributed to cost reductions in distribution, employee compensation, and newsprint, despite a $4.1 million revenue decline. The revenue drop stemmed from the strategic exit of the shared mail program and discontinuation of print-only niche publications.
Total revenue for Q1 2024 was $31.1 million, down 11.6% from Q1 2023. Advertising revenue fell by 23.9% to $11.6 million, while circulation revenue increased by 1.8% to $16.3 million. The company recorded total operating expenses of $32.9 million, a 13.4% improvement from Q1 2023. DallasNews plans to relocate print operations, expecting $5 million in annual savings by early 2025.
As of March 31, 2024, the company had 531 employees, a reduction of 18.6% from the previous year. The company holds $18.4 million in cash and short-term investments and reported no debt.
DallasNews (Nasdaq: DALN) has announced plans to relocate its print operations from Plano, Texas, to a smaller leased facility in Carrollton, Texas, as part of its Return to Growth Plan initiated in 2021. The new facility will be operational by early 2025 and will result in annual savings of approximately $5 million. The company will invest around $8 million in more efficient printing technology. This move will reduce staffing by about 60%, affecting approximately 85 employees. Additionally, DallasNews has suspended its dividend payments indefinitely.
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