DallasNews Corporation recently experienced significant shareholder activism related to its proposed merger with Hearst. Two leading independent proxy advisory firms, Institutional Shareholder Services Inc. (ISS) and Glass, Lewis & Co., have recommended that shareholders vote in favor of the merger. The DallasNews Board, with unanimous support and endorsement from the company's largest shareholder, has also strongly advocated for the merger, citing the substantial premium of 242% over the closing stock price on July 9, 2025. John A. Beckert, Chairman of the Board, emphasized the importance of this merger for securing immediate and certain value for shareholders. The Board has urged shareholders to cast their votes by phone or internet before the deadline on September 22, 2025, to ensure their voices are heard and to prevent the risk associated with non-approval.