# EDGAR Filing Document

**Accession Number:** 0001413898
**File Stem:** 0000905148-25-003050
**Filing Date:** 2025-8
**Character Count:** 22695
**Document Hash:** c6d54ca4755cb536ce29dc7d6f74bc40
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000905148-25-003050.hdr.sgml**: 20250819

**ACCESSION NUMBER**: 0000905148-25-003050

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250819

**DATE AS OF CHANGE**: 20250819

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DallasNews Corp
- **CENTRAL INDEX KEY:** 0001413898
- **STANDARD INDUSTRIAL CLASSIFICATION:** NEWSPAPERS:  PUBLISHING OR PUBLISHING & PRINTING [2711]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 383765318
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-84504
- **FILM NUMBER:** 251229699

**BUSINESS ADDRESS:**
- **STREET 1:** 1954 COMMERCE STREET
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201
- **BUSINESS PHONE:** 214-977-7342

**MAIL ADDRESS:**
- **STREET 1:** P.O. BOX 224866
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75222-4866

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** A. H. Belo Corp
- **DATE OF NAME CHANGE:** 20210628

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DallasNews Corp
- **DATE OF NAME CHANGE:** 20210625

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** A. H. Belo Corp
- **DATE OF NAME CHANGE:** 20130206
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MNG Enterprises, Inc.
- **CENTRAL INDEX KEY:** 0001688152

**ORGANIZATION NAME:**
- **EIN:** 814140550
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** 101 W. COLFAX AVENUE
- **STREET 2:** SUITE 1100
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80202
- **BUSINESS PHONE:** 214-969-2831

**MAIL ADDRESS:**
- **STREET 1:** 101 W. COLFAX AVENUE
- **STREET 2:** SUITE 1100
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80202

## Exhibit 99.7

#### EXHIBIT 99.7

MNG Enterprises, Inc.

5990 Washington Street

Denver, CO 80216

August 19, 2025

#### PRIVATE AND CONFIDENTIAL

#### VIA EMAIL

Board of Directors

DallasNews Corporation

c/o the Secretary

P. O. Box 224866

Dallas, TX 75222-4866

Dear Members of the Board of Directors,

On behalf of MNG Enterprises, Inc. and its affiliates ("<u>MNG</u>," "<u>we</u>," "<u>us</u>," and "<u>our</u>"), we are submitting an additional improved proposal to acquire all of the issued and outstanding shares of Common Stock of DallasNews Corporation ("<u>DallasNews</u>") that we do not already own for **$18.50 per share** in cash.

**Our proposal now offers DallasNews shareholders $3.50 more than Hearst's $15.00 offer, an approximately 23.3% premium**.

We have elected to increase our price ***again*** in recognition of the fact that the transaction you are planning with Hearst woefully undervalues DallasNews. We urge you to fulfill your fiduciary obligations to the shareholders of DallasNews and **immediately** open a constructive dialogue with us.

Each of our proposals has been substantially superior to Hearst's and has offered to address Mr. Decherd's concerns, which we firmly believe are unwarranted. You now have before you a proposal that delivers **an additional $3.50 per share over Hearst's $15.00 per share offer—an approximately 23.3% premium**—and indisputable evidence that DallasNews's value far exceeds the price you negotiated with Hearst. Yet, your response is to simply restate the unfounded conclusion that our proposal is incapable of closing, while refusing to engage in even a single substantive discussion with us about our offer.

MNG is the superior operator and would ensure that *The Dallas Morning News* continues to provide residents of North Texas the quality, independent journalism they rely on – including robust digital coverage and the beloved print edition. Our track record for sustaining quality journalism is precisely why, in a recent MNG transaction, Sonoma Media Investments selected us over Hearst for the sale of six newspapers in Northern California.

We are prepared to execute definitive agreements on substantially the same terms as Hearst's. We have a long and established record of successfully negotiating and closing transactions quickly, including going private transactions such as *The Tribune Company*. Our public-information diligence is complete, and we require only a short confirmatory diligence period to validate that work.

At this point, the only thing standing between DallasNews's shareholders and a meaningfully higher return is your continued refusal to engage. You are obligated to exercise your fiduciary duties for all shareholders, not to shield an inferior buyer favored by just a single shareholder. We reserve all rights to pursue any available avenue to hold you accountable for failing to act in the best interests of almost **90% of DallasNews shareholders**.

As is customary, our proposal remains a non-binding expression of interest only and does not constitute an offer capable of acceptance. We reserve the right to withdraw or modify this proposal at any time. This proposal (i) does not constitute a legally binding obligation, and, other than any confidentiality agreement that we may enter into in connection with further discussions of our proposal, there will be no legally binding agreement between us and DallasNews regarding this proposal or the potential transaction contemplated by this proposal, unless and until we enter into definitive documentation, (ii) is not intended to provide a basis for detrimental reliance or create any liability, whether arising in tort or at law, and (iii) is subject in all respects to the completion of our due diligence to our satisfaction in our sole discretion and the negotiation and execution of definitive documentation. Our proposal is not, and is not intended to be, a solicitation of a proxy or vote with respect to any securities of DallasNews or any other securities, or an offer to purchase or a solicitation of an offer to sell any securities of DallasNews or any other securities.

Sincerely,

MNG ENTERPRISES, INC.

By: <u>_______/s/ R. Joseph Fuchs_____________</u>

Name: R. Joseph Fuchs

Title: Chairman of the Board of Directors

By: <u>_______/s/ Guy Gilmore_______________</u>

Name: Guy Gilmore

Title: Chief Operating Officer

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 3)**

**DallasNews Corp**

*(Name of Issuer)*

**Series A Common Stock, $0.01 par value**

*(Title of Class of Securities)*

**235050101**

*(CUSIP Number)*

**Guy Gilmore**<br>MNG Enterprises, Inc.<br>5990 Washington Street<br>Denver CO 80216<br>(303) 954-6450

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**08/19/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **235050101** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Strategic Investment Opportunities LLC** | Name of reporting person<br>**Strategic Investment Opportunities LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**470000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**470000.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**470000.00** | Aggregate amount beneficially owned by each reporting person<br>**470000.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**9.9%** | Percent of class represented by amount in Row (11)<br>**9.9%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** The percentage of Series A Common Stock (as defined herein) reported as beneficially owned by the Reporting Person is based on 4,739,025 shares of Series A Common Stock outstanding as of August 14, 2025, as reported in the definitive proxy statement on Schedule 14A filed by the Issuer on August 15, 2025.

| **CUSIP No.** | **235050101** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**MNG Enterprises, Inc.** | Name of reporting person<br>**MNG Enterprises, Inc.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**470000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**470000.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**470000.00** | Aggregate amount beneficially owned by each reporting person<br>**470000.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**9.9%** | Percent of class represented by amount in Row (11)<br>**9.9%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** The percentage of Series A Common Stock reported as beneficially owned by the Reporting Person is based on 4,739,025 shares of Series A Common Stock outstanding as of August 14, 2025, as reported in the definitive proxy statement on Schedule 14A filed by the Issuer on August 15, 2025.

| **CUSIP No.** | **235050101** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**MNG Investment Holdings LLC** | Name of reporting person<br>**MNG Investment Holdings LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**470000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**470000.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**470000.00** | Aggregate amount beneficially owned by each reporting person<br>**470000.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**9.9%** | Percent of class represented by amount in Row (11)<br>**9.9%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** The percentage of Series A Common Stock reported as beneficially owned by the Reporting Person is based on 4,739,025 shares of Series A Common Stock outstanding as of August 14, 2025, as reported in the definitive proxy statement on Schedule 14A filed by the Issuer on August 15, 2025.

| **CUSIP No.** | **235050101** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Freeman Heath** | Name of reporting person<br>**Freeman Heath** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**470000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**470000.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**470000.00** | Aggregate amount beneficially owned by each reporting person<br>**470000.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**9.9%** | Percent of class represented by amount in Row (11)<br>**9.9%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** The percentage of Series A Common Stock reported as beneficially owned by the Reporting Person is based on 4,739,025 shares of Series A Common Stock outstanding as of August 14, 2025, as reported in the definitive proxy statement on Schedule 14A filed by the Issuer on August 15, 2025.

| **CUSIP No.** | **235050101** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Alden Global Capital LLC** | Name of reporting person<br>**Alden Global Capital LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**470000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**470000.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**470000.00** | Aggregate amount beneficially owned by each reporting person<br>**470000.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**9.9%** | Percent of class represented by amount in Row (11)<br>**9.9%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IA** | Type of Reporting Person (See Instructions)<br>**IA** | |

---

**Comment for Reporting Person:** The percentage of Series A Common Stock reported as beneficially owned by the Reporting Person is based on 4,739,025 shares of Series A Common Stock outstanding as of August 14, 2025, as reported in the definitive proxy statement on Schedule 14A filed by the Issuer on August 15, 2025.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Series A Common Stock, $0.01 par value

**(b) Name of Issuer:**
DallasNews Corp

**(c) Address of Issuer's Principal Executive Offices:**
P.O. Box 224866, Dallas, TX, 75222-4866

Pursuant to Rule 13d-2 of the Securities Exchange Act of 1934, as amended, this Amendment No. 3 to the Schedule 13D ("Amendment No. 3") amends certain items of the Schedule 13D filed with the Securities and Exchange Commission (the "Commission") on July 22, 2025 (the "Original Schedule 13D"), as amended and supplemented by Amendment No. 1 filed with the Commission on July 31, 2025 and Amendment No. 2 filed with the Commission on August 11, 2025 (collectively, the "Schedule 13D"), relating to the Series A Common Stock, par value $0.01 per share (the "Series A Common Stock"), of DallasNews Corporation (the "Issuer").  All capitalized terms contained herein but not otherwise defined shall have the meanings ascribed to such terms in the Schedule 13D.  Except as specifically provided herein, this Amendment No. 3 does not modify any of the information previously reported in the Schedule 13D.

**Item 4. Purpose of Transaction**

Item 4 of the Schedule 13D is hereby amended and supplemented as follows:

On August 19, 2025, MNG delivered a letter to the Board (the "Further Enhanced Proposal Letter") setting forth the terms of its further enhanced offer (the "Further Enhanced Proposal") to acquire all of the issued and outstanding shares of the Issuer's Common Stock not already owned by MNG for $18.50 per share in cash, which represents a $2.00 per share increase over its initial Proposal of $16.50 per share and a $1.00 per share increase over its Enhanced Proposal of $17.50 per share.
  
The foregoing description of the Further Enhanced Proposal Letter is qualified in its entirety by reference to the full text of the Further Enhanced Proposal Letter, a copy of which is included as Exhibit 99.7 to this Schedule 13D and is incorporated by reference in its entirety.

**Item 5. Interest in Securities of the Issuer**

**(a)**
Item 5(a) of the Schedule 13D is hereby amended and supplemented as follows:

As of the date hereof, the Reporting Persons may be deemed to beneficially own 470,000 shares of Series A Common Stock, or approximately 9.9% of the Series A Common Stock outstanding.  The percentage of Series A Common Stock reported as beneficially owned by the Reporting Persons is based on 4,739,025 shares of Series A Common Stock outstanding as of August 14, 2025, as reported in the definitive proxy statement on Schedule 14A filed by the Issuer on August 15, 2025.

**(b)**
—

**(c)**
—

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Strategic Investment Opportunities LLC

**Signature:** /s/ Guy Gilmore

**Name/Title:** Guy Gilmore, Chief Operating Officer of MNG Enterprises, Inc., sole member of MNG Investment Holdings LLC, its managing member

**Date:** 08/19/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** MNG Enterprises, Inc.

**Signature:** /s/ Guy Gilmore

**Name/Title:** Guy Gilmore, Chief Operating Officer

**Date:** 08/19/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** MNG Investment Holdings LLC

**Signature:** /s/ Guy Gilmore

**Name/Title:** Guy Gilmore, Chief Operating Officer of MNG Enterprises, Inc., its sole member

**Date:** 08/19/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Freeman Heath

**Signature:** /s/ Heath Freeman

**Name/Title:** Heath Freeman

**Date:** 08/19/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Alden Global Capital LLC

**Signature:** /s/ Heath Freeman

**Name/Title:** Heath Freeman, President

**Date:** 08/19/2025