# EDGAR Filing Document

**Accession Number:** 0001688152
**File Stem:** 0000905148-25-002671
**Filing Date:** 2025-7
**Character Count:** 26881
**Document Hash:** 9bb7c09be056e5a1a304a1fd9e818aa0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000905148-25-002671.hdr.sgml**: 20250731

**ACCESSION NUMBER**: 0000905148-25-002671

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

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250731

**DATE AS OF CHANGE**: 20250731

**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:** 251172453

**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

## Ex-5

#### EXHIBIT 5

MNG Enterprises, Inc.

5990 Washington Street

Denver, CO 80216

July 31, 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 July 28, 2025, you summarily rejected—without any discussion—our all-cash proposal to acquire all outstanding shares of DallasNews Corporation for $16.50 per share in favor of Hearst's clearly inferior $15.00 per share <u>revised</u> offer. Our proposal remains the best offer available to your shareholders, and the only offer dedicated to ensuring the print edition of *The Dallas Morning News* continues to serve the North Texas community alongside a robust digital news operation.

As you can imagine, we were surprised to see your public rejection, particularly as it occurred without even a single conversation, let alone substantive engagement, with us. Rather than evaluate our proposal on the merits or engage in discussions that could benefit all your shareholders and other stakeholders and the North Texas community at large, you adopted a shareholder rights plan designed to protect the inferior Hearst transaction, suppress competing bids, and deprive your shareholders of the opportunity to consider alternatives that could unlock greater value.

How these actions could possibly be deemed to satisfy your fiduciary duties is a mystery to us. Hearst's immediate decision to increase its offer by $1.00 per share in response to our offer raises serious questions about whether the Board's sale process was conducted in a manner consistent with those duties.

We have completed all diligence available to us at this time and remain firmly convinced that DallasNews Corporation is worth <u>at least</u> $16.50 per share—well above the substantially lower price the Board currently supports. We are ready to complete our remaining limited diligence expeditiously. We are confident that we can close a transaction quickly, particularly given the fact that we do not operate any other publications in Texas. We expect a constructive dialogue with the Board and DallasNews Corporation management could uncover additional value drivers, potentially allowing us to increase our all-cash offer beyond $16.50 per share. That opportunity, however, can only be realized if the Board chooses to engage.

We have deep respect for Robert Decherd, his more than five decades of service to *The Dallas Morning News*, and his long-standing commitment to civic journalism in North Texas. We share Mr. Decherd's commitment to high-quality local journalism and agree that preserving the quality and integrity of *The Dallas Morning News* requires scale, operating experience, and a proven commitment to the public interest. That is why our initial proposal includes our commitment to ensure the print edition of *The Dallas Morning News* continues to serve the North Texas community.

More importantly, MediaNews Group is better positioned than Hearst, particularly in light of Hearst's recent operational challenges, to provide the support and stability needed to ensure the long-term success of *The Dallas Morning News*. We are the operator best positioned to preserve and strengthen this historic institution.

We welcome the opportunity to engage directly with Mr. Decherd regarding our proposal and vision for the future. We are confident that the concerns he has expressed can be addressed collaboratively and constructively, and we are open to discussing appropriate structural protections to ensure *The Dallas Morning News's* editorial and operational independence and continued civic mission, including, if appropriate, a continued role for Mr. Decherd in an institution so closely tied to his family's legacy.

We remain hopeful that we can work cooperatively with the Board and Mr. Decherd toward a mutually beneficial outcome. However, if the Board continues to refuse engagement, we will simply be forced to take our case directly to your shareholders. As such, we urge you to reconsider your position.

Our proposal is clearly superior to Hearst's, and it offers the best outcome for all stakeholders, including *The Dallas Morning News*, its employees, your shareholders, and the broader communities of North Texas, including Dallas, Plano, Frisco, McKinney, Arlington, Irving and beyond.

We stand ready to engage immediately.

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

#### About MNG Enterprises, Inc.
MNG is a private newspaper operator in the U.S. and a leader in local, multiplatform news and information, distinguished by its original content and high quality, diversified portfolio of local media assets. MNG operates many of the top local daily newspapers in the United States, including *The Chicago Tribune*, *The Denver Post*, *The New York Daily News*, *The Mercury News*, *The Orange County Register*, *South Florida Sentinel*, and *The Boston Herald*. For more information, please visit *www.medianewsgroup.com*. Information contained on, or that can be accessed through, MNG's website is not incorporated by reference into this communication, and you should not consider information on MNG's website to be part of this communication.

#### MEDIA CONTACT:
*Goldin Solutions*

Chloe Miller

mngtrib@goldinsolutions.com

(212) 319-3450

#### INVESTOR CONTACT:
Marshall Anstandig

manstandig@medianewsgroup.com

#### IMPORTANT ADDITIONAL INFORMATION
MNG, together with the other participants in its proxy solicitation, intends to file a preliminary proxy statement and accompanying proxy card with the Securities and Exchange Commission (the "SEC") to be used to solicit proxies in connection with their opposition to proposals to be presented at a special meeting of shareholders of DallasNews Corporation, a Texas corporation (the "Company"), in connection with the Company's Agreement and Plan of Merger with Hearst Communications, Inc. and certain of its affiliates, as may be amended from time to time.

MNG ADVISES ALL SHAREHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION, INCLUDING ADDITIONAL INFORMATION RELATING TO THE PARTICIPANTS IN MNG'S PROXY SOLICITATION. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC'S WEBSITE AT *WWW.SEC.GOV*. IN ADDITION, THE PARTICIPANTS IN THIS PROXY SOLICITATION WILL PROVIDE COPIES OF THE PROXY STATEMENT WITHOUT CHARGE, WHEN AVAILABLE, UPON REQUEST.

#### CERTAIN INFORMATION CONCERNING THE PARTICIPANTS
The participants in the proxy solicitation are anticipated to be MNG, MNG Investment Holdings LLC ("MNG Holdings"), Strategic Investment Opportunities LLC ("SIO"), Guy Gilmore, R. Joseph Fuchs, Alden Global Capital LLC ("Alden") and Heath Freeman (collectively, the "Participants").

As of the date hereof: SIO beneficially owns 470,000 shares of Series A Common Stock, par value $0.01 per share, of the Company (the "Series A Common Stock"); MNG, MNG Holdings, Mr. Freeman and Alden may be deemed to indirectly beneficially own 470,000 shares of the Series A Common Stock beneficially owned by SIO; Mr. Gilmore and Mr. Fuchs, respectively, do not beneficially own any shares of the Series A Common Stock; and none of the Participants beneficially own any shares of Series B Common Stock, par value $0.01 per share, of the Company. MNG is the sole member of MNG Holdings. MNG Holdings is the managing member of SIO. Mr. Gilmore is MNG's Chief Operating Officer and Mr. Fuchs is MNG's Chairman of the Board of Directors. Alden is the investment manager of funds that collectively hold a majority voting interest in MNG Enterprises. Mr. Freeman is Alden's President and a control person of Alden.

#### FORWARD-LOOKING STATEMENTS
This communication includes forward-looking statements. Forward-looking statements are identified by words such as "anticipate," "believe," "expect," "intend," "may," "plan," "should," "will" or similar expressions. These forward-looking statements and all references to any potential transaction rely on a number of assumptions concerning future events and are subject to a number of uncertainties, including the timeline for any transaction; risks related to the satisfaction or waiver of the conditions to closing any transaction; risks related to obtaining the requisite shareholder approval for any transaction; and the risk of litigation and/or regulatory actions related to any transaction, as well as other factors, many of which are outside the Participants' control, which could cause actual results to differ materially from such statements. While the Participants believe that their assumptions concerning future events are reasonable, they caution that there are inherent difficulties in anticipating or predicting certain important factors with respect thereto. Forward-looking statements speak only as of the date they are made, and the Participants disclaim any intention or obligation to revise any forward-looking statements, except where required to do so by law.

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

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 1)**

**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)*

**07/31/2025**

*(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 July 8, 2025, as reported in Exhibit 2.1 to the Form 8-K filed by the Issuer on July 10, 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 July 8, 2025, as reported in Exhibit 2.1 to the Form 8-K filed by the Issuer on July 10, 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 July 8, 2025, as reported in Exhibit 2.1 to the Form 8-K filed by the Issuer on July 10, 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 July 8, 2025, as reported in Exhibit 2.1 to the Form 8-K filed by the Issuer on July 10, 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 July 8, 2025, as reported in Exhibit 2.1 to the Form 8-K filed by the Issuer on July 10, 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. 1 to the Schedule 13D ("Amendment No. 1") amends certain items of the Schedule 13D filed with the Securities and Exchange Commission on July 22, 2025 (the "Original Schedule 13D" and, together with this Amendment No. 1, 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. 1 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:

In response to the Board's rejection of MNG's all-cash Proposal to acquire all of the issued and outstanding shares of the Issuer's Common Stock for $16.50 per share, MNG delivered a letter (the "Second Letter") to the Board on July 31, 2025, affirming its commitment to the Proposal and expressing its desire to work collaboratively and cooperatively with the Board regarding the Proposal.

The Reporting Persons may take further actions with respect to their investment if the Issuer and the Board continue to refuse to engage with the Reporting Persons or discuss the Proposal, including, without limitation, to engage in communications or discussions regarding the Proposal with other current or future shareholders of the Issuer.

The foregoing description of the Second Letter is qualified in its entirety by reference to the full text of the Second Letter, a copy of which is included as Exhibit 5 to this Schedule 13D and is incorporated by reference in its entirety.

### 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:** 07/31/2025

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:** 07/31/2025

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:** 07/31/2025

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:** 07/31/2025

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:** 07/31/2025