# EDGAR Filing Document

**Accession Number:** 0001413898
**File Stem:** 0000905148-25-002509
**Filing Date:** 2025-7
**Character Count:** 37248
**Document Hash:** ccd3d11d259519a3f956ae31c20362ed
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000905148-25-002509.hdr.sgml**: 20250722

**ACCESSION NUMBER**: 0000905148-25-002509

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20250722

**DATE AS OF CHANGE**: 20250722

**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
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-84504
- **FILM NUMBER:** 251141403

**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

**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-1

#### EXHIBIT 1

#### JOINT FILING AGREEMENT

In accordance with Rule 13d-1(k)(1)(iii) under the Securities Exchange Act of 1934, as amended, the persons named below agree to the joint filing on behalf of each of them of a Statement on Schedule 13D (including additional amendments thereto) with respect to the shares of Series A Common Stock, $0.01 par value per share, of DallasNews Corporation, a Texas corporation. This Joint Filing Agreement shall be filed as an Exhibit to such Statement.

---

| | |
|:---|:---|
| **Strategic Investment Opportunities LLC**<br> ****  | **Strategic Investment Opportunities LLC**<br> ****  |
| **Signature:** | /s/ Guy Gilmore<br>|
| **Name/Title:** | Guy Gilmore, Chief Operating Officer of MNG Enterprises, Inc., sole member of MNG Investment Holdings LLC, its managing member |
| **Date:** | 07/22/2025 |
| **MNG Enterprises, Inc.**<br>****  | **MNG Enterprises, Inc.**<br>****  |
| **Signature:** | /s/ Guy Gilmore |
| **Name/Title:** | Guy Gilmore, Chief Operating Officer |
| **Date:** | 07/22/2025<br>|
| **MNG Investment Holdings LLC**<br> ****  | **MNG Investment Holdings LLC**<br> ****  |
| **Signature:** | /s/ Guy Gilmore |
| **Name/Title:** | Guy Gilmore, Chief Operating Officer of MNG Enterprises, Inc., its sole member |
| **Date:** | 07/22/2025 |
| **Heath Freeman**<br> ****  | **Heath Freeman**<br> ****  |
| **Signature:** | /s/ Heath Freeman<br>|
| **Name/Title:** | Heath Freeman<br>|
| **Date:** | 07/22/2025 |

---

---

| | |
|:---|:---|
| **Alden Global Capital LLC**<br> ****  | **Alden Global Capital LLC**<br> ****  |
| **Signature:** | /s/ Heath Freeman<br>|
| **Name/Title:** | Heath Freeman, President<br>|
| **Date:** | 07/22/2025 |

---

## Ex-2

#### EXHIBIT 2

#### SCHEDULE A

#### Directors and Executive Officers of MNG Enterprises, Inc.

---

| | | | |
|:---|:---|:---|:---|
| Name | Principal Occupation | Principal Business Address | Citizenship |
| Maz Akram | Director | 5990 Washington Street<br> Denver, Colorado 80216 | USA |
| Heath Freeman\* | Director | \* | \* |
| R. Joseph Fuchs | Director | 5990 Washington Street<br> Denver, Colorado 80216 | USA |
| Christopher Minnetian | Director | 5990 Washington Street<br> Denver, Colorado 80216 | USA |
| Martin Wade | Director | 5990 Washington Street<br> Denver, Colorado 80216 | USA |
| Guy Gilmore | Chief Operating Officer | 5990 Washington Street<br> Denver, Colorado 80216 | USA |
| Dan Anderson | Senior Vice President Finance & Treasurer | 5990 Washington Street<br> Denver, Colorado 80216 | USA |
| Marshall Anstandig | Senior Vice President,<br> General Counsel and Secretary | 5990 Washington Street<br> Denver, Colorado 80216 | USA |

---

\* Mr. Freeman is a Reporting Person and, as such, the information with respect to Mr. Freeman called for by Item 2 of Schedule 13D is set forth therein.

#### Executive Officers of MNG Investment Holdings LLC

---

| | | | |
|:---|:---|:---|:---|
| Name | Principal Occupation | Principal Business Address | Citizenship |
| Dan Anderson | Senior Vice President Finance & Treasurer | 5990 Washington Street<br> Denver, Colorado 80216 | USA |
| Marshall Anstandig | General Counsel and Secretary | 5990 Washington Street<br> Denver, Colorado 80216 | USA |

---

#### Executive Officers of Strategic Investment Opportunities LLC

---

| | | | |
|:---|:---|:---|:---|
| Name | Principal Occupation | Principal Business Address | Citizenship |
| Dan Anderson | Senior Vice President Finance & Treasurer | 5990 Washington Street<br> Denver, Colorado 80216 | USA |
| Marshall Anstandig | Senior Vice President, General Counsel and Secretary | 5990 Washington Street<br> Denver, Colorado 80216 | USA |

---

#### Executive Officers of Alden Global Capital LLC

---

| | | | |
|:---|:---|:---|:---|
| Name | Principal Occupation | Principal Business Address | Citizenship |
| Heath Freeman | President | 1971 W. Lumsden Road, Suite 330<br>Brandon, Florida 33511<br>| USA |
| Joshua Kleban | Chief Financial Officer | 1971 W. Lumsden Road, Suite 330<br>Brandon, Florida 33511 | USA |
| Michael Monticciolo | Chief Legal Officer | 1971 W. Lumsden Road, Suite 330<br>Brandon, Florida 33511 | USA |

---

## Ex-3

#### EXHIBIT 3

MNG Enterprises, Inc.

5990 Washington Street

Denver, CO 80216

July 22, 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 would like to express our keen interest in acquiring DallasNews Corporation ("<u>DallasNews</u>") and ensuring the print edition of this local treasure continues to serve its community alongside a robust digital news operation. The following non-binding offer (this, or our, "<u>Proposal</u>") to acquire all of the issued and outstanding shares of Common Stock of DallasNews that we do not own reflects the sincerity and intensity of this commitment.

MNG is the largest private newspaper operator in the U.S. and a leader in local, multiplatform news and information, distinguished by our original journalism and high quality, diversified portfolio of local media assets. MNG operates top local daily newspapers across 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*.

MNG is run by a team of experienced newspaper operators with a track record of acquiring organizations and operating them in a sustainable way that ensures the communities we serve have access to the local news and information they need. Our top executives have over 200 years of newspaper industry experience and an average of 34 years each.

Given our team's robust knowledge of the industry and business, our diligence process will be narrowly tailored and highly efficient. MNG has a track record of completing transactions in an expedited manner, which is enabled by our highly responsive team of professionals and our experience in evaluating and closing many transactions over the past 15 years, including the acquisitions of *Tribune Publishing*, *The San Diego Union Tribune*, *The Press Democrat*, *The Orange County Register*, *The Reading Eagle*, and *The Boston Herald*.

We have been considering a potential transaction with DallasNews for several years, because we are consistently impressed with its commitment to high-quality local journalism supported by operational efficiency that maximizes resources available for the newsroom. MNG is the logical home for DallasNews because MNG would provide the economies of scale necessary for DallasNews, which will allow it to continue to execute on its objectives. Based on a thorough review of publicly available information and the existing Agreement and Plan of Merger, dated as of July 9, 2025, by and among Hearst Media West, LLC ("<u>Hearst</u>"), DallasNews and the other parties thereto (the "<u>Existing Agreement</u>"), and after significant internal discussions at the highest levels of our organization, we are pleased to provide the details of our Proposal, which we believe constitutes a Superior Proposal as defined in the Existing Agreement, below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *<u>Purchase Price</u>.* We propose to acquire all of the issued and outstanding shares of the Common Stock that we do not own for $16.50 per share, in cash. Our Proposal represents a 276%+ premium to the undisturbed closing price of $4.39 per share on July 9, 2025, and an 18%+ premium to Hearst's proposal of $14.00 per share under the Existing Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *<u>Financing</u>.* Our ability to consummate the transaction contemplated by this Proposal is not subject to any financing conditions. MNG has sufficient cash on hand and available under its existing financing agreements to fund this transaction (including all expenses).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. *<u>Due Diligence</u>.* With our team's deep knowledge of the newspaper industry and extensive experience in acquiring and operating newspaper organizations, we are prepared to move forward to complete our due diligence of DallasNews efficiently and within an expedited timeframe. We have retained Sidley Austin LLP as legal counsel and Moelis & Company, LLC as financial advisers, both of whom have represented us in prior transactions, are able to move quickly, and stand ready to engage with you and DallasNews' advisers. With proper access to management and diligence materials, we believe we would be able to finalize our due diligence on an accelerated timeframe.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. *<u>Merger Agreement</u>.* We have reviewed the Existing Agreement and are prepared to negotiate and finalize definitive documentation on substantially the same terms. Our lawyers at Sidley Austin LLP are available to discuss the Existing Agreement with you and DallasNews' counsel concurrent with our due diligence.

We understand that DallasNews is currently party to the Existing Agreement and expect that you will consider this Proposal under and in accordance with the terms of the Existing Agreement, including Section 5.3 thereof. Our Proposal delivers a significant premium to DallasNews' shareholders and offers a very high degree of certainty of closing on substantially the same time frame as under the Existing Agreement. We expect that you will conclude this Proposal is a Superior Proposal (as defined in the Existing Agreement) that represents a compelling opportunity for DallasNews' shareholders. We stand ready to negotiate a confidentiality agreement with DallasNews in order to further discuss our Proposal. Our Proposal is intended to be and should be interpreted as being consistent with and in compliance with your obligations under the Existing Agreement.

We will be filing the required Schedule 13D to disclose our ownership of approximately 9.9%<sup>1</sup> of the issued and outstanding shares of the Series A Common Stock of DallasNews, a level of ownership that demonstrates our commitment to and belief in DallasNews and the value of our Proposal. Our Schedule 13D will disclose this Proposal in accordance with applicable U.S. securities laws, rules, and regulations. We would prefer to otherwise conduct our discussions directly with you on a confidential basis, as this Proposal is intended solely for your consideration and not for the consideration of DallasNews' shareholders or any other person or entity. This 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.

This Proposal is 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.

We look forward to hearing from you.

Sincerely, <br>

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 <br>

------

<sup>1</sup> Share ownership calculated based on 4,739,025 Shares outstanding as of July 8, 2025, as reported in Exhibit 2.1 to the Form 8-K filed by DallasNews on July 10, 2025.

## Ex-4

#### EXHIBIT 4

#### SCHEDULE B

#### SCHEDULE OF TRANSACTIONS
The following table sets forth all transactions in the Series A Common Stock effected by the Reporting Persons within the past sixty days.

---

| | | | |
|:---|:---|:---|:---|
| **Reporting Person** | **Type** | **Quantity** | **Trade Date** |
| Opportunities | Buy | 174089<br>13.5808<sup>1</sup> | 07/11/2025 |
| Opportunities | Buy | 55911<br>13.6517<sup>2</sup> | 07/14/2025 |
| Opportunities | Buy | 38979<br>13.7242<sup>3</sup> | 07/15/2025 |
| Opportunities | Buy | 181021<br>13.6889<sup>4</sup> | 07/16/2025 |
| Opportunities | Buy | 20000<br>13.6931<sup>5</sup> | 07/21/2025 |

---

(1) This transaction was executed in multiple trades at prices ranging from $13.55 to $13.62, inclusive. The price reported above reflects a weighted average purchase price. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth herein.

(2) This transaction was executed in multiple trades at prices ranging from $13.58 to $13.70, inclusive. The price reported above reflects a weighted average purchase price. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth herein.

(3) This transaction was executed in multiple trades at prices ranging from $13.67 to $13.75, inclusive. The price reported above reflects a weighted average purchase price. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth herein.

(4) This transaction was executed in multiple trades at prices ranging from $13.67 to $13.72, inclusive. The price reported above reflects a weighted average purchase price. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth herein.

(5) This transaction was executed in multiple trades at prices ranging from $13.68 to $13.70, inclusive. The price reported above reflects a weighted average purchase price. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth herein.

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

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**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)*

**07/15/2025**

*(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** | |

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**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

**Item 4. Purpose of Transaction**

On July 22, 2025, MNG delivered a letter (the "Letter") to the Board of Directors of the Issuer (the "Board") setting forth a non-binding offer to acquire all of the issued and outstanding shares of the Issuer's Series A Common Stock and the Issuer's Series B common stock, par value $0.01 per share ("Series B Common Stock" and, together with the Series A Common Stock, "Common Stock") not already owned by MNG for $16.50 per share in cash (the "Proposal"), on the terms and subject to the conditions set forth in the Letter.  The Proposal is not subject to any financing conditions, but it remains subject to MNG's satisfactory completion of due diligence and the negotiation and execution of definitive documentation.  Accordingly, the terms and conditions set forth in the Proposal are subject to change.  The Proposal is a non-binding expression of interest only, and it does not constitute an offer capable of acceptance or a legally binding obligation.  MNG reserves the right to withdraw or modify the Proposal at any time.  The Letter and the Proposal (1) are intended solely for the consideration of the Board and not for the consideration of the Issuer's shareholders or any other person or entity, and (2) are not, and are not intended to be, a solicitation of a proxy or vote with respect to any securities of the Issuer or any other securities, or an offer to purchase or a solicitation of an offer to sell any securities of the Issuer or any other securities.

As of the date of this Schedule 13D, the Board has not responded to the Proposal.  The Reporting Persons intend to respond to inquiries from, and, if invited, engage in discussions and negotiations concerning the Proposal with the Board and the Issuer and its officers, advisors, and other representatives.  There can be no certainty or guarantee as to whether any such discussions or negotiations will occur, or, if they occur, the outcome thereof.  The Reporting Persons may enter into confidentiality or similar agreements with the Issuer to facilitate such discussions and negotiations.
  
The Reporting Persons intend to review their investment in the Issuer on a continuing basis and may, at any time and from time to time, take such actions with respect to the investment as they deem appropriate, depending on various factors, including, without limitation:
 
(1) the outcome of any discussions or negotiations referenced in this Schedule 13D;
 
(2) the outcome of any negotiations between the Issuer and any other potential acquirer of the Issuer;
 
(3) the Issuer's financial position and strategic direction;
 
(4) actions taken by or at the direction of the Board;
 
(5) market prices for the Issuer's securities;
 
(6) other investment opportunities available to the Reporting Persons;
 
(7) general securities market and financing market conditions; and
 
(8) general economic and industry conditions.
 
Such actions may involve:
 
(1) acquiring additional Common Stock or other equity, debt, notes, securities or instruments, or derivative or other instruments that are based upon or relate to the value of securities or instruments, of the Issuer (collectively, "Securities"), in the open market or otherwise;
 
(2) disposing of any or all of their Securities, in the open market or otherwise;
 
(3) engaging in hedging or similar transactions with respect to the Securities; or
 
(4) proposing, planning, or considering one or more of the actions described in subsections (a) through (j) of Item 4 of Schedule 13D.

If entered into and consummated, the transactions contemplated by the Letter and the Proposal, or any other similar transaction, would, among other things:

(1) result in the Reporting Persons' acquisition of additional securities of the Issuer;
 
(2) effectuate a merger of the Issuer;

(3) effectuate a change of control of the Issuer;

(4) result in changes to the Issuer's certificate of formation and bylaws;
 
(5) result in changes to the board of directors or management of the Issuer;

(6) lead to the delisting of the Series A Common Stock from The Nasdaq Stock Market; and
 
(7) lead to the deregistration of the Series A Common Stock under the Securities Exchange Act of 1934, as amended.

The foregoing descriptions of the Letter and the Proposal and the transactions contemplated thereby, are qualified in their entirety by reference to the full text of the Letter, a copy of which is included as Exhibit 3 to this Schedule 13D and is incorporated by reference in its entirety.

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

**(a)**
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 the 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 July 8, 2025, as reported in Exhibit 2.1 to the Form 8-K filed by the Issuer on July 10, 2025.

**(b)**
Each of the Reporting Persons may be deemed to share the power to vote or direct the voting of, and the power to dispose or direct the disposition of, the Series A Common Stock reported herein.

**(c)**
The transactions in the Series A Common Stock effected by the Reporting Persons within the past sixty days are set forth in Exhibit 4 attached hereto.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

The disclosure in Item 4 of this Schedule 13D is incorporated herein by reference.

On July 22, 2025, the Reporting Persons entered into a Joint Filing Agreement in which the Reporting Persons agreed to the joint filing on behalf of each of them of statements on Schedule 13D with respect to the securities of the Issuer to the extent required by applicable law.  The Joint Filing Agreement is attached hereto as Exhibit 1 and is incorporated herein by reference.

Other than as described herein, there are no contracts, arrangements, understandings, or relationships among the Reporting Persons, or between the Reporting Persons and any other person, with respect to the securities of the Issuer.

### 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:** 07/22/2025

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:** 07/22/2025

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:** 07/22/2025

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:** 07/22/2025

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:** 07/22/2025