EDGAR 10-K Filing

Company CIK: 1413898
Filing Year: 2025
Filename: 1413898_10-K_2025_0001413898-25-000019.json

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ITEM 1. BUSINESS
Item 1. Business
DallasNews Corporation and its subsidiaries are referred to collectively herein as “DallasNews” or the “Company.” DallasNews was formed in February 2008 through a spin-off from its former parent company and is registered on The Nasdaq Stock Market LLC (Nasdaq trading symbol: DALN). DallasNews is the Dallas-based holding company of The Dallas Morning News and Medium Giant.
The Dallas Morning News (“TDMN” or “The News”) is Texas’ leading daily newspaper with an excellent journalistic reputation, intense regional focus and close community ties. The company has won nine Pulitzer Prizes and is the oldest continuously operated business in Texas, dating back to 1842.
In addition, the Company has a full-service agency, Medium Giant, with capabilities including strategy, creative and media management with a focus on strategic and digital marketing, and data intelligence that provide a measurable return on investment to its clients.
Business Overview
The Company’s goal is to create value for investors by being the premier provider of relevant and original local journalism in North Texas so citizens can make informed choices about their lives and the life of the communities in which they live. This commitment to excellence in journalism attracts and retains subscribers to the print edition, the digital site, and mobile applications.
The print media industry has encountered continuous declines in revenue primarily due to the secular shift of readers and advertisers to digital platforms. The Company has sought to limit its exposure to these industry risks through greater development of its digital platforms for delivery of news and advertising, and leveraging its brand and personnel to enhance its media agency solutions. However, these improvements may not result in a sufficient increase in revenue to offset the declines the Company is experiencing in its traditional print media business.
The Company operates The Dallas Morning News (dallasnews.com), Texas’ leading newspaper. These operations generate revenue from sales of advertising within the Company’s newspaper and digital platforms, subscriptions and retail sales of its newspaper, commercial printing and distribution services primarily related to national newspapers.
The Dallas Morning News’ first edition was published on October 1, 1885. The News is one of the leading metropolitan newspapers in the United States. The newspaper is distributed primarily in Dallas County and six surrounding counties. This coverage area represents one of the most populous and fastest growing metropolitan areas in the country. The News has been awarded nine Pulitzer Prizes for news reporting, editorial writing and photography. The News also has Al Dia, an award-winning Spanish-language digital-only product that publishes online daily, as news develops, and in a weekly ePaper edition available online.
DallasNews Corporation 2024 Annual Report on Form 10-K
Businesses producing and providing services within the print and newspaper industry have encountered significant declines in revenue as a result of increasing use of the internet for delivery of information. These businesses have been challenged to find alternative solutions to offset the loss of revenue. The majority of revenues within the newspaper industry were historically generated from display and classified advertisements followed by revenues from subscriptions and retail sales of newspaper. Revenues from subscriptions and retail sales of newspapers have experienced greater resilience as readers have been willing to pay higher prices for the product, which has substantially offset lower circulation volumes. The Company has faced ongoing revenue declines primarily in print advertising and expects these trends to continue. As a result the Company is more focused on a digital news format to offset some of its declines in print, specifically around advertising. Preprint advertising continues to experience a much greater secular decline across the industry and may eventually become obsolete. In the third quarter of 2023, the Company made the strategic decision to exit its shared mail program to deliver weekly preprints.
In addition to traditional print and digital advertising, the Company has a full-service agency, Medium Giant, with capabilities including strategy, creative and media management with a focus on strategic and digital marketing, and data intelligence that provide a measurable return on investment to its clients. Through the full-service capabilities, the Company is able to offer businesses comprehensive, strategic and creative marketing solutions which allow our clients to connect with their business, their brand and their audiences to drive growth.
The following describes the Company’s various revenue streams.
Advertising and Marketing Services Revenue - Advertising and marketing services revenue accounted for approximately 38 percent of total revenue for 2024.
The Company has a comprehensive portfolio of print advertising products, which includes display and classified advertising. Display revenue results from sales of advertising space within the Company’s newspaper to local, regional or national businesses with local operations, affiliates or resellers. Classified revenue, which includes automotive, real estate, employment, obituaries, immigration, and other, results from sales of advertising space in the classified and other sections of the Company’s newspaper. At the end of August 2023, the Company exited its shared mail program to deliver weekly preprints and discontinued print-only editions of its niche publications.
Digital advertising revenue is generated by digital sales of banner, classified and native advertisements on the Company’s news websites, social media platforms and mobile apps.
Marketing and media services revenue is primarily comprised of strategic and creative services, website management and content services, media services consisting of paid search, social and targeted digital advertising on third-party platforms (programmatic), as well as traditional media including direct mail, promotional products, out of market print inserts, and over-the-top advertising on streaming platforms. The revenue also includes subscriptions to the Company’s multi-channel marketing solutions cloud-based software and services.
Circulation Revenue - Circulation revenue accounted for approximately 52 percent of total revenue for 2024.
Print circulation revenue is generated primarily by selling home delivery subscriptions, including premium publications, and from single copy sales to non-subscribers. DallasNews’ steadfast commitment to producing superior, unduplicated local journalism enables the Company’s newspaper to charge premium subscription rates. The Dallas Morning News’ goal is to maximize the amount of recurring revenue from consumers of the Company’s print and digital products. The Company continuously assesses the journalism provided to subscribers and their willingness and ability to pay higher rates by geographic area. The Company has implemented effective rate increases to select subscribers or retailers. DallasNews’ and the newspaper industry as a whole, are challenged to maintain and grow print circulation volume. To the extent circulation volume declines cannot be offset by rate increases, the Company will realize lower circulation revenue. Circulation volume declines could also result in lower rates and volumes for advertising revenue.
Digital circulation revenue is generated by digital-only subscriptions. The Company’s news websites, including dallasnews.com and aldiadallas.com, are the leading English and Spanish news and social media platforms in the North Texas region. The News’ websites offer late-breaking and other up-to-date news coverage, user-generated content, advertising, e-commerce and other services. The Company’s journalists have expanded their reach and deepened their engagement with audiences by delivering news, and local customized content and advertising across multiple social media platforms such as newsletters, blogs, Facebook and X, formerly known as Twitter, which direct traffic to the Company’s news websites. In addition, a digital replica of The Dallas Morning News, known as the ePaper, is available to subscribers to consume news through a digital device in a more traditional format. The Company’s success depends to a significant extent on its ability to develop and manage the digital business in response to the changes in consumers’ preferences and behaviors, as well as changes to advertising expenditures, as described above.
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DallasNews Corporation 2024 Annual Report on Form 10-K
Printing, Distribution and Other Revenue - Printing, distribution and other revenue accounted for approximately 10 percent of total revenue for 2024 and includes commercial printing and distribution, and shared mail packaging services.
Commercial printing and distribution services are provided for certain national newspapers, leveraging the capacity of the Company’s production and distribution assets. The Company believes the incremental revenue from these services allows a greater return from its operating assets.
A shared mail packaging business is operated in Tempe, Arizona, providing mailed advertisements for business customers; however, in the third quarter, the Company’s partner for its program to distribute mailed advertisements gave their six-month termination notice, ending the agreement in April 2025.
Raw Materials and Distribution
The basic material used in publishing newspapers is newsprint. The Company has a Paper Supply Agreement, expiring in August 2025, with Gannett Supply Corporation (“Gannett”), a newsprint broker, which will be the Company’s sole supplier of newsprint from designated newsprint suppliers at market-based prices during the term of the agreement, except in certain specified instances. The agreement is renewable for successive one-year terms upon mutual agreement of the parties, and is terminable by either party on 180 days prior written notice. This agreement allows the Company access to multiple mills at competitive pricing. Management believes the Gannett agreement provides adequate sources of newsprint to meet the Company’s current needs. Significant increases in newsprint costs or the Company’s inability to obtain an adequate supply of newsprint in the future could adversely affect its financial condition and results of operations.
During 2024, Company operations consumed 4,850 metric tons of newsprint at an average cost of $646 per metric ton. Consumption of newsprint in 2023 was 6,658 metric tons at an average cost of $779 per metric ton.
The Company’s newspaper and other commercial print products are produced at a facility in Plano, Texas. The Company’s new leased facility is expected to be fully operational in 2025; see Note 9 - Long-Lived Assets for additional information. Distribution of printed products to subscribers, retailers and newsstands is made under terms of agreements with third-party distributors. The Company believes a sufficient number of third-party distributors exist to allow uninterrupted distribution of the Company’s products. However, there are challenges with third-party distributors being able to retain carriers to deliver the newspaper. In addition, if third-party service providers face financial difficulties or terminate their relationship with the Company, this could adversely affect the Company’s ability to satisfy its customers or operate the business, and could affect results of operations.
Competitive Strengths and Challenges
The Company’s strengths include:
the largest news-gathering operation in North Texas
the opportunity to build valuable first-party data sets about consumers in North Texas due to the millions of unique visitors who come to the Company’s websites monthly
the ability to develop innovative new product and service offerings which leverage the Company’s brand equity, existing content, distribution platforms, technologies and relationships
the ability to provide clients with full-service agency capabilities including strategic and creative services, website management and content services, and media services which allow our clients to connect with their business, their brand and their audiences
sufficient liquidity to allow the Company to invest opportunistically in the Company’s business
an affluent and educated demographic base in its market centered around one of the fastest growing regions in the country
the ability to market print or digital products and services to large and targeted audiences at low marginal costs
a large sales force with knowledge of the marketplaces in which the Company conducts its business, and relationships with current and potential print and digital advertising clients
the ability to manage operating costs effectively according to market pressures
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DallasNews Corporation 2024 Annual Report on Form 10-K
The Company’s challenges include:
decline in print advertising
classified advertising, specifically related to legal notices and being subject to legislation
effective monetization of locally-created online content on the Company’s websites while balancing the impact of potential lower traffic volumes with an established metered-based model
operating in a competitive environment with increased competition from other media, particularly internet-based media provided to customers at no cost
timely growth of revenue and profits related to the Company’s agency, digital services and digital subscriptions businesses that would provide for an offset to declines in revenue and profits related to the Company’s print advertising and print circulation
operating in a competitive agency market with competition from large established agencies and in-house marketing
In response to the decline in print revenue, the Company built agency capabilities, including strategy, creative and media management with a focus on strategic and digital marketing, and data intelligence that provide a measurable return on investment to its clients. The Company leverages its news content to improve engagement on the Company’s digital platforms that results in increased digital subscriptions and associated revenue. The Company also continues to diversify its revenue base by leveraging the available capacity of its existing assets to provide print and distribution services for newspapers and other customers requiring these services, by introducing new advertising and marketing services products, and by increasing circulation prices.
Because of declining print circulation, the Company has developed broad digital strategies designed to provide readers with multiple platforms for obtaining online access to local news. The Company continues to obtain additional key demographic data from readers, which allows the Company to provide content desired by readers and to modify marketing and distribution strategies to target and reach audiences valued by advertisers. The Company has access to programmatic digital advertising platforms that provide digital ad placement and targeting efficiencies and increases utilization of digital inventory within the Company’s platforms. Additionally, in order to optimize owned and operated digital advertising revenue, the Company has adopted a holistic yield management approach powered by real-time bidding technologies and data analysis to ensure the optimal mix of direct sales and programmatic ad sales is achieved.
Strategy
DallasNews is committed to producing quality journalism for its communities and providing innovative digital marketing solutions for its customers through its agency capabilities, while creating value for shareholders over the long-term. The Company continuously evaluates its operations and investments against various economic factors to determine the appropriate strategies.
The Company is committed to maintaining the leading digital and print platforms for delivering news of the highest quality and reliability in the North Texas area, as well as creating and developing innovative print and digital marketing services capabilities that address the needs of clients and advertisers.
The Company seeks to achieve these objectives through the following strategies:
produce quality local journalism at scale, distributed through digital platforms that improve user engagement and result in increased digital subscriptions and customer retention
develop new ways to grow advertising dollars on the Company’s digital platforms
grow recurring advertising and digital marketing services revenue through a client-first approach and enhanced full-service agency capabilities
improve print revenues and increase utilization of operating assets by maintaining profitable print and distribution services to third parties
continue to align costs with revenue, maintain liquidity to support future business and product initiatives, and provide flexibility to meet strategic investment opportunities and other cash flow requirements
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DallasNews Corporation 2024 Annual Report on Form 10-K
Competition
DallasNews’ newspaper and related websites primarily serve audiences in the North Texas area. The Company competes for advertising revenue for its newspaper and websites with other print and agency companies. Advertising revenues for the Company’s newspaper and websites are responsive to circulation and traffic volumes, demographics of their subscriber bases, advertising results, rates and customer service. Advertising on digital platforms is highly competitive and largely dominated by large internet companies. As advertisers reallocate marketing expenditures from print to digital channels, the Company believes its strong local brand and its full-service agency, Medium Giant, has capabilities that will allow it to offer exclusive advertising and digital marketing solutions to local businesses on a competitive scale, but still face competition from large established agencies and in-house marketing.
The Dallas Morning News has the highest paid print circulation in the North Texas area while competing with one other metropolitan newspaper in parts of its geographic market. Circulation revenues are challenged primarily due to free and readily-accessible news, entertainment, advertising and other content available through the internet. This secular shift from print to digital media continues as consumer lifestyles embrace technological advancements, particularly with mobile devices, which provide access to a wide variety of digital news and advertising alternatives, including news websites and social media platforms, online advertising networks and exchanges, online classified services, and direct email advertising. Competition for readers is primarily based on mode of delivery, quality of the Company’s journalism, price, timeliness of interaction with audiences, and customer service. News and other digital content produced by the Company’s newspaper are available via its websites, mobile applications and through email. The Company offers competitive technology for accessing digital content on mobile devices and via personal computers. Journalists engage online readers through newsletters, blogs, X, formerly known as Twitter, and other social media posts.
Seasonality
DallasNews’ advertising revenues are subject to moderate seasonality, with print and digital advertising revenue typically higher in the fourth calendar quarter of each year because of the holiday shopping season. The level of print and digital advertising sales in any period may also be affected by advertisers’ decisions to increase or decrease their advertising expenditures in response to anticipated consumer demand and general economic conditions.
Employees
As of December 31, 2024, the Company had 526 employees, a headcount decrease of 75 or 12.5 percent when compared to December 31, 2023, primarily resulting from the 2023 Voluntary Severance Program. Approximately 22 percent of the Company’s employees are under a collective bargaining agreement that became effective on July 1, 2023. The Company expects additional headcount reductions in 2025 related to its printing facility transition. See Note 9 - Long-Lived Assets for additional information.
The Company considers its relationship with its employees to be very good and is committed to an equitable and inclusive workplace that reflects the diversity of its local readers and the communities it serves.
Available Information
DallasNews maintains its corporate website at dallasnewscorporation.com, which makes available, free of charge, this Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, its Current Reports on Form 8-K and amendments to those reports, as filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”), as amended, as soon as reasonably practicable after the reports are electronically filed with or furnished to the Securities and Exchange Commission (the “SEC”).

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ITEM 1A. RISK FACTORS

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ITEM 1B. UNRESOLVED STAFF COMMENTS
Item 1B. Unresolved Staff Comments
None.
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DallasNews Corporation 2024 Annual Report on Form 10-K

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ITEM 2. PROPERTIES
Item 2. Properties
Operations
Ownership
Location
Corporate and The Dallas Morning News
Leased
Dallas, Texas
Printing facility
Owned
Plano, Texas
Printing facility
Leased
Carrollton, Texas
Shared mail packaging office and warehouse
Leased
Tempe, Arizona
In addition to the properties above, the Company has various leased locations it uses for news reporting and the distribution of the Company’s publications, and it leases property in Tulsa, Oklahoma used for sales operations. As of December 31, 2024, in aggregate, the Company leased facilities for current use consisting of approximately 288,000 square feet, which includes leased space for its new printing facility in Carrollton, Texas. Until March 11, 2025, the Company owned a printing facility in Plano, Texas that is approximately 620,000 square feet and is located on approximately 1,258,000 square feet of land. Following the sale, the Company is leasing the facility until the new printing facility is fully operational in 2025. See Note 9 - Long-Lived Assets and Note 12 - Subsequent Events for additional information regarding the printing facility transition and recent sale.

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ITEM 3. LEGAL PROCEEDINGS
Item 3. Legal Proceedings
DallasNews and its subsidiaries may from time to time be subject to litigation, including matters relating to alleged libel or defamation, governmental proceedings and investigations. Management assesses the likelihood of adverse judgments or outcomes when matters are pending, as well as the ranges of probable losses to the extent losses are reasonably estimable. Adverse determinations in any such matters could require DallasNews to make monetary payments or result in other sanctions or findings that could adversely affect the Company’s business, financial condition and results of operations. Insurance coverage, if any, may not be adequate to cover all costs and/or losses. In some instances, the Company may have a contractual obligation from a third party to indemnify liabilities related to litigation or governmental investigation, but if the third party fails to indemnify us, the Company would be responsible for monetary damages. In the opinion of our management, there are no pending legal proceedings that, if decided adversely to us, would have a material adverse effect on our results of operations, liquidity or financial condition.

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ITEM 4. MINE SAFETY DISCLOSURE
Item 4. Mine Safety Disclosures
None.
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DallasNews Corporation 2024 Annual Report on Form 10-K
PART II

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ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
The Company’s authorized common equity consists of 31,250,000 shares of common stock, par value $.01 per share. The Company has two series of common stock outstanding, Series A and Series B. Shares of the two series are identical in all respects except as noted herein. Shares of Series B common stock are entitled to 10 votes per share on all matters submitted to a vote of shareholders, and shares of Series A common stock are entitled to one vote per share. Transferability of the Series B common stock is limited to family members and affiliated entities of the holder. Shares of Series B common stock are convertible at any time on a one-for-one basis into shares of Series A common stock and upon a transfer, other than as described above, shares of Series B common stock automatically convert into Series A common stock. The Company’s Series A common stock is traded on The Nasdaq Stock Market LLC (Nasdaq trading symbol: DALN). Shares of the Company’s Series A common stock were traded on the New York Stock Exchange (NYSE trading symbol: AHC) from February 2008 until June 2021. There is no established public trading market for shares of Series B common stock.
The declaration of dividends is subject to the discretion of DallasNews’ board of directors. The determination as to the amount declared and its timing depends on, among other things, DallasNews’ results of operations and financial condition, capital requirements, other contractual restrictions, prospects, applicable law, general economic and business conditions and other future factors that are deemed relevant. The board of directors generally declares dividends during the quarter preceding its stated measurement and payment dates. DallasNews cannot provide any assurance that future dividends will be declared and paid due to the factors discussed in the “Cautionary Statement Concerning Forward-Looking Statements” and elsewhere in this Annual Report on Form 10-K. The table below sets forth the high and low sales prices reported on The Nasdaq Stock Market LLC for a share of the Company’s common stock and the recorded cash dividends per share declared for the past two years. As previously announced on May 14, 2024, the Company’s board of directors authorized suspending the declaration and payment of dividends until further notice.
Stock Price
Dividends
High
Low
Close
Declared and Paid (1)
Fourth quarter
$
7.86
$
4.02
$
7.43
$
-
Third quarter
4.75
2.98
4.19
-
Second quarter
3.99
3.44
3.59
-
First quarter
4.68
3.74
3.82
0.16
Fourth quarter
$
4.85
$
3.72
$
4.25
$
0.16
Third quarter
5.13
3.81
4.60
0.16
Second quarter
4.80
3.75
3.89
0.16
First quarter
5.70
3.83
4.42
0.16
(1)Cash dividends are recorded in the period declared. This table reflects the period the dividends were paid.
The closing price of the Company’s Series A common stock as reported on The Nasdaq Stock Market LLC on March 12, 2025, was $6.82. The approximate number of shareholders of record of the Company’s Series A and Series B common stock at the close of business on March 12, 2025, was 269 and 64, respectively.
Equity Compensation Plan Information
The information set forth under the heading “Equity Compensation Plan Information” contained in the definitive Proxy Statement for the Company’s Annual Meeting of Shareholders, to be held on May 8, 2025 is incorporated herein by reference.
Sales of Unregistered Securities
During 2024 and 2023, shares of the Company’s Series B common stock in the amounts of 1,150 and 80, respectively, were converted, on a one-for-one basis, into shares of Series A common stock. The Company did not register the issuance of these securities under the Securities Act of 1933 (the “Securities Act”) in reliance upon the exemption under Section 3(a)(9) of the Securities Act.
Issuer Purchases of Equity Securities
In the third quarter of 2024, DallasNews’ board of directors approved the termination of the Company’s previously authorized repurchase authority.
DallasNews Corporation 2024 Annual Report on Form 10-K

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ITEM 6. SELECTED FINANCIAL DATA

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ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
DallasNews intends for the discussion of its financial condition and results of operations that follows to provide information that will assist in understanding its financial statements, the changes in certain key items in those statements from period to period, and the primary factors that accounted for those changes, as well as how certain accounting principles, policies and estimates affect its financial statements. The following information should be read in conjunction with the Company’s consolidated financial statements and related notes filed as part of this report. All dollar amounts presented herein, except share and per share amounts, are in thousands, unless the context indicates otherwise.
This section and other parts of this Annual Report on Form 10-K contain certain forward-looking statements. Forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those statements. See the Cautionary Statement Concerning Forward-Looking Statements of this Annual Report for further discussion.
OVERVIEW
DallasNews Corporation and its subsidiaries are referred to collectively herein as “DallasNews” or the “Company.” DallasNews was formed in February 2008 through a spin-off from its former parent company and is registered on The Nasdaq Stock Market LLC (Nasdaq trading symbol: DALN). DallasNews is the Dallas-based holding company of The Dallas Morning News and Medium Giant.
The Company operates The Dallas Morning News (“TDMN”) (dallasnews.com), Texas’ leading newspaper and winner of nine Pulitzer Prizes. These operations generate revenue from sales of advertising within the Company’s newspaper and digital platforms, subscriptions and retail sales of its newspaper, commercial printing and distribution services primarily related to national newspapers.
In addition, the Company has a full-service agency, Medium Giant, with capabilities including strategy, creative and media management with a focus on strategic and digital marketing, and data intelligence that provide a measurable return on investment to its clients.
Reportable Segments
In the second quarter of 2024, based on changes made in the reporting package used by the Company’s Chief Operating Decision Maker (“CODM”) for purposes of allocating resources and assessing performance, the Company determined it has two reportable segments. The two reportable segments are TDMN and Agency:
TDMN is comprised of the Company’s traditional print business that includes operating The Dallas Morning News. These operations generate revenue from subscriptions and retail sales of the Company’s newspaper, as well as commercial printing and distribution services primarily related to national newspapers. In addition, Medium Giant’s cross-functional sales team generates revenue from sales of display and classified advertising within The Dallas Morning News and on related digital platforms to local, regional or national businesses with local operations, affiliates or resellers.
Agency is comprised of the Company’s full-service agency, Medium Giant. These operations generate revenue from strategic and creative services, website management and content services, media services consisting of paid search, social and targeted digital advertising on third-party platforms (programmatic), as well as traditional media including direct mail, promotional products, out of market print inserts, and over-the-top advertising on streaming platforms. The revenue also includes subscriptions to the Company’s multi-channel marketing solutions cloud-based software and services.
The Company also has a Corporate and Other category that includes certain unallocated general corporate expenses, as well as costs that are not associated with the ongoing operations of the segments. As applicable, prior period information has been recast by segment to reflect current period presentation for comparative purposes. See Note 11 - Segment Reporting for additional information.
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DallasNews Corporation 2024 Annual Report on Form 10-K
Business Trends
Several industry trends have been considered when assessing the Company’s business strategy:
Traditionally, the Company’s primary revenues are generated from advertising within its newspaper and related digital platforms, and from subscription and single copy sales of its printed newspaper. As a result of competitive and economic conditions, the newspaper industry has faced a significant revenue decline over the past decade. Therefore, the Company has sought to diversify its revenues through development and investment in new product offerings, increased circulation rates and leveraging of its existing assets to offer cost efficient commercial printing and distribution services. The Company continually evaluates the overall performance of its core products to ensure existing assets are deployed adequately to maximize return.
The Company’s advertising revenue from its newspaper continues to be adversely affected by the shift of advertiser spending to other forms of media and the increased accessibility of free online news content, as well as news content from other sources, which also adversely affects paid print circulation volumes and revenue. In addition, preprint advertising continues to experience a secular decline across the industry and may eventually become obsolete. In the third quarter of 2023, the Company made the strategic decision to exit its shared mail program to deliver weekly preprints, as discussed below.
In response to print revenue challenges, the Company built agency capabilities, including strategy, creative and media management with a focus on strategic and digital marketing, and data intelligence that provide a measurable return on investment to its clients. The Company leverages its news content to improve engagement on the Company’s digital platforms that results in increased digital subscriptions and associated revenue. The Company also continues to diversify its revenue base by leveraging the available capacity of its existing assets to provide print and distribution services for newspapers and other customers requiring these services, by introducing new advertising and marketing services products, and by increasing circulation prices.
Because of declining print circulation, the Company has developed broad digital strategies designed to provide readers with multiple platforms for obtaining online access to local news. The Company continues to obtain additional key demographic data from readers, which allows the Company to provide content desired by readers and to modify marketing and distribution strategies to target and reach audiences valued by advertisers. The Company has access to programmatic digital advertising platforms that provide digital ad placement and targeting efficiencies and increases utilization of digital inventory within the Company’s platforms. Additionally, in order to optimize owned and operated digital advertising revenue, the Company has adopted a holistic yield management approach powered by real-time bidding technologies and data analysis to ensure the optimal mix of direct sales and programmatic ad sales is achieved.
Macroeconomic Environment
The Company and its business partners are subject to risks and uncertainties caused by factors beyond its control, including macroeconomic factors such as inflation. If inflation were to increase, for an extended period, certain operating costs could increase or advertiser spending could be impacted. If a pandemic were to affect a significant number of the workforce employed in printing operations, the Company may experience delays or be unable to produce, print and deliver its publications and other third-party print publications on a timely basis. The Company continues to evaluate for any future material impacts on its consolidated financial statements.
Overview of Significant Transactions
Operating results for 2024 reflect relative stability in circulation revenue while print advertising revenue continues to decline as expected. The Company is committed to maintaining the leading digital and print platforms for delivering news of the highest quality and reliability in the North Texas area, as well as creating and developing innovative print and digital marketing services capabilities that address the needs of clients and advertisers. The Company continues its efforts to diversify revenues through its digital platforms for delivery of news and advertising, growing its paid digital subscriptions, and leveraging its brand and personnel to enhance its media agency solutions. However, there is no guarantee the Company will be able to generate enough digital revenue or margin to offset the possible future loss of print advertising and circulation revenue.
On December 18, 2024, the Company announced it entered into an agreement (the “Sale Agreement”) with 2201 Luna Road, LLC, a Texas limited liability company (as succeeded by Plano Estates, LLC, a Texas limited liability company, the “Purchaser”) to sell the building that currently serves as the Company’s print facility, including the surrounding land and most of the production assets (collectively, the “North Plant Property”). The Sale Agreement was entered into in connection with the Company’s announcement on May 14, 2024, that it will be streamlining its print operations to a smaller, leased facility (see Note 4 - Leases) that will require fewer employees. This transition will allow the Company to keep its operations in North Texas and continue to produce a seven-day print edition for the foreseeable future. Once the transition is completed, the Company expects to benefit from annual expense savings of approximately $5,000.
DallasNews Corporation 2024 Annual Report on Form 10-K
The sale price of the North Plant Property is $43,500, with an initial estimated closing date of February 1, 2025, pending the customary inspection period that was initially scheduled to end on January 17, 2025. In December 2024, the Company received cash proceeds of $320 for the nonrefundable deposits, included in other accrued expense in the Consolidated Balance Sheet as of December 31, 2024.
On December 23, 2024, the Company announced it entered into a First Amendment to Purchase and Sale Agreement (the “Amendment”) to provide the Purchaser a one-time right to concurrently extend the inspection period to January 31, 2025, and the closing date to February 28, 2025. Subsequent to the Amendment, the Company and the Purchaser entered into three additional amendments related to extending the inspection period and closing date, and environmental remediation. On March 11, 2025, the Company completed the sale of the North Plant Property. See Note 12 - Subsequent Events for additional information regarding the recent sale and related events.
Following the sale, the Company intends to lease the North Plant Property until the new printing facility is fully operational in 2025. The North Plant Property assets, including all production equipment, were still being used by the Company as of December 31, 2024, and are included in property, plant and equipment, net in the Consolidated Balance Sheets. The Company currently expects to reduce its headcount by 76, or 14.4 percent, in 2025 and accrued related severance of $2,765, included in other accrued expense in the Consolidated Balance Sheet as of December 31, 2024. In 2024, the Company made capital investments of $6,404 for a more efficient press and related equipment, and expects to spend approximately $2,000 subsequent to December 31, 2024, for the remaining capital needed for the new facility.
As of December 31, 2024, the Company no longer held short-term investments, which consisted of Certificates of Deposit (“CD’s”) with original maturities of more than 90 days but one year or less. In May 2024, the Company terminated its short-term investments of $9,909 in CD’s without penalty, and $500 in CD’s matured in the third quarter. See Note 3 - Financial Instruments and Accounts Receivable, Net for additional information.
During the year ended December 31, 2024, the Company performed a review of potential impairment indicators for its long-lived assets, including property, plant and equipment, and right-of-use assets. The Company determined there was no significant decrease in the market value of the long-lived assets or significant change in the extent or manner in which the asset group is being used or in its physical condition as of December 31, 2024, and there was no significant adverse change in legal factors or in the business climate during the period that could affect the value of the asset group. Based upon the review of indicators, the Company did not identify any events or changes in circumstances that indicate the carrying amount of long-lived assets may not be recoverable. In part this is due to the fair value of certain land and buildings significantly exceeding their carrying value.
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DallasNews Corporation 2024 Annual Report on Form 10-K
RESULTS OF OPERATIONS
Consolidated Results of Operations
This section contains discussion and analysis of net operating revenue, operating costs and expense and other information relevant to an understanding of results of operations for 2024 and 2023. The table below sets forth the components of DallasNews’ operating loss.
Years Ended December 31,
Percentage
‎Change
Advertising and marketing services
$
47,900
(18.9)
%
$
59,038
Circulation
64,891
(0.7)
%
65,349
Printing, distribution and other
12,600
(17.7)
%
15,309
Total Net Operating Revenue
$
125,391
(10.2)
%
$
139,696
Employee compensation and benefits
63,923
(8.0)
%
69,445
Other production, distribution and operating costs
61,663
(9.3)
%
68,008
Newsprint, ink and other supplies
5,256
(40.2)
%
8,793
Depreciation
1,607
5.7
%
1,520
Total Operating Costs and Expense
$
132,449
(10.4)
%
$
147,766
Operating Loss
$
(7,058)
12.5
%
$
(8,070)
Revenues
Advertising and marketing services
Advertising and marketing services revenue, including print, digital, and marketing and media services revenues, was 38.2 percent and 42.2 percent of total revenue for 2024 and 2023, respectively.
Print advertising - TDMN segment revenue that is primarily comprised of display and classified advertising space within the Company’s newspaper. Display revenue results from sales of advertising space within the Company’s newspaper to local, regional or national businesses with local operations, affiliates or resellers. Classified revenue, which includes automotive, real estate, employment, obituaries, immigration, and other, results from sales of advertising space in the classified and other sections of the Company’s newspaper. At the end of August 2023, the Company exited its shared mail program to deliver weekly preprints and discontinued print-only editions of its niche publications.
Digital advertising - TDMN segment revenue that is generated by digital sales of banner, classified and native advertisements on the Company’s news websites, social media platforms and mobile apps. Prior to the segment reporting change, digital advertising, and marketing and media services revenues were reported in aggregate. Prior period was recast in the revenue table below.
Marketing and media services - Agency segment revenue that is primarily comprised of strategic and creative services, website management and content services, media services consisting of paid search, social and targeted digital advertising on third-party platforms (programmatic), as well as traditional media including direct mail, promotional products, out of market print inserts, and over-the-top advertising on streaming platforms. The revenue also includes subscriptions to the Company’s multi-channel marketing solutions cloud-based software and services.
Circulation
Circulation revenue, all included in the TDMN segment, was 51.8 percent and 46.8 percent of total revenue for 2024 and 2023, respectively. Print circulation is generated primarily by selling home delivery subscriptions, including premium publications, and from single copy sales to non-subscribers. Digital circulation is generated by digital-only subscriptions.
Printing, distribution and other
Printing, distribution and other revenue was 10.0 percent and 11.0percent of total revenue for 2024 and 2023, respectively. TDMN segment revenue that is primarily generated from printing and distribution of other newspapers, mailed advertisements for business customers, and sublease income. In the third quarter, the Company’s partner for its program to distribute mailed advertisements for business customers, located in Tempe, Arizona, gave their six-month termination notice. The program generates approximately $350,000 a month in revenue, although recently this program is experiencing revenue declines, consistent with the overall industry trend of declining mailed advertisements. The Company does not expect a significant financial impact from the termination of this agreement in April 2025.
DallasNews Corporation 2024 Annual Report on Form 10-K
Operating Expenses
Employee compensation and benefits - Includes labor and employee benefits costs, as well as severance expense that is not allocated to the two segments since management believes this expense is not associated with the ongoing operations of the segments.
Other production, distribution and operating costs - Includes distribution, outside services, lease cost, utilities, building and computer equipment maintenance, as well as other miscellaneous expenses such as travel and entertainment, and advertising and promotion expenses.
Newsprint, ink and other supplies - Includes expenses for all printing supplies used for the TDMN segment, which includes operating The Dallas Morning News, as well as commercial printing primarily related to national newspapers. In addition, beginning in the latter half of 2023, the Agency segment began incurring costs associated with printing out of market inserts for media services clients.
Depreciation - This is not allocated to the two segments since management believes this expense is not indicative of each segment’s core operations.
Other Non-Operating Components
The table below sets forth the other components of the Company’s results of operations.
Years Ended December 31,
Percentage
‎Change
Other income, net
$
2,233
57.0
%
$
1,422
Income tax provision (benefit)
$
(4,956)
N/M
$
N/M - not meaningful
Other income, net - Other income, net primarily includes net periodic pension and other post-employment benefit, interest income (expense) and gain (loss) from investments. Net periodic pension and other post-employment benefit was $1,895 and $899 in 2024 and 2023, respectively.
In 2024 and 2023, the Company recorded $164 and $401, respectively, of interest income from the Company’s investment in CD’s.
In 2023, the Company released a reserve for interest and penalties included in other liabilities and recognized $36 in other income, net, in connection with a federal uncertain tax reserve for which the statute of limitations lapsed.
Income tax provision (benefit) - The income tax benefit of $4,956 recorded in 2024, was due to the partial release of the valuation allowance to account for deferred tax assets that were determined to be realizable, partially offset by the effect of the Texas franchise tax. The income tax provision of $464 recorded in 2023, was due to the effect of the Texas franchise tax, and includes a tax benefit of $66 for the release of a federal uncertain tax reserve for which the statute of limitations lapsed.
Effective income tax rates were 102.7 percent and (7.0) percent in 2024 and 2023, respectively. The 2024 effective income tax rate includes the impact of the partial release of the valuation allowance. Excluding the valuation allowance impact, the effective income tax rate in 2024 would be (9.2) percent.
Legal proceedings - From time to time, the Company is involved in a variety of claims, lawsuits and other disputes arising in the ordinary course of business. Management routinely assesses the likelihood of adverse judgments or outcomes in these matters, as well as the ranges of probable losses to the extent losses are reasonably estimable. Accruals for contingencies are recorded when, in the judgment of management, adverse judgments or outcomes are probable and the financial impact, should an adverse outcome occur, is reasonably estimable. The determination of likely outcomes of litigation matters relates to factors that include, but are not limited to, past experience and other evidence, interpretation of relevant laws or regulations and the specifics and status of each matter. Predicting the outcome of claims and litigation and estimating related costs and financial exposure involves substantial uncertainties that could cause actual results to vary materially from estimates and accruals. In the opinion of management, liabilities, if any, arising from currently existing claims against the Company would not have a material adverse effect on DallasNews’ results of operations, liquidity or financial condition.
‎
DallasNews Corporation 2024 Annual Report on Form 10-K
Results of Operations by Reportable Segment
Advertising and marketing services revenue
The table below sets forth advertising and marketing services revenue by reportable segment. Prior period was recast as a result of the Company’s change in segment reporting.
Years Ended December 31,
Percentage
‎Change
‎(Recast)
TDMN
Print advertising
$
22,914
(34.6)
%
$
35,045
Digital advertising
8,633
(0.0)
%
8,634
Agency
Marketing and media services
16,353
6.5
%
15,359
Advertising and Marketing Services
$
47,900
(18.9)
%
$
59,038
TDMN
In 2024, print advertising revenue decreased $10,748, resulting from the Company’s strategic decisions to exit its shared mail program and discontinue print-only editions of its niche publications at the end of August 2023. All remaining print advertising revenue decreased $1,383, driven by a decline in advertisements in The Dallas Morning News.
Digital advertising revenue remained flat in 2024, primarily due to an increase in advertisements in The Dallas Morning News’ digital replica known as the ePaper, offset by a decline in digital advertisements on dallasnews.com.
Agency
Marketing and media services revenue improved $994 in 2024, primarily resulting from two customer contracts focused on media services that began in 2024.
Circulation revenue
The table below sets forth circulation revenue all included in the TDMN segment.
Years Ended December 31,
Percentage
‎Change
TDMN
Print circulation
$
46,671
(4.8)
%
$
49,034
Digital circulation
18,220
11.7
%
16,315
Circulation
$
64,891
(0.7)
%
$
65,349
Print circulation revenue decreased $2,363 in 2024, primarily driven by a decline in print subscriptions of 7,055 or 10.1 percent when compared to December 31, 2023, partially offset by rates increasing approximately 6.3 percent. In addition, single copy revenue declined in 2024, primarily due to nonrecurring revenue generated in 2023 related to the Texas Rangers World Series win.
Digital circulation revenue improved $1,905 in 2024, driven by an increase in digital-only subscriptions of 1,334 or 2.1 percent when compared to December 31, 2023. In the third quarter, the Company modified its digital subscription strategy to be more volume-centric, resulting in a sequential improvement of 3,119 or 5.1 percent when compared to September 30, 2024.
‎
DallasNews Corporation 2024 Annual Report on Form 10-K
Printing, distribution and other revenue
The table below sets forth printing, distribution and other revenue by reportable segment.
Years Ended December 31,
Percentage
‎Change
TDMN
$
12,600
(15.3)
%
$
14,884
Agency
-
(100.0)
%
Printing, Distribution and Other
$
12,600
(17.7)
%
$
15,309
TDMN
The TDMN segment’s printing, distribution and other revenue decreased $2,284 in 2024, primarily due to declines in revenue from commercial printing and distribution, including the loss of $913 in revenue from a canceled commercial printing partnership, as well as mailed advertisements for business customers. In addition, 2023 included nonrecurring revenue generated from Texas Rangers World Series product sales.
Agency
The Agency segment’s printing, distribution and other revenue consisted only of sublease income from Medium Giant’s former sales office that was partially subleased. The lease and sublease both ended in the third quarter of 2023.
Operating Costs and Expense
The table below sets forth the components of the Company’s operating costs and expense by reportable segment, and Corporate and Other category.
Years Ended December 31,
Percentage
‎Change
TDMN
Employee compensation and benefits
$
41,682
(9.7)
%
$
46,169
Other production, distribution and operating costs
42,746
(15.8)
%
50,773
Newsprint, ink and other supplies
4,606
(44.8)
%
8,341
Agency
Employee compensation and benefits
8,720
(11.7)
%
9,877
Other production, distribution and operating costs
7,232
4.8
%
6,901
Newsprint, ink and other supplies
43.8
Corporate and Other
Employee compensation and benefits
13,521
0.9
%
13,399
Other production, distribution and operating costs
11,685
13.1
%
10,334
Depreciation
1,607
5.7
%
1,520
Total Operating Costs and Expense
$
132,449
(10.4)
%
$
147,766
Employee compensation and benefits - TDMN expense decreased $4,487 in 2024, due to headcount reductions resulting from the 2023 Voluntary Severance Program (the “2023 VSO”). Agency expense declined $1,157 in 2024, as a result of first quarter headcount reductions at Medium Giant. Total Company employee headcount is 526 employees, a headcount decrease of 75 or 12.5 percent when compared to December 31, 2023, primarily resulting from the 2023 VSO. The 2023 VSO also resulted in reduced Corporate headcount and expense savings, offset by severance expense recorded in 2024 of $3,803, primarily due to headcount reductions expected in 2025 related to the Company’s transition to a smaller printing facility.
Other production, distribution and operating costs - TDMN expense decreased $8,027 in 2024, primarily due to reduced distribution expense associated with lower circulation, including discontinuing print-only editions of the Company’s niche publications and ending its shared mail program to distribute preprinted advertisements. Agency expense increased $331 in 2024, due to revenue-related outside services expense for two customer contracts focused on media services that began in 2024. In 2023, the Company recorded a non-recurring lease cost benefit of $556 included in Corporate and Other expense.
Newsprint, ink and other supplies - TDMN expense decreased $3,735 in 2024, due to reduced newsprint pricing and lower circulation. Beginning in the third quarter of 2023, the Agency segment began incurring costs associated with printing out of market inserts for media services clients. Newsprint consumption for 2024 and 2023, approximated 4,850 and 6,658 metric tons, respectively, at an average cost per metric ton of $646 and $779, respectively. Currently, the Company is experiencing favorable newsprint pricing; however, certain events or circumstances that in most instances are beyond the Company’s control could have an adverse impact on pricing.
Depreciation - Expense increased in 2024, primarily due to print production assets, and office and computer equipment upgrades that were put in-service, causing a higher depreciable asset base.
DallasNews Corporation 2024 Annual Report on Form 10-K
Segment Profit (Loss)
The primary measure of segment profitability utilized by the CODM is segment profit (loss). The CODM uses this measure to assess the operating results and performance of the Company’s segments, and perform plan-to-actual comparisons on a monthly and quarterly basis to budget and allocate resources to each segment. Segment profit (loss) excludes Corporate and Other, which reconciles our segment results to consolidated operating income (loss) and income (loss) before income taxes. Corporate and Other includes certain unallocated general corporate expenses, primarily indirect labor, benefits and long-term incentive compensation expenses of certain departments which provide support to both segments, as well as costs that are not associated with the ongoing operations of the segments, such as depreciation, severance expense, impairment charges, and one-time (gains) or losses associated with investments.
The table below sets forth revenue and significant expenses that are included in segment profit (loss) and regularly provided to the Company’s CODM. Due to the adoption of ASU 2023-07 (Note 1), the Company updated its presentation to reflect segment profitability as segment profit (loss).
Years Ended December 31,
TDMN
Net operating revenue
$
109,038
$
123,912
Employee compensation and benefits
41,682
46,169
Other production, distribution and operating costs
42,746
50,773
Newsprint, ink and other supplies
4,606
8,341
Operating costs and expense
89,034
105,283
TDMN Segment Profit
$
20,004
$
18,629
Agency
Net operating revenue
$
16,353
$
15,784
Employee compensation and benefits
8,720
9,877
Other production, distribution and operating costs
7,232
6,901
Newsprint, ink and other supplies
Operating costs and expense
16,602
17,230
Agency Segment Loss
$
(249)
$
(1,446)
Total Segment Profit
$
19,755
$
17,183
Reconciling items:
Corporate and Other
(26,813)
(25,253)
Operating Loss
$
(7,058)
$
(8,070)
Other income, net
2,233
1,422
Loss Before Income Taxes
$
(4,825)
$
(6,648)
TDMN
Segment income improved $1,375 in 2024, primarily due to expense savings from headcount reductions resulting from the 2023 VSO, as well as reduced distribution and newsprint expense associated with lower circulation, including the impact of the discontinued preprint business and print-only niche publications.
Print advertising revenue decreased 5.7 percent in 2024, excluding the preprint business and print-only niche publications.
Circulation revenue decreased slightly, driven by the digital circulation revenue increase of 11.7 percent, mostly offsetting the print circulation revenue decline of 4.8 percent. The Company continues to focus on finding a sustainable strategy that balances price with the ability to continue to grow its digital subscriber base. In the third quarter, the Company modified its digital subscription strategy to be more volume-centric, resulting in an increase in digital-only subscriptions in the fourth quarter and when compared to December 31, 2024.
Agency
Segment loss improved $1,197 in 2024, primarily due to marketing and media services revenue increasing 6.5 percent in 2024, reflecting Medium Giant’s focus on more relevant solutions for its clients, as well as strategic expense savings initiatives.
‎
DallasNews Corporation 2024 Annual Report on Form 10-K
Critical Accounting Policies and Estimates
DallasNews’ consolidated financial statements reflect the application of accounting policies that require management to make significant estimates and assumptions. The Company believes that the following are the critical accounting policies, estimates and assumptions currently affecting DallasNews’ financial position and results of operations. See the Notes to the Consolidated Financial Statements, Note 1 - Significant Accounting Policies and Recently Issued Accounting Standards, for additional information concerning significant accounting policies.
Revenue Recognition. The Company’s principal sources of revenue are sales of advertising within its newspaper and digital platforms, subscriptions and retail sales of its newspaper, commercial printing and distribution services, primarily related to national newspapers. In addition, revenue includes strategic and creative services, website management and content services, media services consisting of paid search, social and targeted digital advertising on third-party platforms (programmatic), as well as traditional media including direct mail, promotional products, out of market print inserts, and over-the-top advertising on streaming platforms. The revenue also includes subscriptions to the Company’s multi-channel marketing solutions cloud-based software and services.
Advertising and Marketing Services
Advertising and marketing services revenue is recognized when an ad or service is complete and delivered based on the contract price. Payment is typically received within 30 to 60 days after the customer is billed. Longer-term contracts often include multiple performance obligations, digital and other forms of advertising, and a single performance obligation containing a bundle of services that are not distinct but provided to maximize a customer’s marketing plan. When the Company has a longer-term contract, revenue is recognized over time as the ads or services are delivered. For contracts with over-time revenue recognition the company is providing a series of services and recognizes revenue by 1) using a time-based method of measuring progress of delivery over time, or 2) as each distinct performance obligation (typically ads or impressions) are delivered on a monthly basis. In addition, certain digital advertising revenue related to website access is recognized over time, based on the customers’ monthly rate. The Company typically extends credit to advertising and marketing services customers, although for certain advertising campaigns the customer may pay in advance.
Print advertising revenue is primarily comprised of display and classified advertising space within the Company’s newspaper. Display revenue results from sales of advertising space within the Company’s newspaper to local, regional or national businesses with local operations, affiliates or resellers. Classified revenue, which includes automotive, real estate, employment, obituaries, immigration, and other, results from sales of advertising space in the classified and other sections of the Company’s newspaper. At the end of August 2023, the Company exited its shared mail program to deliver weekly preprints and discontinued print-only editions of its niche publications.
Digital advertising revenue is generated by digital sales of banner, classified and native advertisements on the Company’s news websites, social media platforms and mobile apps. Prior to the segment reporting change, digital advertising, and marketing and media services revenues were reported in aggregate.
Marketing and media services revenue is primarily comprised of strategic and creative services, website management and content services, media services consisting of paid search, social and targeted digital advertising on third-party platforms (programmatic), as well as traditional media including direct mail, promotional products, out of market print inserts, and over-the-top advertising on streaming platforms. The revenue also includes subscriptions to the Company’s multi-channel marketing solutions cloud-based software and services.
For ads placed on certain third-party platforms, the Company must evaluate and use judgment to determine whether it is acting as the principal, where revenue is reported on a gross basis, or acting as the agent, where revenue is reported on a net basis. Generally, the Company reports advertising revenue for ads placed on third-party platforms on a net basis, meaning the amount recorded to revenue is the amount billed to the customer net of amounts paid to the publisher of the third-party platforms. The Company is acting as the agent because the publisher controls the advertising inventory. The Company will record certain arrangements gross when it controls the inventory or it has latitude in establishing price or it determines that advertising campaign management, targeting or other actions provide significant value-added service to the customer.
Barter advertising transactions are recognized at estimated fair value based on the negotiated contract price and the range of prices for similar advertising from customers unrelated to the barter transaction. The Company expenses barter costs as incurred, which is independent from the timing of revenue recognition.
‎
DallasNews Corporation 2024 Annual Report on Form 10-K
Circulation
Circulation revenue is generated primarily by selling home delivery, including premium publications, and digital subscriptions, as well as single copy sales to non-subscribers. Home delivery revenue is recognized over the subscription period based on the days of actual delivery over the total subscription days and single copy revenue is recognized at a point in time when the paper is purchased. Revenue is directly reduced for any non-payment for the grace period of home delivery subscriptions where the Company recorded revenue for newspapers delivered after a subscription expired.
Digital circulation revenue is generated by digital-only subscriptions and is recognized over the subscription period based on daily or monthly access to the content in the subscription period.
Payment of circulation fees is typically received in advance and deferred over the subscription period. There is little judgment required for valuation or timing of circulation revenue recognition.
Printing, Distribution and Other
Printing, distribution and other revenue is primarily generated from printing and distribution of other newspapers. Printing, distribution and other revenue is recognized at a point in time when the product or service is delivered, which requires little judgment to determine. The Company typically extends credit to printing and distribution customers.
Pension. The Company follows accounting guidance for single-employer defined benefit plans. Plan assets and the projected benefits obligation are measured each December 31, and the Company records as an asset or liability for the net funded position of the plans. Certain changes in actuarial valuations related to returns on plan assets and projected benefit obligations are recorded to accumulated other comprehensive income (loss) and are amortized to net periodic pension expense (benefit) over the weighted average remaining life of plan participants, to the extent the cumulative balance in accumulated other comprehensive income (loss) exceeds 10 percent of the greater of the respective plan’s (a) projected benefit obligation or (b) the market-related value of the plan’s assets. Net periodic pension expense (benefit) is recognized each period by accruing interest expense on the projected benefit obligation and accruing a return on assets associated with the plan assets. Participation in and accrual of new benefits to participants has been frozen since 2007 and, accordingly, on-going service costs are not a component of net periodic pension expense (benefit). From time to time, the Company-sponsored plans may settle pension obligations with certain plan participants through the plans’ master trust as part of its de-risking strategies. The gains or losses associated with settlements of plan obligations to participants are recognized to earnings if such settlements exceed the interest component of net periodic pension cost for the year. Otherwise, such amounts are included in actuarial gains (losses) in accumulated other comprehensive income (loss). Re-measurement of plan assets and liabilities upon a significant settlement or curtailment event is performed based on the values of the month-end closest to the event.
The projected benefit obligations of the DallasNews Pension Plans are estimated using the FTSE Pension Discount Curve, which is based upon a portfolio of high-quality corporate debt securities with maturities that correlate to the expected timing of estimated benefit payments to the Pension Plans’ participants. Future estimated benefit payments are discounted to their present value at the appropriate yield curve spot rate to determine the projected benefit obligation outstanding at each year end. The single equivalent discount rate as of December 31, 2024, was 5.3 percent and 4.7 percent for December 31, 2023. The actuarial net gain in 2024 and loss in 2023 related to changes in the projected benefit obligation were primarily due to the movement in the discount rate.
Interest expense included in net periodic pension benefit is based on the FTSE Pension Discount Curve established at the beginning of the fiscal year. The discount rate for fiscal year 2024 and 2023 interest cost was 4.7 percent and 4.9 percent, respectively.
The Company assumed a 6.3 percent and 4.9 percent long-term return on the Pension Plans’ assets in 2024 and 2023, respectively. This return is based upon historical returns of similar investment pools having asset allocations consistent with the expected allocations of the DallasNews Pension Plans. Investment strategies for the Pension Plans’ assets are based upon factors such as the effective duration of the actuarial liabilities and market risks.
Income Taxes. The Company uses the asset and liability method of accounting for income taxes and recognizes deferred tax assets and liabilities based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates. The Company establishes a valuation allowance if it is more-likely-than-not that the deferred tax assets will not be realized. The factors used to assess the likelihood of realization of the deferred tax assets include future reversal of deferred tax liabilities, available tax planning strategies, future taxable income and taxable income in prior carryback years.
Recent Accounting Standards
See the Notes to the Consolidated Financial Statements, Note 1 - Significant Accounting Policies and Recently Issued Accounting Standards , regarding the impact of certain recent accounting pronouncements.
DallasNews Corporation 2024 Annual Report on Form 10-K
Liquidity and Capital Resources
The Company’s cash balances as of December 31, 2024 and 2023, were $9,594 and $11,697, respectively. The decrease in the cash balance during 2024 was primarily due to severance payments resulting from the 2023 Voluntary Severance Program (the “2023 VSO”), the return of capital to shareholders through a dividend paid in the first quarter, and capital investments in the new printing facility. In 2023, the Company invested $10,500 in CD’s, as discussed below, included in short-term investments in the Consolidated Balance Sheet and Statement of Cash flows.
The Company expects to have cash flow and expense reduction measures in place to help offset future revenue declines. The Company believes it has adequate cash to continue to fund operating activities and capital spending.
On December 18, 2024, the Company announced it entered into an agreement (the “Sale Agreement”) with 2201 Luna Road, LLC, a Texas limited liability company (as succeeded by Plano Estates, LLC, a Texas limited liability company, the “Purchaser”) to sell the building that currently serves as the Company’s print facility, including the surrounding land and most of the production assets (collectively, the “North Plant Property”). The Sale Agreement was entered into in connection with the Company’s announcement on May 14, 2024, that it will be streamlining its print operations to a smaller, leased facility (see Note 4 - Leases) that will require fewer employees. This transition will allow the Company to keep its operations in North Texas and continue to produce a seven-day print edition for the foreseeable future. Once the transition is completed, the Company expects to benefit from annual expense savings of approximately $5,000.
The sale price of the North Plant Property is $43,500, with an initial estimated closing date of February 1, 2025, pending the customary inspection period that was initially scheduled to end on January 17, 2025. In December 2024, the Company received cash proceeds of $320 for the nonrefundable deposits, included in other accrued expense in the Consolidated Balance Sheet as of December 31, 2024.
On December 23, 2024, the Company announced it entered into a First Amendment to Purchase and Sale Agreement (the “Amendment”) to provide the Purchaser a one-time right to concurrently extend the inspection period to January 31, 2025, and the closing date to February 28, 2025. Subsequent to the Amendment, the Company and the Purchaser entered into three additional amendments related to extending the inspection period and closing date, and environmental remediation. On March 11, 2025, the Company completed the sale of the North Plant Property and received net cash proceeds of $40,651. The Company plans to use a portion of the proceeds from the sale of the North Plant Property to make a voluntary cash contribution to the DallasNews Pension Plans. See Note 12 - Subsequent Events for additional information.
Following the sale, the Company intends to lease the North Plant Property until the new printing facility is fully operational in 2025. The North Plant Property assets, including all production equipment, were still being used by the Company as of December 31, 2024, and are included in property, plant and equipment, net in the Consolidated Balance Sheets. The Company currently expects to reduce its headcount by 76, or 14.4 percent, in 2025 and accrued related severance of $2,765, included in other accrued expense in the Consolidated Balance Sheet as of December 31, 2024. In 2024, the Company made capital investments of $6,404 for a more efficient press and related equipment, and expects to spend approximately $2,000 subsequent to December 31, 2024, for the remaining capital needed for the new facility.
As previously announced on May 14, 2024, based on the required capital investments to support the transition of the print operations, the Company’s board of directors authorized suspending the declaration and payment of dividends until further notice. In the third quarter of 2024, DallasNews’ board of directors approved the termination of the Company’s previously authorized repurchase authority.
The following discusses the changes in cash flows by operating, investing and financing activities in 2024 and 2023.
Operating Cash Flows
Net cash used for operating activities was $5,481 and $1,174 in 2024 and 2023, respectively. Cash flows used for operating activities increased by $4,307 in 2024, when compared to the prior year period, primarily due to severance payments to the 2023 VSO participants that left the Company in the first quarter, and changes in working capital and other operating assets and liabilities, partially offset by an improvement in the loss from operations.
Investing Cash Flows
Net cash provided by (used for) investing activities was $4,234 and $(11,528) in 2024 and 2023, respectively. In 2023, the Company invested $10,500 in CD’s with original maturities of one year or less, which resulted in cash proceeds of $120. In the first quarter of 2024, $10,000 matured and the Company reinvested $9,909 in CD’s, which the Company terminated in the second quarter without penalty. In the third quarter, the remaining $500 in CD’s matured. The Company received cash proceeds of $445 in 2024 from the return on the Company’s investments in CD’s. Cash flows used for investing activities also included $6,825 in 2024, primarily related to the new printing facility, and $1,148 of capital spending in 2023.
DallasNews Corporation 2024 Annual Report on Form 10-K
Financing Cash Flows
Net cash used for financing activities was $856 and $3,426 in 2024 and 2023, respectively, all attributable to dividend payments.
Financing Arrangements
None.
Contractual Obligations
As of December 31, 2024, the Company had contractual obligations, in aggregate, of $17,064 for the next five years and $9,600 thereafter, for operating leases, primarily for office space, printing facilities and other distribution centers, some of which include escalating lease payments. See Note 4 - Leases for future lease payments by year.
No contributions are required to the DallasNews Pension Plans in 2025 under ERISA; however, certain events or circumstances that in most instances are beyond the Company’s control could result in future mandatory contributions. The Company plans to use a portion of the proceeds from the sale of the North Plant Property to make a voluntary cash contribution to fully fund the Company’s liabilities under the DallasNews Pension Plans, and expects to purchase an irrevocable group annuity contract from an insurance company to settle the Company’s defined benefit obligations to participants in the DallasNews Pension Plans.

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ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Item 8. Financial Statements and Supplementary Data
The consolidated financial statements, together with the Report of Independent Registered Public Accounting Firms, are included herein starting on page 30 of this Annual Report on Form 10-K.

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ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
None.

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ITEM 9A. CONTROLS AND PROCEDURES
Item 9A. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
Disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, are controls that are designed to ensure that information required to be disclosed by the Company in reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to management, including the Company’s Chief Executive Officer and Principal Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. In designing disclosure controls and procedures, management is required to apply its judgment in evaluating the cost-benefit relationship of possible disclosure controls and procedures. The design of any disclosure controls and procedures is also based, in part, upon certain assumptions about the likelihood of future events and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.
The Company’s management, with the participation of its Chief Executive Officer and Principal Financial Officer, evaluated the effectiveness of the design and operation of its disclosure controls and procedures as of December 31, 2024. Based on that evaluation, management concluded that, as of such date, the Company’s disclosure controls and procedures were effective.
Management’s Report on Internal Control Over Financial Reporting
The management of DallasNews is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rule 13a-15(f) under the Exchange Act. The Company’s internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of consolidated financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America. Under the supervision and with the participation of management, including the Chief Executive Officer and Principal Financial Officer, an assessment of the effectiveness of internal control over financial reporting was conducted as of December 31, 2023. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) in Internal Control - Integrated Framework (2013). Based on this assessment using the criteria set forth by COSO in Internal Control - Integrated Framework (2013), management concluded that the Company’s internal control over financial reporting was effective as of December 31, 2024.
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DallasNews Corporation 2024 Annual Report on Form 10-K
Changes in Internal Control Over Financial Reporting
During the third quarter of 2024, the Company implemented a new cloud-based system for advertising billing. In connection with this system implementation, the Company updated its internal control over financial reporting to accommodate the resulting changes to its existing controls, systems and procedures.
There were no other changes in the Company’s internal control over financial reporting that occurred during the fourth fiscal quarter ended December 31, 2024, that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

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ITEM 9B. OTHER INFORMATION
Item 9B. Other Information
Rule 10b5-1 Trading Arrangements
During the quarter ended December 31, 2024, no director or officer (as defined in Rule 16a-1(f) of the Exchange Act) of the Company adopted or terminated any “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement” (in each case, as defined in Item 408(a) of Regulation S-K).
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DallasNews Corporation 2024 Annual Report on Form 10-K
PART III

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ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
Item 10. Directors, Executive Officers and Corporate Governance
The information set forth under the headings “DallasNews Corporation Stock Ownership,” “Proposal One: Election of Directors,” “Corporate Governance - Committees of the Board - Audit Committee,” “Corporate Governance - Committees of the Board - Nominating and Corporate Governance Committee,” and “Information About Our Executive Officers” contained in the definitive Proxy Statement for the Company’s Annual Meeting of Shareholders to be held on May 8, 2025, is incorporated herein by reference.
The information about the Company’s insider trading policy set forth under the headings “Corporate Governance - Insider Trading Policy” contained in the definitive Proxy Statement for the Company’s Annual Meeting of Shareholders to be held on May 8, 2025, is incorporated herein by reference.
The Company has adopted a Code of Business Conduct and Ethics that applies to all directors, officers and employees, which can be found at the Company’s website, dallasnewscorporation.com. The Company will post any amendments to the Code of Business Conduct and Ethics, as well as any waivers that are required to be disclosed by the rules of either the SEC or The Nasdaq Stock Market LLC, on the Company’s website. Information on DallasNews’ website is not incorporated by reference into this Annual Report on Form 10-K.
The Company’s board of directors adopted Corporate Governance Guidelines and charters for the Audit, Compensation and Management Development, and Nominating and Corporate Governance Committees of the Board of Directors. These documents can be found at the Company’s website, dallasnewscorporation.com.
Shareholders can also obtain, without charge, printed copies of any of the materials referred to above by contacting the Company at the following address:
DallasNews Corporation
P. O. Box 224866
Dallas, Texas 75222-4866
Attn: Investor Relations
Telephone: (214) 977-8869

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ITEM 11. EXECUTIVE COMPENSATION
Item 11. Executive Compensation
The information set forth under the headings “Corporate Governance - Committees of the Board - Compensation and Management Development Committee,” “Corporate Governance - Compensation Policies and Practices - Equity Award Timing Policy,” “Executive Compensation - Summary Compensation Table - Change in Control Arrangements and Other Agreements Upon Termination of Employment - Potential Payments on Change in Control or Upon Termination of Employment at December 31, 2024,” “Corporate Governance - Director Compensation” contained in the definitive Proxy Statement for the Company’s Annual Meeting of Shareholders to be held on May 8, 2025, is incorporated herein by reference.

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ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
The information set forth under the headings “DallasNews Corporation Stock Ownership of Directors and Executive Officers” and “Equity Compensation Plan Information” contained in the definitive Proxy Statement for the Company’s Annual Meeting of Shareholders to be held on May 8, 2025, is incorporated herein by reference.
Information regarding the number of shares of common stock authorized for issuance under the Company’s equity compensation plans is included in the Notes to the Consolidated Financial Statements, Note 1 - Significant Accounting Policies and Recently Issued Accounting Standards .

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ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
Item 13. Certain Relationships and Related Transactions, and Director Independence
The information set forth under the heading “Certain Relationships and Related Party Transactions” and “Corporate Governance - Director Independence” contained in the definitive Proxy Statement for the Company’s Annual Meeting of Shareholders to be held on May 8, 2025, is incorporated herein by reference.

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ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES
Item 14. Principal Accountant Fees and Services
The information set forth under the heading “Proposal Two: Ratification of the Appointment of Independent Registered Public Accounting Firm” contained in the definitive Proxy Statement for the Company’s Annual Meeting of Shareholders to be held on May 8, 2025, is incorporated herein by reference.
DallasNews Corporation 2024 Annual Report on Form 10-K
PART IV

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ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES
Item 15. Exhibits, Financial Statement Schedules
(1) The consolidated financial statements listed in the Index to Consolidated Financial Statements included in the table of contents are filed as part of this report.
(2) All financial statement schedules were omitted because they are not applicable, are not required, or the required information is shown in the consolidated financial statements or notes thereto.
(3) Exhibits:
Exhibits marked with an asterisk (*) are incorporated by reference to documents previously filed by the Company with the SEC, as indicated. In accordance with Regulation S-T, the XBRL-related information marked with a double asterisk (**) in Exhibit No. 101 to this Annual Report on Form 10-K is deemed filed. Exhibits marked with three asterisks (***) are furnished with this report. All other documents are filed with this report. Exhibits marked with a tilde (~) are management contracts, compensatory plan contracts or arrangements filed pursuant to Item 601(b)(10)(iii)(A) of Regulation S-K.
Exhibit Number
Description
3.1 *
Certificate of Formation of A. H. Belo Corporation (successor to A. H. Belo Texas, Inc.) (Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on April 23, 2018)
3.2 *
Certificate of Merger (Delaware) of A. H. Belo Corporation with and into A. H. Belo Texas, Inc. (Exhibit 3.3 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on July 2, 2018 (Securities and Exchange Commission File No. 001-33741) (the “July 2, 2018 Form 8-K”))
3.3 *
Certificate of Merger (Texas) of A. H. Belo Corporation with and into A. H. Belo Texas, Inc. (Exhibit 3.4 to the July 2, 2018 Form 8-K)
3.4 *
Certificate of Amendment to Certificate of Formation effective June 8, 2021 (Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on June 8, 2021 (Securities and Exchange Commission File No. 001-33741))
3.5 *
Certificate of Amendment to Certificate of Formation (changing Company name to DallasNews Corporation) effective June 29, 2021 (Exhibit 3.1 to the Company’s Current Report of Form 8-K filed with the Securities and Exchange Commission on June 30, 2021 (Securities and Exchange Commission File No. 001-33741) (the “June 30, 2021 Form 8-K”))
3.6 *
Certificate of Correction to Certificate of Amendment (Exhibit 3.2 to the June 30, 2021 Form 8-K)
3.7 *
Amended and Restated Bylaws of DallasNews Corporation (Exhibit 3.3 to the June 30, 2021 Form 8-K)
4.1 *
Description of Capital Stock (Exhibit 4.1 to the July 2, 2018 Form 8-K)
10.1 *
Material contracts:
(1) *
Sublease Agreement for Old Dallas Library Building dated December 30, 2016 (Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on January 3, 2017 (Securities and Exchange Commission File No. 001-33741) (the “January 3, 2017 Form 8-K”))
(2) *
Guaranty of Lease dated December 30, 2016 (Exhibit 10.2 to the January 3, 2017 Form 8-K)
(3) *
Lease Agreement for Carrollton Printing Facility dated June 24, 2024 (Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on July 1, 2024 (Securities and Exchange Commission File No. 001-33741) (the “July 1, 2024 Form 8-K”))
(4) *
Guaranty of Lease dated June 24, 2024 (Exhibit 10.2 to the July 1, 2024 Form 8-K)
(5) *
Purchase and Sale Agreement, dated December 16, 2024, by and between The Dallas Morning News, Inc. and 2201 Luna Road, LLC (Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on December 18, 2024 (Securities and Exchange Commission File No. 001-33741))
*(a)
First Amendment to Purchase and Sale Agreement, dated December 23, 2024, by and between The Dallas Morning News, Inc. and 2201 Luna Road, LLC (Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on December 30, 2024 (Securities and Exchange Commission File No. 001-33741))
(6) *
Paper Supply Agreement effective as of August 5, 2019, by and between The Dallas Morning News, Inc. and Gannett Supply Corporation (Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on May 6, 2019 (Securities and Exchange Commission File No. 001-33741))
DallasNews Corporation 2024 Annual Report on Form 10-K
Exhibit Number
Description
10.2 *
Compensatory plans and arrangements:
~(1)*
DallasNews Savings Plan as Amended and Restated Effective January 1, 2022 (Exhibit 10.2(1) to the Company’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on July 29, 2022 (Securities and Exchange Commission File No. 001-33741))
~(2)*
Amended and Restated DallasNews Corporation Incentive Compensation Plan, dated February 29, 2024 (Exhibit 10.2 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on March 1, 2024 (Securities and Exchange Commission File No. 001-33741) (the “March 1, 2024 Form 8-K”))
*(a)
Form of Incentive Compensation Plan Evidence of Grant (for Non-Employee Directors) (Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on May 12, 2017 (Securities and Exchange Commission File No. 001-33741) (the “May 12, 2017 Form 8-K”))
*(b)
Form of Incentive Compensation Plan Evidence of Grant (for Employee Awards) (Exhibit 10.2 to the May 12, 2017 Form 8-K)
~(3)*
Discretionary Cash Bonus Policy, adopted February 29, 2024 (Exhibit 10.1 to the March 1, 2024 Form 8-K)
~(4)*
Form of Incentive Compensation Plan and Cash Bonus Policy Letter (Exhibit 10.1(3) to the Company’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 15, 2024 (Securities and Exchange Commission File No. 001-33741))
~(5)*
Grant S. Moise Compensation Agreement dated May 12, 2022 (Exhibit 10.2 to the May 12, 2022 Form 8-K)
~(6)*
Katy Murray Compensation Agreement dated May 12, 2022 (Exhibit 10.3 to the May 12, 2022 Form 8-K)
10.3 *
Agreements relating to the separation of the Company from its former parent company:
(1)*
Pension Plan Transfer Agreement by and between Belo Corp. and A. H. Belo Corporation dated as of October 6, 2010 (Exhibit 10.1 to the Company’s current Report on Form 8-K filed with the Securities and Exchange Commission on October 8, 2010 (Securities and Exchange Commission File No. 001-33741))
(2)*
Agreement among the Company, Belo Corp., and The Pension Benefit Guaranty Corporation, effective March 9, 2011 (Exhibit 10.3(6) to the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 11, 2011 (Securities and Exchange Commission File No. 001-33741))
DallasNews Corporation Insider Trading Policy
Subsidiaries of the Company
23.1
Consent of Grant Thornton LLP
Power of Attorney (set forth on the signature page(s) hereof)
31.1
Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2
Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32 ***
Certifications of Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
97*
DallasNews Corporation Compensation Recovery Policy (Exhibit 97 to the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 6, 2024 (Securities and Exchange Commission File No. 001-33741))
101.INS **
Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH **
Inline XBRL Taxonomy Extension Schema Document
101.CAL **
Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF **
Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB **
Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE **
Inline XBRL Taxonomy Extension Presentation Linkbase Document
104 **
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
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DallasNews Corporation 2024 Annual Report on Form 10-K
SI GNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
DALLASNEWS CORPORATION
By:
/s/
Grant S. Moise
Grant S. Moise
Chief Executive Officer
Dated:
March 17, 2025
‎
DallasNews Corporation 2024 Annual Report on Form 10-K
Ex hibit 24
POWER OF ATTORNEY
The undersigned hereby constitute and appoint Grant S. Moise and Catherine G. Collins, and each of them and their substitutes, our true and lawful attorneys-in-fact with full power to execute in our name and behalf in the capacities indicated below any and all amendments to this report and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, and hereby ratify and confirm all that such attorneys-in-fact, or any of them, or their substitutes shall lawfully do or cause to be done by virtue thereof.
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Company and in the capacities and on the dates indicated: