SCHEDULE: Gabelli Group Exits DallasNews Corp Post-Merger

An investment group led by Mario Gabelli has divested its entire stake in DallasNews Corp following the completion of its merger with Hearst.

Summary

• The reporting persons, including GAMCO Investors, Inc. and other Gabelli-affiliated entities, no longer hold beneficial ownership of any DallasNews Corp Series A Common Stock.
• This divestiture occurred on September 24, 2025, as a direct result of the completion of the merger between DallasNews Corp and Hearst.
• A total of 338,326 shares were sold by various Gabelli-affiliated funds and entities on September 24, 2025, at a price of $16.50 per share.
• The aggregate value of the shares sold by the reporting persons amounted to $5,582,379.00.
• The reporting persons ceased to be beneficial owners of 5% or more of DallasNews Corp's common stock on September 24, 2025.

Sentiment

Score: 5

Explanation: The filing is neutral in sentiment, primarily serving as a procedural update on the cessation of beneficial ownership due to a completed merger. It reflects an expected outcome of a corporate action.

Positives

• The reporting persons successfully realized value from their investment in DallasNews Corp by exiting their position at $16.50 per share due to the merger.
• The completion of the merger with Hearst allowed for a clear exit strategy for the investment group.

Negatives

• No specific negatives are detailed in this filing regarding the reporting persons' exit or the merger itself.

Risks

• This filing does not introduce new risks for DallasNews Corp; rather, it details a change in beneficial ownership following a corporate event.

Future Outlook

This filing does not provide any forward-looking statements or guidance regarding DallasNews Corp's future operations or financial performance.

Industry Context

This filing reflects a specific shareholder's response to a corporate merger within the media industry, rather than providing broad industry trends. The merger of DallasNews Corp with Hearst is a significant event for the company, leading to changes in its ownership structure.

Stakeholder Impact

• Shareholders: The filing indicates a significant change in the ownership structure of DallasNews Corp following its merger with Hearst, with a major investment group exiting its position. This could impact trading dynamics and investor perception of the company's shareholder base.

Key Dates

Keywords

DallasNews Corp, GAMCO Investors, Gabelli, Hearst merger, beneficial ownership, Schedule 13D, stock sale, investment exit, media industry