Media giant Hueston's acquisition of DallasNews (DALN.US) stock caused prices to soar by over 200%.

The stock price of DallasNews (DALN.US) surged over 200% on Thursday to $13.56 per share, as media giant Hearst, based in New York, announced its acquisition of the company, marking the end of local ownership for the nearly 140-year-old Dallas Morning News. In a statement, both parties announced that Hearst will acquire DallasNews at a price of $14 per share in cash, a premium of 219% compared to the closing price of $4.39 per share on July 9th. The transaction has received unanimous approval from the boards of both companies and is expected to be completed in the third or fourth quarter. After the deal is finalized, DallasNews will become a private company. Hearst currently publishes 28 daily newspapers and 50 weeklies in the United States, including Texas' most influential Houston Chronicle and San Antonio Express-News. Hearst Newspapers President Jeff Johnson said, "This move aligns perfectly with our strategy to support trusted, impactful local media brands and invest in growth markets." DallasNews CEO Grant Moise stated, "The resources, expertise, and successful experience that Hearst brings to supporting and investing in local independent journalism will ensure the continued prosperity of the Dallas Morning News for decades to come."