Shares of DallasNews Corp ( DALN ) are surging dramatically Thursday after the company entered into a definitive agreement to be acquired by media giant Hearst for $14.00 per share in an all-cash deal.

What To Know: The acquisition price represents a 219% premium over DallasNews' ( DALN ) closing stock price of $4.39 on July 9. The deal, which has received unanimous approval from both companies’ boards of directors, is expected to be finalized in the third or early fourth quarter of this year.

Upon completion of the transaction, DallasNews ( DALN ), the parent company of The Dallas Morning News and marketing agency Medium Giant, will become a private entity, and its shares will be delisted from the Nasdaq stock exchange.

Steven R. Swartz, president and CEO of Hearst, stated that The Dallas Morning News will join Hearst Newspapers, which oversees 28 dailies and 50 weeklies.

Grant Moise, CEO of DallasNews ( DALN ), expressed confidence that Hearst’s resources and commitment to local journalism will ensure the newspaper’s continued success.

Price Action: According to data from Benzinga Pro, DALN shares are trading higher by 209% to $13.55 Thursday morning. The stock has a 52-week high of $13.57 and a 52-week low of $2.98.

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