The Dallas Morning News is slimming down its print operations in a bid to salvage its seven-day print edition.
The company will trade its 620K SF owner-occupied facility in Plano for 67K SF in Carrollton, parent company DallasNews Corp. said in a statement. The firm will evaluate various options for the Plano building, including a potential sale, according to the release.
)
The move is expected to save the company about $5M per year and is essential to the company’s profitability, Publisher and CEO Grant Moise said.
“Our Return to Growth plan remains well on track to achieve the targets we have laid out, and this decision contributes significantly to achieving those goals,” he said in a statement. “We have continued to produce a premier print product that reflects our dedication to quality journalism. With this decision, we will be better positioned to do so profitably.”
The company plans to spend $8M on the purchase and installation of more efficient equipment at its new printing facility. The transition is expected to result in layoffs, with a 60% reduction in staff, or about 85 workers. Shareholder dividends are also being suspended until further notice.
DallasNews Corp. is among a growing number of publications that have taken drastic measures to reduce expenses amid the loss of advertisers and waning circulation.
The company began offering voluntary buyouts last fall, just months after cutting ties with Vericast, moving its Spanish-language edition online and discontinuing its Sunday brief. The move was expected to eliminate about 40 jobs. At the time, DallasNews Corp. had not been profitable since the end of 2021, per Poynter.
The Texas Tribune laid off 11 staffers and put two podcasts on hiatus last fall.
DallasNews Corp. said it is confident the transition to a smaller location will recoup expenses and does not expect any interruption in subscriber or distribution services as a result of the move, according to the release.
)
)
)
)
)
)
)
)
)
)
)
)