It won three Pulitzer Prizes, all for photography, and two George Polk Awards, for local and regional reporting.

As an afternoon publication for most of its 102 years,[1] its demise was hastened by the shift of newspaper reading habits to morning papers, the reliance on television for late-breaking news,[1] as well as the loss of an antitrust lawsuit against crosstown rival The Dallas Morning News after the latter's parent company bought the rights to 26 Universal Press Syndicate features that previously had been running in the Times Herald.

Roy E. Bode, who previously worked as Washington Bureau Chief of the paper and later as its associate editor, became its last editor-in-chief.

Despite financial pressures, the Times Herald continued to operate its own news bureaus in Washington, Austin, Houston, San Antonio and other Texas cities, and did not lay off journalists during its final years.

The next day, Belo Corporation, owner of the Morning News, bought the Times Herald assets for $55 million and sold the physical equipment to a variety of buyers to disperse the assets and thus prevent any other entity from easily re-establishing a competitive newspaper in Dallas.