I hold this stock as a believe it is extremely cheap. The company just increased the divy 33%, which is usually a bullish sign. Last time a checked managament owned about 37% of shares outstanding so my interests are aligned with there interests. Also, the company is buying back shares as the sp is trading at about half of book.
The issue is that people dont want media stocks or more particular newspaper stocks. The thing with GVC is that they are mainly community papers, which means local people still read them. I know I read my local flyer when it comes. GVC has a competitive advantage in that in most towns in which they are in, they are the only paper which allows them to charge more for advertising.
I think the downside risk in this stock is minimal and the upside is great.