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AH Belo 10-Q: http://sec.gov/Archives/edgar/data/1413898/000119312512196761/d338556d10q.htmMcClatchy 10-Q: http://sec.gov/Archives/edgar/data/1056087/000119312512211881/d333712d10q.htmoperating income / quarterly revenue:AH Belo: (4.07%)McClatchy: 9.70%market capitalization (May 4, 2012) / quarterly revenue:AH Belo: 85%McClatchy: 120%AH Belo's market capitalization is only $89M. I think that a $6-per-share tender offer for the entire company might be feasible:(1) Pre-arrange a $200M loan to the company whose closing is contingent upon the success of a $6-per-share takeover and the hiring of good management.(2) Make the $6/share offer. See what happens.If McClatchy can carry the amount of debt it does, AH Belo can carry $200M (under new mgmt, of course).