Debts are no problem for Gannett. They made profits of $758MM or $3.3/share in last year, if you exclude depreciation and onetime Items. That means they can reduce the long term debts in half during next two year with just already projected Cash flow from year 2010~11. In this pace they could pay off all their long term and all other debts in 5 years.
On the other hand, their business assets and properties are way undervalued by 50%, In fact, only 50% ownership of Career Builder alone would worth a lot more than $1Billion by now. Remember GCI was over $60, 3 years ago, and it should worth at least $25~$35 by sometime next year if they successfully reduce long debts by half. .