Here's something to think about. GCI owns 23 tv stations, including network stations in Denver, Phoenix, Atlanta, St. Louis, DC, Cleveland, etc. In 2007, the broadcast segment had operating income of $315 million. (I'm ignoring interest expense because I'm looking at total EV below)
In his 2007 letter to shareholders, Warren Buffet (a pretty smart guy) mentioned that he turned down an opportunity to buy the Dallas NBC station in the early 1970s. He goes on to say that it earned pre-tax income of $73 million in 2006 and had a capital value of about $800 million (or 11x pre-tax income).
Apply that same multiple to GCI's broadcast earnings, and you get about a $3.5 billion value.
Right now, GCI's EV is about 5.2 billion (3.8 in net debt and 1.4 market cap). That means you're getting the newspapers, which generated 1.3 billion in operating income last year for 1.7 billion (or a 1.3 multiple). Seems like a good deal to me even if the future of the newspaper industry is bleak.