The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

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COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
Apple Inc Com 037833100 159,660 334,892 SH   DFND 1 334,892 0 0
New York Times Co/The Com 650111107 148,002 11,774,251 SH   DFND 1 11,774,251 0 0
Gannett Co Inc Com 364730101 146,285 5,460,436 SH   DFND 1 5,460,436 0 0
NVIDIA Corp Com 67066G104 88,049 5,658,680 SH   DFND 1 5,658,680 0 0
Safeway Inc Com 786514208 75,198 2,350,658 SH   DFND 1 2,350,658 0 0
Yahoo! Inc Com 984332106 74,772 2,254,201 SH   DFND 1 2,254,201 0 0
News Corp Com 65249B109 61,344 3,819,665 SH   DFND 1 3,819,665 0 0
American International Group Com 026874784 46,477 955,728 SH   DFND 1 955,728 0 0
Gray Television Inc Com 389375106 31,338 3,992,091 SH   DFND 1 3,992,091 0 0
EW Scripps Co Com 811054402 30,437 1,658,713 SH   DFND 1 1,658,713 0 0
Orbitz Worldwide Inc Com 68557K109 29,995 3,114,765 SH   DFND 1 3,114,765 0 0
AllianceBernstein Holding LP Com 01881G106 29,344 1,477,535 SH   DFND 1 1,477,535 0 0
Entercom Communications Corp Com 293639100 25,319 2,883,731 SH   DFND 1 2,883,731 0 0
Sohu.com Inc Com 83408W103 24,689 313,196 SH   DFND 1 313,196 0 0
McClatchy Co/The Com 579489105 19,480 6,493,431 SH   DFND 1 6,493,431 0 0
Journal Communications Inc Com 481130102 18,260 2,135,667 SH   DFND 1 2,135,667 0 0
News Corp Com 65249B208 16,098 979,802 SH   DFND 1 979,802 0 0
Western Digital Corp Com 958102105 15,613 246,268 SH   DFND 1 246,268 0 0
Aeropostale Inc Com 007865108 8,424 896,133 SH   DFND 1 896,133 0 0
Kinross Gold Corp Com 496902404 8,412 1,665,796 SH   DFND 1 1,665,796 0 0
Seagate Technology PLC Com G7945M107 7,259 165,893 SH   DFND 1 165,893 0 0
National Oilwell Varco Inc Com 637071101 7,159 91,655 SH   DFND 1 91,655 0 0
L-3 Communications Holdings In Com 502424104 7,089 75,013 SH   DFND 1 75,013 0 0
Janus Capital Group Inc Com 47102X105 7,092 833,385 SH   DFND 1 833,385 0 0
EMC Corp/MA Com 268648102 6,198 242,503 SH   DFND 1 242,503 0 0
AngloGold Ashanti Ltd ADR 035128206 5,724 430,997 SH   DFND 1 430,997 0 0
WellPoint Inc Com 94973V107 5,556 66,447 SH   DFND 1 66,447 0 0
Pozen Inc Com 73941U102 3,870 675,427 SH   DFND 1 675,427 0 0
Google Inc Com 38259P508 3,596 4,105 SH   DFND 1 4,105 0 0
Legg Mason Inc Com 524901105 3,332 99,644 SH   DFND 1 99,644 0 0
Cisco Systems Inc Com 17275R102 3,280 139,972 SH   DFND 1 139,972 0 0
Baidu Inc ADR 056752108 2,335 15,050 SH   DFND 1 15,050 0 0