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
New York Times Co/The Com 650111107 185,239 11,672,294 SH   DFND 1 11,672,294 0 0
Apple Inc Com 37833100 182,612 325,500 SH   DFND 1 325,500 0 0
Gannett Co Inc Com 364730101 155,510 5,257,252 SH   DFND 1 5,257,252 0 0
Twitter Inc Com 90184L102 130,453 2,049,531 SH   DFND 1 2,049,531 0 0
Yahoo! Inc Com 984332106 120,118 2,970,278 SH   DFND 1 2,970,278 0 0
Sohu.com Inc Com 83408W103 81,778 1,121,316 SH   DFND 1 1,121,316 0 0
Activision Blizzard Inc Com 00507V109 79,708 4,470,461 SH   DFND 1 4,470,461 0 0
News Corp Com 65249B109 65,403 3,629,482 SH   DFND 1 3,629,482 0 0
AllianceBernstein Holding LP Com 01881G106 49,540 2,321,480 SH   DFND 1 2,321,480 0 0
Safeway Inc Com 786514208 47,008 1,443,294 SH   DFND 1 1,443,294 0 0
IAC/InterActiveCorp Com 44919P508 46,156 672,324 SH   DFND 1 672,324 0 0
Orbitz Worldwide Inc Com 68557K109 40,912 5,698,099 SH   DFND 1 5,698,099 0 0
NVIDIA Corp Com 67066G104 39,622 2,473,259 SH   DFND 1 2,473,259 0 0
EW Scripps Co Com 811054402 35,896 1,652,653 SH   DFND 1 1,652,653 0 0
Gray Television Inc Com 389375106 33,914 2,279,154 SH   DFND 1 2,279,154 0 0
Entercom Communications Corp Com 293639100 30,308 2,883,731 SH   DFND 1 2,883,731 0 0
Journal Communications Inc Com 481130102 24,415 2,622,465 SH   DFND 1 2,622,465 0 0
McClatchy Co/The Com 579489105 22,078 6,493,431 SH   DFND 1 6,493,431 0 0
News Corp Com 65249B208 18,087 1,014,406 SH   DFND 1 1,014,406 0 0
Western Digital Corp Com 958102105 14,372 171,296 SH   DFND 1 171,296 0 0
QUALCOMM Inc Com 747525103 13,544 182,406 SH   DFND 1 182,406 0 0
American International Group I Com 26874784 13,016 254,969 SH   DFND 1 254,969 0 0
Aeropostale Inc Com 7865108 10,075 1,108,396 SH   DFND 1 1,108,396 0 0
Janus Capital Group Inc Com 47102X105 10,072 814,234 SH   DFND 1 814,234 0 0
Cisco Systems Inc Com 17275R102 8,319 370,905 SH   DFND 1 370,905 0 0
L-3 Communications Holdings In Com 502424104 8,004 74,904 SH   DFND 1 74,904 0 0
AngloGold Ashanti Ltd ADR 35128206 6,747 575,707 SH   DFND 1 575,707 0 0
Abercrombie & Fitch Co Com 2896207 6,188 188,020 SH   DFND 1 188,020 0 0
Pozen Inc Com 73941U102 5,492 683,089 SH   DFND 1 683,089 0 0
Legg Mason Inc Com 524901105 5,161 118,702 SH   DFND 1 118,702 0 0
Kinross Gold Corp Com 496902404 5,116 1,167,929 SH   DFND 1 1,167,929 0 0
Baidu Inc ADR 56752108 2,768 15,560 SH   DFND 1 15,560 0 0