Perhaps it's beginning to sink in that Gannett is more than just a newspaper company, owning 23 TV stations in 15 states and the District of Columbia that reach 21 million households, or about 18% of US population. The company also has digital unit that includes CareerBuilder and 120 web sites that are associated with local publishing and television markets. Last quarter, the broadcasting and digital segments accounted for 32% of total company revenue, but more than 68% of operating income.

Clearly, there's more to Gannett than paper and ink.

This may never again be a $90 stock, but the recovery has been compelling.

This is a great example of the potential benefits of buying what no one else wants to own, and ultimately reaping the benefits. Of course, it does not always work out that way, and you've got to do your homework first. Sometimes investors shun companies for good reasons. The true art is determining when the crowd is wrong. It's not easy, and takes patience, nerve, and the ability to sometimes take a beating.

At the time of publication, the author was long GCI.

This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.

Jonathan Heller, CFA, is president of KEJ Financial Advisors, his fee-only financial planning company. Jon spent 17 years at Bloomberg Financial Markets in various roles, from 1989 until 2005. He ran Bloomberg's Equity Fundamental Research Department from 1994 until 1998, when he assumed responsibility for Bloomberg's Equity Data Research Department. In 2001, he joined Bloomberg's Publishing group as senior markets editor and writer for Bloomberg Personal Finance Magazine, and an associate editor and contributor for Bloomberg Markets Magazine. In 2005, he joined SEI Investments as director of investment communications within SEI's Investment Management Unit.

Jon is also the founder of the Cheap Stocks Web site, a site dedicated to deep-value investing. He has an undergraduate degree from Grove City College and an MBA from Rider University, where he has also served on the adjunct faculty; he is also a CFA charter holder.

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