Just a few things to consider A shift of the view of the success...

Just a few things to consider
A shift of the view of the success of online media has began with a few articles in the press in the last few weeks as to the lack of success. This may impact not only dollars flowing back to traditional media but also sentiment on traditional media
You mention revenue decline - but a better measure is earnings and NPAT changes which have held up a lot better for PRT
You mention debt but ignore the reduction in this vs earnings decline with debt coverage become a lot better over last 3 years
Furthermore a change in licensing fees which is highly probable will also boost earnings

All stocks have risks , and you have outlined them in your post , but I do think PRT has priced in these risks and much more and I also think time is showing these risks may not be materialising as feared

Also of note is the recent trading which suggests buying interest and a bit of a trend change . NEC which has a similar debt and earnings profile to PRT but was trading a much higher multiple has seen a 25% rerating in the last few weeks . pRT is not large enough or liquid enough to attract the large insto flows but I imagine it may appear on the radar of some small cap and value managers . It won't take much buying interest to see this trading in the 40-50 range IMO