Use the table for the question(s) below.
| Name | Market | Enterprise | Enterprise | Enterprise |
| Capitalization | Value | Price/ | Value/ | Value/ |
| ($ million) | ($ million) | P/E | Book | Sales | EBITDA |
| Gannet | 6350 | 10,163 | 7.36 | 0.73 | 1.4 | 5.04 |
| New York Times | 2423 | 3472 | 18.09 | 2.64 | 1.10 | 7.21 |
| McClatchy | 675 | 3061 | 9.76 | 1.68 | 1.40 | 5.64 |
| Media General | 326 | 1192 | 14.89 | 0.39 | 1.31 | 7.65 |
| Lee Enterprises | 267 | 1724 | 6.55 | 0.82 | 1.57 | 6.65 |
The table above shows the stock prices and multiples for a number of firms in the newspaper publishing industry. Another newspaper publishing firm (not shown) had sales of $620 million, EBITDA of $84 million, excess cash of $66 million, $14 million of debt, and 120 million shares outstanding. If the average enterprise value to sales for comparable businesses is used, which of the following is the range of reasonable share price estimates?
▸ $1.12 to $1.68
▸ $5.72 to $8.09
▸ $6.07 to $8.59
▸ $6.00 to $9.04