Melodramatic paperback (5-8)

I believe the answer is:

penny-dreadful

(Other definitions for penny-dreadful that I've seen before include "Cheap melodramatic novel" , "Junior relation of the shilling shocker?" , "Cheap, sensational serial or book" , "Cheap storybook" , "Melodramatic paperback novel" .)

I've seen this clue in the Sydney Morning Herald.

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