Crossword Genius

Sensational story that’s p-petrifying (5,8)

Ross

I believe the answer is:

penny dreadful

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'sensational story' is the definition.
The definition and answer can be both related to communication as well as being singular nouns.
Maybe there's a link between them I don't understand?

I cannot understand how the rest of the clue works.

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(Other definitions for penny dreadful that I've seen before include "Melodramatic paperback novel" , "old comic?" , "Junior relation of the shilling shocker?" , "worthless novel" , "Cheap, sensational novel" .)

I've seen this clue in The Independent.
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