Media Stocks Keep Getting Pummeled

The endless assault on media and media-related properties appears to know no bounds.

This morning Comcast (CMCSA - commentary - Cramer's Take) seems about to take out its 52-week low and Time Warner (TWX - commentary - Cramer's Take) is limping along at pathetic levels. One look at CBS (CBS - commentary - Cramer's Take) is enough to show you that there may not be a pulse there even with a 3% yield and a good buyback.

There's no upside in any of the newspapers, with New York Times (NYT - commentary - Cramer's Take), McClatchy (MNI - commentary - Cramer's Take) and Gannett (GCI - commentary - Cramer's Take) showing no lift. They all seem destined to go lower.

Even Disney (DIS - commentary - Cramer's Take) can't get out of its own way, and it is the least exposed to advertising.

These declines are amazing. There seems to be no value whatsoever to these stocks, and no one will call a bottom. It is as if people feel that media is a wasting asset. The only bucker of the trend that I see is News Corp. (NWS - commentary - Cramer's Take).

So, what does that say? I think it says INTERNET. That's right, News Corp. is widely perceived as the only media company with a real Web strategy, and everyone in this market believes that the only future for the media is the Web.

I don't disagree. When I was doing comScore (SCOR - commentary - Cramer's Take) last night for my TV show, I saw another reminder of how small the Web still is vs. the rest of media.

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At the time of publication, Cramer had no positions in the stocks mentioned.

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