Big Media's Cross to Bear

But other media players, such as New York Times(NYT Quote), own TV stations in markets that don't even hold tangential links to their print-media properties. New York Times owns five stations in such must-have localities as Wilkes-Barre, Pa., Moline, Ill., Fort Smith, Ark., and Oklahoma City, Okla.

At the Newspaper Association of America's midyear media review Tuesday, Times management was asked why it didn't sell the stations and return the cash to shareholders. Management's answer: TV stations produce cash.

But while some execs still see value in the local TV business, others are looking to move elsewhere. News Corp.'s(NWS Quote) Rupert Murdoch is likely to powwow with Liberty Media's(LINTA Quote) John Malone about unwinding the latter's 18% stake in his company. That deal seems likely to involve News Corp. selling 10 noncore TV stations in small to midsized markets, plus a boatload of cash.

Similarly, CBS (CBS Quote) is in the process of selling some 35 or so smaller-market radio stations and focus on larger markets.

Newspaper companies that don't enjoy significant efficiencies from local TV assets might be smart to follow suit. Murdoch and Moonves, like 'em or not, have been known to make a smart move now and again.