There's no reason to think these runs will or even should end.
Big media has tight control over what matters: Premium sports and entertainment content. These companies own, operate and/or control the top national cable networks ( ESPN, Fox, etc) and the most prolific regional outlets ( Fox Sports Networks, MSG, YES, etc.), and have rights locked up to coveted sports programming (NFL, NBA, MLB, regional attractions such as the New York Rangers).
That means big-time advertising dollars and the extraction of exorbitant fees from cable and satellite companies now, and the ongoing construction of multinational empires that will dominate the long term.Nobody can or will change this. Not Netflix. Not the consumer. Anything can happen, but big media has to be the most airtight sector out there right now. AAPL gets all of the press. It's fun. I thrive off it as much as anybody, but that company and stock can also distract long-term investors from other opportunities they should be pursuing. Follow @rocco_thestreet -- Written by Rocco Pendola in Santa Monica, Calif.
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