NEW YORK ( TheStreet) -- The way that the media business has been shaking out in recent years, it has become clear that digital start-ups are quickly supplanting old print dinosaurs. Just consider the recent "merger" of The Daily Beast and Newsweek as an example of how old media stalwarts are quickly taking second billing.

That means if you want to ride the wave to big profits in the media industry, you have to think small and think for the future. Right now, I have my eye on four such penny stocks in the media industry:

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  • Nexstar Broadcasting Group (NXST)

    Television broadcasting company Nexstar Broadcasting Group ( NXST) focuses on the acquisition, development and operation of television stations in medium-sized markets across the U.S. Year-to-date, this penny stock has gained 23.2% compared to gains of 10.5% and 7% for the Nasdaq and Dow Jones. Since September, NXST is up an impressive 33.1%.

    While NXST did post poor earnings of 11 cents a share last quarter, analysts are expecting big things from this media stock next quarter and are projecting 29 cents a share. Nexstar trades just under $5 currently.

    Cumulus Media Inc. (CMLS)

    Cumulus Media ( CMLS) acquires, develops and operates both AM and FM radio stations. You may think radio is hardly a futuristic play, but the bottom line is there remains no better local advertising channel than radio stations as web and TV audiences rely on disparate national outlets.

    Since January, CMLS has jumped 51.3% compared to smaller gains by the broader markets. More impressive, this penny stock has climbed 63.5% since Sept. 1. Last quarter, CMLS beat earnings estimates by 218% and posted a quarterly revenue growth of 3.6%. CMLS has a trading price of $3.45, which is quite an upgrade from its 52-week low of $1.91.
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  • Primedia (PRM)

    Media company Primedia ( PRM) offers customers with directories for rental property sector and residential real estate industry. Since the start of September, PRM stock has gained 27.6%, and the stock is up 11.4% year-to-date. Additionally, PRM has met or exceeded earnings estimates for three of the last four quarters. Last quarter, this penny stock beat EPS earnings by 271%. Trading at $4.05, PRM is less than a quarter away from its 52-week high of $4.29.
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  • Sirius XM Radio (SIRI)

    Sirius XM Radio ( SIRI) is known for its two wholly owned subsidiaries, XM Satellite Radio Holdings and Satellite CD Radio. SIRI has performed the best in 2010 of any stock on this list, gaining 130.8% since January. Since September, this penny stock has climbed 44.9%. Sirius has also met or exceeded earnings estimates three of the last four quarters. Trading at just $1.38, SIRI is a very affordable stock that could be great for your portfolio, based on its yearly performance.

    As of this writing, Louis Navellier did not own a position in any of the stocks named here.

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