6 Winning Stocks for Awards Season

MILLBURN, N.J. ( Stockpickr) -- We are in the heart of awards season. The Golden Globes Awards ceremony was held on Jan. 15, and the first-ever NFL Honors took place the night before the Super Bowl. This past weekend as the Grammys, and at the end of the month comes the highly anticipated Academy Awards.

I thought all of these awards shows made for a perfect opportunity to look closer at investment opportunities within the media industry. Here are my six favorite media and entertainment stocks.

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CBS: Broadcast

While Disney has an excellent broadcast lineup with ABC, ESPN, The Disney Channel and other cable channels, CBS ( CBS) is the current king of broadcast television. CBS, headed by the very successful and talented Les Moonves, carries the highly rated blockbuster CSI and NCIS franchises of law enforcement dramas as well as a lineup of comedies and other drama shows that also draw large ratings. In today's digital age, all of these shows also have secondary value beyond primary broadcast such as syndication and on-demand pay television.

But that is not all there is to CBS. The company has a strong daytime and late-night lineup as well as one of the most-watched sports networks. A hotly contested and well-financed presidential election in 2012 will be a boom for broadcast advertising.

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Earnings skyrocketed in 2011 and are expected to jump another 21% in 2012. The company generates excellent cash flow, which has been used to repay debt and pay a modest dividend, which could grow in the future.

CBS shows up on a list of 5 Mid-Cap Stocks That May Outperform in 2012 and Beyond and is one of Merrill Lynch's 10 Favorite Stocks for 2012.

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