For three years News Corp's earnings per share have been relatively flat, which makes a prudent investor wonder if the current price is sustainable without a large increase in EPS going forward.

NWS currently trades at a price-to-earnings ratio of around 17. CMCSA sports a PE ratio of almost 20 but a forward (one-year) PE of 14.48. News Corp's forward PE is unclear, and the date for reporting its earnings for the second quarter is not yet known. Too much uncertainty for my blood.

Here's the schedule of dates that TV networks and media companies will begin releasing the latest earnings numbers, according to the Associated Press:

July 31: Discovery Communications ( DISCA)

Aug. 1: Time Warner ( TWX) and Comcast (NBC owner)

Aug. 2: CBS ( CBS) and Scripps Networks Interactive ( SNI)

Aug. 3: Viacom ( VIA)

Aug. 7: Walt Disney (ABC owner)

Aug. 9: AMC Networks ( AMCX)

So keep your eye on your favorite media companies and don't forget to consider Comcast carefully. Analysts are looking for quarterly earnings through June 30 of 48 centa per share and full-year 2012 EPS of around $1.89.

Comcast is a great media empire, and not really over-priced with a PEG ratio (five-year expected) of only 1.12.

That said, it wouldn't break my heart to see a price correction that would bring the PEG ratio to below 1. That's when I begin salivating and rubbing my buyer's hands together.

At the time of publication the author had no holdings in the stocks mentioned.

This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.

Make smarter trading decisions and provide investment ideas that could help make you richer. Bryan Ashenberg does the dirty work so you don't have to!

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