News Corp.

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First up is media conglomerate News Corp. ( NWSA), which owns the Fox family of television networks and film studios as well as satellite TV service Sky Italia and media properties spread across the U.K. and Australia.

Hedge funds love NWSA right now -- they've bought more than 56 million shares in the firm, increasing an already-large holding in the stock. That buying hikes hedgies' holdings in NWSA by more than 20%. (For example, Daniel Loeb's Third Point initiated a new position in the stock in the second quarter.)

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The past year has been interesting for News Corp. A series of scandals have rocked several of the firm's subsidiaries, but ultimately the bad press does little to change the trajectory of News Corp.'s businesses. The firm is well integrated, a model that makes a lot of sense for a media firm; a large IP vault of TV and film properties provide a dirt cheap stream of content for NWSA's channels as well as a means of advertising complementary media offerings.

Of course, that's not to say that the business is perfect. In the past, News Corp. has been punished for veering too far from its core business. Its internet arm, for instance, has largely been a costly exercise that's produced few benefits. Hopefully that fact remains fresh in management's minds as long as NWSA's cash balance remains high.

Financially, the firm is in good shape with growing properties in exciting markets like India and China. Shares should be able to continue climbing in 2012.

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