Media stocks outperformed the broad market in the first quarter, but the jump in valuation may have had more to do with peripherals like politics than fundamentals of the business.
The FCC under former Verizon official Ajit Pai took the first step on Thursday to reinstate a rule favored by the country's largest television station owners.
Sinclair is eager to buy other station groups, and Tribune Media may be a seller. But any deal involving the country's largest TV station owners will require FCC rule changes.
Jim Cramer is bullish on T-Mobile, Box and Treehouse Foods. He's bearish on Verizon and Best Buy.