Rather, Haverty sees a company that is well-run and getting the most out of its cable-TV stations. Cruetz agrees, arguing that with the S&P trading at 15.4 times earnings - its highest level since May 2011 - News Corp. as well as Time Warner and Viacom aren't overvalued.

"These guys are oligopolies of content," Cruetz said. "You have good visibility and double-digit EPS going forward. There's no reason these companies can't be relatively good performers compared to the overall market."

Written by Leon Lazaroff in New York

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