Media Stocks: High Marks for Low Prices

Andrew Fisher
Wednesday, 9 Jul 2008 | 2:05 PM ET

If you ask Miller Tabak's David Joyce about media stocks, it might be easier to ask which ones he does not recommend than which ones he does.

Joyce has "buy" recommendations on no fewer than 21 media stocks, and it's all in the valuations.

"In a recession, in a bear market, you can be amazed at the kind of valuations you see," he told CNBC. "If you can be patient, this is a great time to accumulate these shares."

Which companies does he regard as most worth accumulating?


"I think Disney is great," he said. "They've got phenomenal assets that they grow across all their platforms."

Valuation has also turned a former media pariah into a destination stock.

"Time Warner has a lot of things going for it, with a $9.25 billion dividend coming to them this year," he said. "They could buy back stock; they could be an acquirer; so there's turnaround possibilities there for their AOL division as well."

Media Moguls & Stocks
Discussing whether media stocks can recover, with Larry Haverty, Gabelli Global Multi-Media Fund; David Joyce, Miller Tabak and CNBC's Julia Boorstin


Neither David Joyce, his family, nor his firm owns shares in, or has a business relationship with, Disney or Time Warner.


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