No.1 - Tune In To Media Stocks

Expect the media industry to dominate headlines this month. You’ll see May ratings sweeps, upfront presentations to advertisers and starting this week: first quarter earnings

Time Warner (TWX) is out on Wednesday before the bell, CBS (CBS) reports on Thursday and Disney (DIS) and Viacom (VIA) follow next week.

It's crunch time for Time Warner. After nearing a five-year high in January, the stock has stumbled on concerns about whether its AOL division can grab back its share of the digital revolution by going to a completely ad-based model.

Should you be buying Time Warner and other media stocks before earnings?

CNBC Entertainment Reporter Julia Boorstin joins the guys for the conversation.

Julia expects to see a mixed bag of results from TWX on Wednesday. She adds Wall Street is generally pleased.

Turning to sweeps weeks, Jeff Macke isn’t expecting big things and thinks the networks are fighting an uphill battle against the internet for ad dollars.

Julia agrees that it’s a losing battle. She adds the power dynamic has shifted, this year more than ever.

Eric Bolling looks at the big media charts and reveals that they’re currently turning down in part because media companies are doing so much acquiring. Eric recommends investors look at the companies being acquired such as InterActive Corp. (IACI).

Tim Strazzini tells the panel that he owns CBS and News Corps – and going forward he thinks success for these companies will come down to their distribution channels in the digital space.

Julia adds the CBS just partnered with YouTube - in fact all the networks have content that they’re trying to distribute via digital platforms.

Questions? Comments?

Trader disclosure:
On APR 27, 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders Strazzini Owns (NWS-A), (CBS) Bolling Owns (NMX), (SZE), (VE), (XOM),Gold, Silver, (TSO 120 puts -- May), Bolling is short Nasdaq Futures, and is short S&P Futures