Local TV station advertising revenue and overall profits may be skyrocketing upwards -- but station value is not rising for media investors. Looking at the six pure-play TV station groups, New York-based media investment company M.C. Alcamo & Co. says companies are trading at less than they did at the start of the year -- even though revenues and profits are higher. At the same time, these 15 media companies -- pure-play and integrated media companies -- have seen 12.1% more revenue in the second quarter of 2010 versus a comparable period in 2009. In addition, profitability among this media group has improved 5 percentage points to 39% from 35% a year ago.
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