Discovery Communications is also a standout, notable for its reality shows like the Deadliest Catch series and Animal Planet. It has been able to offer programming that attracts advertisers, and it's posted revenue growth in a tough environment, a feat credited to its highly respected ad honcho, Joe Abruzzese, whom Discovery lured away from CBS Television Networks in 2002.

The valuations of pure-play cable-network stocks, such as Discovery Communications (DISCA) and Scripps Networks Interactive (SNI) -- over 18 times earnings and enterprise values of eight to nine times earnings before interest, taxes, depreciation and amortization -- reflect the lush economics of the business.

As for trades, he said he liked Viacom (VIA), which he called a pure cable network; Discovery Communications(DISCA); and Cablevision(CVC), which he calls the "best name" in 2009 because of its quality asset base, $2.40 free cash flow and a trading price of $16.

If you’re looking for trades Greenfield recommends long Viacom [VIA] or Discovery Communications [DISCA] as the big media winners for ’09. And he says you can pair that with a short CBS [CBS].

60,000 791

“Perhaps Viacom [VIA] and Discovery [DISCA] are worth a look on valuation,” says Diclemente, “but I wouldn’t buy just yet.”

PEG of 3.06

Cramer: The One Media Stock to Watch: Jim Cramer chooses one name out of three media stocks reporting this week.

Click here to watch the video.

Cramer: The One Media Stock to Watch: Jim Cramer chooses one name out of three media stocks reporting this week.

Click here to watch the video.

Cramer: The One Media Stock to Watch: Jim Cramer chooses one name out of three media stocks reporting this week.

Click here to watch the video.