3 Incredibly Cheap "Old" Media Stocks

As the market has fallen in love with growth stocks, "old" companies transitioning to the new digital economy have seemingly been thrown out with the bathwater. Yet while the anointed winners of the digital and streaming age trade at hefty valuations, usually in the 10-20 times sales range or even more, many value stocks today trade at just single-digit multiples of earnings or free cash flow.

Of course, that kind of valuation discrepancy is warranted if said cheap stocks face perpetual declines; however, if said "cheap" stocks can adapt and transition to the new normal, patient investors could see massive gains.

In that respect, one interesting sector to watch is the cable TV segment, which has experienced headwinds due to cord-cutting from the traditional cable bundle. The market has thus left "traditional" or "old media" stocks for dead, including ViacomCBS (NASDAQ: VIAC), Discovery (NASDAQ: DISCK) (NASDAQ: DISCA) (NASDAQ: DISCB), and Lions Gate Entertainment (NYSE: LGF.A) (NYSE: LGF.B).

Source Fool.com