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Revenue for the 2004-2005 broadcast season fell slightly for both prime time and all day parts for ABC, CBS and NBC, according to combined data compiled from the networks by Ernst & Young for the Broadcast Cable Financial Management Association. This was the first down season since TV's post-recession rebound began in Q2 2002.

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Focus on: Time Warner (TWX)

Time Warner's peak on Dick Parsons' watch-$19.98-came just one day after he took over as CEO May 16, 2002. TWX then plunged below $10 but rebounded as he settled SEC and Justice accounting investigations and stabilized the fractured company. The ad recovery began the month he took over, but the media stock is stuck. That's prompted Carl Icahn's call to spin off cable and buy back stock. Shares are down 75% since AOL and Time Warner announced a merger in 2000.

1. Currrent price/estimated '05 earnings per share. 2. Market cap plus debt minus cash. 3. 2004. Note: All-time high of AOL (now TWX) was $94 on 12/13/99.

Source: Bloomberg, company reports, Ad Age analysis

Last week's score

Stocks slipped amid worries about surging oil. Newspaper shares rose after early-week speculation-later denied-that Dow Jones could go on the block.

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Advertising Age and Bloomberg's AdMarket 50 tracks 50 top marketer, media and agency companies. Bloomberg symbol: BAAX

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