Sometimes investors get so excited about one industry that they completely ignore others, which can lead to valuations getting too low for good businesses. A case in point is Wall Street’s love affair with digital media, which has left traditional media stocks in the bargain bin.

AMC Networks (NASDAQ:AMCX) has a long track record of producing hit TV shows, which has created one of the top brands in media. Tegna (NYSE:TGNA) and Gray Television (NYSE:GTN) operate local TV stations in top markets around the country, which allows both companies to rake in loads of ad dollars during even-year elections, in addition to sports events like the Olympics.

All three companies are… Continue reading at Fool.com