EarthLink's strategy of being the premier provider of premium dial-up Internet service is a long-term loser, but a lean operating structure and good cash flows should allow it to hold on until a buyer comes along.

The Media sector contains a wide range of business models, some very attractive to the Magic Formula, and some very unattractive. In this article I examine each of the sub-sectors, separating the wheat from the chaff, and explain what to look for in a good MFI Media company.