The researcher's aggregated Local Media Index fell 18.7%, dragged down by Yellow Pages and newspaper stocks. Broadcast TV stocks gained an average 6.1%, compared to radio's 2.1%. BIA/Kelsey's Dr. Mark Fratrik says "the last quarter of 2011 saw a rebound in media stocks." For this year coming up, the firm "sees the prospects for local media companies improving along with the economy...The anticipated strong political advertising year and the outlook for radio and television stations should bolster several sectors in the Local Market Index."

Digital continues to grow: BIA/Kelsey predicts that "by 2015, approximately 25% of all ad dollars spent in local media will be in digital media, augmenting traditional media spending." It expects solid growth in "coordinated cross-platform media buying, with integrated creative and marketing campaigns."

Free webinar on Thursday, January 19: BIA/Kelsey will examine the opportunities in a webinar titled "Looking Ahead to a Year of Transition and Transformation for Local Media." For more information and online registration, check here.