I'm sure execs at DreamWorks Animation (DWA) know it's tough to be a publicly-traded content company that is more directly tied to the film business than a huge conglomerate is; if they didn't, they know it today. No matter how great management thinks the next project is, moviegoers may simply not send it into the stratosphere in terms of the first-weekend gross.

Such is the case with DreamWorks Animation's latest project, Megamind. At first glance, it seems like an awesome hit. According to estimates over at Box Office Mojo, the cartoon came in first place at domestic theaters over the three-day period, beating out other new films from Time Warner (TWX) and Lions Gate Entertainment (LGF).

News Corp. (NWS), a media conglomerate whose colleagues include CBS (CBS), Disney (DIS), General Electric's (GE) NBC Universal, Time Warner (TWX), and Viacom (VIA), issued its Q3 report Tuesday after the bell. I thought things looked pretty good.

Net sales increased 19%, and net income calculated out to 32 cents per share; Bloomberg Businessweek says the expectation was for around 23 cents per share of profit. Very cool. If you reference the actual press release, you'll see that just about all the operating segments performed extremely well on a year-over-year basis.

Everyone dreams of making it big in Hollywood (hey, I wouldn't mind selling a screenplay or two). Such a goal is elusive. You can, however, trade stocks associated with the glitz and glamor of Tinseltown. Let's look at the earnings reports of two businesses involved in motion pictures that were released on Thursday.

IMAX Corporation (IMAX) is famous for its 3D-theater technology. It's also been notable lately for its stock. Like a solid script, the one-year chart tells a good story. The shares have risen mightily over the last twelve months, fighting their way to victory by defeating all the Wall Street bears (I admit, I've been bearish on the company in the past) and basking in the triumphant glory of new 52-week highs.

Time Warner (TWX) had a nice weekend. According to Box Office Mojo, the studio's Clash of the Titans spectacle retained its number-one position, bringing in $26.6 million at domestic theaters. At first, it seemed as if News Corp.'s (NWS) Date Night was going to be the top picture, but it ended up settling for second place after the final numbers came in (it was eventually credited with $25.2 million).

Besides that, the other news story this week is the apparent deal between Time Warner's TBS and Conan O'Brien; he'll create a new talk show for that network to debut sometime this November. This got me thinking about Time Warner and its stock: is it a buy right now?

While searching through the news, I caught an item highlighted by theflyonthewall. It was a piece on the economic science of advertising a feature movie. And it mentioned DreamWorks Animation's (DWA) How to Train Your Dragon. That film hasn't done as well as management probably expected; it certainly didn't do as well as the market expected, judging by the price action of DWA after the flick's first weekend at bat.

According to Reuters, all the studios are trying to deal with the inflationary aspects related to opening a movie. Whether you're a Disney (DIS) or a Time Warner (TWX), it makes no difference; if you want a big debut weekend for a tent-pole production, you're probably going to put a lot of capital to work (and, by definition, at risk).

What an interesting weekend at the box office. There was a lot to watch for those who invest in the media sector. Let's have a look at what went on.

First, Time Warner Inc. (TWX) scored with Clash of the Titans. I think most observers were expecting this one to reign supreme. According to estimates available at the time of this writing over at Box Office Mojo, Titans made over $60 million in the domestic marketplace. Shareholders are hoping that this will be the start of another good run for the studio. As you'll probably recall, Time Warner was very successful in the celluloid game during 2009.

We all have our watch lists. I'm no different. Here are four companies that I monitor almost every single day, and a brief opinion on each of them.

Activision Blizzard (ATVI): I sold this one back in January. Some believe I was wrong to do so. I definitely comprehend the sentiment, because really, this is the best publisher in the sector. Compared to Electronic Arts (ERTS) and Take-Two Interactive (TTWO), Activision Blizzard has an enviable pipeline. Unfortunately, the video-game industry isn't firing on all cylinders; check out the most recent monthly-sales report, and you'll see what I mean. In addition, the company's Guitar Hero franchise isn't the fad it once was. I do want to get in on the stock again, though; lately, the price seems to be perking up. I'm not ready to send in the buy order just yet. I'm waiting for further strength to materialize in the shares.

Carmike Cinemas (CKEC) reported a much-improved fourth quarter yesterday after the bell. Total revenue increased 17%. The bottom line recorded 48 cents per share in terms of income from continuing operations. This compares to a loss of $2.75 per share in the relevant period.

According to Reuters, the net income figure completely obliterated the analysts. The call was for 9 cents per share. I don't think there was any question that the theater chain was going to beat. As management stated in the release, the multiplex industry generated incredible business in Q4.

In its second weekend out in the domestic theatrical marketplace, Viacom's (VIA) Shutter Island thriller, starring Leonardo DiCaprio, demonstrated that it has some resilience. This is good news, considering the budget on the film is a healthy $80 million.

Island made $22.6 million, according to Box Office Mojo. The cumulative gross so far for the flick is better than $75 million. Viacom beat out Time Warner's (TWX) new entry Cop Out, directed by Kevin Smith, and horror picture The Crazies, a remake of a George Romero project from the early 1970s, which is distributed by Liberty Capital Group's (LCAPA) Overture Films.

Over the long Valentine's weekend, according to estimates from Box Office Mojo at the time of this writing, Time Warner's (TWX) Valentine's Day made over $50 million, good for number one. How appropriate, right?

News Corp.'s (NWS) Avatar dropped to fourth place. Last week, the film was in second place. I know it's been out for a while, and the lower rank is to be expected by this point no matter how much of a phenomenon it is, but I thought it would have made a stop at slot three before hitting the one below it. No huge deal, though, since it's already made tons of money.

Viacom, Inc. (VIA) recorded a significant increase in per-share profit in the fourth quarter. On an adjusted basis, earnings from continuing businesses increased over 40% to $1.09 per share. The call on Wall Street was for only 88 cents per share.

Sure, that's a wide margin for the beat, but in many ways, the Viacom story is a precarious one to buy. There are two major divisions in this company: media networks and movies. Operating income at the former went up 3% in Q4, while profit at the latter increased over 250%. Viacom had a strong theatrical film slate in 2009, and it is reaping the financial windfall from that slate in the ancillary markets.

Lions Gate Entertainment (LGF), a content studio operating in the same industry as The Walt Disney Company (DIS), Sony Corporation (SNE), Time Warner Inc. (TWX), and Viacom, Inc. (VIA), released third-quarter results to the market on Tuesday after the bell. The numbers weren't spectacular, but there were some definite improvements.

Lions Gate lost 55 cents per diluted share in Q3. According to my earnings preview, Wall Street was hoping for a loss closer to 23 cents. On the bright side, the company lost 84 cents per share in last year's report, so at least execs stopped the red ink from getting any redder.

Disney (DIS), a major media company that competes with CBS (CBS), General Electric's (GE) NBC Universal, News Corp. (NWS), Sony (SNE), Time Warner (TWX), and Viacom (VIA), offered up fiscal Q1 data after the bell on Tuesday. From the looks of things, the Mouse had a good quarter.

According to my earnings preview, the call was for net income to come in at 39 cents per share on an adjusted basis. Disney actually made 47 cents per share. Not only was that a more than acceptable beat, but it represents growth of 15%.

News Corp. (NWS), the media conglomerate that competes with Disney (DIS), Time Warner (TWX), and General Electric's (GE) NBC Universal, posted Q2 data after the bell on Tuesday. Shareholders should have few complaints on this one.

Revenues went up 10%, and earnings on an adjusted basis jumped well over 60% to 25 cents per share. According to Reuters, the estimate was 20 cents per share. Besides the beat, cash from operations was a lot better in the current six-month period. In the comparable frame, cash was used to fund operating activities.

Did you think Mel Gibson had a chance this past weekend? Probably not. By now, we're all used to seeing News Corp.s (NWS) Avatar take the top spot. And for those keeping score, this is the seventh victory in a row for James Cameron (who, by the way, may offer lessons for entrepreneurs, according to Tom Taulli).

According to early estimates from Box Office Mojo, Avatar made another $30 million at domestic theaters over the past three days. At the time of this writing, the worldwide gross was just under $2 billion (it will definitely go over $2 billion, don't worry). Time Warner's (TWX) Edge of Darkness, starring the aforementioned Gibson, wasn't even close to a challenge for the 3-D aliens. Give it some credit, though: It came in second with $17 million.