The Financial Times' Lex column (paid subcription or 15 day free trial required) discusses U.S Internet companies. It's conclusion:
TWX chart below.
Ironically, the best positioned media group is the one that made the most catastrophic blunder of the internet era. Time Warner gave away more than half the company to a massively inflated AOL. While the internet arm still has big structural problems, these are being addressed. Time Warner must be willing to take the financial pain of converting AOL from a largely subscription business into a mainstream portal. Assuming it does, it will be the only media giant with real potential to challenge the likes of Google and Yahoo.