NEW YORK (TheStreet) -- Bull markets are by nature confounding: reality mostly trails expectations, and a market in near constant escalation begs asking whether things are really this good.

Media heavyweights News Corp (NWSA), Time Warner (TWX) and Viacom (VIAB) have surged on this market, a bull run now in its fifth year. News Corp on Wednesday closed at $30.23, having gained 19% in 2013 while boosting the stock's valuation to 19.3 times earnings, near its highest level in three years. Time Warner is doing much the same, trading at 17 times earnings, near its highest level since December 2009.


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