The Hollywood Reporter says its Showbiz 50 index (Symbol: $THR50) is up 10 percent since January 1st, indicating that "the worst of the recession is over," at least for the entertainment industry.

The report says shares for FOXNews.com’s parent company, NewsCorp, are up 24 percent, while Viacom is up 20 percent, Disney 12 percent; and CBS 8 percent.

But Cody Willard, host of FOX Business Happy Hour, says looking at 2009 figures alone is "arbitrary."

"What tells you more about the business is how they’ve done in the past year," says Willard.

The Showbiz 50 index shows most media company stocks are down significantly over the last 12-month period. CBS has the biggest drop — with a 59 percent plummet.

"[Members of] the media are trying to make themselves feel OK," says Willard. "But when things are down 59 percent in a year, you know things suck."

He says media corporations are hugely dependent on advertising. "Ad sales are down 14 percent year-to-year," says Willard. "So when you see 14 percent of your sales disappear, you’re getting hurt."

While the Hollywood Reporter says signs indicate the advertising market is stabilizing, Willard says the future looks gloomy for the media industry as a whole. "I would expect these stocks to revisit their recent lows."