Investors should not be afraid to buy media stocks because they contain “real value,” says Ariel Investments CEO John Rogers Jr.

“And I think most of the media companies have diversified into the web, and when you talk to management teams like Gannett, they say they're kind of agnostic of whether the revenue comes in over the web or through traditional print,” he said.

Investors should focus on media companies embracing new technology, said James Altucher, hedge fund manager of Formula Capital.

He recommends ValueVision Media because it offers television programming along with direct marketing, according to a Wall Street Journal blog. The stock is undervalued even though the company has a good cash position and assets.

“The market is assigning little to no value on ValueVison currently. I expect this to change regardless of consumer spending,” Altucher said.

Rogers told Forbes that he also favors real-estate services companies such as CB Richard Ellis and Jones Lang La Salle because they are the “giants” in the sector.

“When it comes to outsourcing, they have the global scale to do it really, really well and have all the synergies between the various aspects of all their operations,” he said.

Professional services companies such as Accenture and Hewitt are good investments because of their strengths in human resources consulting and technology outsourcing.