There are other reasons to consider PBS, including compelling valuations in and signs of a legitimate rebound by the lagging consumer discretionary, the worst performer in the S&P 500 this year. The sector is attempting to shed that laggard status as highlighted by a 6.2% gain for the Consumer Discretionary Select Sector SPDR (NYSEArca: XLY) since the start of May.

A less considered catalyst that could still prove to be efficacious for PBS is short-covering. Recent data show CBS (NYSE: CBS), Gannett (NYSE: GCI) and Cablevision (NYSE: CVC) are among the most heavily shorted stocks by hedge funds. Those names combine for about 10.6% of PBS’ weight, according to PowerShares data.

PowerShares Dynamic Media Portfolio

Tom Lydon’s clients own shares of Facebook.