Internet and cable helped propel a 6.6 percent increase in U.S. media revenue, which reached $268.48 billion for the 100 leading media companies, as compiled by AdAge's annual report.

Time Warner remained the No. 1 media company in the U.S. with $33.73 billion in 2005 revenues, up 0.9 percent, boosted by its internet and cable offerings, reports AdAge. In a distant second, Comcast, with $22.08 billion, replaced Viacom, which split this year into CBS Corp. (No. 7 at $11.80 billion) and a new Viacom (No. 9 with $8.25 billion). The report defines media as information and entertainment distribution systems in which advertising is a key element.

The internet is poised to become the ultimate distribution system, according to the report, contributing $16.92 billion - up 20.5 percent - from advertising and subscription fees (but not e-commerce) from 14 companies.

Google, at No. 19, and Yahoo, at No. 21, accounted for $3.71 billion and $3.67 billion, respectively, in media revenues. Both were bested by Time Warner's AOL, however, with an estimated $6.32 billion in U.S. revenue - though revs fell 7.3 percent in 2005 because of declining subscriptions as AOL adopts an ad-supported model.

Ad Age's Annual Media Companies' Report poster (pdf) details the family trees of media ownership.