Based on Richardson Investment Model, which focuses on how investments influence a company’s performance, this study finds that the high performance of media listed companies comes from financial deviations, not efficient investments. Both the asset-light asset structure of media listed companies and the excess of money flowing in primary stock market of China lead to the financial deviations. This result reveals the investment failures of media listed companies in China, which indicates that it is necessary for media listed companies to optimize the assets structures, build reasonable remuneration system of senior executives, and develop profitable projects, in order to achieve the actual high performance in investment in future.