As the Q3 earnings season wraps, let’s dig into this quarter’s best and worst performers in the broadcasting industry, including Paramount (NASDAQ: PSKY) and its peers.

Broadcasting companies have been facing secular headwinds in the form of consumers abandoning traditional television and radio in favor of streaming services. As a result, many broadcasting companies have evolved by forming distribution agreements with major streaming platforms so they can get in on part of the action, but will these subscription revenues be as high quality and high margin as their legacy revenues? Only time will tell which of these broadcasters will survive the sea changes of technological advancement and fragmenting consumer attention.

The 7 broadcasting stocks we track reported a mixed Q3. As a group, revenues along with next quarter’s revenue guidance were in line with analysts’ consensus estimates.

Luckily, broadcasting stocks have performed well with share prices up 19.3% on average since the latest earnings results.

Paramount (NASDAQ: PSKY)

Owner of Spongebob Squarepants and formerly known as ViacomCBS, Paramount Global (NASDAQ: PARA) is a major media conglomerate offering television, film production, and digital content across various global platforms.

Paramount reported revenues of $6.70 billion, flat year on year. This print fell short of analysts’ expectations by 5.6%. Overall, it was a softer quarter for the company with a miss of analysts’ Filmed Entertainment revenue estimates and a miss of analysts’ TV Media revenue estimates.

Paramount delivered the weakest performance against analyst estimates of the whole group. Interestingly, the stock is up 6% since reporting and currently trades at $16.11.

Read our full report on Paramount here, it’s free for active Edge members.

Best Q3: FOX (NASDAQ: FOXA)

Founded in 1915, Fox (NASDAQ: FOXA) is a diversified media company, operating prominent cable news, television broadcasting, and digital media platforms.

FOX reported revenues of $3.74 billion, up 4.9% year on year, outperforming analysts’ expectations by 4.6%. The business had a stunning quarter with a beat of analysts’ EPS estimates and an impressive beat of analysts’ EBITDA estimates.

FOX delivered the biggest analyst estimates beat and fastest revenue growth among its peers. The market seems happy with the results as the stock is up 6.1% since reporting. It currently trades at $64.54.

Is now the time to buy FOX? Access our full analysis of the earnings results here, it’s free for active Edge members.

iHeartMedia (NASDAQ: IHRT)

Occasionally featuring celebrity hosts like Ryan Seacrest on its shows, iHeartMedia (NASDAQ: IHRT) is a leading multimedia company renowned for its extensive network of radio stations, digital platforms, and live events across the globe.

iHeartMedia reported revenues of $997 million, down 1.1% year on year, exceeding analysts’ expectations by 1.9%. Still, it was a softer quarter as it posted a significant miss of analysts’ adjusted operating income estimates and a significant miss of analysts’ EPS estimates.

As expected, the stock is down 11% since the results and currently trades at $3.95.

Read our full analysis of iHeartMedia’s results here.

TEGNA (NYSE: TGNA)

Spun out of Gannett in 2015, TEGNA (NYSE: TGNA) is a media company operating a network of television stations and digital platforms, focusing on local news and community content.

TEGNA reported revenues of $650.8 million, down 19.3% year on year. This print lagged analysts' expectations by 1.2%. Aside from that, it was a mixed quarter as it also produced a beat of analysts’ EPS estimates but a miss of analysts’ Advertising revenue estimates.

The stock is flat since reporting and currently trades at $19.90.

Read our full, actionable report on TEGNA here, it’s free for active Edge members.

Gray Television (NYSE: GTN)

Specializing in local media coverage, Gray Television (NYSE: GTN) is a broadcast company supplying digital media to various markets in the United States.

Gray Television reported revenues of $749 million, down 21.2% year on year. This result met analysts’ expectations. More broadly, it was a satisfactory quarter as it also recorded a beat of analysts’ EPS estimates but revenue guidance for next quarter missing analysts’ expectations.

Gray Television had the slowest revenue growth among its peers. The stock is up 4.6% since reporting and currently trades at $4.81.

Read our full, actionable report on Gray Television here, it’s free for active Edge members.

Market Update

In response to the Fed’s rate hikes in 2022 and 2023, inflation has been gradually trending down from its post-pandemic peak, trending closer to the Fed’s 2% target. Despite higher borrowing costs, the economy has avoided flashing recessionary signals. This is the much-desired soft landing that many investors hoped for. The recent rate cuts (0.5% in September and 0.25% in November 2024) have bolstered the stock market, making 2024 a strong year for equities. Donald Trump’s presidential win in November sparked additional market gains, sending indices to record highs in the days following his victory. However, debates continue over possible tariffs and corporate tax adjustments, raising questions about economic stability in 2025.

Want to invest in winners with rock-solid fundamentals? Check out our Strong Momentum Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.