Wrapping up Q3 earnings, we look at the numbers and key takeaways for the broadcasting stocks, including iHeartMedia (NASDAQ: IHRT) 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 were in line with analysts’ consensus estimates while next quarter’s revenue guidance was 0.6% below.

Luckily, broadcasting stocks have performed well with share prices up 23.6% on average since the latest earnings results.

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. This print exceeded analysts’ expectations by 1.9%. Despite the top-line beat, it was still a softer quarter for the company with a significant miss of analysts’ adjusted operating income and EPS estimates.

Unsurprisingly, the stock is down 2.9% since reporting and currently trades at $4.31.

Read our full report on iHeartMedia 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 and 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 17% since reporting. It currently trades at $71.17.

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

Slowest Q3: 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, down 3.4% year on year, falling short of analysts’ expectations by 5.6%. It was a softer quarter as it posted 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 in the group. As expected, the stock is down 13.9% since the results and currently trades at $13.09.

Read our full analysis of Paramount’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 result came in 1.2% below analysts' expectations. Zooming out, it was a mixed quarter as it also recorded a beat of analysts’ EPS estimates but a miss of analysts’ Advertising revenue estimates.

The stock is down 1.5% since reporting and currently trades at $19.65.

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 number met analysts’ expectations. Taking a step back, it was a satisfactory quarter as it also produced 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 9.9% since reporting and currently trades at $5.06.

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

Market Update

The Fed’s interest rate hikes throughout 2022 and 2023 have successfully cooled post-pandemic inflation, bringing it closer to the 2% target. Inflationary pressures have eased without tipping the economy into a recession, suggesting a soft landing. This stability, paired with recent rate cuts (0.5% in September 2024 and 0.25% in November 2024), fueled a strong year for the stock market in 2024. The markets surged further after Donald Trump’s presidential victory in November, with major indices reaching record highs in the days following the election. Still, questions remain about the direction of economic policy, as potential tariffs and corporate tax changes add uncertainty for 2025.

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