Let’s dig into the relative performance of TEGNA (NYSE: TGNA) and its peers as we unravel the now-completed Q3 broadcasting earnings season.

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.

Thankfully, share prices of the companies have been resilient as they are up 9.9% on average since the latest earnings results.

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 fell short of analysts’ expectations by 1.2%. Overall, it was a mixed quarter for the company with a beat of analysts’ EPS estimates but a miss of analysts’ Advertising revenue estimates.

Unsurprisingly, the stock is down 3.3% since reporting and currently trades at $19.30.

Read our full report on TEGNA here, it’s free.

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 a solid beat of analysts’ EBITDA estimates.

FOX achieved the biggest analyst estimates beat and fastest revenue growth among its peers. The market seems happy with the results as the stock is up 19.8% since reporting. It currently trades at $72.86.

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

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 20.3% since the results and currently trades at $12.12.

Read our full analysis of Paramount’s results here.

AMC Networks (NASDAQ: AMCX)

Originally the joint-venture of four cable television companies, AMC Networks (NASDAQ: AMCX) is a broadcaster producing a diverse range of television shows and movies.

AMC Networks reported revenues of $561.7 million, down 6.3% year on year. This print beat analysts’ expectations by 2.7%. Overall, it was a strong quarter as it also logged an impressive beat of analysts’ EBITDA estimates and a solid beat of analysts’ adjusted operating income estimates.

The stock is up 16.1% since reporting and currently trades at $8.42.

Read our full, actionable report on AMC Networks here, it’s free.

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 number surpassed analysts’ expectations by 1.9%. Taking a step back, it was a softer quarter as it recorded a significant miss of analysts’ adjusted operating income estimates and a significant miss of analysts’ EPS estimates.

The stock is down 14.6% since reporting and currently trades at $3.79.

Read our full, actionable report on iHeartMedia here, it’s free.

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