As the Q3 earnings season comes to a close, it’s time to take stock of this quarter’s best and worst performers in the broadcasting industry, including AMC Networks (NASDAQ: AMCX) 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 0.8% below.

Thankfully, share prices of the companies have been resilient as they are up 8.1% on average since the latest earnings results.

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 exceeded analysts’ expectations by 2.7%. Overall, it was a strong quarter for the company with a solid beat of analysts’ EBITDA estimates.

Chief Executive Officer Kristin Dolan said: "Our performance in the third quarter marks a key milestone in our transition from a cable networks business to a global streaming and technology focused content company. Streaming revenue growth accelerated and will represent our largest single source of domestic revenue this year. We again delivered healthy free cash flow and remain on track to achieve our increased outlook of $250 million in free cash for the full year. We have built the components of a modern media business that is nimble, independent and well suited to today’s environment and whatever comes next."

Interestingly, the stock is up 9.7% since reporting and currently trades at $7.95.

Is now the time to buy AMC Networks? Access our full analysis of the earnings results 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 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 19% since reporting. It currently trades at $72.37.

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 22.4% since the results and currently trades at $11.80.

Read our full analysis of Paramount’s results here.

E.W. Scripps (NASDAQ: SSP)

Founded as a chain of daily newspapers, E.W. Scripps (NASDAQ: SSP) is a diversified media enterprise operating a range of local television stations, national networks, and digital media platforms.

E.W. Scripps reported revenues of $525.9 million, down 18.6% year on year. This number was in line with analysts’ expectations. Aside from that, it was a satisfactory quarter as it also produced a solid beat of analysts’ adjusted operating income estimates but a significant miss of analysts’ EPS estimates.

The stock is up 70.2% since reporting and currently trades at $3.49.

Read our full, actionable report on E.W. Scripps 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 result surpassed analysts’ expectations by 1.9%. However, it was a softer quarter as it produced a significant miss of analysts’ adjusted operating income and EPS estimates.

The stock is down 13.3% since reporting and currently trades at $3.85.

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

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