Wrapping up Q3 earnings, we look at the numbers and key takeaways for the media stocks, including The New York Times (NYSE: NYT) and its peers.

The advent of the internet changed how shows, films, music, and overall information flow. As a result, many media companies now face secular headwinds as attention shifts online. Some have made concerted efforts to adapt by introducing digital subscriptions, podcasts, and streaming platforms. Time will tell if their strategies succeed and which companies will emerge as the long-term winners.

The 7 media stocks we track reported a strong Q3. As a group, revenues beat analysts’ consensus estimates by 1.4%.

While some media stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 1.5% since the latest earnings results.

The New York Times (NYSE: NYT)

Founded in 1851, The New York Times (NYSE: NYT) is an American media organization known for its influential newspaper and expansive digital journalism platforms.

The New York Times reported revenues of $700.8 million, up 9.5% year on year. This print exceeded analysts’ expectations by 1.2%. Overall, it was a strong quarter for the company with a beat of analysts’ EPS estimates and a decent beat of analysts’ EBITDA estimates.

Interestingly, the stock is up 10.4% since reporting and currently trades at $63.75.

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

Best Q3: fuboTV (NYSE: FUBO)

Originally launched as a soccer streaming platform, fuboTV (NYSE: FUBO) is a video streaming service specializing in live sports, news, and entertainment content.

fuboTV reported revenues of $377.2 million, down 2.3% year on year, outperforming analysts’ expectations by 4.9%. The business had a stunning quarter with a beat of analysts’ EPS estimates and an impressive beat of analysts’ EBITDA estimates.

Although it had a fine quarter compared its peers, the market seems unhappy with the results as the stock is down 23.7% since reporting. It currently trades at $2.89.

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

Weakest Q3: Scholastic (NASDAQ: SCHL)

Creator of the legendary Scholastic Book Fair, Scholastic (NASDAQ: SCHL) is an international company specializing in children's publishing, education, and media services.

Scholastic reported revenues of $225.6 million, down 4.9% year on year, falling short of analysts’ expectations by 5.6%. It was a slower quarter as it posted a significant miss of analysts’ revenue estimates and a significant miss of analysts’ EPS estimates.

Scholastic delivered the weakest performance against analyst estimates in the group. Interestingly, the stock is up 11.6% since the results and currently trades at $30.15.

Read our full analysis of Scholastic’s results here.

News Corp (NASDAQ: NWSA)

Established in 2013 after a restructuring, News Corp (NASDAQ: NWSA) is a multinational conglomerate known for its news publishing, broadcasting, digital media, and book publishing.

News Corp reported revenues of $2.14 billion, up 2.3% year on year. This result topped analysts’ expectations by 2%. It was a strong quarter as it also recorded a beat of analysts’ EPS estimates and a decent beat of analysts’ adjusted operating income estimates.

The stock is up 2.6% since reporting and currently trades at $25.73.

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

Warner Bros. Discovery (NASDAQ: WBD)

Formed from the merger of WarnerMedia and Discovery, Warner Bros. Discovery (NASDAQ: WBD) is a multinational media and entertainment company, offering television networks, streaming services, and film and television production.

Warner Bros. Discovery reported revenues of $9.05 billion, down 6% year on year. This print lagged analysts' expectations by 1.9%. Taking a step back, it was a mixed quarter as it also produced an impressive beat of analysts’ adjusted operating income estimates but a miss of analysts’ Content revenue estimates.

Warner Bros. Discovery had the slowest revenue growth among its peers. The stock is up 5.6% since reporting and currently trades at $24.19.

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

Market Update

Thanks to the Fed’s rate hikes in 2022 and 2023, inflation has been on a steady path downward, easing back toward that 2% sweet spot. Fortunately (miraculously to some), all this tightening didn’t send the economy tumbling into a recession, so here we are, cautiously celebrating a soft landing. The cherry on top? Recent rate cuts (half a point in September 2024, a quarter in November) have propped up markets, especially after Trump’s November win lit a fire under major indices and sent them to all-time highs. However, there’s still plenty to ponder — tariffs, corporate tax cuts, and what 2025 might hold for the economy.

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