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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 media industry, including Warner Music Group 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 1.9% since the latest earnings results.

Warner Music Group

Launching the careers of legendary artists like Frank Sinatra, Warner Music Group is a music company managing a diverse portfolio of artists, recordings, and music publishing services worldwide.

Warner Music Group reported revenues of $1.87 billion, up 14.6% year on year. This print exceeded analysts’ expectations by 10.8%. Overall, it was an exceptional quarter for the company with a beat of analysts’ EPS estimates and an impressive beat of analysts’ revenue estimates.

"With our artists and songwriters hotter than ever, market share gains drove our quarterly revenues to an all-time high,” said Robert Kyncl, CEO, Warner Music Group.

Warner Music Group achieved the biggest analyst estimates beat and fastest revenue growth of the whole group. Investor expectations, however, were likely higher than Wall Street’s published projections, leaving some wishing for even better results (analysts’ consensus estimates are those published by big banks and advisory firms, not the investors who make buy and sell decisions). The stock is down 8.7% since reporting and currently trades at $27.85.

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

Best Q3: fuboTV

Originally launched as a soccer streaming platform, fuboTV 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 a solid 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 23.9% since reporting. It currently trades at $2.88.

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

Creator of the legendary Scholastic Book Fair, Scholastic 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 8.8% since the results and currently trades at $29.38.

Read our full analysis of Scholastic’s results here.

News Corp

Established in 2013 after a restructuring, News Corp 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 number topped analysts’ expectations by 2%. It was a strong quarter as it also put up a beat of analysts’ EPS estimates and a decent beat of analysts’ adjusted operating income estimates.

The stock is up 1.9% since reporting and currently trades at $25.56.

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

Warner Bros. Discovery

Formed from the merger of WarnerMedia and Discovery, Warner Bros. Discovery 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 result lagged analysts' expectations by 1.9%. Zooming out, it was a mixed quarter as it also recorded a solid 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 6.7% since reporting and currently trades at $24.45.

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

Wrapping up Q3 earnings, we look at the numbers and key takeaways for the media stocks, including The New York Times 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

Founded in 1851, The New York Times 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

Originally launched as a soccer streaming platform, fuboTV 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

Creator of the legendary Scholastic Book Fair, Scholastic 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

Established in 2013 after a restructuring, News Corp 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

Formed from the merger of WarnerMedia and Discovery, Warner Bros. Discovery 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.