Media Stocks Top Q1 Revenue Estimates; Warner Music Group (WMG) Outperforms

Consumer discretionary media companies beat revenue forecasts in the first quarter of 2026, with aggregate revenue surpassing analyst consensus by 1.9%, according to earnings reports released through June 5, 2026. Warner Music Group (NASDAQ:WMG) led the group, posting $1.73 billion in revenue—up 16.7% year-over-year and 7.5% above estimates—marking the largest beat among peers. News Corp (NASDAQ:NWSA) reported $2.19 billion, an 8.8% increase that exceeded expectations by 3.4%. The New York Times (NYSE:NYT) grew revenue 12% to $712.2 million, while Disney (NYSE:DIS) recorded $25.17 billion, up 6.5%. Warner Bros. Discovery (NASDAQ:WBD) was the outlier, with flat revenue of $8.89 billion and a miss on adjusted operating income. Despite the broadly positive results, share prices across the group have remained largely flat since reporting. The muted market response reflects heightened caution as the U.S. conflict with Iran dominated investor psychology throughout spring 2026, shifting focus from corporate earnings to geopolitical risk.