Broadcasting Stocks Post Mixed Q1 Results as Gray Television Misses, Fox Tops Estimates

Consumer discretionary broadcasting companies reported mixed first-quarter 2026 results, with aggregate revenues beating analyst consensus by 1.3% but next-quarter revenue guidance falling 0.6% below expectations. On average, the group’s shares have declined 7.9% since the reports, according to data released on May 29, 2026. Gray Television (NYSE:GTN) posted revenue of $768 million, down 1.8% year-over-year, narrowly meeting revenue estimates but significantly missing earnings-per-share forecasts. Its stock tumbled 24.7% to $4.17. Fox Corp. (NASDAQ:FOXA) outperformed, reporting $3.99 billion in revenue — an 8.6% decline year-over-year but a 4.7% beat versus estimates — and its shares rose 4.6% to $65.83. iHeartMedia (NASDAQ:IHRT) grew revenue 9.6% to $884.2 million but missed operating income and EPS estimates, sending shares down 11.7%. The sector continues to grapple with cord-cutting and digital advertising shifts, though live sports and political ad spending offer pockets of strength. AMC Networks (NASDAQ:AMCX) beat operating income projections, lifting its stock 15.1%, while Paramount Global (NASDAQ:PSKY) exceeded revenue and EBITDA estimates but still saw a 3.4% share decline.