The end of an earnings season can be a great time to discover new stocks and assess how companies are handling the current business environment. Let’s take a look at how AMC Networks (NASDAQ: AMCX) and the rest of the consumer discretionary - broadcasting stocks fared in Q1.

The Consumer Discretionary sector, by definition, is made up of companies selling non-essential goods and services. When economic conditions deteriorate or tastes shift, consumers can easily cut back or eliminate these purchases. For long-term investors with five-year holding periods, this creates a structural challenge: the sector is inherently hit-driven, with low switching costs and fickle customers. As a result, only a handful of companies can reliably grow demand and compound earnings over long periods, which is why our bar is high and High Quality ratings are rare. Broadcasting companies produce and distribute television and radio content, generating revenue primarily through advertising and, in some cases, retransmission fees (payments cable and satellite operators make to carry local channels). Tailwinds include resilient demand for live sports and event programming, which commands premium ad rates, and political advertising during election cycles. Headwinds, however, are substantial: secular cord-cutting (consumers canceling traditional pay-TV subscriptions) is shrinking linear audiences, digital platforms are capturing an increasing share of advertising budgets, and content production costs continue to rise. Regulatory scrutiny over media consolidation and spectrum ownership further constrains strategic flexibility.

The 6 consumer discretionary - broadcasting stocks we track reported a satisfactory Q1. As a group, revenues beat analysts’ consensus estimates by 1.3% while next quarter’s revenue guidance was 0.6% below.

Amidst this news, share prices of the companies have had a rough stretch. On average, they are down 11.4% 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 $542.1 million, down 2.4% year on year. This print was in line with analysts’ expectations, and overall, it was a strong quarter for the company with a solid beat of analysts’ adjusted operating income estimates.

Chief Executive Officer Kristin Dolan said: "AMC Global Media delivered another quarter of double-digit streaming revenue growth and robust free cash flow generation. We are tracking to plan across all key metrics and are pleased to reiterate our financial outlook for the year. During this changing time in media, we continue to follow our own differentiated playbook as a studio-driven owner of world-class IP, fully distributed across a wide range of owned and partner platforms."

Interestingly, the stock is up 19.2% since reporting and currently trades at $10.21.

Is now the time to buy AMC Networks? Access our full analysis of the earnings results here, it’s free.

Best Q1: 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 $3.99 billion, down 8.6% year on year, outperforming analysts’ expectations by 4.7%. The business had a stunning quarter with a beat of analysts’ EPS and EBITDA estimates.

FOX pulled off the biggest analyst estimate beat among its peers. The market seems happy with the results as the stock is up 9.3% since reporting. It currently trades at $68.78.

Is now the time to buy FOX? Access our full analysis of the earnings results here, it’s free.

Weakest Q1: 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 $884.2 million, up 9.6% year on year, exceeding analysts’ expectations by 1.7%. Still, it was a softer quarter as it posted a significant miss of analysts’ adjusted operating income and EPS estimates.

As expected, the stock is down 29.1% since the results and currently trades at $3.89.

Read our full analysis of iHeartMedia’s results here.

Paramount (NASDAQ: PSKY)

Owner of Spongebob Squarepants and formerly known as ViacomCBS, Paramount Global (NASDAQ: PSKY) is a major media conglomerate offering television, film production, and digital content across various global platforms.

Paramount reported revenues of $7.35 billion, up 2.2% year on year. This print surpassed analysts’ expectations by 1%. Overall, it was a very strong quarter as it also logged a beat of analysts’ EPS and EBITDA estimates.

The stock is down 7.8% since reporting and currently trades at $10.26.

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

Gray Television (NYSE: GTN)

Specializing in local media coverage, Gray Television (NYSE: GTN) is a broadcast company supplying digital media to various markets in the United States.

Gray Television reported revenues of $768 million, down 1.8% year on year. This number was in line with analysts’ expectations. More broadly, it was a softer quarter as it logged a significant miss of analysts’ EPS and adjusted operating income estimates.

Gray Television had the weakest performance against analyst estimates among its peers. The stock is down 25.4% since reporting and currently trades at $4.13.

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

Market Update

Late in 2025 into early 2026, there was hand-wringing around artificial intelligence. For software companies, the fear was that AI would erode pricing power and compress margins as new tools made it easier to replicate what once required expensive enterprise platforms. Crypto investors had their own version of the same anxiety: if AI agents could trade, allocate capital, and manage wallets autonomously, what exactly was the long-term value of today’s crypto infrastructure?

These concerns triggered a noticeable rotation away from these sectors and into safer havens. But markets rarely dwell on one narrative for long. Spring 2026 came, and the focus shifted abruptly from technological disruption to geopolitical risk. The US’ conflict with Iran became the dominant driver of market psychology, and when geopolitics takes center stage, the script changes quickly. Investors stop debating growth rates and start worrying about oil supply, inflation, and global stability.

Want to invest in winners with rock-solid fundamentals? Check out our 9 Best Market-Beating Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.