The global broadcasting and cable TV market size was estimated at $356.45 billion in 2024, according to Grand View Research. It is projected to grow at a CAGR of 4% from 2025 to 2030 and reach $449.91 billion. This is driven by the increasing demand for on-demand and live content, which is fueled by the rise in digital consumption and global connectivity. Viewers seek content in high-definition, which includes news, sports, and entertainment. Rising income levels and increased television ownership in today’s emerging markets are also behind this demand. Broadcasters capitalize on these trends by offering flexible subscription models and specialized content for a broader audience base.
This industry is supported by the governments, technological advancements, and evolving consumer demands. Government initiatives, such as subsidies and investments in digital infrastructure, are expanding access to broadcasting services, particularly in underserved areas. It’s capitalizing on digital platforms, which offer streaming and hybrid models to reach diverse audiences and cater to their preferences. Technological innovations, which include 5G, cloud-based broadcasting, and AI-powered personalization, are all enhancing the viewer experience and driving demand for higher-quality content.
NewscastStudio recently reported that the dominance of mobile devices in content consumption is fundamentally reshaping the broadcasting landscape. There are 4.88 billion smartphone users globally and mobiles account for over 60% of global internet traffic. Therefore, broadcasters are prioritizing mobile-first strategies. This shift necessitates a significant adaptation, moving beyond traditional television formats. Key changes include an emphasis on vertical video formats, which mirrors the dominant style on platforms like TikTok and Instagram. Broadcasters are increasingly creating content specifically for mobile viewing by recognizing the need to optimize for smaller screens and shorter attention spans. Interactive elements like live polls, chats, and games are also being integrated to enhance viewer engagement and create the interactive nature of social media.
Production processes are now centered around mobile viewing experiences, and consider factors like background viewing and optimizing for limited bandwidth. The expansion of 5G networks is crucial for this, as it enables faster and more reliable data transmission. Advanced compression technologies are also vital for ensuring seamless streaming experiences, especially in areas with limited bandwidth. These changes reflect the need for broadcasters to be adaptable in a rapidly evolving media landscape.
The modern broadcasting environment embraces mobile-first strategies and invests in innovative technologies. With that said, we’re here with a list of the 12 best broadcasting stocks to buy right now.
Billion Photos/Shutterstock.com
Methodology
We first sifted through ETFs, online rankings, and internet lists to compile a list of the top broadcasting stocks. We then selected the 12 stocks that were the most popular among elite hedge funds and that analysts were bullish on. The stocks are ranked in ascending order of the number of hedge funds that have stakes in them, as of Q3 2024. The hedge fund data was sourced from Insider Monkey’s database which tracks the moves of over 900 elite money managers.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see more details here).
12 Best Broadcasting Stocks to Buy Right Now
12. Curiositystream Inc. (NASDAQ:CURI)
Number of Hedge Fund Holders: 5
Curiositystream Inc. (NASDAQ:CURI) is a streaming service that specializes in high-quality documentary and factual content. It offers a range of programs on science, history, and nature among others. These are accessible across various devices.
The company’s direct subscription revenue surged by 13% year-over-year in Q3 2024, which was fueled by strategic partnerships. These included new agreements with multichannel video programming distributors in Europe and Latin America, expanding the reach of its PayTV channels. It also successfully launched fast channels on Samsung TV Plus. It rolled out new advertising-based video-on-demand packages with major platforms like Pluto, Tubi, and Roku. Content licensing efforts yielded positive results with the execution of nine agreements across various regions.
In December 2024, Curiositystream Inc. (NASDAQ:CURI) expanded its reach with the launch of its flagship FAST channel, Curiosity Now, on major platforms like Fubo, DirecTV, Sky UK, Xumo, and STARZ ON. It now offers a range of high-quality documentaries and series across various genres, which provide viewers with engaging and informative content. The company anticipates executing 20-30 new licensing agreements over the next several quarters, with the help of its extensive library of 300,000+ hours of content. This is expected to drive sequential top-line revenue growth.
11. Fubotv Inc. (NYSE:FUBO)
Number of Hedge Fund Holders: 9
Fubotv Inc. (NYSE:FUBO) operates a live TV streaming platform for live sports, news, and entertainment content in the US and internationally. Its platform allows customers to access content through different streaming devices, such as SmartTVs, mobile phones, tablets, and computers.
In Q3 2024, the company’s North American revenue experienced a 26% year-over-year increase, reaching $382.7 million. This was driven by a 24% surge in paid subscribers to 1.45 million. This growth trajectory signifies a positive trend for the company’s core live TV streaming business. In the first week of January, its stock price rose nearly 200% following the announcement of a merger with Disney’s Hulu+Live TV. Disney will hold a 70% stake in the combined entity, which will continue to operate under the Fubo name. This deal will see Fubotv Inc. (NYSE:FUBO) launch a sports and broadcasting offering that would feature prominent Disney channels like ABC, and ESPN among others.
Fubotv Inc. (NYSE:FUBO) projects continued growth in its broadcasting segment. It anticipates reaching 1.725 to 1.745 million paid subscribers in North America by the end of FY24, representing a 7% year-over-year increase at the midpoint. Revenue projections for the full year translate to an 18% year-over-year growth rate at the midpoint. This underscores its confidence in its ability to maintain an upward trajectory.
10. Entravision Communications Corp. (NYSE:EVC)
Number of Hedge Fund Holders: 12
Entravision Communications Corp. (NYSE:EVC) is a Hispanic-focused media and technology company. It offers a range of advertising solutions, which include digital, television, and audio, tailored for Hispanic audiences across the US. Some of its key offerings include digital advertising platforms, television stations, and radio stations.
The broadcasting segment at the company demonstrated growth in Q3 2024, with media segment revenue surging by 23% year-over-year, reaching $59.8 million. This was due to an increase in political advertising revenue. It achieved an increase in political revenue compared to 2022, which exceeded previous highs. This was due to the allocation of political advertising spending to Spanish language media in key races, surpassing the percentage of registered Latino voters.
The growth was further fueled by the successful expansion of news production capabilities, with the introduction of expanded news coverage across all markets and key weekend news broadcasts. The expanded news operation achieved profitability in its first full quarter. Media segment revenue for Q4 2024 is pacing at a 28% year-over-year increase, which positions Entravision Communications Corp. (NYSE:EVC) for continued success. Additionally, institutions own 54% of the company, which indicates significant institutional interest. However, this high ownership implies potential stock price volatility due to their trading activity.
9. iHeartMedia Inc. (NASDAQ:IHRT)
Number of Hedge Fund Holders: 15
iHeartMedia Inc. (NASDAQ:IHRT) is an audio media company in the US that operates a large network of radio stations. It also offers digital audio services, including iHeartRadio, podcasting, and digital advertising. It provides a range of audio content and services to listeners and advertisers.
The Multiplatform Group within the company experienced a slight decline in revenue during Q3 2024, with revenues down 1.1% year-over-year. Despite this setback, it’s pursuing strategies to do better in this segment. Future growth is expected to come from programmatic platforms for broadcast radio inventory. These platforms will enable the company to participate in the growing digital and programmatic advertising markets. Furthermore, iHeartMedia Inc. (NASDAQ:IHRT) possesses a unique value proposition by using its broadcast radio network to reach the “ignored consumer,” which is a significant demographic that other media outlets often overlook. The understanding of this segment comes from years of engagement with local communities.
The company unveiled a redesigned iHeartRadio app in December 2024. It featured easy access to favorite stations, a “Scan” button for discovering new stations, a “Live Radio Dial” for exploring stations by genre and location, and “What’s Trending” rankers for discovering popular content. The app also offers lyrics for songs on live radio and exclusive editorial content from iHeartMedia stations. Under this guise, Q4 2024 revenues are projected to increase by mid-single digits.
8. E W Scripps Co. (NASDAQ:SSP)
Number of Hedge Fund Holders: 17
E W Scripps Co. (NASDAQ:SSP) is a media company in the US that operates a portfolio of local television stations, national news and entertainment networks, and digital platforms. It provides news, sports, and entertainment content to audiences across various platforms.
The Local Media division grew in Q3 2024, with revenue surging 26% year-over-year. This was because of a record amount of political advertising revenue which reached $125 million. However, local core advertising revenue declined by 9% due to displacement in key markets. Looking ahead, this division is poised for growth, and the overall company revenue is expected to be up in the low to mid-30% range in Q4 due to the momentum in political advertising.
The company is also investing in areas such as live sports programming, with initiatives like Big Sky Conference football driving revenue growth and creating new advertising opportunities. E W Scripps Co. (NASDAQ:SSP) renewed its affiliation agreement with NBC in the first week of January. This ensured that 11 of its television stations would continue to broadcast NBC programming. This multi-year deal solidifies a long-standing partnership, which allows the company to continue providing viewers with NBC’s content. This includes news, entertainment, and sports, such as NBA games. This follows the successful renewal of its affiliation agreement with CBS in the previous fall. These factors position the company for continued growth.
7. Sinclair Inc. (NASDAQ:SBGI)
Number of Hedge Fund Holders: 18
Sinclair Inc. (NASDAQ:SBGI) is a major US media company that owns and operates local TV stations and digital platforms. It delivers local news and entertainment content, along with national networks like The Tennis Channel and sports programming.
The company’s core advertising revenue experienced a 1% year-over-year increase during Q3 2024, which was an achievement considering the record-high volume of political advertising. Additionally, political advertising revenue reached an all-time high at $138 million. Distribution revenues also saw a positive trend, increasing 5% year-over-year due to the successful renewal rate step-ups and new carriage agreements.
But Q4 is expected to see a decline in core advertising revenue of 5% to 7% due to the crowding-out effect of political advertising on normal advertisers. However, the company is positioned to grow based on its service expansions. For instance, PBS Reno and Sinclair Inc. (NASDAQ:SBGI) launched KNPB-VC in January. This is a new virtual ATSC 3.0 channel. ATSC 3.0 is the next-generation digital television standard in the US, also known as NEXTGEN TV. It offers viewers enhanced picture quality with Advanced HDR and improved accessibility. This launch allows viewers with NEXTGEN TVs to access PBS Reno’s programming seamlessly over the internet.
6. TEGNA Inc. (NYSE:TGNA)
Number of Hedge Fund Holders: 24
TEGNA Inc. (NYSE:TGNA) is a US-based media company that focuses on local news and entertainment. It operates a portfolio of television stations, which offer news content across various platforms. It also owns and operates multicast networks, produces original content, and provides advertising solutions to businesses.
In the third quarter of 2024, the total company revenue surged 13% year-over-year to $807 million. This performance was primarily driven by a record-breaking quarter for political advertising and a substantial increase in core linear advertising. It was fueled by the success of the Summer Olympics across the company’s NBC stations. This positive momentum is expected to continue into the fourth quarter, with total company GAAP revenue projected to increase by 19% to 21% year-over-year.
Beyond revenue growth, TEGNA Inc. (NYSE:TGNA) is pursuing strategies to enhance growth within its broadcasting segment. This includes the ongoing efforts to reduce costs in legacy operations. The company is focusing on expanding its reach and better serving users through digital channels. This includes exploring opportunities to deepen user engagement. It’s also using AI to drive efficiency.
5. Gray Media Inc. (NYSE:GTN)
Number of Hedge Fund Holders: 24
Gray Media Inc. (NYSE:GTN) is a multimedia company that owns and operates television stations and digital assets in the US. It owns Gray Digital Media, which is a digital agency that provides clients with digital marketing strategies. It also operates video production companies and studio production facilities.
Its third quarter in 2024 saw a boost in overall revenue due to its broadcasting segment. Total revenue reached $950 million, an 18% increase year-over-year. This was attributed to political advertising revenue, which contributed $173 million. The company expects its full-year political ad revenue to reach ~$500 million. Despite headwinds caused by political advertising and the shift of Southeastern Conference football games, core ad revenue (excluding political) saw a 1% year-over-year increase. This reflects the company’s success in attracting local businesses to its platforms. Its digital ad sales segment also expanded, consistently delivering double-digit growth rates and setting new records for revenue.
In January, Gray Media Inc. (NYSE:GTN) joined forces with three other major broadcasting companies (E.W. Scripps, Nexstar, and Sinclair) to launch EdgeBeam Wireless. This joint venture will use ATSC 3.0 technology to provide nationwide wireless data services. Gray Media Inc. (NYSE:GTN), along with its partners, recognizes the potential of ATSC 3.0 to offer a cost-effective and secure alternative for data delivery, particularly for applications like automotive connectivity, content delivery, and enhanced GPS. This initiative represents the company’s eagerness to grow.
Miller Value Deep Value Strategy increased its position in Gray Media Inc. (NYSE:GTN) during Q2 2024, believing it to be undervalued. The firm highlighted the company’s strong market position, robust cash flow generation, and growth initiatives. It expects significant value appreciation in the coming years. It stated the following in its Q2 2024 investor letter:
“Our two largest detractors during the quarter were Nabors Industries (NBR) and Gray Television, Inc. (NYSE:GTN), whose share prices were down 17% and 16% respectively during the quarter. We think both company’s share prices are at deep discounts to their long-term fundamental value; we have recently increased both holdings.
Gray Television remained under pressure during Q2, with ongoing marketplace concerns on the company debt leverage. Gray has limited maturities over the next 2 years and recently announced an opportunistic debt repurchase program. After a slow start to political advertising due to weaker than expected primaries, we expect to see a nice ramp in political advertising in the back half of the year. Gray’s strong local TV stations, #1 and/or #2 in 89% of their markets, has the company well positioned to achieve $500-700M in high margin political advertising in 2024. In addition, Gray has been outpacing peers in growing their core business over the past couple of years and still appear to be in the early innings of an improvement cycle. Management has recently retrained their salesforce with a greater focus on expanding their high margin digital market share over the next couple of years. In addition, ATSC 3.0 (industry new IP standard), provides opportunity for Gray to stream more content and capture new high margin digital revenue streams overtime. We see the potential for $2.5B of free cash flow generation over the next 5 years that could allow the company to rapidly de-lever their balance sheet and accrue value to the equity holder. With a greater than 80% earnings and free cash flow yield, and an attractive 6.2% dividend yield, we believe patient investors have potential to be rewarded over the coming years.”
4. Fox Corp. (NASDAQ:FOXA)
Number of Hedge Fund Holders: 32
Fox Corp. (NASDAQ:FOXA) is a US-based media company that focuses on news, sports, and entertainment. It operates across various segments, which include cable networks, broadcast television, and film production. Its key assets include the Fox broadcast network, Fox News, and Tubi.
In FQ1 2025, the company’s revenue increased 11% year-over-year, driven by various broadcasting areas. Advertising revenue saw an 11% increase due to political advertising at local stations, as well as continued growth at Tubi, and higher viewership at FOX News Media. Specifically within the Television segment, which includes the local stations and Tubi, revenue grew 10% year-over-year, with advertising revenue up 11%. Tubi’s growth was noteworthy, with a 19% increase driven by engagement and direct response advertising, This puts Tubi on track to surpass $1 billion in revenue for FY25.
In January, FOX News Channel achieved its highest-rated January in cable news history, marking 23 consecutive years as the top-rated cable news network. Its primetime viewership reached 2.8 million total viewers and 353,000 in the key 25-54 demographic. This marked a year-over-year growth of 40% and 61%, respectively. Total day viewership reached 1.9 million viewers and 253,000 in the 25-54 demo, up 53% and 70%. It also dominated audience share, commanding 67% of total day viewers and 69% of primetime viewers.
3. Nexstar Media Group Inc. (NASDAQ:NXST)
Number of Hedge Fund Holders: 32
Nexstar Media Group Inc. (NASDAQ:NXST) is a media company in the US that owns and operates a large portfolio of television stations. It produces and distributes local and national news, sports, and entertainment content. It also has a strong digital presence, which includes news websites, streaming platforms, and advertising solutions.
Its revenue reached a record $1.37 billion, up 20.7% year-over-year. This was driven by both the distribution and advertising revenue. Distribution revenue hit an all-time high of $719 million, a 20.2% year-over-year increase. This came from favorable contract renewals and growth in virtual multichannel video programming distributors’ subscribers. Advertising revenue rose by 22.2% due to record political advertising revenue of $154 million. However, non-political advertising declined 4.5% year-over-year.
Nexstar Media Group Inc. (NASDAQ:NXST) recently underwent an agreement with NBCUniversal for a multi-year renewal of NBC affiliations for 33 television stations across the US, reaching over 14 million households. The agreement covers 29 Nexstar-owned stations, as well as stations owned by Mission Broadcasting and White Knight Broadcasting. This renewal secures the company’s access to NBC programming and advertising revenue across a portion of its station portfolio. This contributes to revenue stability and drives future growth.
2. Sirius XM Holdings Inc. (NASDAQ:SIRI)
Number of Hedge Fund Holders: 49
Sirius XM Holdings Inc. (NASDAQ:SIRI) is an audio entertainment company in North America. It operates satellite radio and streaming services. It offers a range of audio content, from music and sports to news and podcasts. It also provides connected car services and advertising solutions.
The company’s broadcasting segment saw mixed results in Q3 2024. While self-pay net additions increased by 14,000, which was an improvement year-over-year, advertising revenue declined by 2% due to market softness. Podcast revenue, however, increased by 6%, with demand outpacing supply. The company’s total revenue was $2.17 billion, a 4% decline year-over-year, primarily due to a 5% drop in subscriber revenue.
Sirius XM Holdings Inc. (NASDAQ:SIRI) expects advertising revenue to continue to be impacted in Q4, which leads to a $75 million reduction in the company’s overall revenue guidance. Despite the advertising challenges, the company is investing in its ad tech stack and podcast content, such as Unwell, to drive future growth in this segment. Unwell is a podcast network with a strong following among Millennials and Gen Z, recently acquired by Sirius XM Holdings Inc. (NASDAQ:SIRI). It’s also growing its subscriber base through new pricing and packaging strategies, as well as content enhancements.
1. Comcast Corp. (NASDAQ:CMCSA)
Number of Hedge Fund Holders: 72
Comcast Corp. (NASDAQ:CMCSA) is a global media and technology company that operates across various segments, which include residential and business connectivity, media (television and streaming), film and television studios, and theme parks. Some of its key brands include Xfinity, NBCUniversal, Peacock, and Universal Parks & Resorts.
The company’s broadcasting segment, primarily under the Media umbrella, saw growth in Q3 2024 with the total media revenue increasing 37% year-over-year. This generated an amount of $8.2 billion, which was driven by the Paris Olympics. This event alone generated a record $1.9 billion in revenue, with Peacock contributing over $300 million of that. Excluding the Olympics, media revenue still increased 5% due to the 82% growth in Peacock revenue. To was fueled by subscriber additions and content strength.
It expects continued revenue and profit growth in the media segment, with Peacock as the primary driver. On January 23, Comcast Corp. (NASDAQ:CMCSA) launched “Sports & News TV,” which is a new $70/month streaming video package for its Xfinity internet customers. This package includes local broadcast channels, major news channels, and access to live sports. This aims to attract streaming customers and address the ongoing shift away from traditional cable.
While we acknowledge the growth potential of Comcast Corp. (NASDAQ:CMCSA), our conviction lies in the belief that AI stocks hold great promise for delivering high returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than CMCSA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
READ NEXT: 20 Best AI Stocks To Buy Now and Complete List of 59 AI Companies Under $2 Billion in Market Cap.
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