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 broadcasting industry, including Gray Television (NYSE:GTN) and its peers.

Broadcasting companies have been facing secular headwinds in the form of consumers abandoning traditional television and radio in favor of streaming services. As a result, many broadcasting companies have evolved by forming distribution agreements with major streaming platforms so they can get in on part of the action, but will these subscription revenues be as high quality and high margin as their legacy revenues? Only time will tell which of these broadcasters will survive the sea changes of technological advancement and fragmenting consumer attention.

The 9 broadcasting stocks we track reported a satisfactory Q3. As a group, revenues beat analysts’ consensus estimates by 0.8% while next quarter’s revenue guidance was 10.1% below.

While some broadcasting stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 3.2% since the latest earnings results.

Weakest Q3: 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 $950 million, up 18.3% year on year. This print fell short of analysts’ expectations by 1.8%. Overall, it was a softer quarter for the company with revenue guidance for next quarter missing analysts’ expectations and a miss of analysts’ earnings estimates.

Unsurprisingly, the stock is down 21.4% since reporting and currently trades at $4.55.

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

Best Q3: 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 $599.6 million, down 5.9% year on year, outperforming analysts’ expectations by 2.1%. The business had a stunning quarter with an impressive beat of analysts’ earnings and EBITDA estimates.

However, the results were likely priced into the stock as it’s traded sideways since reporting. Shares currently sit at $8.38.

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

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.