7 top media stocks to buy in 2023

The best media stocks depend on your portfolio and investment goals — while volatility can be ideal for day traders, long-term investors will want to look to stocks with steadier gains over time.

7 media stocks to buy in 2023

We round up a selection of stocks in or related to the broadcasting industry, weighting the list more heavily towards popular mid- and large-cap US stocks.

1. Paramount Global (VIAC)
2. Sirius XM Holding (SIRI)
3. Sinclair Broadcast Group (SBGI)
4. Nexstar Broadcasting Group (NXST)
5. EWScripps Co Class A (SSP)
6. Saga Communications (SGA)
7. Cumulus Media Inc Class A (CMLS)

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The media stocks industry is affected by a range of complex factors such as trade policies, regulations, and fluctuating supply and demand. So when considering media stocks to buy, it's important that you have access to vital information about a company's financial health, leadership team, and market positioning.

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How to invest in media stocks

1. Choose an online stock trading platform. Choose from our Top Picks above, use our comparison table below or jump straight to the best stock trading apps of 2023.
2. Sign up for an account. Provide your personal information and sign up.
3. Set up a funding method to pay for the transaction. Deposit funds into your account by linking your banking information.
4. Choose the stocks you want to buy. Search for the stock by name or ticker symbol like VIAC or SIRI.
5. Place your order. Buy the stock. It's that simple.

Take a deeper dive into media stocks

If you're interested in investing in the broadcasting industry, take a closer look at what companies in this industry do and how the stocks have historically performed. Keep in mind that positive past performance doesn't guarantee that a stock will continue to rise in the future.

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1. Paramount Global (VIAC)

ViacomCBS Inc. operates as a media and entertainment company worldwide. The company operates through TV Entertainment, Cable Networks, and Filmed Entertainment segments.

Paramount Global is listed on the NASDAQ and has a trailing 12-month revenue of around USD28.6 billion.

• Market capitalization: $19,258,916,864
• P/E ratio: 4.2191
• PEG ratio: 0.7219

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2. Sirius XM Holding (SIRI)

Sirius XM Holdings Inc. , an audio entertainment company, operates audio business including subscription entertainment services in the United States. It operates through Sirius XM, and Pandora and Off-platform segment.

Sirius XM Holding stock opened the day at $4.70 after a previous close of $4.68. The latest price was $4.88 (25-minute delay). Sirius XM Holding is listed on the NASDAQ, has a trailing 12-month revenue of around USD$8.9 billion and employs 5,869 staff.

• Market capitalization: $18,542,080,000
• P/E ratio: 15.0938
• PEG ratio: 1.5854

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3. Sinclair Broadcast Group (SBGI)

Sinclair, Inc. , a media company, focuses on providing content on local television stations and digital platforms. The company distributes its content through broadcast platforms and third-party platforms that consist of programming provided by third-party networks and syndicators, local news, other original programming, and college sports.

Sinclair Broadcast Group stock opened the day at $12.59 after a previous close of $12.61. The latest price was $13.58 (25-minute delay). Sinclair Broadcast Group is listed on the NASDAQ, has a trailing 12-month revenue of around USD$3.3 billion and employs 7,900 staff.

• Market capitalization: $856,811,968
• P/E ratio: 7.9353
• PEG ratio: 0.8868

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4. Nexstar Broadcasting Group (NXST)

Nexstar Media Group, Inc. , a television broadcasting and digital media company, focuses on the acquisition, development, and operation of television stations and interactive community websites and digital media services in the United States. The company offers free programming to television viewing audiences.

Nexstar Broadcasting Group stock opened the day at $142.00 after a previous close of $141.93. The latest price was $149.12 (25-minute delay). Nexstar Broadcasting Group is listed on the NASDAQ, has a trailing 12-month revenue of around USD$5.1 billion and employs 11,666 staff.

• Market capitalization: $4,958,337,024
• P/E ratio: 12.4684
• PEG ratio: 1.5227

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5. EWScripps Co Class A (SSP)

The E. W. Scripps Company, together with its subsidiaries, operates as a media enterprise through a portfolio of local and national media brands. Its Local Media segment operates broadcast television stations, which produce news, information, and entertainment content, as well as its related digital operations.

EWScripps Co Class A stock opened the day at $6.85 after a previous close of $6.91. The latest price was $7.47 (25-minute delay). EWScripps Co Class A is listed on the NASDAQ, has a trailing 12-month revenue of around USD$2.4 billion and employs 5,700 staff.

• Market capitalization: $624,498,560
• PEG ratio: 12.81

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6. Saga Communications (SGA)

Saga Communications, Inc. , a broadcast company, acquires, develops, and operates broadcast properties in the United States. The company's radio stations employ various programming formats, including classic hits, adult hits, top 40, country, country legends, mainstream/hot/soft adult contemporary, pure oldies, classic rock, and news/talk.

Saga Communications stock opened the day at $20.24 after a previous close of $20.14. The latest price was $20.07 (25-minute delay). Saga Communications is listed on the NASDAQ, has a trailing 12-month revenue of around USD$113.8 million and employs 585 staff.

• Market capitalization: $130,431,184
• P/E ratio: 11.5135
• PEG ratio: 0

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7. Cumulus Media Inc Class A (CMLS)

Cumulus Media Inc. , an audio-first media company, owns and operates radio stations in the United States. It owns and operates 404 stations in 85 markets, as well as approximately 9,400 affiliated stations through Westwood One.

Cumulus Media Inc Class A stock opened the day at $4.84 after a previous close of $4.87. The latest price was $5.00 (25-minute delay). Cumulus Media Inc Class A is listed on the NASDAQ, has a trailing 12-month revenue of around USD$874.5 million and employs 2,455 staff.

• Market capitalization: $82,375,912
• PEG ratio: 0.5356

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Bottom line

While it’s possible to turn a profit investing in media stocks, keep in mind that — like any investment — media stocks are not immune to risk. These stocks are subject to fluctuating conditions — both in the market and in the broadcasting industry, so carefully vet your picks before you invest. And if you’re new to investing, or if it’s been awhile since you’ve taken a critical look at your investing accounts, compare brokers to make sure you’re getting the best features in your trading account.

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