3 Media Stocks to Buy for Election Day Regardless of Who Wins
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3 Media Stocks to Buy for Election Day Regardless of Who Wins

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With Americans furiously checking for updates on the extremely close race to the White House, the news media industry is working overtime.

With Election Day quickly approaching, the focus is on the stock market as investors consider the best stocks to buy regardless of who wins. Historically, presidential elections often create significant market volatility as uncertainty abounds and sends entire sectors down. But with Americans furiously checking for updates on the extremely close race to the White House, the news media industry is working overtime.

Regardless of whether Donald Trump or Kamala Harris wins the election, people will need news updates. This creates a unique opportunity for a few companies in the media space to ride this wave of demand.

The Best Media Stocks to Buy for a Post-Election Boom

The following three companies make sense as hedges against either election result, as they cater to a wide-ranging audience of both liberal and conservative viewers and readers.

Nexstar Media Group (NXST)

This company owns multiple popular outlets, including The Hill and NewsNation, which allows it to reach audiences on both sides of the aisle, regardless of whether they prefer to read their news or watch it on television. On top of that, Nexstar is acquiring new assets and expanding its reach even further. NXST stock has enjoyed a year of growth, shaking off all volatility and rising 18% on increasing election momentum.

Gannet Media (GCI)

The owner of the USA Today network, Gannet, has tremendous reach in the local news market. Additionally, Gannet reported strong digital revenue growth in Q3 2024, showing that demand for its services isn’t slowing down. Over the past year, GCI stock has surged 143%, earning a place among the year’s top breakout stocks.

Paramount (PARA)

Known primarily as an entertainment company, Paramount has struggled this year. But since its holdings include CBS, the stock offers exposure to the news media market, and it is likely to rise on election momentum. A nonpartisan network with reach across the country, CBS may help Paramount offset some of the losses it has taken this year, especially during the election and its aftermath.

Which Media Stock Is the Best Buy?

Of these three media stocks to buy for the election, what does Wall Street see as the best buy? The answer is Nexstar. Analysts have a Strong Buy consensus rating on NXST stock based on five Buys, zero Holds, and no Sells assigned in the past three months, as indicated by the graphic below. After a 17% rally in its share price over the past year, the average NXST price target of $205.40 per share implies 18% upside potential.

See more NXST stock analyst ratings

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