Overview. We believe that media companies are beginning to see the ripple effect of the supply issues and inflation pressures that is affecting the general market. The lack of truck drivers in some ports are creating a bottle neck to move product, labor shortages, and chip shortages are beginning to take its toll, particularly in the larger markets where the economy is largely felt. Will these issues adversely affect the advertising rebound? How will the stocks react?Digital Media: Facebook Faces The Music. One of the weak performers in the quarter was Noble's Social Media Index, down nearly 2%, with most of the stocks in the index down for the quarter, including Facebook, down 2.4%. The star performer in the quarter was a Noble closely followed stock in the Marketing Tech sector, Harte Hanks, up 34.5%.Esports and iGaming: Have the stocks bottomed? The Esport stock performance in Q3 was disappointing given that there has been a significant amount of deal activity and investment in the space. A small, but notable investment was made by a TV broadcaster, E.W. Scripps, into Misfits Gaming Group (MGG), a global esports and entertainment company. Investors should take note.Television Broadcasting: A Content Push. The shares of Entravision bucked the poor performance of the TV stocks, up 6% versus a decline of 2.9% for the industry. The company transformed itself into a Digital Media company with compelling growth prospects. Other broadcasters have made investments outside of broadcasting in the quarter as well.Radio Broadcasting: Hitting The Refresh Button. In the latest quarter, Cumulus Media followed the trend to re-brand itself as an "audio-first, multi-platform" company. The move follows other radio companies including Audacy and Townsquare Media. The move is viewed favorably and allows the industry to court investors with a focus on its growth businesses. Read More >>