Sinclair Broadcast raises FY24 political revenue outlook to $442M-$469M

Sinclair “announced that it is increasing its advertising guidance for the third quarter 2024 to account for stronger-than-expected political revenues. The Company’s updated expectation for third quarter political advertising revenue is approximately $140 million to $145 million, up from the previously announced forecast range of $113 million to $128 million. Expectations for Local Media segment third quarter core advertising revenue are $285 million to $293 million, with the midpoint down slightly compared to the previously announced forecast range of $288 million to $300 million, due to crowd-out from the increased political advertising. The updated expectation represents Local Media segment core advertising growth of 2% to 4% year-over-year. In total, the Company now anticipates Local Media advertising revenue during the third quarter to be within a range of $425 million to $438 million, up from the expectation of a range of $401 million to $428 million, as previously provided on August 7, 2024. The Company’s updated full-year political revenue expectation is now $442 million to $469 million, up from the previously-disclosed forecast range of $385 million to $410 million. Recent retransmission agreement renewal activity has been in-line with expectations and the Company is reaffirming its previously provided 2-year compounded annualized mid-single digit percent growth rate for net retrans from 2023 through 2025.”