BALTIMORE—Sinclair has announced that it is updating its advertising guidance for the third quarter 2024 and for the full year to account for stronger-than-expected political ad 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.
Sinclair also raised its expectations for political advertising for the full year.
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.
The increase reflects a hotly contested 2024 election year, with record levels of political ad spending.
In that climate, Sinclair said its 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.
The Company will provide financial and operating results for the third quarter 2024 on Wednesday, November 6, 2024.
