The broadcast television station ownership group led by Chris Ripley has increased its advertising guidance for the third quarter 2024 to account for what it labels “stronger-than-expected” political revenues.
Sinclair Inc.’s updated expectation for Q3 political advertising revenue is approximately $140 million to $145 million. That’s up from the previously announced forecast range of $113 million to $128 million.
As such, expectations for Local Media segment’s Q3 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, Sinclair says.
In total, Sinclair Inc. 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 by Sinclair on August 7.
Meanwhile, Sinclair’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.
Sinclair adds that recent retransmission agreement renewal activity has been in-line with expectations and, as such, it is reaffirming its previously provided two-year compounded annualized mid-single digit percent growth rate for net retrans from 2023 through 2025.
Sinclair will provide Q3 financial and operating results for the third quarter 2024 on November 6.
