Sinclair, Inc. Raises Political Revenue Forecast for 2024

Sinclair, Inc. Adjusts Political Revenue Forecast for 2024

Sinclair, Inc. (Nasdaq: SBGI), commonly referred to as "the Company," recently revealed an upgrade in its advertising guidance for the upcoming third quarter of 2024. This adjustment is driven by unexpectedly robust political revenues that exceeded prior estimates. The Company now expects political advertising revenue for this quarter to be around $140 million to $145 million. This marks a significant increase from the earlier predicted range of $113 million to $128 million.

Updated Local Media Segment Insights

In addition to political advertising forecasts, Sinclair expects its Local Media segment to see core advertising revenue ranging between $285 million and $293 million. This revised midpoint reflects a slight decrease compared to the former expectations, which were between $288 million to $300 million. The adjustment is largely attributed to the crowding out effect from the heightened political ad influx. Despite this, the Company anticipates a year-over-year growth of 2% to 4% in Local Media segment core advertising revenue.

Overall Revenue Expectations for the Quarter

Taking everything into account, Sinclair, Inc. now predicts total Local Media advertising revenue for the third quarter to land within the range of $425 million to $438 million. This update is an increase from the previously outlined expectation of $401 million to $428 million. The adjustment certainly reflects the impressive growth in political advertising which is anticipated to be a game-changer for the Company.

Full-Year Revenue Projections

The revised guidance for political revenue for the entire year is also noteworthy. Sinclair’s fresh forecast estimates full-year political revenues at $442 million to $469 million, a significant uplift from the prior estimates that ranged from $385 million to $410 million. This demonstrates Sinclair's strong positioning in the political advertising market and its capacity to adapt to unexpected market conditions.

Continuing Dividend from Retransmission Agreements

Sinclair's recent activities regarding retransmission agreement renewals have remained consistent with their expectations. The Company’s leadership is reaffirming its earlier forecast of a two-year compounded annualized growth rate of mid-single digit percentages for net retransmission revenues from 2023 through 2025. This predictability reflects the Company's long-term strategy and market confidence.

Upcoming Financial Milestones

Investors and stakeholders can look forward to more detailed insights as Sinclair prepares to unveil its financial results for the third quarter of 2024 on a scheduled date. This reporting will provide a deeper look at the Company's performance and future prospects in an ever-evolving media landscape.

Frequently Asked Questions

What is the new expected political revenue for Sinclair, Inc.?

The Company has raised its expectation for political revenue in the third quarter of 2024 to approximately $140 million to $145 million.

How does Sinclair, Inc.’s political revenue outlook compare to previous estimates?

It has increased from a prior forecast range of $113 million to $128 million.

What is the anticipated range for Local Media segment revenue?

Local Media segment core advertising revenue is projected to be between $285 million and $293 million for the third quarter.

What are the overall Local Media advertising revenue expectations?

The overall Local Media advertising revenue is expected to be in the range of $425 million to $438 million for the third quarter.

When can we expect to see Sinclair's financial results?

The Company will announce its financial results for the third quarter on a specific date, which is coming up soon.

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