Sinclair raised its full-year financial outlook after political advertising helped lift third-quarter revenue 16% to $893 million, The Desk’s Matthew Keys reported.
Political advertising generated $136 million, up 55% from the comparable quarter of the 2022 midterm election cycle. That growth contrasted with a 4% decline in core advertising revenue, which excludes political spending, to $301 million. Distribution revenue increased 1% to $426 million.
The broadcaster reported net income of $43 million, compared with $1 million a year earlier. It increased its full-year adjusted EBITDA forecast to between $825 million and $835 million, from a previous range of $730 million to $760 million.
Sinclair also disclosed renewed affiliation agreements with ABC and CBS. As part of an ongoing strategic review, it said it had decided against spinning off its Ventures portfolio, which includes Tennis Channel, at this time.
The results cover the quarter ending Sept. 30. The final election advertising push in October and early November will appear in fourth-quarter results.
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