Sin­clair pares out­look as po­lit­i­cal-ad sales weaken

Baltimore Sun - - BUSINESS MARYLAND - — Lor­raine Mirabella

Sin­clair Broad­cast Group Inc. low­ered its es­ti­mate for third-quar­ter me­dia rev­enue on Tues­day be­cause of weaker-than-ex­pected spend­ing on po­lit­i­cal ad­ver­tis­ing. Shares of Sin­clair fell more than 9 per­cent in Tues­day trad­ing to $25.98 each. The Hunt Val­ley-based broad­caster now ex­pects me­dia rev­enue of $637 mil­lion to $638 mil­lion — a 28 per­cent gain com­pared with the third quar­ter of 2015. Last month, the com­pany said it ex­pected po­lit­i­cal spend­ing of $58 mil­lion to $68 mil­lion and me­dia rev­enue in a range of $649.2 mil­lion to $663.2 mil­lion. The broad­caster is “hope­ful” that close polling be­tween Hil­lary Clin­ton and Don­ald Trump boosts ad spend­ing, but “there can be no as­sur­ance this will ma­te­ri­al­ize given the un­usual na­ture of this year’s elec­tion,” Chris Ri­p­ley, Sin­clair’s chief fi­nan­cial of­fi­cer, said in a state­ment.

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