Sinclair pares outlook as political-ad sales weaken

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.