Nexstar on Track to Meet $100M Political Goal

CEO Perry Sook said the company is two-thirds of the way there
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A day after two station groups changed their 3Q political ad predictions, Nexstar Broadcasting says it already has ad orders equal to two-thirds of its 2016 political money target.

Nexstar CEO Perry Sook told Reuters Wednesday that he isn’t changing his $100 million goal for political money this year, even though the company is ahead of where it needs to be to achieve its target. About half of political ads are typically booked between Oct. 1 and Election Day, he said.

Sook said the group’s station political money comes primarily by senate and gubernatorial races, according to Reuters.

Things are not as rosy, however, for broadcasters more dependent on presidential politics.

On Wednesday, two broadcast groups changed their 3Q guidance on political, sending stocks down as a result. Sinclair Broadcast Group lowered its 3Q forecast to $46 million, versus the original $58 million to $68 million forecasted. Gray Television withdrew its forecast altogether, saying the unpredictable nature of political spending this year made it impossible to predict with accuracy.

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