This report does not constitute a rating action. With the U.S. midterm election wrapped up on Nov. 3, 2026, local TV broadcasters reported record preliminary political advertising revenue for the full year and are using that cash flow for debt reduction. The local TV broadcasters rated by S&P Global Ratings-- Nexstar Media Group Inc. (BB+/Negative), Sinclair Inc. (B-/Stable), The E.W. Scripps Co. (CCC+/Positive), and Gray Media Inc. (B-/Stable)--noted in their third-quarter disclosures that the highs are not only for a midterm election year, but in some cases even against previous presidential election years: Nexstar: About $1.1 billion for 2026, a 30% increase from the last midterm election in 2022 ($845 million pro forma for its acquisition of TEGNA) and 27%
