Baltimore-based Sinclair Broadcast Group Inc. on Monday lowered expectations for third quarter net broadcast revenues, now at the lower end of the company's Aug. 4 forecast. The company had expected revenues to increase in the high teen to low 20 percent range compared to the third quarter of last year.
But the revised forecast "should not reflect negatively on our business as advertising demand remains very strong," said David Amy, executive vice president and chief financial officer. Amy said the broadcaster is seeing greater than expected growth in ads for services, the second largest advertising category, while auto, the biggest category, is up 46 percent compared to the third quarter of 2009.
Sinclair, the owner of Fox 45 in Baltimore and owner of 57 other television stations, said political advertising revenue for the quarter will be about $9 million, less than the projected $9.5 million. With two weeks left in the third quarter, spending on political ads is now at $7.7 million, Amy said.