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As inflation soars and talk of a recession swirls, television is enjoying a banner year for election-related ad sales. Political has been so hot that some TV groups are starting to say that their political revenues will set a record this year — beating not just the previous mid-term election in 2018, but the 2020 presidential election year as well.
“We are now moving into the heart of the political spending season, when we expect to meet or exceed our 2020 presidential year level,” Adam Symson, president-CEO of The E.W. Scripps Co., told analysts in the company’s quarterly conference call. “With well over $8 billion in the nationwide spending arena season, it should be clear that political revenue defies economic trends.”
Political revenue for the Scripps Local Media (TV stations) division was $24 million in the second quarter, dwarfing the $3.2 million booked a year earlier. That more than offset a 2% decline in core advertising at $158 million. And retrans rose 9.4% to $171 million.
Lisa Knutson, president of Scripps Networks, revealed on the call that her team has begun selling local political ads on some of the large footprint of Ion Network stations. Ion is normally managed as a national network, but the local political sports are being inserted over direct-response national spots to avoid any loss of national ad income.
Symson said: “Thanks to the strength of our political office and its presence in Washington, D.C., and some really significant technological innovation that Lisa and her team
