TV Station Owners Benefit From Overheated Political Spending

This year’s race for control of the U.S. House of Representatives and Senate is delivering added riches to TV station owners, thanks to more close contests and heavier-than-expected political spending. Tegna Inc., the owner of 47 stations reaching a third of U.S. households, said Tuesday that its revenue from political advertising in 2018 will be $20 million to $40 million above its previous record for a nonpresidential election year. The broadcaster, which was split from Gannett Co. in 2015, is benefiting from both higher spending levels and a rising number of competitive races.