HY Cable & Media: Broadcasters: Checking the Ballot ‘26

Research evidence excerpt

HY Cable & Media: Broadcasters: Checking the Ballot ‘26

ful ResearchBofAS Analyst

footprints. Eighteen Toss-up House races support $2.0bn in spend vs. $2.2bn previously, +1 646 855 6338

brian.jennings@bofa.com

still a midterm record. See updated Political Mapping Exhibit 2.

Supreme Court on NRSC vs. FEC MW: Marketweight

The Supreme Court case NRSC v. FEC could reshape political advertising by lifting limits OW: Overweight

on coordinated party–candidate spending. Such a shift could redirect spending toward UW: Underweight

the lowest unit rates currently available to candidates, with uncertain implications for 1L: First Lien

pricing and inventory in competitive markets. And while increased ad volume could be an 2L: Second Lien

offset, the net impact remains unclear pending a ruling. Notably, the next Supreme Court TL: Term Loans

opinion dates are June 23rd and 25th. CTV: Connected TV

Overhangs present; opportunities remain Lean: Competitive races still expected to lean either Democrat (D) or Republican (R)

The 2026 political cycle and laddered maturities underpin broadcaster credit profiles, yet NRSC vs FEC: National Republican Senitorial

sentiment remains pressured by near-term overhangs - Nexstar/Tegna litigation and its Committee vs Federal Election Committee

impact on transformational M&A despite a supportive FCC, industry multiples, weak core Toss-up: Tight races that can go either

ads amid geopolitical tensions, and questions raised by NRSC vs. FEC and the Fox/Roku Democrat or Republican

tie-up. We favor SBGI First-Out 1L 2033 (7.4% yield, 21% LTV, strong covenants) and

SSP TLs yielding 9–10% vs. ~7% peers, with paydowns prioritized. We add OW to GTN

2L 2032 at $96.375 (10.4% yield, 59% LTV, focused deleveraging) and are OW on SSP