The presidential race is expected to add a significant revenue stream for media companies as big-spending candidates such as Hillary Clinton, Jeb Bush and Donald Trump put record amounts of money into advertising.
"With an election year coming up, media earnings could be too conservative," Wells Fargo equity strategist Gina Martin Adams wrote in a research note last week. The strategist believes tepid analyst estimates could send some of these stocks flying once they beat those expectations.
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The Cook Political Report, an independent nonpartisan organization, projected spending for TV ads during the 2016 race will be $4.4 billion,
Of the total amount, $3.3 billion is expected to go to local broadcast TV, based on estimates from the report.