President Joe Biden’s decision to bow out of the 2024 presidential election is not only reviving the spirits of Democrats who worried they were doomed to lose in November. The switch to Vice President Kamala Harris is raising hopes that embattled media companies will be able to take advantage of higher-than-expected political advertising revenue to address over levered capital structures and looming debt maturities.

“The entry of Kamala Harris into the presidential race and the high level of fundraising for both Harris and Donald Trump is resulting in new dollar[s] spent with us,” E.W. Scripps CFO Jason Combs told investors last week on the broadcaster’s 2Q24 earnings call, adding that Montana and Ohio US Senate races should also contribute to heavy spending.