Core advertising revenue decreased by 4.7% year over year in Q2 2025, attributed to macroeconomic and tariff-related pressures in key advertising categories. Distribution revenue in Local Media fell 1% compared to the previous year, primarily due to lower-than-expected subscriber growth for virtual MVPDs. Tennis Channel's advertising revenue was also softer than anticipated, leading to total revenue of $68 million, which was below management's guidance. Overall demand visibility for advertising remains below historical levels, indicating a challenging environment for core ad sales.
Core advertising revenue decreased by 4.7% year over year in Q2 2025, primarily due to macroeconomic and tariff-related pressures affecting key categories.
Overall consolidated media revenue reached $777 million for Q2 2025, slightly under guidance as lower political advertising and diamond management fee losses impacted results.
Distribution revenue in Local Media was $380 million in Q2 2025, which was 1% lower than the previous year and attributed to slower virtual MVPD subscriber growth.
Tennis Channel advertising revenue was unexpectedly soft in Q2 2025, resulting in total revenue of $68 million, falling short of management's guidance.
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