Every four years, local television stations benefit from two events that help to push demand for advertising: the Summer Olympics, and Presidential (and other) elections. Forecasts suggest that campaign and related advertising could well set new records for local TV ad spending, with experts suggesting that political spending on local TV will likely fall between $2.5 billion and $3.3 billion. To put that into perspective, the previous record for local TV political advertising expenditures was $2.4 billion (in 2010). Alternatively, it's the equivalent of about a half of one day's estimated Federal deficit for 2012. Which sounds like a better use for the money, except that after the last few years and the shifting revenue structures for local television broadcasting, stations could really use the money.
Source: Election 2012 Brings Billions To TV Coffers, Media Daily News