Donald Trump’s refusal to shell out cash for traditional TV campaign advertising is hurting broadcasters.

Sinclair Broadcast Group Inc SBGI, -0.44% said on Tuesday it was lowering its forecast for media revenue for the third quarter to a $637 million to $638 million range from a previous $649.2 million to $663.2 million. Shares of Sinclair, which owns 173 TV stations, dropped more than 10% intraday and Chief Financial Officer Chris Ripley said in a statement the revenue warning was due mainly to fewer political ads than expected.

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“While we previously anticipated a decline in presidential ad spending in the third quarter, based on the late fundraising by the Trump campaign, we have yet to see significant spending, even at the levels we initially anticipated,” Ripley said.

Trump, throughout his campaign to become the 45th president of the United States of America, has spent less to advertise for himself—and against his opponents—on TV than any other major candidate in the 2016 cycle.

The Trump campaign aired its first TV ad—titled Two Americas: Immigration—in late August. His campaign has spent just $4.9 million so far, while Hillary Clinton has shelled out $109.2 million, according to an Ad Age report created with Kantar Media’s Campaign Media Analysis Group. Trump was equally reluctant to pay for advertising during the Republican presidential primaries.

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Organizations outside of Trump’s campaign have tossed cash into TV ads, but it still pales in comparison to spending from his opposition.

One reason Trump has not spent much on traditional TV advertising is that he already benefits from an abundance of TV time. MediaQuant, a brand and media influence measurement company, has assigned media values to candidates based on how much media coverage they attract and other factors. Trump’s most recent media value across broadcast was $80.5 million, according to MediaQuant, compared with Hillary Clinton’s $68.1 million.

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Media companies typically enjoy higher revenues from political ad spending during election season. Sinclair is one of the early victims of Trump’s conservative ad-spending approach. One time will tell how other companies are faring.