Spending on political advertisements is projected to hit a new record, with this midterm season expected to reach a total of $10.8 billion, according to advertising company AdImpact.

That number for the 2025-2026 midterm season makes it the most expensive midterm cycle in history, surpassing spending for 2021-2022, which clocked in at $8.9 billion, by more than 20%. And it’s inching close to AdImpact’s price tag for the 2024 presidential election cycle, which reached $11.2 billion.

“We anticipate record spending across all race types due to the highly competitive national environment, with congressional spending specifically set to reach new heights,” the report said.

The race to snag control of Congress this year remains close, as Republicans hope to hold onto their 53-47 majority in the Senate and their 219-212 majority in the House. Key races in battleground states could determine or flip those majorities.

This cycle’s boost is largely expected to come from the connected TV, or CTV, category, which covers any television that connects to streaming apps and services. That spending will surge to $2.5 billion, AdImpact said, growing by 2% and earning a spot as the fastest-growing media type.

Broadcast television is forecast to continue to hold the largest share of spending at 49%, and local cable and social media spending are expected to decline slightly, the report said. That comes even as legacy cable TV has been bleeding millions of subscribers each year as streaming takes over as the primary way the world watches television.

“With $2.5 billion projected, CTV is now a core marketing strategy for 2026 campaigns, offering advertisers the ability to maximize both efficiency and overall reach,” said John Link, AdImpact’s senior vice president of data.

The forms of media vary based on types of elections, though, with down-ballot campaigns more likely to invest in cable and radio than larger races, according to AdImpact.

The most spending is expected to be in California, followed by Michigan, Georgia and North Carolina, all of which have highly competitive races this cycle. Advertising on Senate races is projected to reach $2.8 billion, while spending for House races is expected to surpass $2 billion for the first time ever as Republicans aim to hold onto their majority.

The midterm season has also already seen a surge in early spending, AdImpact noted. Though the off-year spending typically only amounts to 10% to 15% of total spending, 2025 has already surpassed records, hitting roughly $900 million by Aug. 26. That’s 37% higher than the same point in 2023 and 58% higher than 2021.

This season’s surge comes amid a particularly charged election cycle. Local elections have also garnered national attention and big spending, like the New York City mayoral race between Democratic nominee and state assemblyman Zohran Mamdani and former Gov. Andrew Cuomo, which has raked in millions in campaign funds and capitalized on social media ads.

Constellation Brands on Tuesday slashed its full fiscal-year outlook, saying a “challenging” economy is hitting its alcohol sales.

The company, home to popular brands such as Modelo and Corona, had previously said in April that higher U.S. tariffs on beer would affect its sales and overall consumer demand. Constellation on Tuesday cut its comparable earnings per share outlook for its fiscal 2026 to a range of $11.30 to $11.60, down from $12.60 to $12.90.

The stock fell about 6% Tuesday morning, briefly hitting a 52-week low. Constellation is set to participate in the 2025 Barclays Global Consumer Staples Conference later on Tuesday.

“We continue to navigate a challenging macroeconomic environment that has dampened consumer demand and led to more volatile consumer purchasing behavior since our first quarter of fiscal 2026,” CEO Bill Newlands said in a statement. “Over the last several months, high-end beer buy rates decelerated sequentially, as both trip frequency and spend per trip declined.”

Constellation anticipates organic net sales will fall 4% to 6%, down from a previous expectation of 1% growth to a 2% decline. That metric excludes the Svedka vodka brand and wine brands the company sold.

The company expects net beer sales will fall 2% to 4% due to lower volumes and additional tariff impacts. It previously anticipated sales would range from flat to up 3%. Constellation is also lowering its free cash flow estimate from $1.5 billion to $1.6 billion, to $1.3 billion to $1.4 billion.

“We remain resolutely focused on continuing to execute against our strategic objectives, including driving distribution gains, disciplined innovation, and investing behind our brands,” Newlands said.

He also pointed to lower demand from Hispanic consumers, a trend the company has seen for several months. Newlands added that high-end beer sales for the population were “more pronounced than general market declines.”

The brewer previously said the pullback was caused by Hispanic consumers’ concerns about President Donald Trump’s immigration policies and potential job losses. Constellation has said Hispanic consumers in the U.S. account for about half of its beer sales.

The company has made strides to make up for its losses. In April, it announced it was repositioning its portfolio by divesting “mainstream” wines. Constellation also authorized a share repurchase program, which it said on Tuesday has led to $604 million in buybacks in the first half of the fiscal year under its three-year $4 billion share repurchase authorization.