It comes as no surprise that broadcasters are the big beneficiaries of a volatile election, the prospects of a GOP takeover and the recent Citizens United Supreme Court decision that freed up corporate spending in the heat of campaign season.

What is a bit shocking is that the expected increase in ad spending. SNL Kagan, the research firm in Monterey, Calif., said today that TV station political revenues could grow by 25% over 2006, to $2.5 billion. 

Among the companies reaping windfalls are CBS and Univision, which have extensive station holdings in toss-up states.

The biggest beneficiary among “pure play” companies — those who own only TV stations — stands to be Sinclair Broadcast Group, which has the largest footprint among such firms in 16 states with contested elections.

Radio ad revenue also is expected to rise, to $560 million, with Cumulus and CBS the big gainers.

Tony Lenoir, an analyst for SNL Kagan, said in a statement: “In 2010, we expect that the combination of political unrest, high-profile congressional and gubernatorial races, and the Jan. 21 Supreme Court ruling that struck down certain laws restricting corporate and labor contributions to campaigns will lead to a political ad revenue treasure trove for broadcasters.”