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SEGMENT DATA | 9 Months Ended
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Sep. 30, 2019
Segment Reporting [Abstract] |
SEGMENT DATA | SEGMENT DATA The Company’s primary business is included in its Audio segment. Revenue and expenses earned and charged between Audio, Corporate and the Company's Audio & Media Services businesses are eliminated in consolidation. The Audio segment provides media and entertainment services via broadcast and digital delivery and also includes the Company’s events and national syndication businesses. The Audio & Media Services business provides other audio and media services, including the Company’s media representation business (Katz Media) and its provider of scheduling and broadcast software (RCS). Corporate includes infrastructure and support, including executive, information technology, human resources, legal, finance and administrative functions for the Company’s businesses. Share-based payments are recorded in corporate expense. In connection with the Separation and the Reorganization, the Company revised its segment reporting, as discussed in Note 1 and all prior periods have been restated to conform with this presentation. The following table presents the Company's segment results for the Successor Company for the three months ended September 30, 2019 and the period from May 2, 2019 through September 30, 2019:
Successor Company
(In thousands) | Audio |  | Audio & Media Services |  | Corporate and other reconciling items |  | Eliminations |  | Consolidated
Three Months Ended September 30, 2019
Revenue | $ | 890,364 |  |  | $ | 59,873 |  |  | $ | — |  |  | $ | (1,899 | ) |  | $ | 948,338 |
Direct operating expenses | 283,984 |  |  | 7,281 |  |  | — |  |  | (294 | ) |  | 290,971 |
Selling, general and administrative expenses | 310,337 |  |  | 32,609 |  |  | — |  |  | (1,593 | ) |  | 341,353 |
Corporate expenses | — |  |  | — |  |  | 70,056 |  |  | (12 | ) |  | 70,044 |
Depreciation and amortization | 87,442 |  |  | 5,971 |  |  | 1,855 |  |  | — |  |  | 95,268 |
Other operating expense, net | — |  |  | — |  |  | (9,880 | ) |  | — |  |  | (9,880 | )
Operating income (loss) | $ | 208,601 |  |  | $ | 14,012 |  |  | $ | (81,791 | ) |  | $ | — |  |  | $ | 140,822 |
Intersegment revenues | $ | 168 |  |  | $ | 1,731 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,899 |
Capital expenditures | $ | 23,705 |  |  | $ | 1,994 |  |  | $ | 3,171 |  |  | $ | — |  |  | $ | 28,870 |
Share-based compensation expense | $ | — |  |  | $ | — |  |  | $ | 17,112 |  |  | $ | — |  |  | $ | 17,112 |
Period from May 2, 2019 through September 30, 2019
Revenue | $ | 1,486,594 |  |  | $ | 100,410 |  |  | $ | — |  |  | $ | (3,020 | ) |  | $ | 1,583,984 |
Direct operating expenses | 463,455 |  |  | 12,153 |  |  | — |  |  | (346 | ) |  | 475,262 |
Selling, general and administrative expenses | 516,343 |  |  | 54,804 |  |  | — |  |  | (2,654 | ) |  | 568,493 |
Corporate expenses | — |  |  | — |  |  | 104,454 |  |  | (20 | ) |  | 104,434 |
Depreciation and amortization | 142,019 |  |  | 9,590 |  |  | 3,042 |  |  | — |  |  | 154,651 |
Other operating expense, net | — |  |  | — |  |  | (6,634 | ) |  | — |  |  | (6,634 | )
Operating income (loss) | $ | 364,777 |  |  | $ | 23,863 |  |  | $ | (114,130 | ) |  | $ | — |  |  | $ | 274,510 |
Intersegment revenues | $ | 280 |  |  | $ | 2,740 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,020 |
Capital expenditures | $ | 37,259 |  |  | $ | 2,824 |  |  | $ | 6,222 |  |  | $ | — |  |  | $ | 46,305 |
Share-based compensation expense | $ | — |  |  | $ | — |  |  | $ | 20,151 |  |  | $ | — |  |  | $ | 20,151 |
Predecessor Company
(In thousands) | Audio |  | Audio and Media Services |  | Corporate and other reconciling items |  | Eliminations |  | Consolidated
Three Months Ended September 30, 2018
Revenue | $ | 852,280 |  |  | $ | 69,823 |  |  | $ | — |  |  | $ | (1,611 | ) |  | $ | 920,492 |
Direct operating expenses | 261,645 |  |  | 7,052 |  |  | — |  |  | (91 | ) |  | 268,606 |
Selling, general and administrative expenses | 297,851 |  |  | 33,105 |  |  | — |  |  | (1,520 | ) |  | 329,436 |
Corporate expenses | — |  |  | — |  |  | 56,699 |  |  | — |  |  | 56,699 |
Depreciation and amortization | 33,754 |  |  | 4,350 |  |  | 5,191 |  |  | — |  |  | 43,295 |
Impairment charges | — |  |  | — |  |  | 33,150 |  |  | — |  |  | 33,150 |
Other operating expense, net | — |  |  | — |  |  | (2,462 | ) |  | — |  |  | (2,462 | )
Operating income (loss) | $ | 259,030 |  |  | $ | 25,316 |  |  | $ | (97,502 | ) |  | $ | — |  |  | $ | 186,844 |
Intersegment revenues | $ | — |  |  | $ | 1,611 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,611 |
Capital expenditures | $ | 16,951 |  |  | $ | 1,695 |  |  | $ | 1,496 |  |  | $ | — |  |  | $ | 20,142 |
Share-based compensation expense | $ | — |  |  | $ | — |  |  | $ | 456 |  |  | $ | — |  |  | $ | 456 |
Period from January 1, 2019 through May 1, 2019
Revenue | $ | 1,006,677 |  |  | $ | 69,362 |  |  | $ | — |  |  | $ | (2,568 | ) |  | $ | 1,073,471 |
Direct operating expenses | 350,501 |  |  | 9,559 |  |  | — |  |  | (364 | ) |  | 359,696 |
Selling, general and administrative expenses | 396,032 |  |  | 42,497 |  |  | — |  |  | (2,184 | ) |  | 436,345 |
Corporate expenses |  |  |  |  | 66,040 |  |  | (20 | ) |  | 66,020 |
Depreciation and amortization | 40,982 |  |  | 5,266 |  |  | 6,586 |  |  | — |  |  | 52,834 |
Impairment charges | — |  |  | — |  |  | 91,382 |  |  | — |  |  | 91,382 |
Other operating expense, net | — |  |  | — |  |  | (154 | ) |  | — |  |  | (154 | )
Operating income (loss) | $ | 219,162 |  |  | $ | 12,040 |  |  | $ | (164,162 | ) |  | $ | — |  |  | $ | 67,040 |
Intersegment revenues | $ | 243 |  |  | $ | 2,325 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,568 |
Capital expenditures | $ | 31,177 |  |  | $ | 1,263 |  |  | $ | 3,757 |  |  | $ | — |  |  | $ | 36,197 |
Share-based compensation expense | $ | — |  |  | $ | — |  |  | $ | 498 |  |  | $ | — |  |  | $ | 498 |
Nine Months Ended September 30, 2018
Revenue | $ | 2,409,330 |  |  | $ | 180,582 |  |  | $ | — |  |  | $ | (4,884 | ) |  | $ | 2,585,028 |
Direct operating expenses | 752,447 |  |  | 21,160 |  |  | — |  |  | (183 | ) |  | 773,424 |
Selling, general and administrative expenses | 912,412 |  |  | 96,003 |  |  | — |  |  | (4,687 | ) |  | 1,003,728 |
Corporate expenses | — |  |  | — |  |  | 162,089 |  |  | (14 | ) |  | 162,075 |
Depreciation and amortization | 146,048 |  |  | 13,908 |  |  | 15,590 |  |  | — |  |  | 175,546 |
Impairment charges | — |  |  | — |  |  | 33,150 |  |  | — |  |  | 33,150 |
Other operating expense, net | — |  |  | — |  |  | (6,912 | ) |  | — |  |  | (6,912 | )
Operating income (loss) | $ | 598,423 |  |  | $ | 49,511 |  |  | $ | (217,741 | ) |  | $ | — |  |  | $ | 430,193 |
Intersegment revenues | $ | — |  |  | $ | 4,884 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,884 |
Capital expenditures | $ | 40,836 |  |  | $ | 2,458 |  |  | $ | 4,154 |  |  | $ | — |  |  | $ | 47,448 |
Share-based compensation expense | $ | — |  |  | $ | — |  |  | $ | 1,628 |  |  | $ | — |  |  | $ | 1,628 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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