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QUARTERLY RESULTS OF OPERATIONS (Unaudited) (Tables) | 12 Months Ended
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Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract] |
Schedule of Quarterly Results of Operations (Unaudited) |
(In thousands, except per share data) | Predecessor Company |  |  | Successor Company
| Three Months Ended March 31, |  | Period from April 1, 2019 through May 1, |  |  | Period from May 2, 2019 through June 30, |  | Three Months Ended September 30, |  | Three Months Ended December 31,
| 2019 |  | 2019 |  |  | 2019 |  | 2019 |  | 2019
Revenue | $ | 795,797 |  |  | $ | 277,674 |  |  |  | $ | 635,646 |  |  | $ | 948,338 |  |  | $ | 1,026,072 |
Operating expenses: |  |  |  |  |  |  |  |  |  |
Direct operating expenses | 267,115 |  |  | 92,581 |  |  |  | 184,291 |  |  | 290,971 |  |  | 332,147 |
Selling, general and administrative expenses | 332,793 |  |  | 103,552 |  |  |  | 227,140 |  |  | 341,353 |  |  | 368,313 |
Corporate expenses | 47,041 |  |  | 18,979 |  |  |  | 34,390 |  |  | 70,044 |  |  | 64,148 |
Depreciation and amortization | 38,290 |  |  | 14,544 |  |  |  | 59,383 |  |  | 95,268 |  |  | 94,972 |
Impairment charges | 91,382 |  |  | — |  |  |  | — |  |  | — |  |  | — |
Other operating income (expense), net | (27 | ) |  | (127 | ) |  |  | 3,246 |  |  | (9,880 | ) |  | (1,366 | )
Operating income | 19,149 |  |  | 47,891 |  |  |  | 133,688 |  |  | 140,822 |  |  | 165,126 |
Interest expense (income), net | (99 | ) |  | (400 | ) |  |  | 69,711 |  |  | 100,967 |  |  | 96,095 |
Gain (loss) on investments, net | (10,237 | ) |  | — |  |  |  | — |  |  | 1,735 |  |  | (22,663 | )
Equity in loss of nonconsolidated affiliates | (7 | ) |  | (59 | ) |  |  | (24 | ) |  | (1 | ) |  | (254 | )
Other income (expense), net | (127 | ) |  | 150 |  |  |  | (9,157 | ) |  | (12,457 | ) |  | 3,348 |
Reorganization items, net | (36,118 | ) |  | 9,497,944 |  |  |  | — |  |  | — |  |  | — |
Income (loss) from continuing operations before income taxes | (27,241 | ) |  | 9,546,326 |  |  |  | 54,796 |  |  | 29,132 |  |  | 49,462 |
Income tax benefit (expense) | 61,194 |  |  | (100,289 | ) |  |  | (16,003 | ) |  | (16,758 | ) |  | 12,670 |
Income from continuing operations | 33,953 |  |  | 9,446,037 |  |  |  | 38,793 |  |  | 12,374 |  |  | 62,132 |
Income (loss) from discontinued operations, net of tax | (169,554 | ) |  | 1,854,677 |  |  |  | — |  |  | — |  |  | — |
Net income (loss) | (135,601 | ) |  | 11,300,714 |  |  |  | 38,793 |  |  | 12,374 |  |  | 62,132 |
Less amount attributable to noncontrolling interest | (21,218 | ) |  | 2,190 |  |  |  | — |  |  | — |  |  | 751 |
Net income (loss) attributable to the Company | $ | (114,383 | ) |  | $ | 11,298,524 |  |  |  | $ | 38,793 |  |  | $ | 12,374 |  |  | $ | 61,381 |
Net income (loss) attributable to the Company per common share: |  |  |  |  |  |  |
From continuing operations - Basic | $ | 0.40 |  |  | $ | 110.28 |  |  |  | $ | 0.27 |  |  | $ | 0.08 |  |  | $ | 0.42 |
From discontinued operations - Basic | $ | (1.73 | ) |  | $ | 21.63 |  |  |  | $ | — |  |  | $ | — |  |  | $ | — |
From continuing operations - Diluted | $ | 0.40 |  |  | $ | 110.28 |  |  |  | $ | 0.27 |  |  | $ | 0.08 |  |  | $ | 0.42 |
From discontinued operations - Diluted | $ | (1.73 | ) |  | $ | 21.63 |  |  |  | $ | — |  |  | $ | — |  |  | $ | — |
The Successor Company's Class A common shares are quoted for trading on the Nasdaq Global Select Market under the symbol IHRT. The Predecessor Company's Class A common shares were quoted for trading on the OTC / Pink Sheets Bulletin Board under the symbol IHRT.
(In thousands, except per share data) | Predecessor Company
| Three Months Ended March 31, |  | Three Months Ended June 30, |  | Three Months Ended September 30, |  | Three Months Ended December 31,
| 2018 |  | 2018 |  | 2018 |  | 2018
Revenue | $ | 772,772 |  |  | $ | 891,764 |  |  | $ | 920,492 |  |  | $ | 1,026,295 |
Operating expenses: |  |  |  |  |  |  |
Direct operating expenses | 241,066 |  |  | 263,752 |  |  | 268,606 |  |  | 288,949 |
Selling, general and administrative expenses | 346,092 |  |  | 328,200 |  |  | 329,436 |  |  | 373,203 |
Corporate expenses | 52,898 |  |  | 52,478 |  |  | 56,699 |  |  | 65,433 |
Depreciation and amortization | 67,374 |  |  | 64,877 |  |  | 43,295 |  |  | 36,405 |
Impairment charges | — |  |  | — |  |  | 33,150 |  |  | — |
Other operating expense, net | (3,232 | ) |  | (1,218 | ) |  | (2,462 | ) |  | (2,354 | )
Operating income | 62,110 |  |  | 181,239 |  |  | 186,844 |  |  | 259,951 |
Interest expense | 321,133 |  |  | 10,613 |  |  | 2,097 |  |  | 955 |
Gain (loss) on investments, net | — |  |  | 9,175 |  |  | 186 |  |  | (9,833 | )
Equity in earnings (loss) of nonconsolidated affiliates | (31 | ) |  | (32 | ) |  | (30 | ) |  | 209 |
Other expense, net | (20,416 | ) |  | (2,058 | ) |  | (281 | ) |  | (252 | )
Reorganization items, net | (192,055 | ) |  | (68,740 | ) |  | (52,475 | ) |  | (42,849 | )
Income (loss) from continuing operations before income taxes | (471,525 | ) |  | 108,971 |  |  | 132,147 |  |  | 206,271 |
Income tax benefit (expense) | 162,733 |  |  | (142,032 | ) |  | (10,873 | ) |  | (23,664 | )
Income (loss) from continuing operations | (308,792 | ) |  | (33,061 | ) |  | 121,274 |  |  | 182,607 |
Income (loss) from discontinued operations | (124,248 | ) |  | (33,229 | ) |  | (49,491 | ) |  | 42,301 |
Net income (loss) | (433,040 | ) |  | (66,290 | ) |  | 71,783 |  |  | 224,908 |
Less amount attributable to noncontrolling interest | (16,046 | ) |  | 3,609 |  |  | 1,705 |  |  | 10,003 |
Net income (loss) attributable to the Company | $ | (416,994 | ) |  | $ | (69,899 | ) |  | $ | 70,078 |  |  | $ | 214,905 |
Net income (loss) to the Company per common share:
From continuing operations - Basic | $ | (3.62 | ) |  | $ | (0.39 | ) |  | $ | 1.42 |  |  | $ | 2.14 |
From discontinued operations - Basic | $ | (1.27 | ) |  | $ | (0.43 | ) |  | $ | (0.60 | ) |  | $ | 0.37 |
From continuing operations - Diluted | $ | (3.62 | ) |  | $ | (0.39 | ) |  | $ | 1.42 |  |  | $ | 2.14 |
From discontinued operations - Diluted | $ | (1.27 | ) |  | $ | (0.43 | ) |  | $ | (0.60 | ) |  | $ | 0.37 |
The Predecessor Company's Class A common shares were quoted for trading on the OTC / Pink Sheets Bulletin Board under the symbol IHRT.

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- Definition Tabular disclosure of quarterly financial data. Includes, but is not limited to, financial information for fiscal quarters, cumulative effect of a change in accounting principle and earnings per share data. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=118952077&loc=d3e1280-108306 + Details
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