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REVENUE | 6 Months Ended
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Jun. 30, 2020
Revenue from Contract with Customer [Abstract] |
REVENUE | REVENUE Disaggregation of Revenue The following table shows revenue streams for the Successor Company for the periods presented:
Successor Company |  |  |  |  |  |  |
(In thousands) | Audio |  | Audio and Media Services |  | Eliminations |  | Consolidated
Three Months Ended June 30, 2020 |  |  |  |  |  |  |
Revenue from contracts with customers: |  |  |  |  |  |  |
Broadcast Radio(1) | $ | 244,035 |  |  | $ | — |  |  | $ | — |  |  | $ | 244,035 |
Digital(2) | 93,227 |  |  | — |  |  | — |  |  | 93,227 |
Networks(3) | 96,330 |  |  | — |  |  | — |  |  | 96,330 |
Sponsorship and Events(4) | 14,809 |  |  | — |  |  | — |  |  | 14,809 |
Audio and Media Services(5) | — |  |  | 39,251 |  |  | (1,779) |  |  | 37,472 |
Other(6) | 1,544 |  |  | — |  |  | (168) |  |  | 1,376 |
Total | 449,945 |  |  | 39,251 |  |  | (1,947) |  |  | 487,249 |
Revenue from leases(7) | 399 |  |  | — |  |  | — |  |  | 399 |
Revenue, total | $ | 450,344 |  |  | $ | 39,251 |  |  | $ | (1,947) |  |  | $ | 487,648 |
Period from May 2, 2019 through June 30, 2019 |  |  |  |  |  |  |
Revenue from contracts with customers: |  |  |  |  |  |  |
Broadcast Radio(1) | $ | 390,540 |  |  | $ | — |  |  | $ | — |  |  | $ | 390,540 |
Digital(2) | 64,238 |  |  | — |  |  | — |  |  | 64,238 |
Networks(3) | 105,426 |  |  | — |  |  | — |  |  | 105,426 |
Sponsorship and Events(4) | 31,790 |  |  | — |  |  | — |  |  | 31,790 |
Audio and Media Services(5) | — |  |  | 40,537 |  |  | (1,009) |  |  | 39,528 |
Other(6) | 3,957 |  |  | — |  |  | (112) |  |  | 3,845 |
Total | 595,951 |  |  | 40,537 |  |  | (1,121) |  |  | 635,367 |
Revenue from leases(7) | 279 |  |  | — |  |  | — |  |  | 279 |
Revenue, total | $ | 596,230 |  |  | $ | 40,537 |  |  | $ | (1,121) |  |  | $ | 635,646 |
Six Months Ended June 30, 2020 |  |  |  |  |  |  |
Revenue from contracts with customers: |  |  |  |  |  |  |
Broadcast Radio(1) | $ | 705,695 |  |  | $ | — |  |  | $ | — |  |  | $ | 705,695 |
Digital(2) | 186,003 |  |  | — |  |  | — |  |  | 186,003 |
Networks(3) | 230,907 |  |  | — |  |  | — |  |  | 230,907 |
Sponsorship and Events(4) | 44,157 |  |  | — |  |  | — |  |  | 44,157 |
Audio and Media Services(5) | — |  |  | 99,478 |  |  | (3,590) |  |  | 95,888 |
Other(6) | 5,103 |  |  | — |  |  | (335) |  |  | 4,768 |
Total | 1,171,865 |  |  | 99,478 |  |  | (3,925) |  |  | 1,267,418 |
Revenue from leases(7) | 864 |  |  | — |  |  | — |  |  | 864 |
Revenue, total | $ | 1,172,729 |  |  | $ | 99,478 |  |  | $ | (3,925) |  |  | $ | 1,268,282 |
(1)Broadcast Radio revenue is generated through the sale of advertising time on the Company’s domestic radio stations. (2)Digital revenue is generated through the sale of streaming and display advertisements on digital platforms, subscriptions to iHeartRadio streaming services, podcasting and the dissemination of other digital content. (3)Networks revenue is generated through the sale of advertising on the Company’s Premiere and Total Traffic & Weather network programs and through the syndication of network programming to other media companies. (4)Sponsorship and events revenue is generated through local events and major nationally-recognized tent pole events and include sponsorship and other advertising revenue, ticket sales, and licensing, as well as endorsement and appearance fees generated by on-air talent. (5)Audio and media services revenue is generated by services provided to broadcast industry participants through the Company’s Katz Media and RCS businesses. As a media representation firm, Katz Media generates revenue via commissions on media sold on behalf of the radio and television stations that it represents, while RCS generates revenue by providing broadcast and webcast software and technology and services to radio stations, television music channels, cable companies, satellite music networks and Internet stations worldwide. (6)Other revenue represents fees earned for miscellaneous services, including on-site promotions, activations, and local marketing agreements. (7)Revenue from leases is primarily generated by the lease of towers to other media companies, which are all categorized as operating leases. The following table shows revenue streams from continuing operations for the Predecessor Company. The presentation of amounts in the Predecessor period has been revised to conform to the Successor period presentation.
Predecessor Company |  |  |  |  |  |  |
(In thousands) | Audio(1) |  | Audio and Media Services(1) |  | Eliminations |  | Consolidated
Period from April 1, 2019 through May 1, 2019 |  |  |  |  |  |  |
Revenue from contracts with customers: |  |  |  |  |  |  |
Broadcast Radio | 170,632 |  |  | $ | — |  |  | $ | — |  |  | $ | 170,632 |
Digital | 26,840 |  |  | — |  |  | — |  |  | 26,840 |
Networks | 50,889 |  |  | — |  |  | — |  |  | 50,889 |
Sponsorship and Events | 10,617 |  |  | — |  |  | — |  |  | 10,617 |
Audio and Media Services | — |  |  | 17,970 |  |  | (701) |  |  | 17,269 |
Other | 1,197 |  |  | — |  |  | (56) |  |  | 1,141 |
Total | 260,175 |  |  | 17,970 |  |  | (757) |  |  | 277,388 |
Revenue from leases | 286 |  |  | — |  |  | — |  |  | 286 |
Revenue, total | $ | 260,461 |  |  | $ | 17,970 |  |  | $ | (757) |  |  | $ | 277,674 |
Period from January 1, 2019 through May 1, 2019 |  |  |  |  |  |  |
Revenue from contracts with customers: |  |  |  |  |  |  |
Broadcast Radio | $ | 657,864 |  |  | $ | — |  |  | $ | — |  |  | $ | 657,864 |
Digital | 102,789 |  |  | — |  |  | — |  |  | 102,789 |
Networks | 189,088 |  |  | — |  |  | — |  |  | 189,088 |
Sponsorship and Events | 50,330 |  |  | — |  |  | — |  |  | 50,330 |
Audio and Media Services | — |  |  | 69,362 |  |  | (2,325) |  |  | 67,037 |
Other | 5,910 |  |  | — |  |  | (243) |  |  | 5,667 |
Total | 1,005,981 |  |  | 69,362 |  |  | (2,568) |  |  | 1,072,775 |
Revenue from leases | 696 |  |  | — |  |  | — |  |  | 696 |
Revenue, total | $ | 1,006,677 |  |  | $ | 69,362 |  |  | $ | (2,568) |  |  | $ | 1,073,471 |
(1)Due to a re-evaluation of the Company’s internal segment reporting upon the effectiveness of the Plan of Reorganization, the Company’s RCS business is included in the Audio & Media Services results for all periods presented. Trade and Barter Trade and barter transactions represent the exchange of advertising spots for merchandise, services, advertising and promotion or other assets in the ordinary course of business. The transaction price for these contracts is measured at the estimated fair value of the non-cash consideration received unless this is not reasonably estimable, in which case the consideration is measured based on the standalone selling price of the advertising spots promised to the customer. Trade and barter revenues and expenses from continuing operations, which are included in consolidated revenue and selling, general and administrative expenses, respectively, were as follows:
| Successor Company |  |  |  |  | Predecessor Company |  |  |  |  |  |
| Three Months Ended June 30, |  | Period from May 2, 2019 through June 30, |  |  | Period from April 1, 2019 through May 1, |  |  |  |  |  |
(In thousands) | 2020 |  | 2019 |  |  | 2019 |  |  |  |  |  |
Trade and barter revenues | $ | 19,753 |  |  | $ | 29,699 |  |  |  | $ | 10,349 |  |  |  |  |  |  |
Trade and barter expenses | 17,075 |  |  | 28,023 |  |  |  | 8,474 |  |  |  |  |  |  |
| Successor Company |  |  |  |  | Predecessor Company |  |
| Six Months Ended June 30, |  | Period from May 2, 2019 through June 30, |  |  | Period from January 1, 2019 through May 1, |  |
(In thousands) | 2020 |  | 2019 |  |  | 2019 |  |
Trade and barter revenues | $ | 72,431 |  |  | $ | 29,699 |  |  |  | $ | 65,934 |  |  |
Trade and barter expenses | 72,073 |  |  | 28,023 |  |  |  | 58,330 |  |  |
The Successor Company recognized barter revenue of $0.2 million, $1.9 million and $5.2 million in the three months ended June 30, 2020, the period from May 2, 2019 through June 30, 2019 and the six months ended June 30, 2020, respectively, in connection with investments made in companies in exchange for advertising services. The Predecessor Company recognized barter revenue of $0.9 million and $5.9 million in the period from April 1, 2019 through May 1, 2019 and the period from January 1, 2019 through May 1, 2019, respectively, in connection with investments made in companies in exchange for advertising services. Deferred Revenue The following tables show the Company’s deferred revenue balance from contracts with customers, excluding discontinued operations:
| Successor Company |  |  |  |  | Predecessor Company |  |
| Three Months Ended June 30, |  | Period from May 2, 2019 through June 30, |  |  | Period from April 1, 2019 through May 1, |  |
(In thousands) | 2020 |  | 2019 |  |  | 2019 |  |
Deferred revenue from contracts with customers: |  |  |  |  |  |  |  |
Beginning balance(1) | $ | 175,321 |  |  | $ | 151,475 |  |  |  | $ | 155,114 |  |  |
Impact of fresh start accounting | — |  |  | 298 |  |  |  | — |  |  |
Revenue recognized, included in beginning balance | (59,155) |  |  | (59,018) |  |  |  | (43,172) |  |  |
Additions, net of revenue recognized during period, and other | 61,864 |  |  | 66,997 |  |  |  | 39,533 |  |  |
Ending balance | $ | 178,030 |  |  | $ | 159,752 |  |  |  | $ | 151,475 |  |  |
|  |  | Successor Company |  |  |  |  | Predecessor Company
|  |  | Six Months Ended June 30, |  | Period from May 2, 2019 through June 30, |  |  | Period from January 1, 2019 through May 1,
(In thousands) |  |  | 2020 |  | 2019 |  |  | 2019
Deferred revenue from contracts with customers: |  |  |  |  |  |  |  |
Beginning balance(1) |  |  | $ | 162,068 |  |  | $ | 151,475 |  |  |  | $ | 148,720 |
Impact of fresh start accounting |  |  | — |  |  | 298 |  |  |  | — |
Revenue recognized, included in beginning balance |  |  | (76,053) |  |  | (59,018) |  |  |  | (76,473) |
Additions, net of revenue recognized during period, and other |  |  | 92,015 |  |  | 66,997 |  |  |  | 79,228 |
Ending balance |  |  | $ | 178,030 |  |  | $ | 159,752 |  |  |  | $ | 151,475 |
(1) Deferred revenue from contracts with customers, which excludes other sources of deferred revenue that are not related to contracts with customers, is included within deferred revenue and other long-term liabilities on the Consolidated Balance Sheets, depending upon when revenue is expected to be recognized. The Company’s contracts with customers generally have terms of one year or less; however, as of June 30, 2020, the Company expects to recognize $226.6 million of revenue in future periods for remaining performance obligations from current contracts with customers that have an original expected duration greater than one year, with substantially all of this amount to be recognized over the next five years. Commissions related to the Company’s media representation business have been excluded from this amount as they are contingent upon future sales. Revenue from Leases As of June 30, 2020, the future lease payments to be received by the Successor Company are as follows:
(In thousands) |
2020 | $ | 774 |
2021 | 1,259 |
2022 | 860 |
2023 | 795 |
2024 | 695 |
Thereafter | 10,021 |
Total | $ | 14,404 |

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 + Details
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