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SEGMENT DATA | 6 Months Ended
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Jun. 30, 2020
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 a reorganization of the Company’s management structure after the Separation and emergence from the Chapter 11 Cases, the Company revised its segment reporting, as discussed in Note 1 and all prior periods have been restated to conform to this presentation. The following table presents the Company's segment results for the Successor Company for the periods presented:
Successor Company |  |  |  |  |  |  |  |  |
(In thousands) | Audio |  | Audio & Media Services |  | Corporate and other reconciling items |  | Eliminations |  | Consolidated
Three Months Ended June 30, 2020 |  |  |  |  |  |  |  |  |
Revenue | $ | 450,344 |  |  | $ | 39,251 |  |  | $ | — |  |  | $ | (1,947) |  |  | $ | 487,648 |
Direct operating expenses | 243,976 |  |  | 7,304 |  |  | — |  |  | (1,414) |  |  | 249,866 |
Selling, general and administrative expenses | 229,245 |  |  | 32,510 |  |  | — |  |  | (536) |  |  | 261,219 |
Corporate expenses | — |  |  | — |  |  | 26,416 |  |  | 3 |  |  | 26,419 |
Depreciation and amortization | 94,898 |  |  | 5,838 |  |  | 2,611 |  |  | — |  |  | 103,347 |
Impairment charges | — |  |  | — |  |  | 5,378 |  |  | — |  |  | 5,378 |
Other operating expense, net | — |  |  | — |  |  | (506) |  |  | — |  |  | (506) |
Operating loss | $ | (117,775) |  |  | $ | (6,401) |  |  | $ | (34,911) |  |  | $ | — |  |  | $ | (159,087) |
Intersegment revenues | $ | 168 |  |  | $ | 1,779 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,947 |
Capital expenditures | $ | 14,198 |  |  | $ | 961 |  |  | $ | 2,723 |  |  | $ | — |  |  | $ | 17,882 |
Share-based compensation expense | $ | — |  |  | $ | — |  |  | $ | 4,218 |  |  | $ | — |  |  | $ | 4,218 |
Period from May 2, 2019 through June 30, 2019 |  |  |  |  |  |  |  |  |
Revenue | 596,230 |  |  | 40,537 |  |  | — |  |  | (1,121) |  |  | 635,646 |
Direct operating expenses | 193,952 |  |  | 4,872 |  |  | — |  |  | (52) |  |  | 198,772 |
Selling, general and administrative expenses | 196,834 |  |  | 24,458 |  |  | — |  |  | (1,061) |  |  | 220,231 |
Corporate expenses | — |  |  | — |  |  | 26,826 |  |  | (8) |  |  | 26,818 |
Depreciation and amortization | 54,692 |  |  | 3,619 |  |  | 1,072 |  |  | — |  |  | 59,383 |
Other operating income, net | — |  |  | — |  |  | 3,246 |  |  | — |  |  | 3,246 |
Operating income (loss) | $ | 150,752 |  |  | $ | 7,588 |  |  | $ | (24,652) |  |  | $ | — |  |  | $ | 133,688 |
Intersegment revenues | $ | 112 |  |  | $ | 1,009 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,121 |
Capital expenditures | $ | 13,554 |  |  | $ | 830 |  |  | $ | 3,051 |  |  | $ | — |  |  | $ | 17,435 |
Share-based compensation expense | $ | — |  |  | $ | — |  |  | $ | 3,039 |  |  | $ | — |  |  | $ | 3,039 |
Six Months Ended June 30, 2020 |  |  |  |  |  |  |  |  |
Revenue | $ | 1,172,729 |  |  | $ | 99,478 |  |  | $ | — |  |  | $ | (3,925) |  |  | $ | 1,268,282 |
Direct operating expenses | 538,763 |  |  | 15,507 |  |  | — |  |  | (2,772) |  |  | 551,498 |
Selling, general and administrative expenses | 539,301 |  |  | 67,184 |  |  | — |  |  | (1,125) |  |  | 605,360 |
Corporate expenses | — |  |  | — |  |  | 66,396 |  |  | (28) |  |  | 66,368 |
Depreciation and amortization | 183,699 |  |  | 11,534 |  |  | 4,882 |  |  | — |  |  | 200,115 |
Impairment charges | — |  |  | — |  |  | 1,733,235 |  |  | — |  |  | 1,733,235 |
Other operating expense, net | — |  |  | — |  |  | (1,572) |  |  | — |  |  | (1,572) |
Operating income (loss) | $ | (89,034) |  |  | $ | 5,253 |  |  | $ | (1,806,085) |  |  | $ | — |  |  | $ | (1,889,866) |
Intersegment revenues | $ | 335 |  |  | $ | 3,590 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,925 |
Capital expenditures | $ | 32,800 |  |  | $ | 1,623 |  |  | $ | 5,123 |  |  | $ | — |  |  | $ | 39,546 |
Share-based compensation expense | $ | — |  |  | $ | — |  |  | $ | 8,843 |  |  | $ | — |  |  | $ | 8,843 |
The following table presents the Company's segment results for the Predecessor Company for the periods presented. The presentation of prior period amounts has been restated to conform to the presentation of the Successor period.
Predecessor Company |  |  |  |  |  |  |  |  |
(In thousands) | Audio |  | Audio and Media Services |  | Corporate and other reconciling items |  | Eliminations |  | Consolidated
Period from April 1, 2019 through May 1, 2019 |  |  |  |  |  |  |  |  |
Revenue | $ | 260,461 |  |  | $ | 17,970 |  |  | $ | — |  |  | $ | (757) |  |  | $ | 277,674 |
Direct operating expenses | 95,983 |  |  | 2,549 |  |  | — |  |  | (222) |  |  | 98,310 |
Selling, general and administrative expenses | 91,551 |  |  | 11,276 |  |  | — |  |  | (531) |  |  | 102,296 |
Corporate expenses | — |  |  | — |  |  | 14,510 |  |  | (4) |  |  | 14,506 |
Depreciation and amortization | 11,749 |  |  | 1,204 |  |  | 1,591 |  |  | — |  |  | 14,544 |
Other operating expense, net | — |  |  | — |  |  | (127) |  |  | — |  |  | (127) |
Operating income (loss) | $ | 61,178 |  |  | $ | 2,941 |  |  | $ | (16,228) |  |  | $ | — |  |  | $ | 47,891 |
Intersegment revenues | $ | 56 |  |  | $ | 701 |  |  | $ | — |  |  | $ | — |  |  | $ | 757 |
Capital expenditures | $ | 11,137 |  |  | $ | 576 |  |  | $ | 1,531 |  |  | $ | — |  |  | $ | 13,244 |
Share-based compensation expense | $ | — |  |  | $ | — |  |  | $ | 105 |  |  | $ | — |  |  | $ | 105 |
Period from January 1, 2019 through May 1, 2019 |  |  |  |  |  |  |  |  |
Revenue | $ | 1,006,677 |  |  | $ | 69,362 |  |  | $ | — |  |  | $ | (2,568) |  |  | $ | 1,073,471 |
Direct operating expenses | 371,989 |  |  | 9,559 |  |  | — |  |  | (364) |  |  | 381,184 |
Selling, general and administrative expenses | 383,342 |  |  | 46,072 |  |  | — |  |  | (2,184) |  |  | 427,230 |
Corporate expenses |  |  |  |  | 53,667 |  |  | (20) |  |  | 53,647 |
Depreciation and amortization | 41,233 |  |  | 5,266 |  |  | 6,335 |  |  | — |  |  | 52,834 |
Impairment charges | — |  |  | — |  |  | 91,382 |  |  | — |  |  | 91,382 |
Other operating expense, net | — |  |  | — |  |  | (154) |  |  | — |  |  | (154) |
Operating income (loss) | $ | 210,113 |  |  | $ | 8,465 |  |  | $ | (151,538) |  |  | $ | — |  |  | $ | 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 |

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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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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