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REVENUE (Tables) | 9 Months Ended
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Sep. 30, 2020
Revenue from Contract with Customer [Abstract] |
Disaggregation of Revenue | The following tables show revenue streams for the Successor Company for the periods presented:
Successor Company
(In thousands) | Audio |  | Audio and Media Services |  | Eliminations |  | Consolidated
Three Months Ended September 30, 2020
Revenue from contracts with customers: |  |  |  |  |  |  |
Broadcast Radio(1) | $ | 404,460 |  |  | $ | — |  |  | $ | — |  |  | $ | 404,460 |
Digital(2) | 112,589 |  |  | — |  |  | — |  |  | 112,589 |
Networks(3) | 118,982 |  |  | — |  |  | — |  |  | 118,982 |
Sponsorship and Events(4) | 28,898 |  |  | — |  |  | — |  |  | 28,898 |
Audio and Media Services(5) | — |  |  | 75,039 |  |  | (1,762) |  |  | 73,277 |
Other(6) | 5,791 |  |  | — |  |  | (168) |  |  | 5,623 |
Total | 670,720 |  |  | 75,039 |  |  | (1,930) |  |  | 743,829 |
Revenue from leases(7) | 577 |  |  | — |  |  | — |  |  | 577 |
Revenue, total | $ | 671,297 |  |  | $ | 75,039 |  |  | $ | (1,930) |  |  | $ | 744,406 |
Three Months Ended September 30, 2019
Revenue from contracts with customers: |  |  |  |  |  |  |
Broadcast Radio(1) | $ | 573,048 |  |  | $ | — |  |  | $ | — |  |  | $ | 573,048 |
Digital(2) | 96,656 |  |  | — |  |  | — |  |  | 96,656 |
Networks(3) | 160,133 |  |  | — |  |  | — |  |  | 160,133 |
Sponsorship and Events(4) | 55,541 |  |  | — |  |  | — |  |  | 55,541 |
Audio and Media Services(5) | — |  |  | 59,873 |  |  | (1,731) |  |  | 58,142 |
Other(6) | 4,568 |  |  | — |  |  | (168) |  |  | 4,400 |
Total | 889,946 |  |  | 59,873 |  |  | (1,899) |  |  | 947,920 |
Revenue from leases(7) | 418 |  |  | — |  |  | — |  |  | 418 |
Revenue, total | $ | 890,364 |  |  | $ | 59,873 |  |  | $ | (1,899) |  |  | $ | 948,338 |
Successor Company
(In thousands) | Audio |  | Audio and Media Services |  | Eliminations |  | Consolidated
Nine Months Ended September 30, 2020
Revenue from contracts with customers: |  |  |  |  |  |  |
Broadcast Radio(1) | $ | 1,110,155 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,110,155 |
Digital(2) | 298,592 |  |  | — |  |  | — |  |  | 298,592 |
Networks(3) | 349,889 |  |  | — |  |  | — |  |  | 349,889 |
Sponsorship and Events(4) | 73,055 |  |  | — |  |  | — |  |  | 73,055 |
Audio and Media Services(5) | — |  |  | 174,517 |  |  | (5,352) |  |  | 169,165 |
Other(6) | 10,895 |  |  | — |  |  | (503) |  |  | 10,392 |
Total | 1,842,586 |  |  | 174,517 |  |  | (5,855) |  |  | 2,011,248 |
Revenue from leases(7) | 1,440 |  |  | — |  |  | — |  |  | 1,440 |
Revenue, total | $ | 1,844,026 |  |  | $ | 174,517 |  |  | $ | (5,855) |  |  | $ | 2,012,688 |
Period from May 2, 2019 through September 30, 2019
Revenue from contracts with customers: |  |  |  |  |  |  |
Broadcast Radio(1) | $ | 963,588 |  |  | $ | — |  |  | $ | — |  |  | $ | 963,588 |
Digital(2) | 160,894 |  |  | — |  |  | — |  |  | 160,894 |
Networks(3) | 265,559 |  |  | — |  |  | — |  |  | 265,559 |
Sponsorship and Events(4) | 87,331 |  |  | — |  |  | — |  |  | 87,331 |
Audio and Media Services(5) | — |  |  | 100,410 |  |  | (2,740) |  |  | 97,670 |
Other(6) | 8,525 |  |  | — |  |  | (280) |  |  | 8,245 |
Total | 1,485,897 |  |  | 100,410 |  |  | (3,020) |  |  | 1,583,287 |
Revenue from leases(7) | 697 |  |  | — |  |  | — |  |  | 697 |
Revenue, total | $ | 1,486,594 |  |  | $ | 100,410 |  |  | $ | (3,020) |  |  | $ | 1,583,984 |
(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 |  | Audio and Media Services(1) |  | Eliminations |  | Consolidated
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 |
Barter And Trade Revenues And Expenses | 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 |  |  |  |  |  |
| Three Months Ended September 30, |  |  |  |
(In thousands) | 2020 |  | 2019 |  |  |  |  |  |
Trade and barter revenues | $ | 41,430 |  |  | $ | 59,530 |  |  |  |  |  |  |
Trade and barter expenses | 44,109 |  |  | 40,319 |  |  |  |  |  |  |
| Successor Company |  |  | Predecessor Company
| Nine Months Ended September 30, |  | Period from May 2, 2019 through September 30, |  |  | Period from January 1, 2019 through May 1, |  |
(In thousands) | 2020 |  | 2019 |  |  | 2019 |  |
Trade and barter revenues | $ | 113,861 |  |  | $ | 89,229 |  |  |  | $ | 65,934 |  |  |
Trade and barter expenses | 116,182 |  |  | 68,342 |  |  |  | 58,330 |  |  |
Summary of Contract with Customer, Asset and Liability | The following tables show the Company’s deferred revenue balance from contracts with customers, excluding discontinued operations:
| Successor Company |  |
| Three Months Ended September 30, |  |
(In thousands) | 2020 |  | 2019 |  |
Deferred revenue from contracts with customers: |  |  |  |  |
Beginning balance(1) | $ | 178,030 |  |  | $ | 159,752 |  |  |
Revenue recognized, included in beginning balance | (79,261) |  |  | (74,875) |  |  |
Additions, net of revenue recognized during period, and other | 73,352 |  |  | 75,660 |  |  |
Ending balance | $ | 172,121 |  |  | $ | 160,537 |  |  |
|  |  | Successor Company |  |  | Predecessor Company
|  | Nine Months Ended September 30, |  | Period from May 2, 2019 through September 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 |  |  | (86,419) |  |  | (87,098) |  |  |  | (76,473) |
Additions, net of revenue recognized during period, and other |  |  | 96,472 |  |  | 95,862 |  |  |  | 79,228 |
Ending balance |  |  | $ | 172,121 |  |  | $ | 160,537 |  |  |  | $ | 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.
Schedule of Future Lease Payments to Be Received | As of September 30, 2020, the future lease payments to be received by the Successor Company are as follows:
(In thousands)
2020 | $ | 398 |
2021 | 1,289 |
2022 | 1,045 |
2023 | 990 |
2024 | 888 |
Thereafter | 11,094 |
Total | $ | 15,704 |

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