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SEGMENT DATA
 12 Months Ended
Dec. 31, 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 compensation is recorded within Corporate expenses.
Beginning with the first quarter of 2021, the Company is changing its presentation of segment information to reflect changes in the way the business is managed and resources are allocated by the Company's Chief Operating Decision Maker ("CODM") as a result of a reorganization of the Company's management structure. Effective January 1, 2021, the Company will have three reportable segments - iHeartMedia Multiplatform Group, which includes our Broadcast radio, Networks and Sponsorships and Events businesses, iHeartMedia Digital Audio Group, which includes all of our Digital assets, including Podcasting, and our Audio and Media Services Group. These reportable segments reflect how senior management views the Company, align with certain leadership and organizational changes implemented in the first quarter of 2021.
Additionally, beginning on January 1, 2021, Segment Adjusted EBITDA will be the segment profitability metric reported to the Company's CODM for purposes of making decisions about allocation of resources to, and assessing performance of, each reportable segment. Segment Adjusted EBITDA is calculated as Revenue less Direct operating expenses and Selling, general and administrative expenses, excluding Restructuring expenses. Restructuring expenses consist primarily of severance expenses incurred in connection with cost saving initiatives, as well as certain expenses, which, in the view of management, are outside the ordinary course of business or otherwise not representative of the Company's operations during a normal business cycle.
The following table presents the Company's segment results for the Successor Company for the year ended December 31, 2020 and the period from May 2, 2019 through December 31, 2019:
Successor Company
(In thousands)AudioAudio and Media ServicesCorporate and other reconciling itemsEliminationsConsolidated
Year Ended December 31, 2020
Revenue$2,681,225 $274,749 $— $(7,756)$2,948,218 
Direct operating expenses1,136,279 32,387 — (5,518)1,163,148 
Selling, general and administrative expenses
1,076,063 151,220 — (2,186)1,225,097 
Corporate expenses— — 144,624 (52)144,572 
Depreciation and amortization
369,310 23,502 10,117 — 402,929 
Impairment charges— — 1,738,752 — 1,738,752 
Other operating expense, net
— — 11,344 — 11,344 
Operating income (loss)$99,573 $67,640 $(1,904,837)$— $(1,737,624)
Segment assets$7,936,468 $473,628 $796,450 $(3,585)$9,202,961 
Intersegment revenues $670 $7,086 $— $— $7,756 
Capital expenditures$73,859 $5,105 $6,241 $— $85,205 
Share-based compensation expense
$— $— $22,862 $— $22,862 
Period from May 2, 2019 through December 31, 2019
Revenue$2,447,800 $167,292 $— $(5,036)$2,610,056 
Direct operating expenses858,597 21,106 — (747)878,956 
Selling, general and administrative expenses
800,796 101,131 — (4,257)897,670 
Corporate expenses— — 136,203 (32)136,171 
Depreciation and amortization
229,869 14,776 4,978 — 249,623 
Impairment charges— — — — — 
Other operating expense, net
— — 8,000 — 8,000 
Operating income (loss)
$558,538 $30,279 $(149,181)$— $439,636 
Segment assets(1)
$10,040,750 $486,551 $497,576 $(3,778)$11,021,099 
Intersegment revenues$447 $4,589 $— $— $5,036 
Capital expenditures$62,016 $3,980 $9,997 $— $75,993 
Share-based compensation expense
$— $— $26,411 $— $26,411 
The following table presents the Company's segment results for the Predecessor Company for the periods indicated.
Predecessor Company
(In thousands)AudioAudio and Media ServicesCorporate and other reconciling itemsEliminationsConsolidated
Period from January 1, 2019 through May 1, 2019
Revenue$1,006,677 $69,362 $— $(2,568)$1,073,471 
Direct operating expenses371,989 9,559 — (364)381,184 
Selling, general and administrative expenses
383,342 46,072 — (2,184)427,230 
Corporate expenses53,667 (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 
Year Ended December 31, 2018
Revenue$3,353,770 $264,061 $— $(6,508)$3,611,323 
Direct operating expenses1,104,290 28,360 — (211)1,132,439 
Selling, general and administrative expenses
1,208,882 147,505 — (6,230)1,350,157 
Corporate expenses— — 184,283 (67)184,216 
Depreciation and amortization
173,657 18,286 20,008 — 211,951 
Impairment charges— — 33,150 — 33,150 
Other operating expense, net— — 9,266 — 9,266 
Operating income (loss)
$866,941 $69,910 $(246,707)$— $690,144 
Segment assets(1)
$7,084,222 $448,072 $370,157 $(206)$7,902,245 
Intersegment revenues$— $6,508 $— $— $6,508 
Capital expenditures$72,392 $5,965 $6,888 $— $85,245 
Share-based compensation expense
$— $— $2,066 $— $2,066 
(1) The Predecessor Company's Segment assets exclude $4,367.3 million of assets related to discontinued operations as of December 31, 2018.