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REVENUE (Tables)

12 Months Ended

Dec. 31, 2020

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table shows revenue streams 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)			Audio						Audio and Media Services						Eliminations						Consolidated
Year Ended December 31, 2020
Revenue from contracts with customers:
Broadcast Radio(1)			$	1,604,880					$	—					$	—					$	1,604,880
Digital(2)			474,371						—						—						474,371
Networks(3)			484,950						—						—						484,950
Sponsorship and Events(4)			107,654						—						—						107,654
Audio and Media Services(5)			—						274,749						(7,086)						267,663
Other(6)			7,276						—						(670)						6,606
Total			2,679,131						274,749						(7,756)						2,946,124
Revenue from leases(7)			2,094						—						—						$	2,094
Revenue, total			$	2,681,225					$	274,749					$	(7,756)					$	2,948,218
Period from May 2, 2019 through December 31, 2019
Revenue from contracts with customers:
Broadcast Radio(1)			$	1,575,382					$	—					$	—					$	1,575,382
Digital(2)			273,389						—						—						273,389
Networks(3)			425,631						—						—						425,631
Sponsorship and Events(4)			159,187						—						—						159,187
Audio and Media Services(5)			—						167,292						(4,589)						162,703
Other(6)			13,017						—						(447)						12,570
Total			2,446,606						167,292						(5,036)						2,608,862
Revenue from leases(7)			1,194						—						—						1,194
Revenue, total			$	2,447,800					$	167,292					$	(5,036)					$	2,610,056

(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 periods has been revised to conform to the Successor period presentation.

Predecessor Company
(In thousands)			Audio						Audio and Media Services						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
Year Ended December 31, 2018
Revenue from contracts with customers:
Broadcast Radio			$	2,264,058					$	—					$	—					$	2,264,058
Digital			284,565						—						—						284,565
Networks			582,302						—						—						582,302
Sponsorship and Events			200,605						—						—						200,605
Audio and Media Services			—						264,061						(6,508)						257,553
Other			19,446						—						—						19,446
Total			3,350,976						264,061						(6,508)						3,608,529
Revenue from leases			2,794						—						—						2,794
Revenue, total			$	3,353,770					$	264,061					$	(6,508)					$	3,611,323

Barter and Trade Revenues and Expenses Table

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
			Year Ended December 31,						Period from May 2, 2019 through December 31,									Period from January 1, 2019 through May 1,						Year Ended December 31,
(In thousands)			2020						2019									2019						2018
Consolidated:
Trade and barter revenues			$	158,383					$	151,497								$	65,934					$	202,674
Trade and barter expenses			154,715						134,865									58,330						199,982

Schedule of Changes in Contract Assets and Liabilities

The following tables show the Company’s deferred revenue balance from contracts with customers, excluding discontinued operations:

															Successor Company															Predecessor Company
									Year Ended December 31,						Period from May 2, 2019 through December 31,									Period from January 1, 2019 through May 1,						Year Ended December 31,
(In thousands)															2020						2019									2019						2018
Deferred revenue from contracts with customers:
Beginning balance(1)															$	162,068					$	151,475								$	148,720					$	155,228
Impact of fresh start accounting															—						298									—						—
Revenue recognized, included in beginning balance															(95,531)						(102,237)									(76,473)						(115,930)
Additions, net of revenue recognized during period, and other															78,956						112,532									79,228						109,422
Ending balance															$	145,493					$	162,068								$	151,475					$	148,720

(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. As described in Note 3, as part of the fresh start accounting adjustments on May 1, 2019, deferred revenue from contracts with customers was adjusted to its estimated fair value.

Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity

As of December 31, 2020, the future lease payments to be received by the Successor Company are as follows:

(In thousands)
2021			$	1,841
2022			1,128
2023			1,082
2024			946
2025			764
Thereafter			11,169
Total minimum future rentals			$	16,930

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Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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