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SEGMENT DATA (Tables) | 12 Months Ended
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Dec. 31, 2021
Segment Reporting [Abstract] |
Schedule of Operating Segment Results | The following table presents the Company's segment results for the Successor Company for the year ended December 31, 2021, the year ended December 31, 2020 and the period from May 2, 2019 through December 31, 2019:
| Segments |  |  |  |  |  |
(In thousands) | Multiplatform Group |  | Digital Audio Group |  | Audio & Media Services Group |  | Corporate and other reconciling items |  | Eliminations |  | Consolidated
Year Ended December 31, 2021
Revenue | $ | 2,489,018 |  |  | $ | 834,482 |  |  | $ | 247,957 |  |  | $ | — |  |  | $ | (13,117) |  |  | $ | 3,558,340 |
Operating expenses(1) | 1,745,680 |  |  | 573,835 |  |  | 171,766 |  |  | 269,043 |  |  | (13,117) |  |  | 2,747,207 |
Segment Adjusted EBITDA(2) | $ | 743,338 |  |  | $ | 260,647 |  |  | $ | 76,191 |  |  | $ | (269,043) |  |  | $ | — |  |  | $ | 811,133 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  | (469,417) |
Impairment charges |  |  |  |  |  |  |  |  |  |  | (57,734) |
Other operating expense, net |  |  |  |  |  |  |  |  |  |  | (32,320) |
Restructuring expenses |  |  |  |  |  |  |  |  |  |  | (73,262) |
Share-based compensation expense |  |  |  |  |  |  |  |  |  |  | (23,543) |
Operating income |  |  |  |  |  |  |  |  |  |  | $ | 154,857 |
Segment assets | $ | 6,953,772 |  |  | $ | 1,088,471 |  |  | $ | 438,773 |  |  | $ | 403,898 |  |  | $ | (3,605) |  |  | $ | 8,881,309 |
Intersegment revenues | 670 |  |  | 5,845 |  |  | 6,602 |  |  | — |  |  | — |  |  | 13,117 |
Capital expenditures | 130,894 |  |  | 23,907 |  |  | 14,515 |  |  | 14,056 |  |  | — |  |  | 183,372 |
Share-based compensation expense | — |  |  | — |  |  | — |  |  | 23,543 |  |  | — |  |  | 23,543 |
| Segments |  |  |  |  |  |
(In thousands) | Multiplatform Group |  | Digital Audio Group |  | Audio & Media Services Group |  | Corporate and other reconciling items |  | Eliminations |  | Consolidated
Year Ended December 31, 2020
Revenue | $ | 2,206,854 |  |  | $ | 474,371 |  |  | $ | 274,749 |  |  | $ | — |  |  | $ | (7,756) |  |  | $ | 2,948,218 |
Operating expenses(1) | 1,723,449 |  |  | 343,598 |  |  | 180,081 |  |  | 170,173 |  |  | (7,756) |  |  | 2,409,545 |
Segment Adjusted EBITDA(2) | $ | 483,405 |  |  | $ | 130,773 |  |  | $ | 94,668 |  |  | $ | (170,173) |  |  | $ | — |  |  | $ | 538,673 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  | (402,929) |
Impairment charges |  |  |  |  |  |  |  |  |  |  | (1,738,752) |
Other operating expense, net |  |  |  |  |  |  |  |  |  |  | (11,344) |
Restructuring expenses |  |  |  |  |  |  |  |  |  |  | (100,410) |
Share-based compensation expense |  |  |  |  |  |  |  |  |  |  | (22,862) |
Operating loss |  |  |  |  |  |  |  |  |  |  | $ | (1,737,624) |
Segment assets | $ | 7,736,229 |  |  | $ | 187,051 |  |  | $ | 473,628 |  |  | $ | 809,638 |  |  | $ | (3,585) |  |  | $ | 9,202,961 |
Intersegment revenues | 670 |  |  | — |  |  | 7,086 |  |  | — |  |  | — |  |  | 7,756 |
Capital expenditures | 51,559 |  |  | 16,086 |  |  | 5,105 |  |  | 12,455 |  |  | — |  |  | 85,205 |
Share-based compensation expense | — |  |  | — |  |  | — |  |  | 22,862 |  |  | — |  |  | 22,862 |
| Segments |  |  |  |  |  |
(In thousands) | Multiplatform Group |  | Digital Audio Group |  | Audio & Media Services Group |  | Corporate and other reconciling items |  | Eliminations |  | Consolidated
Period from May 2, 2019 through December 31, 2019
Revenue | $ | 2,174,411 |  |  | $ | 273,389 |  |  | $ | 167,292 |  |  | $ | — |  |  | $ | (5,036) |  |  | $ | 2,610,056 |
Operating expenses(1) | 1,381,073 |  |  | 194,366 |  |  | 120,685 |  |  | 143,420 |  |  | (5,036) |  |  | 1,834,508 |
Segment Adjusted EBITDA(2) | $ | 793,338 |  |  | $ | 79,023 |  |  | $ | 46,607 |  |  | $ | (143,420) |  |  | $ | — |  |  | $ | 775,548 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  | (249,623) |
Impairment charges |  |  |  |  |  |  |  |  |  |  | — |
Other operating expense, net |  |  |  |  |  |  |  |  |  |  | (8,000) |
Restructuring expenses |  |  |  |  |  |  |  |  |  |  | (51,878) |
Share-based compensation expense |  |  |  |  |  |  |  |  |  |  | (26,411) |
Operating income |  |  |  |  |  |  |  |  |  |  | $ | 439,636 |
Segment Assets | $ | 9,949,638 |  |  | $ | 73,108 |  |  | $ | 486,551 |  |  | $ | 515,580 |  |  | $ | (3,778) |  |  | $ | 11,021,099 |
Intersegment revenues | $ | 447 |  |  | $ | — |  |  | $ | 4,589 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,036 |
Capital expenditures | $ | 48,096 |  |  | $ | 10,505 |  |  | $ | 3,980 |  |  | $ | 13,412 |  |  | $ | — |  |  | $ | 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 period from January 1, 2019 through May 1, 2019:
| Segments |  |  |  |  |  |
(In thousands) | Multiplatform Group |  | Digital Audio Group |  | Audio & Media Services Group |  | Corporate and other reconciling items |  | Eliminations |  | Consolidated
Period from January 1, 2019 through May 1, 2019
Revenue | $ | 903,888 |  |  | $ | 102,789 |  |  | $ | 69,362 |  |  | $ | — |  |  | $ | (2,568) |  |  | $ | 1,073,471 |
Operating expenses(1) | 635,205 |  |  | 88,621 |  |  | 55,278 |  |  | 71,785 |  |  | (2,568) |  |  | 848,321 |
Segment Adjusted EBITDA(2) | $ | 268,683 |  |  | $ | 14,168 |  |  | $ | 14,084 |  |  | $ | (71,785) |  |  | $ | — |  |  | $ | 225,150 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  | (52,834) |
Impairment charges |  |  |  |  |  |  |  |  |  |  | (91,382) |
Other operating expense, net |  |  |  |  |  |  |  |  |  |  | (154) |
Restructuring expenses |  |  |  |  |  |  |  |  |  |  | (13,242) |
Share-based compensation expense |  |  |  |  |  |  |  |  |  |  | (498) |
Operating loss |  |  |  |  |  |  |  |  |  |  | $ | 67,040 |
Intersegment revenues | $ | 243 |  |  | $ | — |  |  | $ | 2,325 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,568 |
Capital expenditures | $ | 25,270 |  |  | $ | 4,694 |  |  | $ | 1,263 |  |  | $ | 4,970 |  |  | $ | — |  |  | $ | 36,197 |
Share-based compensation expense | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 498 |  |  | $ | — |  |  | $ | 498 |
(1) Consolidated operating expenses consist of Direct operating expenses and Selling, general and administrative expenses and exclude Restructuring expenses, share-based compensation expenses and depreciation and amortization. (2) For a definition of Adjusted EBITDA for the consolidated company and a reconciliation to Operating income, the most closely comparable GAAP measure, and to Net income (loss), please see "Reconciliation of Operating Income (Loss) to Adjusted EBITDA" and "Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA" in Item 7 of this Annual Report on Form 10-K. Beginning on January 1, 2021, Segment Adjusted EBITDA became the segment profitability metric reported to the Company's Chief Operating Decision Maker for purposes of making decisions about allocation of resources to, and assessing performance of, each reportable segment.

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599 + Details
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