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REVENUE (Tables)

12 Months Ended

Dec. 31, 2021

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, 2021, the year ended December 31, 2020 and the period from May 2, 2019 through December 31, 2019:

Successor Company
(In thousands)			Multiplatform Group						Digital Audio Group						Audio and Media Services Group						Eliminations						Consolidated
Year Ended December 31, 2021
Revenue from contracts with customers:
Broadcast Radio(1)			$	1,812,252					$	—					$	—					$	—					$	1,812,252
Networks(2)			503,052						—						—						—						503,052
Sponsorship and Events(3)			160,322						—						—						—						160,322
Digital, excluding Podcast(4)			—						581,918						—						(5,845)						576,073
Podcast(5)			—						252,564						—						—						252,564
Audio & Media Services(6)			—						—						247,957						(6,602)						241,355
Other(7)			11,958						—						—						(670)						11,288
Total			2,487,584						834,482						247,957						(13,117)						3,556,906
Revenue from leases(8)			1,434						—						—						—						1,434
Revenue, total			$	2,489,018					$	834,482					$	247,957					$	(13,117)					$	3,558,340
Year Ended December 31, 2020
Revenue from contracts with customers:
Broadcast Radio(1)			$	1,604,880					$	—					$	—					$	—					$	1,604,880
Networks(2)			484,950						—						—						—						484,950
Sponsorship and Events(3)			107,654						—						—						—						107,654
Digital, excluding Podcast(4)			—						372,687						—						—						372,687
Podcast(5)			—						101,684						—						—						101,684
Audio & Media Services(6)			—						—						274,749						(7,086)						267,663
Other(7)			7,276						—						—						(670)						6,606
Total			2,204,760						474,371						274,749						(7,756)						2,946,124
Revenue from leases(8)			2,094						—						—						—						2,094
Revenue, total			$	2,206,854					$	474,371					$	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
Networks(2)			425,631						—						—						—						425,631
Sponsorship and Events(3)			159,187						—						—						—						159,187
Digital, excluding Podcast(4)			—						231,160						—						—						231,160
Podcast(5)			—						42,229						—						—						42,229
Audio & Media Services(6)			—												167,292						(4,589)						162,703
Other(7)			13,017												—						(447)						12,570
Total			2,173,217						273,389						167,292						(5,036)						2,608,862
Revenue from leases(8)			1,194						—						—						—						1,194
Revenue, total			$	2,174,411					$	273,389					$	167,292					$	(5,036)					$	2,610,056

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)			Multiplatform Group						Digital Audio Group						Audio and Media Services Group						Eliminations						Consolidated
Period from January 1, 2019 through May 1, 2019
Revenue from contracts with customers:
Broadcast Radio(1)			$	657,864					$	—					$	—					$	—					$	657,864
Networks(2)			189,088						—						—						—						189,088
Sponsorship and Events(3)			50,330						—						—						—						50,330
Digital, excluding Podcast(4)			—						91,695						—						—						91,695
Podcast(5)			—						11,094						—						—						11,094
Audio and Media Services(6)			—						—						69,362						(2,325)						67,037
Other(7)			5,910						—						—						(243)						5,667
Total			903,192						102,789						69,362						(2,568)						1,072,775
Revenue from leases(8)			696						—						—						—						696
Revenue, total			$	903,888					$	102,789					$	69,362					$	(2,568)					$	1,073,471

(1)Broadcast Radio revenue is generated through the sale of advertising time on the Company’s domestic radio stations.

(2)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.

(3)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.

(4)Digital, excluding Podcast revenue is generated through the sale of streaming and display advertisements on digital platforms and through subscriptions to iHeartRadio streaming services.

(5)Podcast revenue is generated through the sale of advertising on the Company's podcast network.

(6)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 software and media streaming, along with research services for radio stations, broadcast television stations, cable channels, record labels, ad agencies and Internet stations worldwide.

(7)Other revenue represents fees earned for miscellaneous services, including on-site promotions, activations, and local marketing agreements.

(8)Revenue from leases is primarily generated by the lease of towers to other media companies, which are all categorized as operating leases.

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																					Predecessor Company
			Year Ended December 31,												Period from May 2, 2019 through December 31,									Period from January 1, 2019 through May 1,
(In thousands)			2021						2020						2019									2019
Consolidated:
Trade and barter revenues			$	175,519					$	158,383					$	151,497								$	65,934
Trade and barter expenses			149,846						154,715						134,865									58,330

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,
(In thousands)															2021						2020						2019									2019
Deferred revenue from contracts with customers:
Beginning balance(1)															$	145,493					$	162,068					$	151,475								$	148,720
Impact of fresh start accounting															—						—						298									—
Revenue recognized, included in beginning balance															(93,195)						(95,531)						(102,237)									(76,473)
Additions, net of revenue recognized during period, and other															108,816						78,956						112,532									79,228
Ending balance															$	161,114					$	145,493					$	162,068								$	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. As described in Note 15, Fresh Start Accounting, 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, 2021, the future lease payments to be received by the Successor Company are as follows:

(In thousands)
2022			$	951
2023			780
2024			600
2025			415
2026			323
Thereafter			1,524
Total minimum future rentals			$	4,593

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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
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-Name Accounting Standards Codification
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