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SEGMENT DATA | 9 Months Ended
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Sep. 30, 2024
Segment Reporting [Abstract] |
SEGMENT DATA | SEGMENT DATA The Company’s primary businesses are included in its Multiplatform Group and Digital Audio Group segments. Revenue and expenses earned and charged between Multiplatform Group, Digital Audio Group, Audio & Media Services Group, and Corporate are eliminated in consolidation. The Multiplatform Group provides media and entertainment services via broadcast delivery and also includes the Company’s events and national syndication businesses. The Digital Audio Group provides media and entertainment services via digital delivery. The Audio & Media Services Group 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. The following tables present the Company's segment results:
| Segments |  |  |  |  |  |
(In thousands) | Multiplatform Group |  | Digital Audio Group |  | Audio & Media Services Group |  | Corporate and other reconciling items |  | Eliminations |  | Consolidated
Three Months Ended September 30, 2024
Revenue | $ | 619,544 |  |  | $ | 301,041 |  |  | $ | 90,050 |  |  | $ | — |  |  | $ | (2,502) |  |  | $ | 1,008,133 |
Operating expenses(1) | 489,672 |  |  | 201,035 |  |  | 45,641 |  |  | 69,702 |  |  | (2,502) |  |  | 803,548 |
Segment Adjusted EBITDA(2) | $ | 129,872 |  |  | $ | 100,006 |  |  | $ | 44,409 |  |  | $ | (69,702) |  |  | $ | — |  |  | $ | 204,585 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  | (101,331) |
Impairment charges |  |  |  |  |  |  |  |  |  |  | (412) |
Other operating expense, net |  |  |  |  |  |  |  |  |  |  | (1,092) |
Restructuring expenses |  |  |  |  |  |  |  |  |  |  | (16,767) |
Share-based compensation expense |  |  |  |  |  |  |  |  |  |  | (8,263) |
Operating income |  |  |  |  |  |  |  |  |  |  | $ | 76,720 |
Intersegment revenues | $ | — |  |  | $ | 1,189 |  |  | $ | 1,313 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,502 |
Capital expenditures | 13,615 |  |  | 5,924 |  |  | 1,376 |  |  | 8,505 |  |  | — |  |  | 29,420 |
Share-based compensation expense | — |  |  | — |  |  | — |  |  | 8,263 |  |  | — |  |  | 8,263 |
| Segments |  |  |  |  |  |
(In thousands) | Multiplatform Group |  | Digital Audio Group |  | Audio & Media Services Group |  | Corporate and other reconciling items |  | Eliminations |  | Consolidated
Three Months Ended September 30, 2023
Revenue | $ | 626,383 |  |  | $ | 267,222 |  |  | $ | 61,979 |  |  | $ | — |  |  | $ | (2,595) |  |  | $ | 952,989 |
Operating expenses(1) | 463,939 |  |  | 173,565 |  |  | 45,003 |  |  | 69,295 |  |  | (2,595) |  |  | 749,207 |
Segment Adjusted EBITDA(2) | $ | 162,444 |  |  | $ | 93,657 |  |  | $ | 16,976 |  |  | $ | (69,295) |  |  | $ | — |  |  | $ | 203,782 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  | (106,451) |
Impairment charges |  |  |  |  |  |  |  |  |  |  | (570) |
Other operating expense, net |  |  |  |  |  |  |  |  |  |  | (3,378) |
Restructuring expenses |  |  |  |  |  |  |  |  |  |  | (16,227) |
Share-based compensation expense |  |  |  |  |  |  |  |  |  |  | (8,191) |
Operating income |  |  |  |  |  |  |  |  |  |  | $ | 68,965 |
Intersegment revenues | $ | — |  |  | $ | 1,222 |  |  | $ | 1,373 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,595 |
Capital expenditures | 10,822 |  |  | 6,069 |  |  | 1,509 |  |  | 10,118 |  |  | — |  |  | 28,518 |
Share-based compensation expense | — |  |  | — |  |  | — |  |  | 8,191 |  |  | — |  |  | 8,191 |
| Segments |  |  |  |  |  |
(In thousands) | Multiplatform Group |  | Digital Audio Group |  | Audio & Media Services Group |  | Corporate and other reconciling items |  | Eliminations |  | Consolidated
Nine Months Ended September 30, 2024
Revenue | $ | 1,688,914 |  |  | $ | 825,623 |  |  | $ | 229,300 |  |  | $ | — |  |  | $ | (7,574) |  |  | $ | 2,736,263 |
Operating expenses(1) | 1,377,597 |  |  | 565,620 |  |  | 137,347 |  |  | 203,864 |  |  | (7,574) |  |  | 2,276,854 |
Segment Adjusted EBITDA(2) | $ | 311,317 |  |  | $ | 260,003 |  |  | $ | 91,953 |  |  | $ | (203,864) |  |  | $ | — |  |  | $ | 459,409 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  | (310,849) |
Impairment charges |  |  |  |  |  |  |  |  |  |  | (922,144) |
Other operating expense, net |  |  |  |  |  |  |  |  |  |  | (2,180) |
Restructuring expenses |  |  |  |  |  |  |  |  |  |  | (67,928) |
Share-based compensation expense |  |  |  |  |  |  |  |  |  |  | (23,963) |
Operating loss |  |  |  |  |  |  |  |  |  |  | $ | (867,655) |
Intersegment revenues | $ | — |  |  | $ | 3,549 |  |  | $ | 4,025 |  |  | $ | — |  |  | $ | — |  |  | $ | 7,574 |
Capital expenditures | 38,214 |  |  | 17,043 |  |  | 5,800 |  |  | 11,117 |  |  | — |  |  | 72,174 |
Share-based compensation expense | — |  |  | — |  |  | — |  |  | 23,963 |  |  | — |  |  | 23,963 |
| Segments |  |  |  |  |  |
(In thousands) | Multiplatform Group |  | Digital Audio Group |  | Audio & Media Services Group |  | Corporate and other reconciling items |  | Eliminations |  | Consolidated
Nine Months Ended September 30, 2023
Revenue | $ | 1,751,340 |  |  | $ | 751,472 |  |  | $ | 189,134 |  |  | $ | — |  |  | $ | (7,704) |  |  | $ | 2,684,242 |
Operating expenses(1) | 1,339,441 |  |  | 519,115 |  |  | 138,315 |  |  | 206,689 |  |  | (7,704) |  |  | 2,195,856 |
Segment Adjusted EBITDA(2) | $ | 411,899 |  |  | $ | 232,357 |  |  | $ | 50,819 |  |  | $ | (206,689) |  |  | $ | — |  |  | $ | 488,386 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  | (323,028) |
Impairment charges |  |  |  |  |  |  |  |  |  |  | (965,087) |
Other operating expense, net |  |  |  |  |  |  |  |  |  |  | (3,338) |
Restructuring expenses |  |  |  |  |  |  |  |  |  |  | (46,469) |
Share-based compensation expense |  |  |  |  |  |  |  |  |  |  | (27,555) |
Operating loss |  |  |  |  |  |  |  |  |  |  | $ | (877,091) |
Intersegment revenues | $ | — |  |  | $ | 3,627 |  |  | $ | 4,077 |  |  | $ | — |  |  | $ | — |  |  | $ | 7,704 |
Capital expenditures | 52,116 |  |  | 17,348 |  |  | 6,300 |  |  | 14,692 |  |  | — |  |  | 90,456 |
Share-based compensation expense | — |  |  | — |  |  | — |  |  | 27,555 |  |  | — |  |  | 27,555 |
(1) Operating expenses consist of Direct operating and SG&A expenses, excluding Restructuring and share-based compensation expenses. (2) For a definition of Adjusted EBITDA for the consolidated company and a reconciliation to Operating income (loss), the most closely comparable GAAP measure, and to Net loss, please see "Reconciliation of Operating income (loss) to Adjusted EBITDA" and "Reconciliation of Net loss to EBITDA and Adjusted EBITDA" in Item 2 of this Quarterly Report on Form 10-Q.

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- Definition The entire disclosure for reporting segments including data and tables. 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