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SEGMENT DATA (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Schedule of Operating Segment Results | 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
Year Ended December 31, 2024
Revenue | $ | 2,372,909 |  |  | $ | 1,164,515 |  |  | $ | 327,055 |  |  | $ | — |  |  | $ | (9,947) |  |  | $ | 3,854,532 |
Direct operating expenses(1) | 939,893 |  |  | 600,914 |  |  | 28,848 |  |  | — |  |  | (3,683) |  |  | 1,565,972 |
Selling, general and administrative expenses(2) | 971,750 |  |  | 184,661 |  |  | 157,533 |  |  | 275,263 |  |  | (6,264) |  |  | 1,582,943 |
Segment Adjusted EBITDA(3) | $ | 461,266 |  |  | $ | 378,940 |  |  | $ | 140,674 |  |  | $ | (275,263) |  |  | $ | — |  |  | $ | 705,617 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  | (409,582) |
Impairment charges |  |  |  |  |  |  |  |  |  |  | (922,681) |
Other operating expense, net |  |  |  |  |  |  |  |  |  |  | (2,767) |
Restructuring expenses |  |  |  |  |  |  |  |  |  |  | (101,384) |
Share-based compensation expense |  |  |  |  |  |  |  |  |  |  | (32,311) |
Operating loss |  |  |  |  |  |  |  |  |  |  | $ | (763,108) |
Segment assets | $ | 4,222,728 |  |  | $ | 586,977 |  |  | $ | 295,594 |  |  | $ | 470,247 |  |  | $ | (3,850) |  |  | $ | 5,571,696 |
Intersegment revenues | — |  |  | 4,626 |  |  | 5,321 |  |  | — |  |  | — |  |  | 9,947 |
Capital expenditures | 52,235 |  |  | 22,481 |  |  | 10,389 |  |  | 12,489 |  |  | — |  |  | 97,594 |
| Segments |  |  |  |  |  |
(In thousands) | Multiplatform Group |  | Digital Audio Group |  | Audio & Media Services Group |  | Corporate and other reconciling items |  | Eliminations |  | Consolidated
Year Ended December 31, 2023
Revenue | $ | 2,435,368 |  |  | $ | 1,069,167 |  |  | $ | 256,702 |  |  | $ | — |  |  | $ | (10,212) |  |  | $ | 3,751,025 |
Direct operating expenses(1) | 919,506 |  |  | 532,218 |  |  | 30,396 |  |  | — |  |  | (3,737) |  |  | 1,478,383 |
Selling, general and administrative expenses(2) | 962,428 |  |  | 188,080 |  |  | 154,845 |  |  | 277,166 |  |  | (6,475) |  |  | 1,576,044 |
Segment Adjusted EBITDA(3) | $ | 553,434 |  |  | $ | 348,869 |  |  | $ | 71,461 |  |  | $ | (277,166) |  |  | $ | — |  |  | $ | 696,598 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  | (428,483) |
Impairment charges |  |  |  |  |  |  |  |  |  |  | (965,087) |
Other operating expense, net |  |  |  |  |  |  |  |  |  |  | (4,361) |
Restructuring expenses |  |  |  |  |  |  |  |  |  |  | (60,353) |
Share-based compensation expense |  |  |  |  |  |  |  |  |  |  | (35,625) |
Operating loss |  |  |  |  |  |  |  |  |  |  | $ | (797,311) |
Segment assets | $ | 5,443,207 |  |  | $ | 626,004 |  |  | $ | 310,909 |  |  | $ | 576,426 |  |  | $ | (3,935) |  |  | $ | 6,952,611 |
Intersegment revenues | — |  |  | 4,800 |  |  | 5,412 |  |  | — |  |  | — |  |  | 10,212 |
Capital expenditures | 58,033 |  |  | 23,179 |  |  | 7,348 |  |  | 14,110 |  |  | — |  |  | 102,670 |
| Segments |  |  |  |  |  |
(In thousands) | Multiplatform Group |  | Digital Audio Group |  | Audio & Media Services Group |  | Corporate and other reconciling items |  | Eliminations |  | Consolidated
Year Ended December 31, 2022
Revenue | $ | 2,597,190 |  |  | $ | 1,021,824 |  |  | $ | 304,302 |  |  | $ | — |  |  | $ | (11,033) |  |  | $ | 3,912,283 |
Direct operating expenses(1) | 907,274 |  |  | 533,810 |  |  | 33,033 |  |  | — |  |  | (3,853) |  |  | 1,470,264 |
Selling, general and administrative expenses(2) | 924,217 |  |  | 178,976 |  |  | 158,374 |  |  | 237,343 |  |  | (7,180) |  |  | 1,491,730 |
Segment Adjusted EBITDA(3) | $ | 765,699 |  |  | $ | 309,038 |  |  | $ | 112,895 |  |  | $ | (237,343) |  |  | $ | — |  |  | $ | 950,289 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  | (445,664) |
Impairment charges |  |  |  |  |  |  |  |  |  |  | (311,489) |
Other operating expense, net |  |  |  |  |  |  |  |  |  |  | (24,998) |
Restructuring expenses |  |  |  |  |  |  |  |  |  |  | (75,821) |
Share-based compensation expense |  |  |  |  |  |  |  |  |  |  | (35,457) |
Operating income |  |  |  |  |  |  |  |  |  |  | $ | 56,860 |
Segment assets | $ | 6,319,790 |  |  | $ | 1,056,985 |  |  | $ | 350,388 |  |  | $ | 612,113 |  |  | $ | (3,389) |  |  | $ | 8,335,887 |
Intersegment revenues | 447 |  |  | 5,239 |  |  | 5,347 |  |  | — |  |  | — |  |  | 11,033 |
Capital expenditures | 119,624 |  |  | 21,261 |  |  | 8,172 |  |  | 11,912 |  |  | — |  |  | 160,969 |
(1)Includes content, programming, and production costs as well as employee compensation, talent fees, event costs, music license fees, and other expenses. (2)Includes administrative employee compensation, sales commissions, ratings fees, trade and barter expense, and other expenses. (3)For a definition of Adjusted EBITDA for the consolidated company and a reconciliation to Operating loss, the most closely comparable GAAP measure, and to Net loss, please see "Reconciliation of Operating Loss to Adjusted EBITDA" and "Reconciliation of Net 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 -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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