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PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL | 12 Months Ended
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Dec. 31, 2024
Property, Plant and Equipment [Abstract] |
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL | PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL Property, Plant and Equipment The Company’s property, plant and equipment consisted of the following classes of assets:
(In thousands) | December 31, 2024 |  | December 31, 2023
Land, buildings and improvements | $ | 335,502 |  |  | $ | 316,655 |
Towers, transmitters and studio equipment | 207,349 |  |  | 195,609 |
Computer equipment and software | 741,259 |  |  | 685,417 |
Furniture and other equipment | 54,108 |  |  | 47,684 |
Construction in progress | 12,186 |  |  | 16,473 |
| 1,350,404 |  |  | 1,261,838 |
Less: accumulated depreciation | 860,561 |  |  | 702,973 |
Property, plant and equipment, net | $ | 489,843 |  |  | $ | 558,865 |
In September 2023, the Company completed a sale-leaseback of 122 of our broadcast tower sites and related assets for $45.3 million, and entered into operating leases for the use of space on 121 of the broadcast tower sites and related assets sold. The Company realized a net loss of $3.2 million on the sale, which was recorded in Other operating expense, net in the Statement of Comprehensive Loss. Indefinite-lived Intangible Assets The Company’s indefinite-lived intangible assets consist of FCC broadcast licenses in its Multiplatform Group segment and were $0.8 billion and $1.1 billion at December 31, 2024 and 2023, respectively. FCC broadcast licenses are granted to radio stations for up to eight years under the Telecommunications Act of 1996 (the “Act”). The Act requires the FCC to renew a broadcast license if the FCC finds that the station has served the public interest, convenience and necessity, there have been no violations of either the Communications Act of 1934 or the FCC’s rules and regulations by the licensee, and there have been no other violations which taken together constitute a pattern of abuse. The licenses may be renewed indefinitely at little or no cost. The Company does not believe that the technology of wireless broadcasting will be replaced in the foreseeable future. Indefinite-lived Intangible Assets Impairment The Company performs its annual impairment test on indefinite-lived intangible assets, including FCC licenses, as of July 1 of each year. In addition, the Company tests for impairment of indefinite-lived intangible assets whenever events and circumstances indicate that such assets might be impaired. As discussed in Note 1, Basis of Presentation, economic uncertainty due to inflation and higher interest rates since 2022 has resulted in, among other things, lower advertising spending by businesses. This economic uncertainty has had an adverse impact on the Company's revenues and cash flows. In addition, the economic uncertainty has had a significant impact on the trading values of the Company's debt and equity securities for a sustained period. As a result, the Company performed an interim impairment test as of June 30, 2024 on its FCC licenses, which resulted in a non-cash impairment charge of $304.1 million to the FCC licenses balance in the second quarter of 2024. No impairment was identified related to our FCC licenses as part of the 2024 annual impairment test performed during the third quarter. The Company recognized a non-cash impairment charge of $363.6 million on its FCC licenses as a result of the interim impairment assessment performed in the second quarter of 2023. No impairment was identified related to our FCC licenses as part of the 2023 annual impairment test performed during the third quarter. The Company recognized a non-cash impairment charge of $302.1 million on its FCC licenses as part of the 2022 annual impairment testing. Since our emergence from bankruptcy in 2019, we have recorded $1.5 billion of cumulative impairment charges to our FCC licenses. Other Intangible Assets The following table presents the gross carrying amount and accumulated amortization for each major class of other intangible assets:
(In thousands) | December 31, 2024 |  | December 31, 2023
| Gross Carrying Amount |  | Accumulated Amortization |  | Gross Carrying Amount |  | Accumulated Amortization
Customer / advertiser relationships | $ | 1,652,623 |  |  | $ | (967,377) |  |  | $ | 1,652,623 |  |  | $ | (800,377) |
Talent and other contracts | 338,900 |  |  | (245,909) |  |  | 338,900 |  |  | (203,479) |
Trademarks and tradenames | 335,912 |  |  | (190,450) |  |  | 335,912 |  |  | (156,468) |
Other | 18,003 |  |  | (14,120) |  |  | 18,003 |  |  | (11,904) |
Total | $ | 2,345,438 |  |  | $ | (1,417,856) |  |  | $ | 2,345,438 |  |  | $ | (1,172,228) |
Total amortization expense related to definite-lived intangible assets for the years ended December 31, 2024, 2023, and 2022 was $245.3 million, $246.7 million and $253.6 million, respectively. The following table presents the Company’s estimate of amortization expense for each of the five succeeding fiscal years for definite-lived intangible assets:
(In thousands) |
2025 | $ | 213,842 |
2026 | 201,512 |
2027 | 176,171 |
2028 | 160,395 |
2029 | 121,622 |
Goodwill The following tables present the changes in the carrying amount of goodwill:
(In thousands) | Multiplatform Group |  | Digital Audio Group |  | Audio & Media Services Group |  | Consolidated
Balance as of December 31, 2022(1) | $ | 1,462,022 |  |  | $ | 747,350 |  |  | $ | 104,031 |  |  | $ | 2,313,403 |
Impairment | (121,563) |  |  | (439,383) |  |  | (34,515) |  |  | (595,461) |
Acquisitions | — |  |  | 3,375 |  |  | — |  |  | 3,375 |
Foreign currency | — |  |  | 84 |  |  | 82 |  |  | 166 |
Balance as of December 31, 2023 | $ | 1,340,459 |  |  | $ | 311,426 |  |  | $ | 69,598 |  |  | $ | 1,721,483 |
Impairment | (608,958) |  |  | — |  |  | (7,127) |  |  | (616,085) |
Foreign currency | — |  |  | (73) |  |  | (169) |  |  | (242) |
Balance as of December 31, 2024 | $ | 731,501 |  |  | $ | 311,353 |  |  | $ | 62,302 |  |  | $ | 1,105,156 |
(1)Beginning goodwill balance is presented net of prior accumulated impairment losses of $1.2 billion related to the Multiplatform Group segment. Refer to the table above for impairments recorded in 2024 and 2023. Goodwill Impairment The Company performs its annual impairment test on our goodwill as of July 1 of each year. The Company also tests goodwill at interim dates if events or changes in circumstances indicate that goodwill might be impaired. The impairment testing performed as of June 30, 2024 indicated that carrying values of the Company's Multiplatform and RCS reporting units exceeded their fair values. The fair value of our Digital and Katz reporting units exceeded its carrying value. As discussed above, economic uncertainty has had a significant impact on the Company's revenue and cash flows, as well as the trading values of the Company's debt and equity securities for a sustained period. The June 30, 2024 interim impairment test resulted in a $616.1 million impairment of goodwill. In determining the fair value of our reporting units, the Company considered industry and market factors including trading multiples of similar businesses and the trading prices of its debt and equity securities. There were no significant changes to assumptions used for the 2024 annual impairment test. No impairment was identified related to our goodwill balance as a result of the 2024 annual impairment test performed during the third quarter. The Company also recognized non-cash impairment of $595.5 million as a result of its interim impairment test performed as of June 30, 2023. No impairment was identified related to our goodwill balance as a result of the 2023 annual impairment test performed during the third quarter of 2023. No goodwill impairment was recorded for 2022.
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL | PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL Property, Plant and Equipment The Company’s property, plant and equipment consisted of the following classes of assets:
(In thousands) | December 31, 2024 |  | December 31, 2023
Land, buildings and improvements | $ | 335,502 |  |  | $ | 316,655 |
Towers, transmitters and studio equipment | 207,349 |  |  | 195,609 |
Computer equipment and software | 741,259 |  |  | 685,417 |
Furniture and other equipment | 54,108 |  |  | 47,684 |
Construction in progress | 12,186 |  |  | 16,473 |
| 1,350,404 |  |  | 1,261,838 |
Less: accumulated depreciation | 860,561 |  |  | 702,973 |
Property, plant and equipment, net | $ | 489,843 |  |  | $ | 558,865 |
In September 2023, the Company completed a sale-leaseback of 122 of our broadcast tower sites and related assets for $45.3 million, and entered into operating leases for the use of space on 121 of the broadcast tower sites and related assets sold. The Company realized a net loss of $3.2 million on the sale, which was recorded in Other operating expense, net in the Statement of Comprehensive Loss. Indefinite-lived Intangible Assets The Company’s indefinite-lived intangible assets consist of FCC broadcast licenses in its Multiplatform Group segment and were $0.8 billion and $1.1 billion at December 31, 2024 and 2023, respectively. FCC broadcast licenses are granted to radio stations for up to eight years under the Telecommunications Act of 1996 (the “Act”). The Act requires the FCC to renew a broadcast license if the FCC finds that the station has served the public interest, convenience and necessity, there have been no violations of either the Communications Act of 1934 or the FCC’s rules and regulations by the licensee, and there have been no other violations which taken together constitute a pattern of abuse. The licenses may be renewed indefinitely at little or no cost. The Company does not believe that the technology of wireless broadcasting will be replaced in the foreseeable future. Indefinite-lived Intangible Assets Impairment The Company performs its annual impairment test on indefinite-lived intangible assets, including FCC licenses, as of July 1 of each year. In addition, the Company tests for impairment of indefinite-lived intangible assets whenever events and circumstances indicate that such assets might be impaired. As discussed in Note 1, Basis of Presentation, economic uncertainty due to inflation and higher interest rates since 2022 has resulted in, among other things, lower advertising spending by businesses. This economic uncertainty has had an adverse impact on the Company's revenues and cash flows. In addition, the economic uncertainty has had a significant impact on the trading values of the Company's debt and equity securities for a sustained period. As a result, the Company performed an interim impairment test as of June 30, 2024 on its FCC licenses, which resulted in a non-cash impairment charge of $304.1 million to the FCC licenses balance in the second quarter of 2024. No impairment was identified related to our FCC licenses as part of the 2024 annual impairment test performed during the third quarter. The Company recognized a non-cash impairment charge of $363.6 million on its FCC licenses as a result of the interim impairment assessment performed in the second quarter of 2023. No impairment was identified related to our FCC licenses as part of the 2023 annual impairment test performed during the third quarter. The Company recognized a non-cash impairment charge of $302.1 million on its FCC licenses as part of the 2022 annual impairment testing. Since our emergence from bankruptcy in 2019, we have recorded $1.5 billion of cumulative impairment charges to our FCC licenses. Other Intangible Assets The following table presents the gross carrying amount and accumulated amortization for each major class of other intangible assets:
(In thousands) | December 31, 2024 |  | December 31, 2023
| Gross Carrying Amount |  | Accumulated Amortization |  | Gross Carrying Amount |  | Accumulated Amortization
Customer / advertiser relationships | $ | 1,652,623 |  |  | $ | (967,377) |  |  | $ | 1,652,623 |  |  | $ | (800,377) |
Talent and other contracts | 338,900 |  |  | (245,909) |  |  | 338,900 |  |  | (203,479) |
Trademarks and tradenames | 335,912 |  |  | (190,450) |  |  | 335,912 |  |  | (156,468) |
Other | 18,003 |  |  | (14,120) |  |  | 18,003 |  |  | (11,904) |
Total | $ | 2,345,438 |  |  | $ | (1,417,856) |  |  | $ | 2,345,438 |  |  | $ | (1,172,228) |
Total amortization expense related to definite-lived intangible assets for the years ended December 31, 2024, 2023, and 2022 was $245.3 million, $246.7 million and $253.6 million, respectively. The following table presents the Company’s estimate of amortization expense for each of the five succeeding fiscal years for definite-lived intangible assets:
(In thousands) |
2025 | $ | 213,842 |
2026 | 201,512 |
2027 | 176,171 |
2028 | 160,395 |
2029 | 121,622 |
Goodwill The following tables present the changes in the carrying amount of goodwill:
(In thousands) | Multiplatform Group |  | Digital Audio Group |  | Audio & Media Services Group |  | Consolidated
Balance as of December 31, 2022(1) | $ | 1,462,022 |  |  | $ | 747,350 |  |  | $ | 104,031 |  |  | $ | 2,313,403 |
Impairment | (121,563) |  |  | (439,383) |  |  | (34,515) |  |  | (595,461) |
Acquisitions | — |  |  | 3,375 |  |  | — |  |  | 3,375 |
Foreign currency | — |  |  | 84 |  |  | 82 |  |  | 166 |
Balance as of December 31, 2023 | $ | 1,340,459 |  |  | $ | 311,426 |  |  | $ | 69,598 |  |  | $ | 1,721,483 |
Impairment | (608,958) |  |  | — |  |  | (7,127) |  |  | (616,085) |
Foreign currency | — |  |  | (73) |  |  | (169) |  |  | (242) |
Balance as of December 31, 2024 | $ | 731,501 |  |  | $ | 311,353 |  |  | $ | 62,302 |  |  | $ | 1,105,156 |
(1)Beginning goodwill balance is presented net of prior accumulated impairment losses of $1.2 billion related to the Multiplatform Group segment. Refer to the table above for impairments recorded in 2024 and 2023. Goodwill Impairment The Company performs its annual impairment test on our goodwill as of July 1 of each year. The Company also tests goodwill at interim dates if events or changes in circumstances indicate that goodwill might be impaired. The impairment testing performed as of June 30, 2024 indicated that carrying values of the Company's Multiplatform and RCS reporting units exceeded their fair values. The fair value of our Digital and Katz reporting units exceeded its carrying value. As discussed above, economic uncertainty has had a significant impact on the Company's revenue and cash flows, as well as the trading values of the Company's debt and equity securities for a sustained period. The June 30, 2024 interim impairment test resulted in a $616.1 million impairment of goodwill. In determining the fair value of our reporting units, the Company considered industry and market factors including trading multiples of similar businesses and the trading prices of its debt and equity securities. There were no significant changes to assumptions used for the 2024 annual impairment test. No impairment was identified related to our goodwill balance as a result of the 2024 annual impairment test performed during the third quarter. The Company also recognized non-cash impairment of $595.5 million as a result of its interim impairment test performed as of June 30, 2023. No impairment was identified related to our goodwill balance as a result of the 2023 annual impairment test performed during the third quarter of 2023. No goodwill impairment was recorded for 2022.

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