XML 33 R18.htm IDEA: XBRL DOCUMENT v3.25.0.1
SEGMENT DATA
 12 Months Ended
Dec. 31, 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.

Segment Adjusted EBITDA is the segment profitability metric reported to the Company’s Chief Operating Decision Maker ("CODM") for purposes of decisions about allocation of resources to, and assessing performance of, each reportable segment. The Company's CODM is our Chief Executive Officer.

The CODM uses Segment Adjusted EBITDA to evaluate the operating performance of each reportable segment, and to allocate resources. This measure is the primary measure used by management for the planning and forecasting of future periods, as well as for measuring performance for compensation of executives and segment management.
The following tables present the Company's segment results:
Segments
(In thousands)Multiplatform GroupDigital Audio GroupAudio & Media Services GroupCorporate and other reconciling itemsEliminationsConsolidated
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 GroupDigital Audio GroupAudio & Media Services GroupCorporate and other reconciling itemsEliminationsConsolidated
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 expenditures58,033 23,179 7,348 14,110 — 102,670 
Segments
(In thousands)Multiplatform GroupDigital Audio GroupAudio & Media Services GroupCorporate and other reconciling itemsEliminationsConsolidated
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 revenues447 5,239 5,347 — — 11,033 
Capital expenditures119,624 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.