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SEGMENT DATA
 6 Months Ended
Jun. 30, 2025
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
Three Months Ended June 30, 2025
Revenue544,598 323,856 67,736 — (2,537)$933,653 
Direct operating expenses(1)
218,052 161,811 7,474 — (972)386,365 
Selling, general and administrative expenses(2)
230,182 54,435 36,541 71,568 (1,565)391,161 
Segment Adjusted EBITDA(3)
$96,364 $107,610 $23,721 $(71,568)$— $156,127 
Depreciation and amortization(90,369)
Impairment charges(2,552)
Other operating expense, net(1,086)
Restructuring expenses(19,490)
Share-based compensation expense(7,260)
Operating income$35,370 
Segment Assets$4,066,415 $606,412 $269,612 $439,578 $(2,700)$5,379,317 
Intersegment revenues— 1,153 1,384 — — 2,537 
Capital expenditures10,698 4,406 2,752 2,141 — 19,997 

Segments
(In thousands)Multiplatform GroupDigital Audio GroupAudio & Media Services GroupCorporate and other reconciling itemsEliminationsConsolidated
Three Months Ended June 30, 2024
Revenue$575,907 $285,614 $70,082 $— $(2,511)$929,092 
Direct operating expenses(1)
224,752 148,320 7,340 — (933)379,479 
Selling, general and administrative expenses(2)
246,892 45,424 38,893 69,775 (1,578)399,406 
Segment Adjusted EBITDA(3)
$104,263 $91,870 $23,849 $(69,775)$— $150,207 
Depreciation and amortization(104,356)
Impairment charges(920,224)
Other operating expense, net(516)
Restructuring expenses(27,558)
Share-based compensation expense(7,220)
Operating loss$(909,667)
Segment Assets$4,294,769 $592,648 $286,762 $597,598 $(2,609)$5,769,168 
Intersegment revenues— 1,175 1,336 — — 2,511 
Capital expenditures12,895 5,692 2,167 418 — 21,172 
Segments
(In thousands)Multiplatform GroupDigital Audio GroupAudio & Media Services GroupCorporate and other reconciling itemsEliminationsConsolidated
Six Months Ended June 30, 2025
Revenue$1,017,576 $601,143 $127,059 $— $(5,024)$1,740,754 
Direct operating expenses(1)
417,721 307,732 14,558 — (1,927)738,084 
Selling, general and administrative expenses(2)
433,484 98,718 72,982 139,868 (3,097)741,955 
Segment Adjusted EBITDA(3)
$166,371 $194,693 $39,519 $(139,868)$— $260,715 
Depreciation and amortization(182,270)
Impairment charges(5,407)
Other operating expense, net(1,745)
Restructuring expenses(45,068)
Share-based compensation expense(16,289)
Operating income$9,936 
Segment Assets$4,066,415 $606,412 $269,612 $439,578 $(2,700)$5,379,317 
Intersegment revenues— 2,284 2,740 — — 5,024 
Capital expenditures16,627 10,262 8,379 4,459 — 39,727 
Segments
(In thousands)Multiplatform GroupDigital Audio GroupAudio & Media Services GroupCorporate and other reconciling itemsEliminationsConsolidated
Six Months Ended June 30, 2024
Revenue$1,069,370 $524,582 $139,250 $— $(5,072)$1,728,130 
Direct operating expenses(1)
428,882 275,574 14,381 — (1,860)716,977 
Selling, general and administrative expenses(2)
459,043 89,011 77,325 134,162 (3,212)756,329 
Segment Adjusted EBITDA(3)
$181,445 $159,997 $47,544 $(134,162)$— $254,824 
Depreciation and amortization(209,518)
Impairment charges(921,732)
Other operating expense, net(1,088)
Restructuring expenses(51,161)
Share-based compensation expense(15,700)
Operating loss$(944,375)
Segment Assets$4,294,769 $592,648 $286,762 $597,598 $(2,609)$5,769,168 
Intersegment revenues— 2,360 2,712 — — 5,072 
Capital expenditures24,599 11,119 4,424 2,612 — 42,754 
(1)Includes content, programming, and production costs as well as employee compensation, talent fees, event costs, and music license fees.
(2)Includes administrative employee compensation, sales commissions, trade and barter expense, and rent and utilities.
(3)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.