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SEGMENT DATA (Tables)

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Schedule of Reportable 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
Three Months Ended June 30, 2025
Revenue			544,598						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 expenditures			10,698						4,406						2,752						2,141						—						19,997

			Segments
(In thousands)			Multiplatform Group						Digital Audio Group						Audio & Media Services Group						Corporate and other reconciling items						Eliminations						Consolidated
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 expenditures			12,895						5,692						2,167						418						—						21,172

			Segments
(In thousands)			Multiplatform Group						Digital Audio Group						Audio & Media Services Group						Corporate and other reconciling items						Eliminations						Consolidated
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 expenditures			16,627						10,262						8,379						4,459						—						39,727

			Segments
(In thousands)			Multiplatform Group						Digital Audio Group						Audio & Media Services Group						Corporate and other reconciling items						Eliminations						Consolidated
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 expenditures			24,599						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.

X

- 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

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X

- References

No definition available.

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