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SEGMENT DATA | 9 Months Ended
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Sep. 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 Group |  | Digital Audio Group |  | Audio & Media Services Group |  | Corporate and other reconciling items |  | Eliminations |  | Consolidated
Three Months Ended September 30, 2025
Revenue | $ | 591,207 |  |  | $ | 341,691 |  |  | $ | 66,605 |  |  | $ | — |  |  | $ | (2,493) |  |  | $ | 997,010 |
Direct operating expenses(1) | 236,361 |  |  | 153,385 |  |  | 7,443 |  |  | — |  |  | (957) |  |  | 396,232 |
Selling, general and administrative expenses(2) | 235,694 |  |  | 58,000 |  |  | 36,577 |  |  | 67,289 |  |  | (1,536) |  |  | 396,024 |
Segment Adjusted EBITDA(3) | $ | 119,152 |  |  | $ | 130,306 |  |  | $ | 22,585 |  |  | $ | (67,289) |  |  | $ | — |  |  | $ | 204,754 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  | (90,061) |
Impairment charges |  |  |  |  |  |  |  |  |  |  | (208,501) |
Other operating expense, net |  |  |  |  |  |  |  |  |  |  | (1,161) |
Restructuring expenses |  |  |  |  |  |  |  |  |  |  | (9,695) |
Share-based compensation expense |  |  |  |  |  |  |  |  |  |  | (11,613) |
Operating loss |  |  |  |  |  |  |  |  |  |  | $ | (116,277) |
Segment Assets | $ | 3,817,072 |  |  | $ | 615,099 |  |  | $ | 260,378 |  |  | $ | 397,365 |  |  | $ | (1,350) |  |  | $ | 5,088,564 |
Intersegment revenues | — |  |  | 1,128 |  |  | 1,365 |  |  | — |  |  | — |  |  | 2,493 |
Capital expenditures | 11,547 |  |  | 4,748 |  |  | 4,812 |  |  | 2,159 |  |  | — |  |  | 23,266 |
| Segments |  |  |  |  |  |
(In thousands) | Multiplatform Group |  | Digital Audio Group |  | Audio & Media Services Group |  | Corporate and other reconciling items |  | Eliminations |  | Consolidated
Three Months Ended September 30, 2024
Revenue | $ | 619,544 |  |  | $ | 301,041 |  |  | $ | 90,050 |  |  | $ | — |  |  | $ | (2,502) |  |  | $ | 1,008,133 |
Direct operating expenses(1) | 244,905 |  |  | 153,273 |  |  | 7,509 |  |  | — |  |  | (915) |  |  | 404,772 |
Selling, general and administrative expenses(2) | 244,767 |  |  | 47,762 |  |  | 38,132 |  |  | 69,702 |  |  | (1,587) |  |  | 398,776 |
Segment Adjusted EBITDA(3) | $ | 129,872 |  |  | $ | 100,006 |  |  | $ | 44,409 |  |  | $ | (69,702) |  |  | $ | — |  |  | $ | 204,585 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  | (101,331) |
Impairment charges |  |  |  |  |  |  |  |  |  |  | (412) |
Other operating expense, net |  |  |  |  |  |  |  |  |  |  | (1,092) |
Restructuring expenses |  |  |  |  |  |  |  |  |  |  | (16,767) |
Share-based compensation expense |  |  |  |  |  |  |  |  |  |  | (8,263) |
Operating income |  |  |  |  |  |  |  |  |  |  | $ | 76,720 |
Segment Assets | $ | 4,221,199 |  |  | $ | 599,265 |  |  | $ | 288,340 |  |  | $ | 671,519 |  |  | $ | (1,313) |  |  | $ | 5,779,010 |
Intersegment revenues | — |  |  | 1,189 |  |  | 1,313 |  |  | — |  |  | — |  |  | 2,502 |
Capital expenditures | 13,615 |  |  | 5,924 |  |  | 1,376 |  |  | 8,505 |  |  | — |  |  | 29,420 |
| Segments |  |  |  |  |  |
(In thousands) | Multiplatform Group |  | Digital Audio Group |  | Audio & Media Services Group |  | Corporate and other reconciling items |  | Eliminations |  | Consolidated
Nine Months Ended September 30, 2025
Revenue | $ | 1,608,783 |  |  | $ | 942,834 |  |  | $ | 193,664 |  |  | $ | — |  |  | $ | (7,517) |  |  | $ | 2,737,764 |
Direct operating expenses(1) | 654,082 |  |  | 461,117 |  |  | 22,001 |  |  | — |  |  | (2,884) |  |  | 1,134,316 |
Selling, general and administrative expenses(2) | 669,178 |  |  | 156,718 |  |  | 109,559 |  |  | 207,157 |  |  | (4,633) |  |  | 1,137,979 |
Segment Adjusted EBITDA(3) | $ | 285,523 |  |  | $ | 324,999 |  |  | $ | 62,104 |  |  | $ | (207,157) |  |  | $ | — |  |  | $ | 465,469 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  | (272,331) |
Impairment charges |  |  |  |  |  |  |  |  |  |  | (213,908) |
Other operating expense, net |  |  |  |  |  |  |  |  |  |  | (2,906) |
Restructuring expenses |  |  |  |  |  |  |  |  |  |  | (54,763) |
Share-based compensation expense |  |  |  |  |  |  |  |  |  |  | (27,902) |
Operating loss |  |  |  |  |  |  |  |  |  |  | $ | (106,341) |
Segment Assets | $ | 3,817,072 |  |  | $ | 615,099 |  |  | $ | 260,378 |  |  | $ | 397,365 |  |  | $ | (1,350) |  |  | $ | 5,088,564 |
Intersegment revenues | — |  |  | 3,412 |  |  | 4,105 |  |  | — |  |  | — |  |  | 7,517 |
Capital expenditures | 28,174 |  |  | 15,010 |  |  | 13,191 |  |  | 6,618 |  |  | — |  |  | 62,993 |
| Segments |  |  |  |  |  |
(In thousands) | Multiplatform Group |  | Digital Audio Group |  | Audio & Media Services Group |  | Corporate and other reconciling items |  | Eliminations |  | Consolidated
Nine Months Ended September 30, 2024
Revenue | $ | 1,688,914 |  |  | $ | 825,623 |  |  | $ | 229,300 |  |  | $ | — |  |  | $ | (7,574) |  |  | $ | 2,736,263 |
Direct operating expenses(1) | 673,787 |  |  | 428,847 |  |  | 21,890 |  |  | — |  |  | (2,775) |  |  | 1,121,749 |
Selling, general and administrative expenses(2) | 703,810 |  |  | 136,773 |  |  | 115,457 |  |  | 203,864 |  |  | (4,799) |  |  | 1,155,105 |
Segment Adjusted EBITDA(3) | $ | 311,317 |  |  | $ | 260,003 |  |  | $ | 91,953 |  |  | $ | (203,864) |  |  | $ | — |  |  | $ | 459,409 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  | (310,849) |
Impairment charges |  |  |  |  |  |  |  |  |  |  | (922,144) |
Other operating expense, net |  |  |  |  |  |  |  |  |  |  | (2,180) |
Restructuring expenses |  |  |  |  |  |  |  |  |  |  | (67,928) |
Share-based compensation expense |  |  |  |  |  |  |  |  |  |  | (23,963) |
Operating loss |  |  |  |  |  |  |  |  |  |  | $ | (867,655) |
Segment Assets | $ | 4,221,199 |  |  | $ | 599,265 |  |  | $ | 288,340 |  |  | $ | 671,519 |  |  | $ | (1,313) |  |  | $ | 5,779,010 |
Intersegment revenues | — |  |  | 3,549 |  |  | 4,025 |  |  | — |  |  | — |  |  | 7,574 |
Capital expenditures | 38,214 |  |  | 17,043 |  |  | 5,800 |  |  | 11,117 |  |  | — |  |  | 72,174 |
(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.

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- Definition The entire disclosure for reporting segments including data and tables. 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