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SEGMENT DATA
 9 Months Ended
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 GroupDigital Audio GroupAudio & Media Services GroupCorporate and other reconciling itemsEliminationsConsolidated
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 expenditures11,547 4,748 4,812 2,159 — 23,266 
Segments
(In thousands)Multiplatform GroupDigital Audio GroupAudio & Media Services GroupCorporate and other reconciling itemsEliminationsConsolidated
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 expenditures13,615 5,924 1,376 8,505 — 29,420 
Segments
(In thousands)Multiplatform GroupDigital Audio GroupAudio & Media Services GroupCorporate and other reconciling itemsEliminationsConsolidated
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 expenditures28,174 15,010 13,191 6,618 — 62,993 
Segments
(In thousands)Multiplatform GroupDigital Audio GroupAudio & Media Services GroupCorporate and other reconciling itemsEliminationsConsolidated
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 expenditures38,214 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.