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SEGMENT DATA (Tables)

9 Months Ended

Sep. 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 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.

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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