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SEGMENT DATA (Tables) | 3 Months Ended
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Mar. 31, 2026
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 March 31, 2026
Revenue | $ | 493,463 |  |  | $ | 327,142 |  |  | $ | 66,581 |  |  | $ | — |  |  | $ | (2,986) |  |  | $ | 884,200 |
Direct operating expenses(1) | 199,526 |  |  | 170,100 |  |  | 6,200 |  |  | — |  |  | (975) |  |  | 374,851 |
Selling, general and administrative expenses(2) | 246,973 |  |  | 70,227 |  |  | 35,934 |  |  | 65,593 |  |  | (2,011) |  |  | 416,716 |
Segment Adjusted EBITDA(3) | $ | 46,964 |  |  | $ | 86,815 |  |  | $ | 24,447 |  |  | $ | (65,593) |  |  | $ | — |  |  | $ | 92,633 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  | (81,377) |
Impairment charges |  |  |  |  |  |  |  |  |  |  | — |
Other operating expense, net |  |  |  |  |  |  |  |  |  |  | (78) |
Restructuring expenses |  |  |  |  |  |  |  |  |  |  | (9,333) |
Share-based compensation expense |  |  |  |  |  |  |  |  |  |  | (359) |
Operating income |  |  |  |  |  |  |  |  |  |  | $ | 1,486 |
Segment Assets | $ | 3,567,793 |  |  | $ | 569,636 |  |  | $ | 244,169 |  |  | $ | 511,523 |  |  | $ | (5,265) |  |  | $ | 4,887,856 |
Intersegment revenues | — |  |  | 1,211 |  |  | 1,775 |  |  | — |  |  | — |  |  | 2,986 |
Capital expenditures | 10,360 |  |  | 5,503 |  |  | 1,964 |  |  | 4,086 |  |  | — |  |  | 21,913 |
| Segments |  |  |  |  |  |
(In thousands) | Multiplatform Group |  | Digital Audio Group |  | Audio & Media Services Group |  | Corporate and other reconciling items |  | Eliminations |  | Consolidated
Three Months Ended March 31, 2025
Revenue | $ | 472,978 |  |  | $ | 277,287 |  |  | $ | 59,323 |  |  | $ | — |  |  | $ | (2,487) |  |  | $ | 807,101 |
Direct operating expenses(1) | 199,669 |  |  | 145,921 |  |  | 7,084 |  |  | — |  |  | (955) |  |  | 351,719 |
Selling, general and administrative expenses(2) | 203,302 |  |  | 44,283 |  |  | 36,441 |  |  | 68,300 |  |  | (1,532) |  |  | 350,794 |
Segment Adjusted EBITDA(3) | $ | 70,007 |  |  | $ | 87,083 |  |  | $ | 15,798 |  |  | $ | (68,300) |  |  | $ | — |  |  | $ | 104,588 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  | (91,901) |
Impairment charges |  |  |  |  |  |  |  |  |  |  | (2,855) |
Other operating expense, net |  |  |  |  |  |  |  |  |  |  | (659) |
Restructuring expenses |  |  |  |  |  |  |  |  |  |  | (25,578) |
Share-based compensation expense |  |  |  |  |  |  |  |  |  |  | (9,029) |
Operating loss |  |  |  |  |  |  |  |  |  |  | $ | (25,434) |
Segment Assets | $ | 4,027,842 |  |  | $ | 593,363 |  |  | $ | 273,776 |  |  | $ | 377,161 |  |  | $ | (4,049) |  |  | $ | 5,268,093 |
Intersegment revenues | — |  |  | 1,131 |  |  | 1,356 |  |  | — |  |  | — |  |  | 2,487 |
Capital expenditures | 5,929 |  |  | 5,856 |  |  | 5,627 |  |  | 2,318 |  |  | — |  |  | 19,730 |
(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 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 + Details
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