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REVENUE | 3 Months Ended
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Mar. 31, 2026
Revenue from Contract with Customer [Abstract] |
REVENUE | REVENUE Disaggregation of Revenue The following tables show revenue streams for the three months ended March 31, 2026 and 2025:
(In thousands) | Multiplatform Group |  | Digital Audio Group |  | Audio & Media Services Group |  | Eliminations |  | Consolidated
Three Months Ended March 31, 2026
Revenue from contracts with customers: |  |  |  |  |  |  |  |  |
Broadcast Radio(1) | $ | 361,435 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 361,435 |
Networks(2) | 97,245 |  |  | — |  |  | — |  |  | — |  |  | 97,245 |
Sponsorship and Events(3) | 27,988 |  |  | — |  |  | — |  |  | — |  |  | 27,988 |
Digital, excluding Podcast(4) | — |  |  | 179,948 |  |  | — |  |  | (1,211) |  |  | 178,737 |
Podcast(5) | — |  |  | 147,194 |  |  | — |  |  | — |  |  | 147,194 |
Audio & Media Services(6) | — |  |  | — |  |  | 66,581 |  |  | (1,775) |  |  | 64,806 |
Other(7) | 6,716 |  |  | — |  |  | — |  |  | — |  |  | 6,716 |
Total | 493,384 |  |  | 327,142 |  |  | 66,581 |  |  | (2,986) |  |  | 884,121 |
Revenue from leases(8) | 79 |  |  | — |  |  | — |  |  |  |  | 79 |
Revenue, total | $ | 493,463 |  |  | $ | 327,142 |  |  | $ | 66,581 |  |  | $ | (2,986) |  |  | $ | 884,200 |
Three Months Ended March 31, 2025
Revenue from contracts with customers: |  |  |  |  |  |  |  |  |
Broadcast Radio(1) | $ | 340,736 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 340,736 |
Networks(2) | 99,463 |  |  | — |  |  | — |  |  | — |  |  | 99,463 |
Sponsorship and Events(3) | 28,621 |  |  | — |  |  | — |  |  | — |  |  | 28,621 |
Digital, excluding Podcast(4) | — |  |  | 161,251 |  |  | — |  |  | (1,131) |  |  | 160,120 |
Podcast(5) | — |  |  | 116,036 |  |  | — |  |  | — |  |  | 116,036 |
Audio & Media Services(6) | — |  |  | — |  |  | 59,323 |  |  | (1,356) |  |  | 57,967 |
Other(7) | 4,067 |  |  | — |  |  | — |  |  | — |  |  | 4,067 |
Total | 472,887 |  |  | 277,287 |  |  | 59,323 |  |  | (2,487) |  |  | 807,010 |
Revenue from leases(8) | 91 |  |  | — |  |  | — |  |  | — |  |  | 91 |
Revenue, total | $ | 472,978 |  |  | $ | 277,287 |  |  | $ | 59,323 |  |  | $ | (2,487) |  |  | $ | 807,101 |
(1)Broadcast Radio revenue is generated through the sale of advertising time on the Company’s domestic radio stations. (2)Networks revenue is generated through the sale of advertising on the Company’s Premiere and Total Traffic & Weather network programs and through the syndication of network programming to other media companies. (3)Sponsorship and events revenue is generated through local events and major nationally-recognized tent pole events and include sponsorship and other advertising revenue, ticket sales, and licensing, as well as endorsement and appearance fees generated by on-air talent. (4)Digital, excluding Podcast revenue is generated through the sale of streaming and display advertisements on digital platforms and through subscriptions to iHeartRadio streaming services. (5)Podcast revenue is generated through the sale of advertising on the Company's podcast network. (6)Audio & Media Services revenue is generated by services provided to broadcast industry participants through the Company’s Katz Media and RCS businesses. As a media representation firm, Katz Media generates revenue via commissions on media sold on behalf of the radio and television stations that it represents, while RCS generates revenue by providing broadcast software and media streaming, along with research services for radio stations, broadcast television stations, cable channels, record labels, ad agencies and Internet stations worldwide. (7)Other revenue represents fees earned for miscellaneous services, including on-site promotions, activations, and local marketing agreements. (8)Revenue from leases is primarily generated by the lease of towers to other media companies, which are all categorized as operating leases. Trade and Barter Trade and barter transactions represent the exchange of advertising spots for merchandise, services, other advertising or other assets in the ordinary course of business. The transaction price for these contracts is measured at contract inception at the estimated fair value of the non-cash consideration received unless this is not reasonably estimable, in which case the consideration is measured based on the standalone selling price of the advertising spots promised or delivered to the customer. Trade and barter revenues and expenses, which are included in consolidated revenue and selling, general and administrative expenses, respectively, were as follows:
| Three Months Ended March 31, |  |
(In thousands) | 2026 |  | 2025 |  |  |  |
Consolidated: |  |  |  |  |  |  |
Trade and barter revenues | $ | 118,737 |  |  | $ | 49,365 |  |  |  |  |
Trade and barter expenses | (90,244) |  |  | (33,794) |  |  |  |  |
Barter revenues for investments(1) | 11,596 |  |  | 10,283 |  |  |  |  |
Total trade and barter income | $ | 40,089 |  |  | $ | 25,854 |  |  |  |  |
(1) Revenue in connection with investments made in companies in exchange for advertising services. The increase in trade and barter revenues and expenses in 2026 is the result of strategic marketing initiatives as discussed in "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part I, Item 2 of this Quarterly Report on Form 10-Q. Deferred Revenue The following tables show the Company’s deferred revenue balance from contracts with customers:
| Three Months Ended March 31, |  |
(In thousands) | 2026 |  | 2025 |  |  |  |
Deferred revenue from contracts with customers: |  |  |  |  |  |  |
Beginning balance(1) | $ | 204,738 |  |  | $ | 173,766 |  |  |  |  |
Revenue recognized, included in beginning balance | (68,978) |  |  | (66,932) |  |  |  |  |
Additions, net of revenue recognized during period, and other | 69,362 |  |  | 76,850 |  |  |  |  |
Ending balance | $ | 205,122 |  |  | $ | 183,684 |  |  |  |  |
(1)Deferred revenue from contracts with customers, which excludes other sources of deferred revenue that are not related to contracts with customers, is included within deferred revenue and other long-term liabilities on the Consolidated Balance Sheets, depending upon when revenue is expected to be recognized. The Company’s contracts with customers generally have terms of one year or less. However, as of March 31, 2026, the Company expects to recognize $259.1 million of revenue in future periods for remaining performance obligations from current contracts with customers that have an original expected duration greater than one year, with substantially all of this amount to be recognized over the next five years. Expected commissions related to the Company’s media representation business are not included in this amount as they are contingent upon future sales.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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