SEGMENT DATA (Tables)

3 Months Ended

Mar. 31, 2025

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, 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


	Segments
(In thousands)	Multiplatform Group		Digital Audio Group		Audio & Media Services Group		Corporate and other reconciling items		Eliminations		Consolidated
Three Months Ended March 31, 2024
Revenue	$	493,463	$	238,968	$	69,168	$	—	$	(2,561)	$	799,038


Direct operating expenses(1)	204,130		127,254		7,041		—		(927)		337,498



Selling, general and administrative expenses(2)	212,151		43,587		38,432		64,387		(1,634)		356,923
Segment Adjusted EBITDA(3)	$	77,182	$	68,127	$	23,695	$	(64,387)	$	—	$	104,617
Depreciation and amortization											(105,162)
Impairment charges											(1,508)
Other operating expense, net											(572)
Restructuring expenses											(23,603)
Share-based compensation expense											(8,480)
Operating loss											$	(34,708)

Segment Assets	$	5,259,863	$	618,337	$	305,243	$	578,810	$	(3,941)	$	6,758,312
Intersegment revenues	—		1,185		1,376		—		—		2,561
Capital expenditures	11,704		5,427		2,257		2,194		—		21,582

(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 loss, the most closely comparable GAAP measure, and to Net loss, please see "Reconciliation of Operating 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.