REVENUE (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

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.

Schedule of Barter and Trade Revenues and Expenses

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.

Schedule of Contract with Customer, Asset and Liability

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.