v3.26.1
SEGMENT DATA
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
SEGMENT DATA SEGMENT DATA
The Company’s primary businesses are included in its Multiplatform Group and Digital Audio Group segments. Revenue and expenses earned and charged between Multiplatform Group, Digital Audio Group, Audio & Media Services Group, and Corporate are eliminated in consolidation. The Multiplatform Group provides media and entertainment services via broadcast delivery and also includes the Company’s events and national syndication businesses. The Digital Audio Group provides media and entertainment services via digital delivery. The Audio & Media Services Group provides other audio and media services, including the Company’s media representation business (Katz Media) and its provider of scheduling and broadcast software (RCS). Corporate includes infrastructure and support, including executive, information technology, human resources, legal, finance, and administrative functions for the Company’s businesses.

Segment Adjusted EBITDA is the segment profitability metric reported to the Company’s Chief Operating Decision Maker ("CODM") for purposes of decisions about allocation of resources to, and assessing performance of, each reportable segment. It is calculated as revenue less direct operating expenses and selling, general and administrative expenses, excluding restructuring expenses, and share-based compensation expense. Restructuring expenses primarily include expenses incurred in connection with cost-saving initiatives, as well as certain expenses, which, in the view of management, are outside the ordinary course of business or otherwise not representative of the Company's operations during a normal business cycle.

The Company's CODM is its Chief Executive Officer. The CODM uses Segment Adjusted EBITDA to evaluate the operating performance of each reportable segment, and to allocate resources. This measure is the primary measure used by management for the planning and forecasting of future periods, as well as for measuring performance for compensation of executives and segment management.
The following tables present the Company's segment results:

Revenues
(In thousands)Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Multiplatform Group$535,667 $544,598 $1,029,130 $1,017,576 
Digital Audio Group364,080 323,856 691,222 601,143 
Audio & Media Services Group80,465 67,736 147,046 127,059 
Inter-segment elimination(2,973)(2,537)(5,959)(5,024)
Total revenue$977,239 $933,653 $1,861,439 $1,740,754 

Reconciliation of Revenues to Segment Adjusted EBITDA
(In thousands)Three Months Ended June 30, 2026
Multiplatform GroupDigital Audio GroupAudio & Media Services Group
Revenue$535,667 $364,080 $80,465 
Direct operating expenses(1)
204,422 183,280 8,060 
Selling, general and administrative expenses(2)
272,636 57,624 35,742 
Segment Adjusted EBITDA$58,609 $123,176 $36,663 
(In thousands)Three Months Ended June 30, 2025
Multiplatform GroupDigital Audio GroupAudio & Media Services Group
Revenue$544,598 $323,856 $67,736 
Direct operating expenses(1)
218,052 161,811 7,474 
Selling, general and administrative expenses(2)
230,182 54,435 36,541 
Segment Adjusted EBITDA$96,364 $107,610 $23,721 

(In thousands)Six Months Ended June 30, 2026
Multiplatform GroupDigital Audio GroupAudio & Media Services Group
Revenue$1,029,130 $691,222 $147,046 
Direct operating expenses(1)
403,948 353,380 14,260 
Selling, general and administrative expenses(2)
519,609 127,851 71,676 
Segment Adjusted EBITDA$105,573 $209,991 $61,110 
(In thousands)Six Months Ended June 30, 2025
Multiplatform GroupDigital Audio GroupAudio & Media Services Group
Revenue$1,017,576 $601,143 $127,059 
Direct operating expenses(1)
417,721 307,732 14,558 
Selling, general and administrative expenses(2)
433,484 98,718 72,982 
Segment Adjusted EBITDA$166,371 $194,693 $39,519 
(1)Includes content, programming, and production costs as well as employee compensation, talent fees, event costs, music license fees, and other expenses.
(2)Includes administrative employee compensation, sales commissions, ratings fees, trade and barter expense, and other expenses.
Reconciliation of Segment Adjusted EBITDA to Loss before income taxes
(In thousands)Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Segment Adjusted EBITDA:
Multiplatform Group$58,609 $96,364 $105,573 $166,371 
Digital Audio Group123,176 107,610 209,991 194,693 
Audio & Media Services Group36,663 23,721 61,110 39,519 
Total Segment Adjusted EBITDA$218,448 $227,695 $376,674 $400,583 
Corporate expenses(66,925)(71,568)(132,518)(139,868)
Depreciation and amortization(78,321)(90,369)(159,698)(182,270)
Impairment charges— (2,552)— (5,407)
Other operating expense, net(1,233)(1,086)(1,311)(1,745)
Restructuring expenses(17,527)(19,490)(26,860)(45,068)
Share-based compensation expense(18,938)(7,260)(19,297)(16,289)
Interest expense, net(96,057)(100,894)(191,955)(201,280)
Loss on investments, net(1,550)(901)(2,095)(19,495)
Equity in loss of nonconsolidated affiliates(178)(51)(230)(1)
Other income (expense), net(276)741 (596)(419)
Loss before income taxes$(62,557)$(65,735)$(157,886)$(211,259)

Capital Expenditures
(In thousands)Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Multiplatform Group$10,079 $10,698 $20,439 $16,627 
Digital Audio Group4,053 4,406 9,556 10,262 
Audio & Media Services Group1,876 2,752 3,840 8,379 
Corporate2,921 2,141 7,007 4,459 
Total capital expenditures$18,929 $19,997 $40,842 $39,727 
Segment Assets
(In thousands)June 30,
2026		June 30,
2025
Multiplatform Group$3,626,455 $4,066,415 
Digital Audio Group605,290 606,412 
Audio & Media Services Group261,241 269,612 
Corporate364,652 439,578 
Inter-segment elimination(3,511)(2,700)
Total segment assets$4,854,127 $5,379,317