iHeartMedia (IHRT) 10-Q 6 Aug 20 2020 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2020	Aug. 03, 2020
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Entity File Number	001-38987
Entity Registrant Name	IHEARTMEDIA, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-0241222
Entity Address, Address Line One	20880 Stone Oak Parkway
Entity Address, City or Town	San Antonio,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78258
City Area Code	210
Local Phone Number	822-2828
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001400891
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false
Class A Shares
Document Information [Line Items]
Title of 12(b) Security	Class A Common Stock
Trading Symbol	IHRT
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		62,229,135
Class B Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		6,900,475
Series A Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Series A Preferred Stock Purchase Rights
Trading Symbol	IHRT
Security Exchange Name	NASDAQ

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
CURRENT ASSETS
Cash and cash equivalents	$ 517,684	$ 400,300
Accounts receivable, net of allowance of $26,201 in 2020 and $12,629 in 2019	570,117	902,908
Prepaid expenses	86,003	71,764
Other current assets	35,745	41,376
Total Current Assets	1,209,549	1,416,348
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment, net	819,259	846,876
INTANGIBLE ASSETS AND GOODWILL
Indefinite-lived intangibles - licenses	1,775,723	2,277,735
Other intangibles, net	2,047,954	2,176,540
Goodwill	2,101,657	3,325,622
OTHER ASSETS
Operating lease right-of-use assets	840,797	881,762
Other assets	110,920	96,216
Total Assets	8,905,859	11,021,099
CURRENT LIABILITIES
Accounts payable	114,400	117,282
Current operating lease liabilities	82,430	77,756
Accrued expenses	138,817	240,151
Accrued interest	71,324	83,768
Deferred revenue	156,047	139,529
Current portion of long-term debt	30,061	8,912
Total Current Liabilities	593,079	667,398
Long-term debt	5,807,061	5,756,504
Series A Mandatorily Redeemable Preferred Stock, par value $0.001, authorized 60,000 shares, 60,000 shares issued in 2020 and 2019	60,000	60,000
Noncurrent operating lease liabilities	771,013	796,203
Deferred income taxes	539,294	737,443
Other long-term liabilities	69,770	58,110
Commitments and contingent liabilities (Note 7)
STOCKHOLDERS’ EQUITY
Noncontrolling interest	9,123	9,123
Preferred stock	0	0
Additional paid-in capital	2,835,005	2,826,533
Retained earnings (Accumulated deficit)	(1,774,974)	112,548
Accumulated other comprehensive loss	(562)	(750)
Cost of shares (232,623 in 2020 and 128,074 in 2019) held in treasury	(3,018)	(2,078)
Total Stockholders' Equity	1,065,642	2,945,441
Total Liabilities and Stockholders' Equity	8,905,859	11,021,099
Class A Common Stock
STOCKHOLDERS’ EQUITY
Common stock	61	58
Class B Common Stock
STOCKHOLDERS’ EQUITY
Common stock	7	7
Special Warrants
STOCKHOLDERS’ EQUITY
Common stock	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019
Statement of Financial Position [Abstract]
Allowance for receivables	$ 26,201	$ 12,629
Class of Stock [Line Items]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, shares authorized (in shares)	2,100,000,000
Common stock, shares issued (in shares)	146,370,948
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	60,000	60,000
Preferred stock, shares issued	60,000	60,000
Class A Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	61,432,341	57,776,204
Class B Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	6,900,195	6,904,910
Special Warrants
Class of Stock [Line Items]
Common stock, shares issued (in shares)	78,038,412	81,046,593
Common stock, shares outstanding (in shares)		81,046,593	78,038,412
Treasury stock
Class of Stock [Line Items]
Treasury stock, shares	232,623	128,074

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended	4 Months Ended	6 Months Ended
	May 01, 2019	Jun. 30, 2019	Jun. 30, 2020	May 01, 2019	Jun. 30, 2020
Income Statement [Abstract]
Revenue	$ 277,674	$ 635,646	$ 487,648	$ 1,073,471	$ 1,268,282
Operating expenses:
Direct operating expenses (excludes depreciation and amortization)	98,310	198,772	249,866	381,184	551,498
Selling, general and administrative expenses (excludes depreciation and amortization)	102,296	220,231	261,219	427,230	605,360
Corporate expenses (excludes depreciation and amortization)	14,506	26,818	26,419	53,647	66,368
Depreciation and amortization	14,544	59,383	103,347	52,834	200,115
Impairment charges	0	0	5,378	91,382	1,733,235
Other operating income (expense), net	(127)	3,246	(506)	(154)	(1,572)
Operating income (loss)	47,891	133,688	(159,087)	67,040	(1,889,866)
Interest expense (income), net	(400)	69,711	81,963	(499)	172,052
Gain on investments, net	0	0	1,280	(10,237)	(8,675)
Equity in loss of nonconsolidated affiliates	(59)	(24)	(31)	(66)	(595)
Other income (expense), net	150	(9,157)	(1,258)	23	(9,118)
Reorganization items, net	9,497,944	0	0	9,461,826	0
Income (loss) before income taxes	9,546,326	54,796	(241,059)	9,519,085	(2,080,306)
Income tax benefit (expense)	(100,289)	(16,003)	43,742	(39,095)	194,253
Income (loss) from continuing operations	9,446,037	38,793	(197,317)	9,479,990	(1,886,053)
Income from discontinued operations, net of tax	1,854,677	0	0	1,685,123	0
Consolidated net income (loss)	11,300,714	38,793	(197,317)	11,165,113	(1,886,053)
Less amount attributable to noncontrolling interest	2,190	0	0	19,028	0
Net income (loss) attributable to the Company	11,298,524	38,793	(197,317)	11,184,141	(1,886,053)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(3,493)	(328)	292	(1,175)	188
Other comprehensive income (loss), net of tax	(3,493)	(328)	292	(1,175)	188
Comprehensive income (loss)	11,295,031	38,465	(197,025)	11,182,966	(1,885,865)
Less amount attributable to noncontrolling interest	(788)	0	0	2,784	0
Comprehensive income (loss) attributable to the Company	$ 11,295,819	$ 38,465	$ (197,025)	$ 11,180,182	$ (1,885,865)
Basic net income (loss) per share
From continuing operations (in dollars per share)	$ 110.28	$ 0.27	$ (1.35)	$ 109.92	$ (12.94)
From discontinued operations (in dollars per share)	21.63	0	0	19.76	0
Basic net income (loss) per share (in dollars per share)	$ 131.91	$ 0.27	$ (1.35)	$ 129.68	$ (12.94)
Weighted average common shares outstanding - Basic (in shares)	85,652	145,275	145,963	86,241	145,788
Earnings Per Share, Diluted [Abstract]
From continuing operations (in dollars per share)	$ 110.28	$ 0.27	$ (1.35)	$ 109.92	$ (12.94)
From discontinued operations (in dollars per share)	21.63	0	0	19.76	0
Diluted net income (loss) per share (in dollars per share)	$ 131.91	$ 0.27	$ (1.35)	$ 129.68	$ (12.94)
Weighted average common shares outstanding - Diluted (in shares)	85,652	145,298	145,963	86,241	145,788

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands		Total	Cumulative Effect, Period of Adoption, Adjustment	Common Shares	Common SharesClass A Shares		Common SharesClass B Shares		Common SharesClass C Shares		Common SharesSpecial Warrants		Non- controlling Interest	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)	Retained Earnings (Accumulated Deficit)Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Loss	Treasury Stock
Beginning balance (in shares) at Dec. 31, 2018	[1]				32,292,944		555,556		58,967,502		0
Beginning balance at Dec. 31, 2018		$ (11,560,342)	$ 128,908	$ 92									$ 30,868	$ 2,074,632	$ (13,345,346)	$ 128,908	$ (318,030)	$ (2,558)
Increase (Decrease) in Stockholders' Equity
Net income (loss)		11,165,113											(19,028)		11,184,141
Non-controlling interest - Separation		(13,199)											(13,199)
Accumulated other comprehensive loss - Separation		307,813															307,813
Issuance of restricted stock		192											196					(4)
Forfeitures of restricted stock (in shares)	[1]				(110,333)
Share-based compensation		2,028												2,028
Share-based compensation - discontinued operations		2,449											2,449
Dividends declared		(3,684)											(3,684)
Other		1											0				1
Other comprehensive income		(1,175)											2,784				(3,959)
Cancellation of Predecessor equity (in shares)	[1]				(32,182,611)		(555,556)		(58,967,502)
Cancellation of Predecessor equity		(403)		(92)									(386)	(2,076,660)	2,059,998		14,175	2,562
Issuance of Successor common stock ad warrants (in shares)	[1]				56,861,941		6,947,567				81,453,648
Issuance of Successor common stock and warrants		2,751,414		64									8,943	2,770,108	(27,701)
Ending balance (in shares) at May. 01, 2019	[1],[2]				56,861,941		6,947,567		0		81,453,648
Ending balance at May. 01, 2019		2,779,115		64									8,943	2,770,108	0		0	0
Beginning balance (in shares) at Mar. 31, 2019					32,247,361	[1]	555,556	[1]	58,967,502	[1]	0	[2]
Beginning balance at Mar. 31, 2019		(11,566,113)		92									11,437	2,075,025	(13,330,821)		(319,284)	(2,562)
Increase (Decrease) in Stockholders' Equity
Net income (loss)		11,300,714											2,190		11,298,524
Non-controlling interest - Separation		(13,199)											(13,199)
Accumulated other comprehensive loss - Separation		307,813															307,813
Issuance of restricted stock		132											132
Forfeitures of restricted stock (in shares)	[3]				(64,750)
Share-based compensation		1,635												1,635
Share-based compensation - discontinued operations		614											614
Other		1															1
Other comprehensive income		(3,493)											(788)				(2,705)
Cancellation of Predecessor equity (in shares)	[2]				(32,182,611)		(555,556)		(58,967,502)
Cancellation of Predecessor equity		(403)		(92)									(386)	(2,076,660)	2,059,998		14,175	2,562
Issuance of Successor common stock ad warrants (in shares)	[2]				56,861,941		6,947,567				81,453,648
Issuance of Successor common stock and warrants		2,751,414		64									8,943	2,770,108	(27,701)
Ending balance (in shares) at May. 01, 2019	[1],[2]				56,861,941		6,947,567		0		81,453,648
Ending balance at May. 01, 2019		2,779,115		64									8,943	2,770,108	0		0	0
Increase (Decrease) in Stockholders' Equity
Net income (loss)		38,793
Other comprehensive income		(328)
Ending balance (in shares) at Jun. 30, 2019	[1]				56,873,782		6,947,567		0		81,453,648	[2]
Ending balance at Jun. 30, 2019		2,820,048		64									8,372	2,773,147	38,793		(328)	0
Beginning balance (in shares) at May. 02, 2019	[1],[2]				56,861,941		6,947,567		0		81,453,648
Beginning balance at May. 02, 2019		2,779,115		64									8,943	2,770,108	0		0	0
Increase (Decrease) in Stockholders' Equity
Net income (loss)		38,793													38,793
Vesting of restricted stock (in shares)	[1],[2]				11,841
Vesting of restricted stock and other		0
Share-based compensation		3,039												3,039
Dividends declared		(571)											(571)
Other		(571)											(571)
Other comprehensive income		(328)															(328)
Ending balance (in shares) at Jun. 30, 2019	[1]				56,873,782		6,947,567		0		81,453,648	[2]
Ending balance at Jun. 30, 2019		2,820,048		64									8,372	2,773,147	38,793		(328)	0
Beginning balance (in shares) at Dec. 31, 2019	[1]				57,776,204		6,904,910				81,046,593
Beginning balance at Dec. 31, 2019		$ 2,945,441		65									9,123	2,826,533	112,548		(750)	(2,078)
Increase (Decrease) in Stockholders' Equity
Accounting Standards Update [Extensible List]		us-gaap:AccountingStandardsUpdate201613Member
Ending balance (in shares) at Mar. 31, 2020	[1]				59,930,396		6,899,611				78,919,386
Ending balance at Mar. 31, 2020		$ 1,259,302		67									9,123	2,830,788	(1,577,657)		(854)	(2,165)
Beginning balance (in shares) at Dec. 31, 2019	[1]				57,776,204		6,904,910				81,046,593
Beginning balance at Dec. 31, 2019		2,945,441		65									9,123	2,826,533	112,548		(750)	(2,078)
Increase (Decrease) in Stockholders' Equity
Net income (loss)		(1,886,053)													(1,886,053)
Vesting of restricted stock (in shares)	[1]				646,223
Vesting of restricted stock and other		(962)		3										(25)				(940)
Share-based compensation		8,497												8,497
Conversion of Special Warrants and Class B Shares to Class A Shares (in shares)	[1]				3,003,854		1,345				(3,005,199)
Conversion of Special Warrants to Class A Shares and Class B Shares		0
Conversion of Class B Shares to Class A Shares (in shares)	[1]				6,060		6,060
Cancellation of Special Warrants (in shares)	[1]										(2,982)
Other		(1,469)													(1,469)		0
Other comprehensive income		188															188
Ending balance (in shares) at Jun. 30, 2020	[1]				61,432,341		6,900,195				78,038,412
Ending balance at Jun. 30, 2020		1,065,642		68									9,123	2,835,005	(1,774,974)		(562)	(3,018)
Beginning balance (in shares) at Mar. 31, 2020	[1]				59,930,396		6,899,611				78,919,386
Beginning balance at Mar. 31, 2020		1,259,302		67									9,123	2,830,788	(1,577,657)		(854)	(2,165)
Increase (Decrease) in Stockholders' Equity
Net income (loss)		(197,317)													(197,317)
Vesting of restricted stock (in shares)	[1]				624,537
Vesting of restricted stock and other		(875)		1										(23)				(853)
Share-based compensation		4,240												4,240
Conversion of Special Warrants and Class B Shares to Class A Shares (in shares)	[3]				877,263		729				(877,992)
Conversion of Special Warrants to Class A Shares and Class B Shares		0
Conversion of Class B Shares to Class A Shares (in shares)	[3]				145		145
Cancellation of Special Warrants (in shares)	[3]										(2,982)
Other comprehensive income		292															292
Ending balance (in shares) at Jun. 30, 2020	[1]				61,432,341		6,900,195				78,038,412
Ending balance at Jun. 30, 2020		$ 1,065,642		$ 68									$ 9,123	$ 2,835,005	$ (1,774,974)		$ (562)	$ (3,018)
[1]	The Predecessor Company's Class D Common Stock and Preferred Stock are not presented in the data above as there were no shares issued and outstanding in 2019 or 2018. The Successor Company's Preferred Stock is not presented in the data above as there were no shares issued and outstanding in 2019.
[2]	The Predecessor Company's Class D Common Stock and Preferred Stock are not presented in the data above as there were no shares issued and outstanding in 2019. The Successor Company's Preferred Stock is not presented in the data above as there were no shares issued and outstanding in 2019.
[3]	The Successor Company's Preferred Stock is not presented in the data above as there were no shares issued and outstanding in 2020.

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	2 Months Ended	4 Months Ended	6 Months Ended
	Jun. 30, 2019	May 01, 2019	Jun. 30, 2020
Cash flows from operating activities:
Net income (loss)	$ 38,793	$ 11,165,113	$ (1,886,053)
Income from discontinued operations	0	(1,685,123)	0
Reconciling items:
Impairment charges	0	91,382	1,733,235
Depreciation and amortization	59,383	52,834	200,115
Deferred taxes	13,056	115,839	(197,689)
Provision for doubtful accounts	3,081	3,268	18,210
Amortization of deferred financing charges and note discounts, net	216	512	1,033
Non-cash Reorganization items, net	0	(9,619,236)	0
Share-based compensation	3,039	498	8,497
(Gain) Loss on disposal of operating and other assets	(3,960)	(143)	426
Loss on investments	0	10,237	8,675
Equity in loss of nonconsolidated affiliates	24	66	595
Barter and trade income	(1,934)	(5,947)	(5,244)
Other reconciling items, net	73	(65)	887
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
Decrease (increase) in accounts receivable	(108,613)	117,263	314,515
Increase in prepaid expenses and other current assets	(14,773)	(24,044)	(12,720)
Increase in other long-term assets	(1,591)	(7,098)	(654)
Increase (decrease) in accounts payable and accrued expenses	21,001	(156,885)	(90,103)
Increase (decrease) in accrued interest	69,294	256	(12,099)
Increase in deferred income	4,745	13,377	8,281
Increase (decrease) in other long-term liabilities	1,367	(79,609)	13,002
Cash provided by (used in) operating activities from continuing operations	83,201	(7,505)	102,909
Cash used for operating activities from discontinued operations	0	(32,681)	0
Net cash provided by (used in) operating activities	83,201	(40,186)	102,909
Cash flows from investing activities:
Purchases of investments	(500)	(226)	(9,964)
Purchases of property, plant and equipment	(17,435)	(36,197)	(39,546)
Change in other, net	148	(2,355)	(1,171)
Cash used for investing activities from continuing operations	(17,787)	(38,778)	(50,681)
Cash used for investing activities from discontinued operations	0	(222,366)	0
Net cash used for investing activities	(17,787)	(261,144)	(50,681)
Cash flows from financing activities:
Proceeds from long-term debt and credit facilities	0	269	350,000
Payments on long-term debt and credit facilities	0	(8,294)	(283,335)
Proceeds from Mandatorily Redeemable Preferred Stock	0	60,000	0
Settlement of intercompany related to discontinued operations	0	(159,196)	0
Change in other, net	(684)	(5)	(1,153)
Cash provided by (used for) financing activities from continuing operations	(684)	(107,226)	65,512
Cash provided by financing activities from discontinued operations	0	51,669	0
Net cash provided by (used for) financing activities	(684)	(55,557)	65,512
Effect of exchange rate changes on cash, cash equivalents and restricted cash	11	562	(325)
Net increase in cash, cash equivalents and restricted cash	64,741	(356,325)	117,415
Cash, cash equivalents and restricted cash at beginning of period	74,009	430,334	411,618
Cash, cash equivalents and restricted cash of continuing operations at end of period	138,750	74,009	529,033
SUPPLEMENTAL DISCLOSURES:
Cash paid for interest	430	137,042	185,364
Cash paid for income taxes	1,549	22,092	1,745
Cash paid for Reorganization items, net	$ 13,049	$ 183,291	$ 443

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION Preparation of Interim Financial Statements All references in this Quarterly Report on Form 10-Q to the “Company,” “we,” “us” and “our” refer to iHeartMedia, Inc. and its consolidated subsidiaries. The accompanying consolidated financial statements were prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and, in the opinion of management, include all normal and recurring adjustments necessary to present fairly the results of the interim periods shown. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to such SEC rules and regulations. Management believes that the disclosures made are adequate to make the information presented not misleading. As described below, as a result of the application of fresh start accounting and the effects of the implementation of the Company's Plan of Reorganization (as defined below), the consolidated financial statements after the Effective Date (as defined below), are not comparable with the consolidated financial statements on or before that date. The financial statements contained herein should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s 2019 Annual Report on Form 10-K. The Company’s reportable segments are: ▪ Audio, which provides media and entertainment services via broadcast and digital delivery, and also includes the Company’s events and national syndication businesses and ▪ Audio & Media Services, which provides other audio and media services, including the Company’s media representation business, Katz Media Group (“Katz Media”) and the Company's provider of scheduling and broadcast software, Radio Computing Services (“RCS”). The consolidated financial statements include the accounts of the Company and its subsidiaries. Also included in the consolidated financial statements are entities for which the Company has a controlling financial interest or is the primary beneficiary. Investments in companies in which the Company owns 20% to 50% of the voting common stock or otherwise exercises significant influence over operating and financial policies of the company are accounted for under the equity method. All significant intercompany transactions are eliminated in the consolidation process. Unless otherwise indicated, information in these notes to the consolidated financial statements relates to continuing operations. Certain of the Company's operations have been presented as discontinued. The Company presents businesses that represent components as discontinued operations when the components meet the criteria for held for sale, are sold, or spun-off and their disposal represents a strategic shift that has, or will have, a major effect on its operations and financial results. See Note 2, Discontinued Operations . COVID-19 Our business has been adversely impacted by the novel coronavirus pandemic (“COVID-19”), its impact on the operating and economic environment and related, near-term advertiser spending decisions. On March 26, 2020, the Company announced that it was withdrawing its previously issued financial guidance for the fiscal year ending December 31, 2020 due to heightened uncertainty related to COVID-19. In addition, iHeartCommunications borrowed $350.0 million principal amount under its $450.0 million senior secured asset-based revolving credit facility (the “ABL Facility”) as a precautionary measure to preserve iHeartCommunications’ financial flexibility in light of this uncertainty. In the second quarter of 2020, the Company repaid $115.0 million of the amounts borrowed under the ABL Facility. As of June 30, 2020, the ABL Facility had a borrowing base of $289.4 million and utilization of $235.0 million in outstanding borrowings and $41.2 million of outstanding letters of credit, resulting in $13.2 million of availability, such availability being subject to further restrictions contained within the credit agreement governing the ABL Facility. In July 2020, iHeartCommunications issued $450.0 million of incremental term loans pursuant to an amendment (the “Amendment No. 2”) to the credit agreement (as amended, the “Credit Agreement”) with Capital I, as guarantor, certain subsidiaries of iHeartCommunications, as guarantors, and Bank of America, N.A., as administrative agent, governing the Company’s $2.5 billion aggregate principal amount of senior secured term loans (the “Term Loan Facility”) and used a portion of the proceeds to repay the $235.0 million outstanding balance under the ABL Facility. The remaining proceeds will be available if needed to fund iHeartCommunications' future working capital requirements or other general corporate purposes. The Company's revenue in the latter half of the month ended March 31, 2020 and in the three months ended June 30, 2020 was significantly and negatively impacted as a result of a decline in advertising spend driven by COVID-19, and the Company's management took proactive actions to expand the Company’s financial flexibility by reducing expenses and preserving cash as a result of such impact. On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security (“CARES Act”). The CARES Act, among other things, includes provisions relating to refundable payroll tax credits, deferment of employer side social security payments, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations and technical corrections to tax depreciation methods for qualified improvement property. The Company continues to examine the impacts the CARES Act may have on its business. For more information on the expected benefits of the CARES Act on the Company's income tax liabilities, see Note 8, Income Taxes . As of June 30, 2020, the Company had approximately $517.7 million in cash, which includes the $235.0 million borrowed under the ABL Facility that was subsequently repaid in July 2020 using the proceeds of the $450.0 million issuance of incremental term loans. While the Company expects COVID-19 to negatively impact the results of operations, cash flows and financial position of the Company, the related financial impact cannot be reasonably estimated at this time. Based on the plans that the Company has put in place, it expects to be able to meet its obligations as they become due over the coming year. As a result of uncertainty related to COVID-19 and its negative impact on the Company's business and the public trading values of its debt and equity, the Company was required to perform interim impairment tests on its long-lived assets, intangible assets and indefinite-lived intangible assets as of March 31, 2020. The interim impairment tests resulted in a non-cash impairment of the Company's Federal Communication Commission (“FCC”) licenses of $502.7 million and a non-cash impairment charge of $1.2 billion to reduce goodwill. Based on management’s forecasted future cash flows and assessment of market values of the Company’s debt and equity securities, market interest rates affecting the Company’s weighted average cost of capital (“WACC”) and other economic factors, additional interim impairment testing of the Company's intangible assets and indefinite-lived intangible was not required as of June 30, 2020. For more information, see Note 5, Property, Plant and Equipment, Intangible Assets and Goodwill . Voluntary Filing under Chapter 11 As previously disclosed, on March 14, 2018, the Company, iHeartCommunications, Inc. ("iHeartCommunications") and certain of the Company's direct and indirect domestic subsidiaries (collectively, the "Debtors") filed voluntary petitions for relief (the "Chapter 11 Cases") under Chapter 11 of the United States Bankruptcy Code (the "Bankruptcy Code"), in the United States Bankruptcy Court for the Southern District of Texas, Houston Division (the "Bankruptcy Court"). On April 28, 2018, the Company and the other Debtors filed a plan of reorganization (as amended, the “Plan of Reorganization”) and a related disclosure statement with the Bankruptcy Court. On January 22, 2019, the Plan of Reorganization was confirmed by the Bankruptcy Court. On May 1, 2019 (the “Effective Date”), the Company emerged from Chapter 11 and effectuated a series of transactions through which Clear Channel Outdoor Holdings, Inc. ("CCOH"), its parent Clear Channel Holdings, Inc. (“CCH”) and its subsidiaries (collectively with CCOH and CCH, the “Outdoor Group”) were separated from, and ceased to be controlled by, the Company and its subsidiaries (the “Separation”). All of the Company's equity existing as of the Effective Date was canceled on such date pursuant to the Plan of Reorganization. Upon the Company's emergence from the Chapter 11 Cases, the Company adopted fresh start accounting, which resulted in a new basis of accounting and the Company becoming a new entity for financial reporting purposes. As a result of the application of fresh start accounting and the effects of the implementation of the Plan of Reorganization, the consolidated financial statements after the Effective Date, are not comparable with the consolidated financial statements on or before that date. References to “Successor” or “Successor Company” relate to the financial position and results of operations of the Company after the Effective Date. References to "Predecessor" or "Predecessor Company" refer to the financial position and results of operations of the Company on or before the Effective Date. During the Predecessor period, the Company applied Accounting Standards Codification (“ASC”) 852 - Reorganizations (“ASC 852”) in preparing the consolidated financial statements. ASC 852 requires the financial statements, for periods subsequent to the commencement of the Chapter 11 Cases, to distinguish transactions and events that are directly associated with the reorganization from the ongoing operations of the business. Accordingly, certain charges incurred during 2019 related to the Chapter 11 Cases, including professional fees incurred directly as a result of the Chapter 11 Cases are recorded as Reorganization items, net in the Predecessor period. Reclassifications Certain prior period amounts have been reclassified to conform to the 2020 presentation. In the first quarter of 2020, in connection with a reorganization of the Company’s management structure after the Separation and emergence from the Chapter 11 cases, the Company reevaluated the classification of certain expenses to determine whether such expenses should be included within Direct operating expenses, Selling, general & administrative (“SG&A”) expenses or Corporate expenses. As a result, certain expenses were reclassified from Corporate expenses to Direct operating or SG&A expenses. In addition, certain expenses were reclassified from SG&A expenses to Direct operating expenses. The reclassifications had no impact on the Company's Operating Income (Loss) or Net Income (Loss). Accordingly, the Company recast the corresponding amounts in the prior period to conform to the current expense classifications. The corresponding current and prior period segment disclosures were recast to reflect the current expense classifications. See Note 10, Segment Data . Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the Consolidated Balance Sheets to the total of the amounts reported in the Consolidated Statements of Cash Flows: (In thousands) Successor Company June 30, December 31, Cash and cash equivalents $ 517,684 $ 400,300 Restricted cash included in: Other current assets 11,349 11,318 Total cash, cash equivalents and restricted cash in the Statement of Cash Flows $ 529,033 $ 411,618 Certain Relationships and Related Party Transactions From time to time, certain companies in which the Company holds minority equity interests, purchase advertising in the ordinary course. None of these ordinary course transactions have a material impact on the Company. New Accounting Pronouncements Recently Adopted During the second quarter of 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and finalized amendments to FASB ASC Subtopic 825-15, Financial Instruments-Credit Losses ("ASC 326") . The amendments of ASU 2016-13 are intended to provide financial statement users with more decision-useful information related to expected credit losses on financial instruments and other commitments to extend credit by replacing the current incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to determine credit loss estimates. The amendments of ASU 2016-13 Upon adoption, the Company recognized a $1.5 million cumulative-effect adjustment to opening retained earnings to reflect expected credit losses in relation to notes receivable held by the Company. In addition, the Company evaluated the potential impact of the COVID-19 pandemic on the collectability of its notes receivable from third-parties. To develop an estimate of the present value of expected cash flows of notes receivable, the Company used a probability-weighted discounted cash flow model. As a result of this analysis, the Company recognized an additional credit loss reserve against available-for-sale debt securities of $5.6 million, which was recognized within Loss on investments, net in the Company's Statement of Comprehensive Loss for the six months ended June 30, 2020. The Company will continue to actively monitor the impact of the COVID-19 pandemic on expected credit losses The FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes (Topic 740) . The new guidance simplifies the accounting for income taxes by eliminating certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, hybrid taxes and the recognition of deferred tax liabilities for outside basis differences. It also clarifies and simplifies other aspects of the accounting for income taxes. For public companies, the amendments in this ASU are effective for fiscal years beginning after December 15, 2020 and interim periods within those fiscal years. Early adoption is permitted in interim or annual periods with any adjustments reflected as of the beginning of the annual period that includes that interim period. Additionally, entities that elect early adoption must adopt all the amendments in the same period. Amendments are to be applied prospectively, except for certain amendments that are to be applied either retrospectively or with a modified retrospective approach through a cumulative effect adjustment recorded to retained earnings. The Company early adopted this standard, which did not have significant impact on our financial position, results of operations or cash flows. New Accounting Pronouncements Not Yet Adopted In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . This guidance provides temporary optional expedients and exceptions to accounting guidance on contract modifications and hedge accounting to ease entities’ financial reporting burdens as the market transitions from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. The guidance was effective upon issuance and generally can be applied through December 31, 2022. The effects of this standard on our financial position, results of operations and cash flows are not expected to be material.

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	6 Months Ended
	Jun. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]
DISCONTINUED OPERATIONS	DISCONTINUED OPERATIONSDiscontinued operations relate to our domestic and international outdoor advertising businesses and were previously reported as the Americas outdoor and International outdoor segments prior to the Separation. Revenue, expenses and cash flows for these businesses are separately reported as Income from discontinued operations, net of tax and cash flows from discontinued operations in the Company's financial statements for all periods presented. Financial Information for Discontinued Operations Income Statement Information The following shows the revenue and income (loss) from discontinued operations and gain on disposal of the Predecessor Company's discontinued operations for the periods presented: (In thousands) Predecessor Company Period from April 1, 2019 through May 1, Period from January 1, 2019 through May 1, 2019 2019 Revenue $ 217,450 $ 804,566 Loss from discontinued operations before income taxes $ (21,684) $ (133,475) Income tax benefit (expense) 50,830 (6,933) Income (loss) from discontinued operations, net of taxes $ 29,146 $ (140,408) Gain on disposals before income taxes $ 1,825,531 $ 1,825,531 Income tax expense — — Gain on disposals, net of taxes $ 1,825,531 $ 1,825,531 Income from discontinued operations, net of taxes $ 1,854,677 $ 1,685,123 In connection with the Separation, the Company and its subsidiaries entered into the agreements described below. Transition Services Agreement On the Effective Date, the Company, iHM Management Services, iHeartCommunications and CCOH entered into a transition services agreement (the “Transition Services Agreement”), pursuant to which iHM Management Services has agreed to provide, or cause the Company and its subsidiaries to provide CCOH with certain administrative and support services and other assistance which CCOH will utilize in the conduct of its business as such business was conducted prior to the Separation, for one year from the Effective Date (subject to certain rights of CCOH to extend up to one additional year, as described below). The allocation of cost is based on various measures depending on the service provided, which measures include relative revenue, employee headcount, number of users of a service or other factors. As of June 30, 2020, most of these services have been successfully transitioned to CCOH. CCOH has requested extensions of the term for certain individual services, primarily related to information systems, for one-month periods through August 31, 2020 and may request further one-month extensions of such services up to May 1, 2021. CCOH may terminate the Transition Services Agreement with respect to all or any individual service, in whole or in part, upon 30 days’ prior written notice, provided that any co-dependent services must be terminated concurrently. New Tax Matters Agreement In connection with the Separation, the Company entered into the New Tax Matters Agreement by and among iHeartMedia, iHeartCommunications, iHeart Operations, Inc., CCH, CCOH and Clear Channel Outdoor, Inc., to allocate the responsibility of iHeartMedia and its subsidiaries, on the one hand, and CCOH and its subsidiaries, on the other, for the payment of taxes arising prior and subsequent to, and in connection with, the Separation. The New Tax Matters Agreement requires that iHeartMedia and iHeartCommunications indemnify CCOH and its subsidiaries, and their respective directors, officers and employees, and hold them harmless, on an after-tax basis, from and against certain tax claims related to the Separation. In addition, the New Tax Matters Agreement requires that CCOH indemnify iHeartMedia for certain income taxes paid by iHeartMedia on behalf of CCOH and its subsidiaries.

REVENUE

REVENUE	6 Months Ended
	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
REVENUE	REVENUE Disaggregation of Revenue The following table shows revenue streams for the Successor Company for the periods presented: Successor Company (In thousands) Audio Audio and Media Services Eliminations Consolidated Three Months Ended June 30, 2020 Revenue from contracts with customers: Broadcast Radio (1) $ 244,035 $ — $ — $ 244,035 Digital (2) 93,227 — — 93,227 Networks (3) 96,330 — — 96,330 Sponsorship and Events (4) 14,809 — — 14,809 Audio and Media Services (5) — 39,251 (1,779) 37,472 Other (6) 1,544 — (168) 1,376 Total 449,945 39,251 (1,947) 487,249 Revenue from leases (7) 399 — — 399 Revenue, total $ 450,344 $ 39,251 $ (1,947) $ 487,648 Period from May 2, 2019 through June 30, 2019 Revenue from contracts with customers: Broadcast Radio (1) $ 390,540 $ — $ — $ 390,540 Digital (2) 64,238 — — 64,238 Networks (3) 105,426 — — 105,426 Sponsorship and Events (4) 31,790 — — 31,790 Audio and Media Services (5) — 40,537 (1,009) 39,528 Other (6) 3,957 — (112) 3,845 Total 595,951 40,537 (1,121) 635,367 Revenue from leases (7) 279 — — 279 Revenue, total $ 596,230 $ 40,537 $ (1,121) $ 635,646 Six Months Ended June 30, 2020 Revenue from contracts with customers: Broadcast Radio (1) $ 705,695 $ — $ — $ 705,695 Digital (2) 186,003 — — 186,003 Networks (3) 230,907 — — 230,907 Sponsorship and Events (4) 44,157 — — 44,157 Audio and Media Services (5) — 99,478 (3,590) 95,888 Other (6) 5,103 — (335) 4,768 Total 1,171,865 99,478 (3,925) 1,267,418 Revenue from leases (7) 864 — — 864 Revenue, total $ 1,172,729 $ 99,478 $ (3,925) $ 1,268,282 (1) Broadcast Radio revenue is generated through the sale of advertising time on the Company’s domestic radio stations. (2) Digital revenue is generated through the sale of streaming and display advertisements on digital platforms, subscriptions to iHeartRadio streaming services, podcasting and the dissemination of other digital content. (3) 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. (4) 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. (5) Audio and 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 and webcast software and technology and services to radio stations, television music channels, cable companies, satellite music networks and Internet stations worldwide. (6) Other revenue represents fees earned for miscellaneous services, including on-site promotions, activations, and local marketing agreements. (7) Revenue from leases is primarily generated by the lease of towers to other media companies, which are all categorized as operating leases. The following table shows revenue streams from continuing operations for the Predecessor Company. The presentation of amounts in the Predecessor period has been revised to conform to the Successor period presentation. Predecessor Company (In thousands) Audio (1) Audio and Media Services (1) Eliminations Consolidated Period from April 1, 2019 through May 1, 2019 Revenue from contracts with customers: Broadcast Radio 170,632 $ — $ — $ 170,632 Digital 26,840 — — 26,840 Networks 50,889 — — 50,889 Sponsorship and Events 10,617 — — 10,617 Audio and Media Services — 17,970 (701) 17,269 Other 1,197 — (56) 1,141 Total 260,175 17,970 (757) 277,388 Revenue from leases 286 — — 286 Revenue, total $ 260,461 $ 17,970 $ (757) $ 277,674 Period from January 1, 2019 through May 1, 2019 Revenue from contracts with customers: Broadcast Radio $ 657,864 $ — $ — $ 657,864 Digital 102,789 — — 102,789 Networks 189,088 — — 189,088 Sponsorship and Events 50,330 — — 50,330 Audio and Media Services — 69,362 (2,325) 67,037 Other 5,910 — (243) 5,667 Total 1,005,981 69,362 (2,568) 1,072,775 Revenue from leases 696 — — 696 Revenue, total $ 1,006,677 $ 69,362 $ (2,568) $ 1,073,471 (1) Due to a re-evaluation of the Company’s internal segment reporting upon the effectiveness of the Plan of Reorganization, the Company’s RCS business is included in the Audio & Media Services results for all periods presented. Trade and Barter Trade and barter transactions represent the exchange of advertising spots for merchandise, services, advertising and promotion or other assets in the ordinary course of business. The transaction price for these contracts is measured 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 to the customer. Trade and barter revenues and expenses from continuing operations, which are included in consolidated revenue and selling, general and administrative expenses, respectively, were as follows: Successor Company Predecessor Company Three Months Ended June 30, Period from May 2, 2019 through June 30, Period from April 1, 2019 through May 1, (In thousands) 2020 2019 2019 Trade and barter revenues $ 19,753 $ 29,699 $ 10,349 Trade and barter expenses 17,075 28,023 8,474 Successor Company Predecessor Company Six Months Ended June 30, Period from May 2, 2019 through June 30, Period from January 1, 2019 through May 1, (In thousands) 2020 2019 2019 Trade and barter revenues $ 72,431 $ 29,699 $ 65,934 Trade and barter expenses 72,073 28,023 58,330 The Successor Company recognized barter revenue of $0.2 million, $1.9 million and $5.2 million in the three months ended June 30, 2020, the period from May 2, 2019 through June 30, 2019 and the six months ended June 30, 2020, respectively, in connection with investments made in companies in exchange for advertising services. The Predecessor Company recognized barter revenue of $0.9 million and $5.9 million in the period from April 1, 2019 through May 1, 2019 and the period from January 1, 2019 through May 1, 2019, respectively, in connection with investments made in companies in exchange for advertising services. Deferred Revenue The following tables show the Company’s deferred revenue balance from contracts with customers, excluding discontinued operations: Successor Company Predecessor Company Three Months Ended June 30, Period from May 2, 2019 through June 30, Period from April 1, 2019 through May 1, (In thousands) 2020 2019 2019 Deferred revenue from contracts with customers: Beginning balance (1) $ 175,321 $ 151,475 $ 155,114 Impact of fresh start accounting — 298 — Revenue recognized, included in beginning balance (59,155) (59,018) (43,172) Additions, net of revenue recognized during period, and other 61,864 66,997 39,533 Ending balance $ 178,030 $ 159,752 $ 151,475 Successor Company Predecessor Company Six Months Ended June 30, Period from May 2, 2019 through June 30, Period from January 1, 2019 through May 1, (In thousands) 2020 2019 2019 Deferred revenue from contracts with customers: Beginning balance (1) $ 162,068 $ 151,475 $ 148,720 Impact of fresh start accounting — 298 — Revenue recognized, included in beginning balance (76,053) (59,018) (76,473) Additions, net of revenue recognized during period, and other 92,015 66,997 79,228 Ending balance $ 178,030 $ 159,752 $ 151,475 (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 June 30, 2020, the Company expects to recognize $226.6 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. Commissions related to the Company’s media representation business have been excluded from this amount as they are contingent upon future sales. Revenue from Leases As of June 30, 2020, the future lease payments to be received by the Successor Company are as follows: (In thousands) 2020 $ 774 2021 1,259 2022 860 2023 795 2024 695 Thereafter 10,021 Total $ 14,404

LEASES

LEASES	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
LEASES	LEASES The Company enters into operating lease contracts for land, buildings, structures and other equipment. Arrangements are evaluated at inception to determine whether such arrangements contain a lease. Operating leases primarily include land and building lease contracts and leases of radio towers. Arrangements to lease building space consist primarily of the rental of office space, but may also include leases of other equipment, including automobiles and copiers. Operating leases are reflected on the Company's balance sheet within Operating lease right-of-use assets ("ROU assets") and the related short-term and long-term liabilities are included within Current and Noncurrent operating lease liabilities, respectively. The Company's finance leases are included within Property, plant and equipment with the related liabilities included within Long-term debt. ROU assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the respective lease term. Lease expense is recognized on a straight-line basis over the lease term. The Company tests for impairment of right of use assets whenever events and circumstances indicate that such assets might be impaired. During the three months ended June 30, 2020, the Company recognized a non-cash impairment charge of $5.4 million related to a decision by management to abandon and sublease one of its operating leases. The implicit rate within the Company's lease agreements is generally not determinable. As such, the Company uses the incremental borrowing rate ("IBR") to determine the present value of lease payments at the commencement of the lease. The IBR, as defined in ASC 842, is "the rate of interest that a lessee would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment." The following table provides supplemental cash flow information related to leases for the periods presented: Successor Company Predecessor Company Six Months Ended June 30, Period from May 2, 2019 through June 30, Period from January 1, 2019 through May 1 (In thousands) 2020 2019 2019 Cash paid for amounts included in measurement of operating lease liabilities $ 64,940 $ 23,400 $ 44,888 Lease liabilities arising from obtaining right-of-use assets (1) $ 18,047 $ 3,194 $ 913,598 (1) Lease liabilities from obtaining right-of-use assets include transition liabilities upon adoption of ASC 842, as well as new leases entered into during the six months ended June 30, 2020 (Successor), the period from January 1, 2019 through May 1, 2019 (Predecessor) and the period from May 2, 2019 through June 30, 2019 (Successor). The Company reflects changes in the lease liability and changes in the ROU asset on a net basis in the Statements of Cash Flows.

PROPERTY, PLANT AND EQUIPMENT,

PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL	6 Months Ended
	Jun. 30, 2020
Property, Plant and Equipment [Abstract]
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL	PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL Property, Plant and Equipment The Company’s property, plant and equipment consisted of the following classes of assets as of June 30, 2020 and December 31, 2019, respectively: (In thousands) Successor Company June 30, December 31, Land, buildings and improvements $ 388,096 $ 385,017 Towers, transmitters and studio equipment 160,955 156,739 Furniture and other equipment 390,680 361,527 Construction in progress 28,624 21,287 968,355 924,570 Less: accumulated depreciation 149,096 77,694 Property, plant and equipment, net $ 819,259 $ 846,876 Indefinite-lived Intangible Assets The Company’s indefinite-lived intangible assets consist of FCC broadcast licenses in its Audio segment. The Company performs its annual impairment test on goodwill and indefinite-lived intangible assets, including FCC licenses, as of July 1 of each year. In addition, the Company tests for impairment of intangible assets whenever events and circumstances indicate that such assets might be impaired. The Company applied fresh start accounting as of May 1, 2019 in connection with its emergence from Chapter 11 bankruptcy which required stating the Company’s intangible assets at estimated fair value. Such fair values recorded in fresh start accounting reflected the economic conditions in place at the time of emergence. The economic downturn in March 2020 and the COVID-19 pandemic had an adverse impact on the trading values of the Company’s publicly-traded debt and equity and on the Company's first quarter 2020 results, and the continuing uncertainty surrounding the duration and magnitude of the economic impact of the pandemic has had a negative impact on the Company's forecasted future cash flows. As a result, the Company performed an interim impairment test as of March 31, 2020 on its indefinite-lived FCC licenses. For purposes of initial recording in fresh start accounting and for annual impairment testing purposes, our FCC licenses are valued using the direct valuation approach, with the key assumptions being forecasted market revenue growth rates, market share, profit margin, duration and profile of the build-up period, estimated start-up capital costs and losses incurred during the build-up period, the risk-adjusted discount rate and terminal values. This data is populated using industry normalized information representing an average asset within a market. In estimating the fair value of its FCC licenses, the Company obtained the most recent broadcast radio industry revenue projections which consider the impact of COVID-19 on future broadcast radio advertising revenue. Such projections reflect a significant and negative impact from COVID-19. In addition to using these broadcast radio industry revenue projections, the Company used various sources to analyze media and broadcast industry market forecasts and other data in developing the assumptions used for purposes of performing impairment testing on our FCC licenses as of March 31, 2020. As a result of COVID-19, the United States economy is undergoing a period of economic disruption and uncertainty, which has caused, among other things, lower consumer and business spending. The uncertainty surrounding the demand for advertising negatively impacted the key assumptions used in the discounted cash flow models used to value the Company's FCC licenses. Considerations in developing these assumptions included the extent of the economic downturn, ranges of expected timing of recovery, discount rates and other factors. As a result of the Company’s assessment the estimated fair value of FCC licenses was determined to be below their carrying values as of March 31, 2020. As a result, during the three months ended March 31, 2020, the Successor Company recognized a non-cash impairment charge of $502.7 million on its FCC licenses. Based on management’s forecasted future cash flows and assessment of market values of the Company’s debt and equity securities, market interest rates affecting the Company’s WACC and other economic factors, no additional interim impairment charge to the Company's indefinite-lived intangible was required as of June 30, 2020. During the six months ended June 30, 2019, the Predecessor Company recognized non-cash impairment charges of $91.4 million in relation to indefinite-lived FCC licenses as a result of an increase in the weighted average cost of capital used in performing the annual impairment test. Other Intangible Assets Other intangible assets consists of definite-lived intangible assets, which primarily include customer and advertiser relationships, talent and representation contracts, trademarks and tradenames and other contractual rights, all of which are amortized over the shorter of either the respective lives of the agreements or over the period of time that the assets are expected to contribute directly or indirectly to the Company’s future cash flows. The Company periodically reviews the appropriateness of the amortization periods related to its definite-lived intangible assets. These assets are recorded at amortized cost. The Company tests for possible impairment of other intangible assets whenever events and circumstances indicate that they might be impaired and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amounts of those assets. When specific assets are determined to be unrecoverable, the cost basis of the asset is reduced to reflect the current fair market value. The Company applied fresh start accounting as of May 1, 2019 in connection with its emergence from Chapter 11 bankruptcy which required stating the Company’s intangible assets at estimated fair value. Such fair values recorded in fresh start accounting reflected the economic conditions in place at the time of emergence. The economic downturn in March 2020 and the COVID-19 pandemic had an adverse impact on the Company's first quarter 2020 results, and the continuing uncertainty surrounding the duration and magnitude of the economic impact of the pandemic has had a negative impact on the Company's forecasted future cash flows. As a result, the Company performed interim impairment tests as of March 31, 2020 on its other intangible assets. Based on the Company’s test of recoverability using estimated undiscounted future cash flows, the carrying values of the Company’s definite-lived intangible assets were determined to be recoverable, and no impairment was recognized. The following table presents the gross carrying amount and accumulated amortization for each major class of other intangible assets as of June 30, 2020 and December 31, 2019, respectively: (In thousands) Successor Company June 30, 2020 December 31, 2019 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Customer / advertiser relationships 1,625,376 (199,991) 1,629,236 (114,280) Talent and other contracts 375,400 (59,026) 375,399 (33,739) Trademarks and tradenames 321,977 (37,907) 321,977 (21,661) Other 25,251 (3,126) 21,394 (1,786) Total $ 2,348,004 $ (300,050) $ 2,348,006 $ (171,466) Total amortization expense related to definite-lived intangible assets for the Successor Company for the three months ended June 30, 2020, the period from May 2, 2019 through June 30, 2019 and the six months ended June 30, 2020 was $64.3 million, $42.5 million and $128.6 million, respectively. Total amortization expense related to definite-lived intangible assets for the Predecessor Company for the period from April 1, 2019 through May 1, 2019 and the period from January 1, 2019 through May 1, 2019 was $3.0 million and $12.7 million, respectively. As acquisitions and dispositions occur in the future, amortization expense may vary. The following table presents the Company’s estimate of amortization expense for each of the five succeeding fiscal years for definite-lived intangible assets: (In thousands) 2021 $ 256,650 2022 255,870 2023 247,517 2024 246,827 2025 209,042 Goodwill The following table presents the changes in the carrying amount of goodwill: (In thousands) Audio Audio & Media Services Consolidated Balance as of December 31, 2018 (Predecessor) $ 3,330,922 $ 81,831 $ 3,412,753 Acquisitions — 2,767 2,767 Foreign currency — (28) (28) Balance as of May 1, 2019 (Predecessor) $ 3,330,922 $ 84,570 $ 3,415,492 Impact of fresh start accounting (111,712) 19,585 (92,127) Balance as of May 2, 2019 (Successor) $ 3,219,210 $ 104,155 $ 3,323,365 Acquisitions 4,637 — 4,637 Dispositions (9,466) — (9,466) Foreign currency — (1) (1) Other 7,087 — 7,087 Balance as of December 31, 2019 (Successor) $ 3,221,468 $ 104,154 $ 3,325,622 Impairment (1,224,374) — (1,224,374) Acquisitions 404 — 404 Foreign currency — 5 5 Balance as of June 30, 2020 (Successor) $ 1,997,498 $ 104,159 $ 2,101,657 Goodwill Impairment At least annually, the Company performs its impairment test for each reporting unit’s goodwill. The Company also tests goodwill at interim dates if events or changes in circumstances indicate that goodwill might be impaired. As described in Note 1, the economic disruption as a result of COVID-19 had a significant impact to the trading values of the Company’s publicly-traded debt and equity and on the Company's results in the latter half of the month ended March 31, 2020. In addition, the Company expects that the pandemic will continue to impact the operating and economic environment of our customers and will impact the near-term spending decisions of advertisers. As a result, the Company performed an interim impairment test on its indefinite-lived intangible assets as of March 31, 2020. The goodwill impairment test requires measurement of the fair value of the Company's reporting units, which is compared to the carrying value of the reporting units, including goodwill. Each reporting unit is valued using a discounted cash flow model which requires estimating future cash flows expected to be generated from the reporting unit, discounted to their present value using a risk-adjusted discount rate. Terminal values are also estimated and discounted to their present value. Assessing the recoverability of goodwill requires estimates and assumptions about sales, operating margins, growth rates and discount rates based on budgets, business plans, economic projections, anticipated future cash flows and marketplace data. As with the impairment testing performed on the Company’s FCC licenses described above, the significant deterioration in market conditions and uncertainty in the markets impacted the assumptions used to estimate the discounted future cash flows of the Company’s reporting units for purposes of performing the interim goodwill impairment test. There are inherent uncertainties related to these factors and management’s judgment in applying these factors. As discussed above, the carrying values of the Company’s reporting units were based on estimated fair values determined upon our emergence from bankruptcy on May 1, 2019, and the rapid deterioration in economic conditions resulting from the COVID-19 pandemic resulted in lower estimated fair values determined in connection with our interim goodwill impairment testing as of March 31, 2020. The estimated fair value of one of the Company's reporting units was below its carrying value, including goodwill. The macroeconomic factors discussed above had an adverse effect on the Company's estimated cash flows used in the discounted cash flow model. As a result, the Company recognized a non-cash impairment charge of $1.2 billion in the first quarter of 2020 to reduce goodwill. The macroeconomic factors discussed above had an adverse effect on the Company's estimated cash flows used in the discounted cash flow model. Based on management’s forecasted future cash flows and assessment of market values of the Company’s debt and equity securities, market interest rates affecting the Company’s WACC and other economic factors, no additional interim impairment charge to the Company's reporting units was required as of June 30, 2020. While management believes the estimates and assumptions utilized to calculate the fair value of the Company's tangible and intangible long-lived assets, indefinite-lived FCC licenses and reporting units are reasonable, it is possible a material change could occur to the estimated fair value of these assets. Uncertainty regarding the full extent of the economic downturn as a result of COVID-19, as well as the timing of any recovery, may result in the Company's actual results not being consistent with its estimates, and the Company could be exposed to future impairment losses that could be material to its results of operations.

LONG-TERM DEBT

LONG-TERM DEBT	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT Long-term debt outstanding for the Successor Company as of June 30, 2020 and December 31, 2019 consisted of the following: (In thousands) Successor Company June 30, 2020 December 31, 2019 Term Loan Facility due 2026 (1)(4) $ 2,090,765 $ 2,251,271 Asset-based Revolving Credit Facility due 2023 (2)(4) 235,000 — 6.375% Senior Secured Notes due 2026 800,000 800,000 5.25% Senior Secured Notes due 2027 750,000 750,000 4.75% Senior Secured Notes due 2028 500,000 500,000 Other secured subsidiary debt (3) 23,632 20,992 Total consolidated secured debt 4,399,397 4,322,263 8.375% Senior Unsecured Notes due 2027 1,450,000 1,450,000 Other unsecured subsidiary debt 6,312 12,581 Long-term debt fees (18,587) (19,428) Total debt 5,837,122 5,765,416 Less: Current portion 30,061 8,912 Total long-term debt $ 5,807,061 $ 5,756,504 (1) On February 3, 2020, iHeartCommunications made a $150.0 million prepayment using cash on hand and entered into an agreement to amend the Term Loan Facility to reduce the interest rate to LIBOR plus a margin of 3.00%, or the Base Rate (as defined in the Credit Agreement) plus a margin of 2.00% and to modify certain covenants contained in the Credit Agreement. (2) On March 13, 2020, iHeartCommunications borrowed $350.0 million under the ABL Facility, the proceeds of which were invested as cash on the Balance Sheet. During the three months ended June 30, 2020, iHeartCommunications voluntarily repaid $115.0 million principal amount drawn under the ABL Facility. As of June 30, 2020, the ABL Facility had a borrowing base of $289.4 million and $235.0 million of outstanding borrowings and $41.2 million of outstanding letters of credit, resulting in $13.2 million of availability. Amounts available under the ABL Facility are calculated using a borrowing base calculated by reference to our outstanding accounts receivable. To the extent decreases in our accounts receivable result in the borrowing base decreasing to an amount below the amount drawn, we may be required to make a partial repayment of amounts outstanding under our ABL Facility. (3) Other secured subsidiary debt consists of finance lease obligations maturing at various dates from 2021 through 2045. (4) On July 16, 2020, iHeartCommunications issued $450.0 million of incremental term loans under the Amendment No. 2, resulting in net proceeds of $425.8 million, after original issue discount and debt issuance costs. A portion of the proceeds from the issuance was used to repay the remaining balance outstanding on the Company's ABL Facility of $235.0 million, with the remaining $190.6 million of the proceeds available for general corporate purposes. The Successor Company’s weighted average interest rate was 5.3% and 6.4% as of June 30, 2020 and December 31, 2019, respectively. The aggregate market value of the Company’s debt based on market prices for which quotes were available was approximately $5.5 billion and $6.1 billion as of June 30, 2020 and December 31, 2019, respectively. The trading value of the Company’s publicly traded debt decreased significantly in March 2020 as a result of the market’s reaction to COVID-19. While trading values have increased as of June 30, 2020 and the date of this filing, prices have not fully recovered to levels prior to the initial impact of COVID-19. Under the fair value hierarchy established by ASC 820-10-35, the market value of the Successor Company’s debt is classified as either Level 1 or Level 2. On February 3, 2020, iHeartCommunications entered into an amendment to the Credit Agreement governing its Term Loan Facility due 2026. The amendment reduces the interest rate to LIBOR plus a margin of 3.00% (from LIBOR plus a margin of 4.00%), or the Base Rate (as defined in the Credit Agreement) plus a margin of 2.00% (from Base Rate plus a margin of 3.00%) and modifies certain covenants contained in the Credit Agreement. On July 16, 2020, iHeartCommunications entered into Amendment No. 2 to issue $450.0 million of incremental term loan commitments, resulting in net proceeds of $425.8 million, after original issue discount and debt issuance costs. A portion of the proceeds from the issuance was used to repay the remaining balance outstanding under the ABL Facility of $235.0 million, with the remaining $190.6 million of the proceeds available for general corporate purposes. The incremental term loans issued pursuant to Amendment No. 2 have an interest rate of 4.00% for Eurocurrency Rate Loans and 3.00% for Base Rate Loans (subject to a LIBOR floor of 0.75% and Base Rate floor of 1.75%). Amendment No. 2 also modifies certain other provisions of the Credit Agreement. In connection with the Term Loan Facility amendment in February 2020, iHeartCommunications also prepaid at par $150.0 million of borrowings outstanding under the Term Loan Facility with cash on hand. Under the terms of the Credit Agreement, iHeartCommunications made quarterly payments of $5.25 million during each of the three months ended March 31, 2020 and three months ended June 30, 2020. Under the terms of Amendment No. 2, iHeartCommunications is required to make quarterly payments of $6.4 million beginning in the third quarter of 2020. Mandatorily Redeemable Preferred Stock On the Effective Date, in accordance with the Plan of Reorganization, iHeart Operations issued 60,000 shares of its Series A Perpetual Preferred Stock, par value $0.001 per share (the "iHeart Operations Preferred Stock"), having an aggregate initial liquidation preference of $60.0 million for a cash purchase price of $60.0 million. The iHeart Operations Preferred Stock was purchased by a third party investor. As of June 30, 2020, the liquidation preference of the iHeart Operations Preferred Stock was $60.0 million. As further described below, the iHeart Operations Preferred Stock is mandatorily redeemable for cash at a date certain and therefore is classified as a liability in the Company's balance sheet. Holders of the iHeart Operations Preferred Stock are entitled to receive, as declared by the board of directors of iHeart Operations, in respect of each share, cumulative dividends accruing daily and payable quarterly. Dividends, if declared, will be payable on March 31, June 30, September 30 and December 31 of each year (or on the next business day if such date is not a business day). During the three and six months ended June 30, 2020 the Company recognized $2.4 million and $4.2 million of interest expense related to dividends on mandatorily redeemable preferred stock. Other than as set forth below, iHeart Operations may not redeem the iHeart Operations Preferred Stock at its option prior to the third anniversary of the issue date of the iHeart Operations Preferred Stock. Upon consummation of certain equity offerings, iHeart Operations may, at its option, redeem all or a part of the iHeart Operations Preferred Stock for the liquidation preference plus a make-whole premium. At any time on or after the third anniversary of the issue date, the iHeart Operations Preferred Stock may be redeemed at the option of iHeart Operations, in whole or in part, for cash at a redemption price equal to the liquidation preference per share. The shares of iHeart Operations Preferred Stock include repurchase rights, pursuant to which the holders may require iHeartMedia or iHeartCommunications to purchase the iHeart Operations Preferred Stock after the fifth anniversary of the issue date. On the tenth anniversary of the issue date, the shares of iHeart Operations Preferred Stock will be subject to mandatory redemption for an amount equal to the liquidation preference. Surety Bonds, Letters of Credit and Guarantees As of June 30, 2020, the Successor Company and its subsidiaries had outstanding surety bonds and commercial standby letters of credit of $19.8 million and $41.2 million, respectively. These surety bonds and letters of credit relate to various operational matters including insurance, lease and performance bonds as well as other items.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES The Company and its subsidiaries are involved in certain legal proceedings arising in the ordinary course of business and, as required, have accrued an estimate of the probable costs for the resolution of those claims for which the occurrence of loss is probable and the amount can be reasonably estimated. These estimates have been developed in consultation with counsel and are based upon an analysis of potential results, assuming a combination of litigation and settlement strategies. It is possible, however, that future results of operations for any particular period could be materially affected by changes in the Company’s assumptions or the effectiveness of its strategies related to these proceedings. Additionally, due to the inherent uncertainty of litigation, there can be no assurance that the resolution of any particular claim or proceeding would not have a material adverse effect on the Company’s financial condition or results of operations. Although the Company is involved in a variety of legal proceedings in the ordinary course of business, a large portion of the Company’s litigation arises in the following contexts: commercial disputes; defamation matters; employment and benefits related claims; governmental fines; intellectual property claims; and tax disputes. Alien Ownership Restrictions and FCC Petition for Declaratory Ruling The Communications Act and FCC regulation prohibit foreign entities and individuals from having direct or indirect ownership or voting rights of more than 25 percent in a corporation controlling the licensee of a radio broadcast station unless the FCC finds greater foreign ownership is in the public interest (the “Foreign Ownership Rule”). Under the Plan of Reorganization, the Company committed to file a Petition for Declaratory Ruling ("PDR") requesting the FCC to permit up to 100% of the Company's voting and equity to be owned by non-U.S. individuals and entities, but the FCC’s granting the PDR was not a condition to the Company's emergence. The equity allocation mechanism (“Equity Allocation Mechanism”) set forth in the Plan of Reorganization was intended to enable the Company to comply with the Foreign Ownership Rule and other FCC ownership restrictions in connection with emergence. The Equity Allocation Mechanism imposed an obligation on each of the Company's former claimholders in connection with the Chapter 11 Cases (the "Claimholders") to provide written certification sufficient for the Company to determine whether issuance of common stock to such Claimholders would cause the Company to violate the Foreign Ownership Rule, and restricted the Company from issuing common stock to Claimholders such that it would cause the Company to exceed an aggregate alien ownership or voting percentage of 22.5 percent (the “22.5 Percent Threshold”). After emerging from bankruptcy, the Company discovered that a group of Claimholders that had certified to having no foreign ownership or voting control in connection with the Equity Allocation Mechanism had subsequently undergone a separate merger transaction without our knowledge or control. As a result of this merger, these Claimholders’ interests in iHeartMedia (amounting to approximately nine percent of the Company's issued and outstanding Class A common stock) can be voted by a U.S. subsidiary of a foreign parent. The Company notified the FCC of this development in writing promptly after discovering and confirming it. The FCC responded to the Company's notification on July 9, 2019, indicating that (1) the FCC has not determined that this development is contrary to the public interest, and (2) the FCC has deemed the Company to be in compliance with the FCC’s foreign ownership reporting rules, pending its decision on the Company's PDR. On July 25, 2019 the Company filed the PDR. The FCC requested public comment on the PDR, which comment period closed on March 26, 2020. The FCC subsequently referred the PDR to Team Telecom - the interagency federal government group that analyzes requests for national security, law enforcement, and public safety issues. On June 29, 2020, Team Telecom indicated its consent to the grant by the FCC of the PDR. The Company cannot predict whether the FCC will issue a ruling granting the PDR, the amount of foreign equity and voting rights any such a ruling will allow us to have, or how long it will take to obtain such a ruling.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2020
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Income Tax Benefit (Expense) The Company’s income tax benefit (expense) from continuing operations for the three and six months ended June 30, 2020 (Successor) the period from May 2, 2019 through June 30, 2019 (Successor), the period from April 1, 2019 through May 1, 2019 (Predecessor) and the period from January 1, 2019 through May 1, 2019 (Predecessor), respectively, consisted of the following components: (In thousands) Successor Company Predecessor Company Three Months Ended June 30, Period from May 2, 2019 through June 30, Period from April 1, 2019 through May 1, 2020 2019 2019 Current tax benefit (expense) $ (1,731) $ (2,947) $ 6,950 Deferred tax benefit (expense) 45,473 (13,056) (107,239) Income tax benefit (expense) $ 43,742 $ (16,003) $ (100,289) (In thousands) Successor Company Predecessor Company Six Months Ended June 30, 2020 Period from May 2, 2019 through June 30, Period from January 1, 2019 through May 1, 2020 2019 2019 Current tax benefit (expense) $ (3,436) $ (2,947) $ 76,744 Deferred tax benefit (expense) 197,689 (13,056) (115,839) Income tax benefit (expense) $ 194,253 $ (16,003) $ (39,095) The effective tax rate from continuing operations for the Successor Company for the three and six months ended June 30, 2020 was 18.1% and 9.3%, respectively. The effective tax rate for the six months ended June 30, 2020 was primarily impacted by the impairment charges to non-deductible goodwill discussed in Note 1. The deferred tax benefit primarily consists of $125.5 million related to the FCC license impairment charges recorded during the period. The effective tax rate for the Successor Company for the Period from May 2, 2019 through June 30, 2019 was 29.2%. The effective tax rate for continuing operations of the Predecessor Company for Period from April 1, 2019 through May 1, 2019 (Predecessor) and the Period from January 1, 2019 through May 1, 2019 (Predecessor) was 1.1% and 0.4%, respectively. The income tax expense for the Period from April 1, 2019 through May 1, 2019 (Predecessor) and the Period from January 1, 2019 through May 1, 2019 (Predecessor) primarily consists of the income tax impacts from reorganization and fresh start adjustments, including adjustments to our valuation allowance. The Company recorded income tax benefits of $102.9 million for reorganization adjustments in the Predecessor period, primarily consisting of: (1) tax expense for the reduction in federal and state net operating loss (“NOL”) carryforwards from the cancellation of debt income ("CODI") realized upon emergence; (2) tax benefit for the reduction in deferred tax liabilities attributed primarily to long-term debt that was discharged upon emergence; (3) tax benefit for the effective settlement of liabilities for unrecognized tax benefits that were discharged upon emergence; and (4) tax benefit for the reduction in valuation allowance resulting from the adjustments described above. The Company recorded income tax expense of $185.4 million for fresh start adjustments in the Predecessor period, consisting of $529.1 million tax expense for the increase in deferred tax liabilities resulting from fresh start accounting adjustments, which was partially offset by $343.7 million tax benefit for the reduction in the valuation allowance on our deferred tax assets. On March 27, 2020 the CARES Act, which included numerous tax provisions, was signed into law. While the Company is continuing to evaluate the impact of the enacted tax provisions as additional guidance is provided, upon the Company's initial review the provision with the most significant impact on the Company’s income taxes is the increase to the Section 163(j) interest deduction limitation and the ability to elect to use the Company’s 2019 Adjusted Taxable Income (as defined under Section 163(j)) for purposes of calculating the 2020 Section 163(j) limitation. There were several other tax provisions included in the CARES Act allowing companies more flexibility in carrying back net operating losses generated in 2018, 2019 or 2020,

STOCKHOLDER'S EQUITY

STOCKHOLDER'S EQUITY	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
STOCKHOLDER'S EQUITY	STOCKHOLDER'S EQUITY Pursuant to the Company's 2019 Equity Incentive Plan, the Company has granted restricted stock units and options to purchase shares of the Company's Class A common stock to certain key individuals. Share-based Compensation Share-based compensation expenses are recorded in corporate expenses and were $4.2 million, $3.0 million and $8.8 million for the Successor Company for three months ended June 30, 2020, the period from May 2, 2019 through June 30, 2019 and the six months ended June 30, 2020, respectively. Share-based compensation expenses for the Predecessor Company were $0.1 million and $0.5 million for the period from April 1, 2019 through May 1, 2019 and the period from January 1, 2019 through May 1, 2019, respectively. As of June 30, 2020, there was $48.1 million of unrecognized compensation cost related to unvested share-based compensation arrangements with vesting based on service conditions. This cost is expected to be recognized over a weighted average period of approximately 3 years. Successor Common Stock and Special Warrants The Company is authorized to issue 2,100,000,000 shares, consisting of (a) 1,000,000,000 shares of Class A Common Stock, par value $0.001 per share (the “Class A Common Stock”), (b) 1,000,000,000 shares of Class B Common Stock, par value $0.001 per share (the “Class B Common Stock”), and (c) 100,000,000 shares of preferred stock, par value $0.001 per share (the “Preferred Stock”). The following table presents the Successor Company's Class A Common Stock, Class B Common Stock and Special Warrants issued and outstanding as of June 30, 2020: June 30, (Unaudited) Successor Class A Common Stock, par value $.001 per share, 1,000,000,000 shares authorized 61,432,341 Successor Class B Common Stock, par value $.001 per share, 1,000,000,000 shares authorized 6,900,195 Successor Special Warrants 78,038,412 Total Successor Class A Common Stock, Class B Common Stock and Special Warrants issued 146,370,948 During the three and six months ended June 30, 2020, stockholders converted 145 and 6,060 shares of the Class B common stock into Class A common stock, respectively. Special Warrants Each Special Warrant issued under the special warrant agreement entered into in connection with the Reorganization may be exercised by its holder to purchase one share of Successor Class A common stock or Successor Class B common stock at an exercise price of $0.001 per share, unless the Company in its sole discretion believes such exercise would, alone or in combination with any other existing or proposed ownership of common stock, result in, subject to certain exceptions, (a) such exercising holder owning more than 4.99 percent of the Successor Company's outstanding Class A common stock, (b) more than 22.5 percent of the Successor Company's capital stock or voting interests being owned directly or indirectly by foreign individuals or entities, (c) the Company exceeding any foreign ownership threshold set by the FCC pursuant to a declaratory ruling or specific approval requirement or (d) the Company violating any provision of the Communications Act or restrictions on ownership or transfer imposed by the Company's certificate of incorporation or the decisions, rules and policies of the FCC. Any holder exercising Special Warrants must complete and timely deliver to the warrant agent the required exercise forms and certifications required under the special warrant agreement. The Communications Act and FCC regulations prohibit foreign entities or individuals from indirectly (i.e., through a parent company) owning or voting more than 25 percent of a licensee’s equity, unless the FCC determines that greater indirect foreign ownership is in the public interest. As described further in Note 7 above, on July 25, 2019, the Company filed a PDR requesting FCC consent to exceed the 25 percent foreign ownership and voting benchmarks that currently apply to us, on which the FCC has requested public comment. The public comment period closed on March 26, 2020. The FCC referred our PDR to Team Telecom - the interagency federal government group that analyzes requests for national security, law enforcement, and public safety issues. On June 29, 2020, Team Telecom indicated its consent to the grant by the FCC of the PDR. We cannot predict whether the FCC will issue a ruling granting the PDR, the amount of foreign equity and voting rights any such a ruling will allow us to have, or how long it will take to obtain such a ruling. During the three and six months ended June 30, 2020, stockholders exercised 877,263 and 3,003,854 Special Warrants for an equivalent number of shares of Class A common stock, respectively. During the three and six months ended June 30, 2020, stockholders exercised 729 and 1,345 Special Warrants for an equivalent number of shares of Class B common stock, respectively. Stockholder Rights Plan On May 5, 2020, the Company’s Board of Directors (the “Board”) approved the adoption of a short-term stockholder rights plan (the “Stockholder Rights Plan”) in order to protect the best interests of all Company stockholders during the current period of high equity-market volatility and price disruption. Pursuant to the stockholder rights plan, the Board has declared a dividend distribution of one right on each outstanding share of the Company’s Class A common stock, share of Class B common stock and special warrant issued in connection with the Plan of Reorganization. The record date for such dividend distribution was May 18, 2020. Under the Stockholder Rights Plan, subject to certain exceptions, the rights will generally be exercisable only if, in a transaction not approved by the Board, a person or group acquires beneficial ownership of 10% or more of the Company’s Class A common stock (or 20% in the case of certain passive investors), including through such person’s ownership of the convertible Class B common stock and/or special warrants, as further detailed in the Stockholder Rights Plan. In that situation, each holder of a right (other than the acquiring person or group) will have the right to purchase, upon payment of the exercise price, a number of shares of the Company’s Class A common stock, Class B common stock or special warrants, as applicable, having a market value of twice such price. In addition, the Stockholder Rights Plan contains a similar provision if the Company is acquired in a merger or other business combination after an acquiring person acquires beneficial ownership of 10% or more of the Company’s Class A common stock (or 20% in the case of certain passive investors). The Stockholder Rights Plan has a duration of less than one year, expiring on May 5, 2021. The Stockholder Rights Plan may also be terminated, or the rights may be redeemed, by action of the Company prior to the scheduled expiration date under certain circumstances, including if the Board determines that market and other conditions warrant, which the Board intends to monitor. The adoption of the Stockholder Rights Plan will not be a taxable event and will not have any impact on the Company’s financial reporting. Computation of Income (Loss) per Share (In thousands, except per share data) Successor Company Predecessor Company Three Months Ended June 30, Period from May 2, 2019 through June 30, Period from April 1, 2019 through May 1, 2020 2019 2019 NUMERATOR: Net income (loss) attributable to the Company – common shares $ (197,317) $ 38,793 $ 11,298,524 Exclude: Income from discontinued operations, net of $ — $ — $ 1,854,677 Noncontrolling interest from discontinued operations, net of tax - common shares — — (2,190) Total income from discontinued operations, net of tax - common shares $ — $ — $ 1,852,487 Income (loss) from continuing operations $ (197,317) $ 38,793 $ 9,446,037 DENOMINATOR (1) : Weighted average common shares outstanding - basic 145,963 145,275 85,652 Stock options and restricted stock (2) : — 23 — Weighted average common shares outstanding - diluted 145,963 145,298 85,652 Net income (loss) attributable to the Company per common share: From continuing operations - Basic $ (1.35) $ 0.27 $ 110.28 From discontinued operations - Basic $ — $ — $ 21.63 From continuing operations - Diluted $ (1.35) $ 0.27 $ 110.28 From discontinued operations - Diluted $ — $ — $ 21.63 (In thousands, except per share data) Successor Company Predecessor Company Six Months Ended June 30, Period from May 2, 2019 through June 30, Period from January 1, 2019 through May 1, 2020 2019 2019 NUMERATOR: Net income (loss) attributable to the Company – common shares $ (1,886,053) $ 38,793 $ 11,184,141 Exclude: Income from discontinued operations, net of tax $ — $ — $ 1,685,123 Noncontrolling interest from discontinued operations, net of tax - common shares — — 19,028 Total income from discontinued operations, net of tax - common shares $ — $ — $ 1,704,151 Income (loss) from continuing operations $ (1,886,053) $ 38,793 $ 9,479,990 DENOMINATOR (1) : Weighted average common shares outstanding - basic 145,788 145,275 86,241 Stock options and restricted stock (2) : — 23 — Weighted average common shares outstanding - diluted 145,788 145,298 86,241 Net income (loss) attributable to the Company per common share: From continuing operations - Basic $ (12.94) $ 0.27 $ 109.92 From discontinued operations - Basic $ — $ — $ 19.76 From continuing operations - Diluted $ (12.94) $ 0.27 $ 109.92 From discontinued operations - Diluted $ — $ — $ 19.76 (1) All of the outstanding Special Warrants are included in both the basic and diluted weighted average common shares outstanding of the Successor Company for the three months ended June 30, 2020, the period from May 2, 2019 through June 30, 2019 and the six months ended June 30, 2020. (2) Outstanding equity awards representing 7.7 million, 1.3 million and 7.9 million shares of Class A common stock of the Successor Company for the three months ended June 30, 2020, the period from May 2, 2019 through June 30, 2019 and the six months ended June 30, 2020 were not included in the computation of diluted earnings per share because to do so would have been antidilutive. Outstanding equity awards representing 5.9 million shares of Class A common stock of the Predecessor Company for the period from April 1, 2019 through May 1, 2019 and the period from January 1, 2019 through May 1, 2019 were not included in the computation of diluted earnings per share because to do so would have been antidilutive.

SEGMENT DATA

SEGMENT DATA	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
SEGMENT DATA	SEGMENT DATA The Company’s primary business is included in its Audio segment. Revenue and expenses earned and charged between Audio, Corporate and the Company's Audio & Media Services businesses are eliminated in consolidation. The Audio segment provides media and entertainment services via broadcast and digital delivery and also includes the Company’s events and national syndication businesses. The Audio & Media Services business 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. Share-based payments are recorded in corporate expense. In connection with a reorganization of the Company’s management structure after the Separation and emergence from the Chapter 11 Cases, the Company revised its segment reporting, as discussed in Note 1 and all prior periods have been restated to conform to this presentation. The following table presents the Company's segment results for the Successor Company for the periods presented: Successor Company (In thousands) Audio Audio & Media Services Corporate and other reconciling items Eliminations Consolidated Three Months Ended June 30, 2020 Revenue $ 450,344 $ 39,251 $ — $ (1,947) $ 487,648 Direct operating expenses 243,976 7,304 — (1,414) 249,866 Selling, general and administrative expenses 229,245 32,510 — (536) 261,219 Corporate expenses — — 26,416 3 26,419 Depreciation and amortization 94,898 5,838 2,611 — 103,347 Impairment charges — — 5,378 — 5,378 Other operating expense, net — — (506) — (506) Operating loss $ (117,775) $ (6,401) $ (34,911) $ — $ (159,087) Intersegment revenues $ 168 $ 1,779 $ — $ — $ 1,947 Capital expenditures $ 14,198 $ 961 $ 2,723 $ — $ 17,882 Share-based compensation expense $ — $ — $ 4,218 $ — $ 4,218 Period from May 2, 2019 through June 30, 2019 Revenue 596,230 40,537 — (1,121) 635,646 Direct operating expenses 193,952 4,872 — (52) 198,772 Selling, general and administrative expenses 196,834 24,458 — (1,061) 220,231 Corporate expenses — — 26,826 (8) 26,818 Depreciation and amortization 54,692 3,619 1,072 — 59,383 Other operating income, net — — 3,246 — 3,246 Operating income (loss) $ 150,752 $ 7,588 $ (24,652) $ — $ 133,688 Intersegment revenues $ 112 $ 1,009 $ — $ — $ 1,121 Capital expenditures $ 13,554 $ 830 $ 3,051 $ — $ 17,435 Share-based compensation expense $ — $ — $ 3,039 $ — $ 3,039 Six Months Ended June 30, 2020 Revenue $ 1,172,729 $ 99,478 $ — $ (3,925) $ 1,268,282 Direct operating expenses 538,763 15,507 — (2,772) 551,498 Selling, general and administrative expenses 539,301 67,184 — (1,125) 605,360 Corporate expenses — — 66,396 (28) 66,368 Depreciation and amortization 183,699 11,534 4,882 — 200,115 Impairment charges — — 1,733,235 — 1,733,235 Other operating expense, net — — (1,572) — (1,572) Operating income (loss) $ (89,034) $ 5,253 $ (1,806,085) $ — $ (1,889,866) Intersegment revenues $ 335 $ 3,590 $ — $ — $ 3,925 Capital expenditures $ 32,800 $ 1,623 $ 5,123 $ — $ 39,546 Share-based compensation expense $ — $ — $ 8,843 $ — $ 8,843 The following table presents the Company's segment results for the Predecessor Company for the periods presented. The presentation of prior period amounts has been restated to conform to the presentation of the Successor period. Predecessor Company (In thousands) Audio Audio and Media Services Corporate and other reconciling items Eliminations Consolidated Period from April 1, 2019 through May 1, 2019 Revenue $ 260,461 $ 17,970 $ — $ (757) $ 277,674 Direct operating expenses 95,983 2,549 — (222) 98,310 Selling, general and administrative expenses 91,551 11,276 — (531) 102,296 Corporate expenses — — 14,510 (4) 14,506 Depreciation and amortization 11,749 1,204 1,591 — 14,544 Other operating expense, net — — (127) — (127) Operating income (loss) $ 61,178 $ 2,941 $ (16,228) $ — $ 47,891 Intersegment revenues $ 56 $ 701 $ — $ — $ 757 Capital expenditures $ 11,137 $ 576 $ 1,531 $ — $ 13,244 Share-based compensation expense $ — $ — $ 105 $ — $ 105 Period from January 1, 2019 through May 1, 2019 Revenue $ 1,006,677 $ 69,362 $ — $ (2,568) $ 1,073,471 Direct operating expenses 371,989 9,559 — (364) 381,184 Selling, general and administrative expenses 383,342 46,072 — (2,184) 427,230 Corporate expenses 53,667 (20) 53,647 Depreciation and amortization 41,233 5,266 6,335 — 52,834 Impairment charges — — 91,382 — 91,382 Other operating expense, net — — (154) — (154) Operating income (loss) $ 210,113 $ 8,465 $ (151,538) $ — $ 67,040 Intersegment revenues $ 243 $ 2,325 $ — $ — $ 2,568 Capital expenditures $ 31,177 $ 1,263 $ 3,757 $ — $ 36,197 Share-based compensation expense $ — $ — $ 498 $ — $ 498

REORGANIZATION ITEMS, NET

REORGANIZATION ITEMS, NET	6 Months Ended
	Jun. 30, 2020
Reorganizations [Abstract]
REORGANIZATION ITEMS, NET	REORGANIZATION ITEMS, NET Reorganization items incurred as a result of the Chapter 11 Cases are presented separately in the accompanying statements of operations for the periods presented and were as follows: (In thousands) Successor Company Predecessor Company Three Months Ended June 30, Period from May 2, 2019 through June 30, Period from April 1, 2019 through May 1, 2020 2019 2019 Professional fees and other bankruptcy related costs $ — $ — $ (121,374) Net gain on settlement of Liabilities subject to compromise — — 7,192,379 Impact of fresh start adjustments — — 2,430,944 Other items, net — — (4,005) Reorganization items, net $ — $ — $ 9,497,944 Cash payments for Reorganization items, net $ 26 $ 13,049 $ 149,346 (In thousands) Successor Company Predecessor Company Six Months Ended June 30, Period from May 2, 2019 through June 30, Period from January 1, 2019 through May 1, 2020 2019 2019 Professional fees and other bankruptcy related costs $ — $ — $ (157,487) Net gain on settlement of Liabilities subject to compromise — — 7,192,374 Impact of fresh start adjustments — — 2,430,944 Other items, net — — (4,005) Reorganization items, net $ — $ — $ 9,461,826 Cash payments for Reorganization items, net $ 443 $ 13,049 $ 183,291 Professional fees included in Reorganization items, net represent fees for post-petition expenses related to the Chapter 11 Cases.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Principles of Consolidation	The accompanying consolidated financial statements were prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and, in the opinion of management, include all normal and recurring adjustments necessary to present fairly the results of the interim periods shown. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to such SEC rules and regulations. Management believes that the disclosures made are adequate to make the information presented not misleading. As described below, as a result of the application of fresh start accounting and the effects of the implementation of the Company's Plan of Reorganization (as defined below), the consolidated financial statements after the Effective Date (as defined below), are not comparable with the consolidated financial statements on or before that date. The financial statements contained herein should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s 2019 Annual Report on Form 10-K. The Company’s reportable segments are: ▪ Audio, which provides media and entertainment services via broadcast and digital delivery, and also includes the Company’s events and national syndication businesses and ▪ Audio & Media Services, which provides other audio and media services, including the Company’s media representation business, Katz Media Group (“Katz Media”) and the Company's provider of scheduling and broadcast software, Radio Computing Services (“RCS”).
Reclassifications	ReclassificationsCertain prior period amounts have been reclassified to conform to the 2020 presentation. In the first quarter of 2020, in connection with a reorganization of the Company’s management structure after the Separation and emergence from the Chapter 11 cases, the Company reevaluated the classification of certain expenses to determine whether such expenses should be included within Direct operating expenses, Selling, general & administrative (“SG&A”) expenses or Corporate expenses. As a result, certain expenses were reclassified from Corporate expenses to Direct operating or SG&A expenses. In addition, certain expenses were reclassified from SG&A expenses to Direct operating expenses. The reclassifications had no impact on the Company's Operating Income (Loss) or Net Income (Loss). Accordingly, the Company recast the corresponding amounts in the prior period to conform to the current expense classifications. The corresponding current and prior period segment disclosures were recast to reflect the current expense classifications.
New Accounting Pronouncements Recently Adopted And Not Yet Adopted	New Accounting Pronouncements Recently Adopted During the second quarter of 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and finalized amendments to FASB ASC Subtopic 825-15, Financial Instruments-Credit Losses ("ASC 326") . The amendments of ASU 2016-13 are intended to provide financial statement users with more decision-useful information related to expected credit losses on financial instruments and other commitments to extend credit by replacing the current incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to determine credit loss estimates. The amendments of ASU 2016-13 Upon adoption, the Company recognized a $1.5 million cumulative-effect adjustment to opening retained earnings to reflect expected credit losses in relation to notes receivable held by the Company. In addition, the Company evaluated the potential impact of the COVID-19 pandemic on the collectability of its notes receivable from third-parties. To develop an estimate of the present value of expected cash flows of notes receivable, the Company used a probability-weighted discounted cash flow model. As a result of this analysis, the Company recognized an additional credit loss reserve against available-for-sale debt securities of $5.6 million, which was recognized within Loss on investments, net in the Company's Statement of Comprehensive Loss for the six months ended June 30, 2020. The Company will continue to actively monitor the impact of the COVID-19 pandemic on expected credit losses The FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes (Topic 740) . The new guidance simplifies the accounting for income taxes by eliminating certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, hybrid taxes and the recognition of deferred tax liabilities for outside basis differences. It also clarifies and simplifies other aspects of the accounting for income taxes. For public companies, the amendments in this ASU are effective for fiscal years beginning after December 15, 2020 and interim periods within those fiscal years. Early adoption is permitted in interim or annual periods with any adjustments reflected as of the beginning of the annual period that includes that interim period. Additionally, entities that elect early adoption must adopt all the amendments in the same period. Amendments are to be applied prospectively, except for certain amendments that are to be applied either retrospectively or with a modified retrospective approach through a cumulative effect adjustment recorded to retained earnings. The Company early adopted this standard, which did not have significant impact on our financial position, results of operations or cash flows. New Accounting Pronouncements Not Yet Adopted In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . This guidance provides temporary optional expedients and exceptions to accounting guidance on contract modifications and hedge accounting to ease entities’ financial reporting burdens as the market transitions from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. The guidance was effective upon issuance and generally can be applied through December 31, 2022. The effects of this standard on our financial position, results of operations and cash flows are not expected to be material.

BASIS OF PRESENTATION (Tables)

BASIS OF PRESENTATION (Tables)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Schedule of Restricted Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the Consolidated Balance Sheets to the total of the amounts reported in the Consolidated Statements of Cash Flows: (In thousands) Successor Company June 30, December 31, Cash and cash equivalents $ 517,684 $ 400,300 Restricted cash included in: Other current assets 11,349 11,318 Total cash, cash equivalents and restricted cash in the Statement of Cash Flows $ 529,033 $ 411,618

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	6 Months Ended
	Jun. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations	The following shows the revenue and income (loss) from discontinued operations and gain on disposal of the Predecessor Company's discontinued operations for the periods presented: (In thousands) Predecessor Company Period from April 1, 2019 through May 1, Period from January 1, 2019 through May 1, 2019 2019 Revenue $ 217,450 $ 804,566 Loss from discontinued operations before income taxes $ (21,684) $ (133,475) Income tax benefit (expense) 50,830 (6,933) Income (loss) from discontinued operations, net of taxes $ 29,146 $ (140,408) Gain on disposals before income taxes $ 1,825,531 $ 1,825,531 Income tax expense — — Gain on disposals, net of taxes $ 1,825,531 $ 1,825,531 Income from discontinued operations, net of taxes $ 1,854,677 $ 1,685,123

REVENUE (Tables)

REVENUE (Tables)	6 Months Ended
	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table shows revenue streams for the Successor Company for the periods presented: Successor Company (In thousands) Audio Audio and Media Services Eliminations Consolidated Three Months Ended June 30, 2020 Revenue from contracts with customers: Broadcast Radio (1) $ 244,035 $ — $ — $ 244,035 Digital (2) 93,227 — — 93,227 Networks (3) 96,330 — — 96,330 Sponsorship and Events (4) 14,809 — — 14,809 Audio and Media Services (5) — 39,251 (1,779) 37,472 Other (6) 1,544 — (168) 1,376 Total 449,945 39,251 (1,947) 487,249 Revenue from leases (7) 399 — — 399 Revenue, total $ 450,344 $ 39,251 $ (1,947) $ 487,648 Period from May 2, 2019 through June 30, 2019 Revenue from contracts with customers: Broadcast Radio (1) $ 390,540 $ — $ — $ 390,540 Digital (2) 64,238 — — 64,238 Networks (3) 105,426 — — 105,426 Sponsorship and Events (4) 31,790 — — 31,790 Audio and Media Services (5) — 40,537 (1,009) 39,528 Other (6) 3,957 — (112) 3,845 Total 595,951 40,537 (1,121) 635,367 Revenue from leases (7) 279 — — 279 Revenue, total $ 596,230 $ 40,537 $ (1,121) $ 635,646 Six Months Ended June 30, 2020 Revenue from contracts with customers: Broadcast Radio (1) $ 705,695 $ — $ — $ 705,695 Digital (2) 186,003 — — 186,003 Networks (3) 230,907 — — 230,907 Sponsorship and Events (4) 44,157 — — 44,157 Audio and Media Services (5) — 99,478 (3,590) 95,888 Other (6) 5,103 — (335) 4,768 Total 1,171,865 99,478 (3,925) 1,267,418 Revenue from leases (7) 864 — — 864 Revenue, total $ 1,172,729 $ 99,478 $ (3,925) $ 1,268,282 (1) Broadcast Radio revenue is generated through the sale of advertising time on the Company’s domestic radio stations. (2) Digital revenue is generated through the sale of streaming and display advertisements on digital platforms, subscriptions to iHeartRadio streaming services, podcasting and the dissemination of other digital content. (3) 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. (4) 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. (5) Audio and 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 and webcast software and technology and services to radio stations, television music channels, cable companies, satellite music networks and Internet stations worldwide. (6) Other revenue represents fees earned for miscellaneous services, including on-site promotions, activations, and local marketing agreements. (7) Revenue from leases is primarily generated by the lease of towers to other media companies, which are all categorized as operating leases. The following table shows revenue streams from continuing operations for the Predecessor Company. The presentation of amounts in the Predecessor period has been revised to conform to the Successor period presentation. Predecessor Company (In thousands) Audio (1) Audio and Media Services (1) Eliminations Consolidated Period from April 1, 2019 through May 1, 2019 Revenue from contracts with customers: Broadcast Radio 170,632 $ — $ — $ 170,632 Digital 26,840 — — 26,840 Networks 50,889 — — 50,889 Sponsorship and Events 10,617 — — 10,617 Audio and Media Services — 17,970 (701) 17,269 Other 1,197 — (56) 1,141 Total 260,175 17,970 (757) 277,388 Revenue from leases 286 — — 286 Revenue, total $ 260,461 $ 17,970 $ (757) $ 277,674 Period from January 1, 2019 through May 1, 2019 Revenue from contracts with customers: Broadcast Radio $ 657,864 $ — $ — $ 657,864 Digital 102,789 — — 102,789 Networks 189,088 — — 189,088 Sponsorship and Events 50,330 — — 50,330 Audio and Media Services — 69,362 (2,325) 67,037 Other 5,910 — (243) 5,667 Total 1,005,981 69,362 (2,568) 1,072,775 Revenue from leases 696 — — 696 Revenue, total $ 1,006,677 $ 69,362 $ (2,568) $ 1,073,471
Barter And Trade Revenues And Expenses	Trade and barter revenues and expenses from continuing operations, which are included in consolidated revenue and selling, general and administrative expenses, respectively, were as follows: Successor Company Predecessor Company Three Months Ended June 30, Period from May 2, 2019 through June 30, Period from April 1, 2019 through May 1, (In thousands) 2020 2019 2019 Trade and barter revenues $ 19,753 $ 29,699 $ 10,349 Trade and barter expenses 17,075 28,023 8,474 Successor Company Predecessor Company Six Months Ended June 30, Period from May 2, 2019 through June 30, Period from January 1, 2019 through May 1, (In thousands) 2020 2019 2019 Trade and barter revenues $ 72,431 $ 29,699 $ 65,934 Trade and barter expenses 72,073 28,023 58,330
Summary of Contract with Customer, Asset and Liability	The following tables show the Company’s deferred revenue balance from contracts with customers, excluding discontinued operations: Successor Company Predecessor Company Three Months Ended June 30, Period from May 2, 2019 through June 30, Period from April 1, 2019 through May 1, (In thousands) 2020 2019 2019 Deferred revenue from contracts with customers: Beginning balance (1) $ 175,321 $ 151,475 $ 155,114 Impact of fresh start accounting — 298 — Revenue recognized, included in beginning balance (59,155) (59,018) (43,172) Additions, net of revenue recognized during period, and other 61,864 66,997 39,533 Ending balance $ 178,030 $ 159,752 $ 151,475 Successor Company Predecessor Company Six Months Ended June 30, Period from May 2, 2019 through June 30, Period from January 1, 2019 through May 1, (In thousands) 2020 2019 2019 Deferred revenue from contracts with customers: Beginning balance (1) $ 162,068 $ 151,475 $ 148,720 Impact of fresh start accounting — 298 — Revenue recognized, included in beginning balance (76,053) (59,018) (76,473) Additions, net of revenue recognized during period, and other 92,015 66,997 79,228 Ending balance $ 178,030 $ 159,752 $ 151,475 (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.
Schedule of Future Lease Payments to Be Received	As of June 30, 2020, the future lease payments to be received by the Successor Company are as follows: (In thousands) 2020 $ 774 2021 1,259 2022 860 2023 795 2024 695 Thereafter 10,021 Total $ 14,404

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Schedule of Cash Flow, Supplemental Disclosures	The following table provides supplemental cash flow information related to leases for the periods presented: Successor Company Predecessor Company Six Months Ended June 30, Period from May 2, 2019 through June 30, Period from January 1, 2019 through May 1 (In thousands) 2020 2019 2019 Cash paid for amounts included in measurement of operating lease liabilities $ 64,940 $ 23,400 $ 44,888 Lease liabilities arising from obtaining right-of-use assets (1) $ 18,047 $ 3,194 $ 913,598 (1) Lease liabilities from obtaining right-of-use assets include transition liabilities upon adoption of ASC 842, as well as new leases entered into during the six months ended June 30, 2020 (Successor), the period from January 1, 2019 through May 1, 2019 (Predecessor) and the period from May 2, 2019 through June 30, 2019 (Successor).

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL (Tables)	6 Months Ended
	Jun. 30, 2020
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	The Company’s property, plant and equipment consisted of the following classes of assets as of June 30, 2020 and December 31, 2019, respectively: (In thousands) Successor Company June 30, December 31, Land, buildings and improvements $ 388,096 $ 385,017 Towers, transmitters and studio equipment 160,955 156,739 Furniture and other equipment 390,680 361,527 Construction in progress 28,624 21,287 968,355 924,570 Less: accumulated depreciation 149,096 77,694 Property, plant and equipment, net $ 819,259 $ 846,876
Schedule of Gross Carrying Amount and Accumulated Amortization for Other Intangible Assets	The following table presents the gross carrying amount and accumulated amortization for each major class of other intangible assets as of June 30, 2020 and December 31, 2019, respectively: (In thousands) Successor Company June 30, 2020 December 31, 2019 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Customer / advertiser relationships 1,625,376 (199,991) 1,629,236 (114,280) Talent and other contracts 375,400 (59,026) 375,399 (33,739) Trademarks and tradenames 321,977 (37,907) 321,977 (21,661) Other 25,251 (3,126) 21,394 (1,786) Total $ 2,348,004 $ (300,050) $ 2,348,006 $ (171,466)
Schedule of Future Amortization Expense	The following table presents the Company’s estimate of amortization expense for each of the five succeeding fiscal years for definite-lived intangible assets: (In thousands) 2021 $ 256,650 2022 255,870 2023 247,517 2024 246,827 2025 209,042
Schedule of Changes In Carrying Amount Of Goodwill	The following table presents the changes in the carrying amount of goodwill: (In thousands) Audio Audio & Media Services Consolidated Balance as of December 31, 2018 (Predecessor) $ 3,330,922 $ 81,831 $ 3,412,753 Acquisitions — 2,767 2,767 Foreign currency — (28) (28) Balance as of May 1, 2019 (Predecessor) $ 3,330,922 $ 84,570 $ 3,415,492 Impact of fresh start accounting (111,712) 19,585 (92,127) Balance as of May 2, 2019 (Successor) $ 3,219,210 $ 104,155 $ 3,323,365 Acquisitions 4,637 — 4,637 Dispositions (9,466) — (9,466) Foreign currency — (1) (1) Other 7,087 — 7,087 Balance as of December 31, 2019 (Successor) $ 3,221,468 $ 104,154 $ 3,325,622 Impairment (1,224,374) — (1,224,374) Acquisitions 404 — 404 Foreign currency — 5 5 Balance as of June 30, 2020 (Successor) $ 1,997,498 $ 104,159 $ 2,101,657

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Schedule of Long-Term Debt Outstanding	Long-term debt outstanding for the Successor Company as of June 30, 2020 and December 31, 2019 consisted of the following: (In thousands) Successor Company June 30, 2020 December 31, 2019 Term Loan Facility due 2026 (1)(4) $ 2,090,765 $ 2,251,271 Asset-based Revolving Credit Facility due 2023 (2)(4) 235,000 — 6.375% Senior Secured Notes due 2026 800,000 800,000 5.25% Senior Secured Notes due 2027 750,000 750,000 4.75% Senior Secured Notes due 2028 500,000 500,000 Other secured subsidiary debt (3) 23,632 20,992 Total consolidated secured debt 4,399,397 4,322,263 8.375% Senior Unsecured Notes due 2027 1,450,000 1,450,000 Other unsecured subsidiary debt 6,312 12,581 Long-term debt fees (18,587) (19,428) Total debt 5,837,122 5,765,416 Less: Current portion 30,061 8,912 Total long-term debt $ 5,807,061 $ 5,756,504 (1) On February 3, 2020, iHeartCommunications made a $150.0 million prepayment using cash on hand and entered into an agreement to amend the Term Loan Facility to reduce the interest rate to LIBOR plus a margin of 3.00%, or the Base Rate (as defined in the Credit Agreement) plus a margin of 2.00% and to modify certain covenants contained in the Credit Agreement. (2) On March 13, 2020, iHeartCommunications borrowed $350.0 million under the ABL Facility, the proceeds of which were invested as cash on the Balance Sheet. During the three months ended June 30, 2020, iHeartCommunications voluntarily repaid $115.0 million principal amount drawn under the ABL Facility. As of June 30, 2020, the ABL Facility had a borrowing base of $289.4 million and $235.0 million of outstanding borrowings and $41.2 million of outstanding letters of credit, resulting in $13.2 million of availability. Amounts available under the ABL Facility are calculated using a borrowing base calculated by reference to our outstanding accounts receivable. To the extent decreases in our accounts receivable result in the borrowing base decreasing to an amount below the amount drawn, we may be required to make a partial repayment of amounts outstanding under our ABL Facility. (3) Other secured subsidiary debt consists of finance lease obligations maturing at various dates from 2021 through 2045. (4) On July 16, 2020, iHeartCommunications issued $450.0 million of incremental term loans under the Amendment No. 2, resulting in net proceeds of $425.8 million, after original issue discount and debt issuance costs. A portion of the proceeds from the issuance was used to repay the remaining balance outstanding on the Company's ABL Facility of $235.0 million, with the remaining $190.6 million of the proceeds available for general corporate purposes.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	6 Months Ended
	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense	The Company’s income tax benefit (expense) from continuing operations for the three and six months ended June 30, 2020 (Successor) the period from May 2, 2019 through June 30, 2019 (Successor), the period from April 1, 2019 through May 1, 2019 (Predecessor) and the period from January 1, 2019 through May 1, 2019 (Predecessor), respectively, consisted of the following components: (In thousands) Successor Company Predecessor Company Three Months Ended June 30, Period from May 2, 2019 through June 30, Period from April 1, 2019 through May 1, 2020 2019 2019 Current tax benefit (expense) $ (1,731) $ (2,947) $ 6,950 Deferred tax benefit (expense) 45,473 (13,056) (107,239) Income tax benefit (expense) $ 43,742 $ (16,003) $ (100,289) (In thousands) Successor Company Predecessor Company Six Months Ended June 30, 2020 Period from May 2, 2019 through June 30, Period from January 1, 2019 through May 1, 2020 2019 2019 Current tax benefit (expense) $ (3,436) $ (2,947) $ 76,744 Deferred tax benefit (expense) 197,689 (13,056) (115,839) Income tax benefit (expense) $ 194,253 $ (16,003) $ (39,095)

STOCKHOLDER'S EQUITY (Tables)

STOCKHOLDER'S EQUITY (Tables)	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Schedule of Stock by Class	The following table presents the Successor Company's Class A Common Stock, Class B Common Stock and Special Warrants issued and outstanding as of June 30, 2020: June 30, (Unaudited) Successor Class A Common Stock, par value $.001 per share, 1,000,000,000 shares authorized 61,432,341 Successor Class B Common Stock, par value $.001 per share, 1,000,000,000 shares authorized 6,900,195 Successor Special Warrants 78,038,412 Total Successor Class A Common Stock, Class B Common Stock and Special Warrants issued 146,370,948
Computation of Income (Loss) Per Share	(In thousands, except per share data) Successor Company Predecessor Company Three Months Ended June 30, Period from May 2, 2019 through June 30, Period from April 1, 2019 through May 1, 2020 2019 2019 NUMERATOR: Net income (loss) attributable to the Company – common shares $ (197,317) $ 38,793 $ 11,298,524 Exclude: Income from discontinued operations, net of $ — $ — $ 1,854,677 Noncontrolling interest from discontinued operations, net of tax - common shares — — (2,190) Total income from discontinued operations, net of tax - common shares $ — $ — $ 1,852,487 Income (loss) from continuing operations $ (197,317) $ 38,793 $ 9,446,037 DENOMINATOR (1) : Weighted average common shares outstanding - basic 145,963 145,275 85,652 Stock options and restricted stock (2) : — 23 — Weighted average common shares outstanding - diluted 145,963 145,298 85,652 Net income (loss) attributable to the Company per common share: From continuing operations - Basic $ (1.35) $ 0.27 $ 110.28 From discontinued operations - Basic $ — $ — $ 21.63 From continuing operations - Diluted $ (1.35) $ 0.27 $ 110.28 From discontinued operations - Diluted $ — $ — $ 21.63 (In thousands, except per share data) Successor Company Predecessor Company Six Months Ended June 30, Period from May 2, 2019 through June 30, Period from January 1, 2019 through May 1, 2020 2019 2019 NUMERATOR: Net income (loss) attributable to the Company – common shares $ (1,886,053) $ 38,793 $ 11,184,141 Exclude: Income from discontinued operations, net of tax $ — $ — $ 1,685,123 Noncontrolling interest from discontinued operations, net of tax - common shares — — 19,028 Total income from discontinued operations, net of tax - common shares $ — $ — $ 1,704,151 Income (loss) from continuing operations $ (1,886,053) $ 38,793 $ 9,479,990 DENOMINATOR (1) : Weighted average common shares outstanding - basic 145,788 145,275 86,241 Stock options and restricted stock (2) : — 23 — Weighted average common shares outstanding - diluted 145,788 145,298 86,241 Net income (loss) attributable to the Company per common share: From continuing operations - Basic $ (12.94) $ 0.27 $ 109.92 From discontinued operations - Basic $ — $ — $ 19.76 From continuing operations - Diluted $ (12.94) $ 0.27 $ 109.92 From discontinued operations - Diluted $ — $ — $ 19.76 (1) All of the outstanding Special Warrants are included in both the basic and diluted weighted average common shares outstanding of the Successor Company for the three months ended June 30, 2020, the period from May 2, 2019 through June 30, 2019 and the six months ended June 30, 2020. (2) Outstanding equity awards representing 7.7 million, 1.3 million and 7.9 million shares of Class A common stock of the Successor Company for the three months ended June 30, 2020, the period from May 2, 2019 through June 30, 2019 and the six months ended June 30, 2020 were not included in the computation of diluted earnings per share because to do so would have been antidilutive. Outstanding equity awards representing 5.9 million shares of Class A common stock of the Predecessor Company for the period from April 1, 2019 through May 1, 2019 and the period from January 1, 2019 through May 1, 2019 were not included in the computation of diluted earnings per share because to do so would have been antidilutive.

SEGMENT DATA (Tables)

SEGMENT DATA (Tables)	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Schedule of Reportable Segment Results	The following table presents the Company's segment results for the Successor Company for the periods presented: Successor Company (In thousands) Audio Audio & Media Services Corporate and other reconciling items Eliminations Consolidated Three Months Ended June 30, 2020 Revenue $ 450,344 $ 39,251 $ — $ (1,947) $ 487,648 Direct operating expenses 243,976 7,304 — (1,414) 249,866 Selling, general and administrative expenses 229,245 32,510 — (536) 261,219 Corporate expenses — — 26,416 3 26,419 Depreciation and amortization 94,898 5,838 2,611 — 103,347 Impairment charges — — 5,378 — 5,378 Other operating expense, net — — (506) — (506) Operating loss $ (117,775) $ (6,401) $ (34,911) $ — $ (159,087) Intersegment revenues $ 168 $ 1,779 $ — $ — $ 1,947 Capital expenditures $ 14,198 $ 961 $ 2,723 $ — $ 17,882 Share-based compensation expense $ — $ — $ 4,218 $ — $ 4,218 Period from May 2, 2019 through June 30, 2019 Revenue 596,230 40,537 — (1,121) 635,646 Direct operating expenses 193,952 4,872 — (52) 198,772 Selling, general and administrative expenses 196,834 24,458 — (1,061) 220,231 Corporate expenses — — 26,826 (8) 26,818 Depreciation and amortization 54,692 3,619 1,072 — 59,383 Other operating income, net — — 3,246 — 3,246 Operating income (loss) $ 150,752 $ 7,588 $ (24,652) $ — $ 133,688 Intersegment revenues $ 112 $ 1,009 $ — $ — $ 1,121 Capital expenditures $ 13,554 $ 830 $ 3,051 $ — $ 17,435 Share-based compensation expense $ — $ — $ 3,039 $ — $ 3,039 Six Months Ended June 30, 2020 Revenue $ 1,172,729 $ 99,478 $ — $ (3,925) $ 1,268,282 Direct operating expenses 538,763 15,507 — (2,772) 551,498 Selling, general and administrative expenses 539,301 67,184 — (1,125) 605,360 Corporate expenses — — 66,396 (28) 66,368 Depreciation and amortization 183,699 11,534 4,882 — 200,115 Impairment charges — — 1,733,235 — 1,733,235 Other operating expense, net — — (1,572) — (1,572) Operating income (loss) $ (89,034) $ 5,253 $ (1,806,085) $ — $ (1,889,866) Intersegment revenues $ 335 $ 3,590 $ — $ — $ 3,925 Capital expenditures $ 32,800 $ 1,623 $ 5,123 $ — $ 39,546 Share-based compensation expense $ — $ — $ 8,843 $ — $ 8,843 The following table presents the Company's segment results for the Predecessor Company for the periods presented. The presentation of prior period amounts has been restated to conform to the presentation of the Successor period. Predecessor Company (In thousands) Audio Audio and Media Services Corporate and other reconciling items Eliminations Consolidated Period from April 1, 2019 through May 1, 2019 Revenue $ 260,461 $ 17,970 $ — $ (757) $ 277,674 Direct operating expenses 95,983 2,549 — (222) 98,310 Selling, general and administrative expenses 91,551 11,276 — (531) 102,296 Corporate expenses — — 14,510 (4) 14,506 Depreciation and amortization 11,749 1,204 1,591 — 14,544 Other operating expense, net — — (127) — (127) Operating income (loss) $ 61,178 $ 2,941 $ (16,228) $ — $ 47,891 Intersegment revenues $ 56 $ 701 $ — $ — $ 757 Capital expenditures $ 11,137 $ 576 $ 1,531 $ — $ 13,244 Share-based compensation expense $ — $ — $ 105 $ — $ 105 Period from January 1, 2019 through May 1, 2019 Revenue $ 1,006,677 $ 69,362 $ — $ (2,568) $ 1,073,471 Direct operating expenses 371,989 9,559 — (364) 381,184 Selling, general and administrative expenses 383,342 46,072 — (2,184) 427,230 Corporate expenses 53,667 (20) 53,647 Depreciation and amortization 41,233 5,266 6,335 — 52,834 Impairment charges — — 91,382 — 91,382 Other operating expense, net — — (154) — (154) Operating income (loss) $ 210,113 $ 8,465 $ (151,538) $ — $ 67,040 Intersegment revenues $ 243 $ 2,325 $ — $ — $ 2,568 Capital expenditures $ 31,177 $ 1,263 $ 3,757 $ — $ 36,197 Share-based compensation expense $ — $ — $ 498 $ — $ 498

REORGANIZATION ITEMS, NET (Tabl

REORGANIZATION ITEMS, NET (Tables)	6 Months Ended
	Jun. 30, 2020
Reorganizations [Abstract]
Schedule of Reorganization items	Reorganization items incurred as a result of the Chapter 11 Cases are presented separately in the accompanying statements of operations for the periods presented and were as follows: (In thousands) Successor Company Predecessor Company Three Months Ended June 30, Period from May 2, 2019 through June 30, Period from April 1, 2019 through May 1, 2020 2019 2019 Professional fees and other bankruptcy related costs $ — $ — $ (121,374) Net gain on settlement of Liabilities subject to compromise — — 7,192,379 Impact of fresh start adjustments — — 2,430,944 Other items, net — — (4,005) Reorganization items, net $ — $ — $ 9,497,944 Cash payments for Reorganization items, net $ 26 $ 13,049 $ 149,346 (In thousands) Successor Company Predecessor Company Six Months Ended June 30, Period from May 2, 2019 through June 30, Period from January 1, 2019 through May 1, 2020 2019 2019 Professional fees and other bankruptcy related costs $ — $ — $ (157,487) Net gain on settlement of Liabilities subject to compromise — — 7,192,374 Impact of fresh start adjustments — — 2,430,944 Other items, net — — (4,005) Reorganization items, net $ — $ — $ 9,461,826 Cash payments for Reorganization items, net $ 443 $ 13,049 $ 183,291

BASIS OF PRESENTATION - Narrati

BASIS OF PRESENTATION - Narrative (Details) - USD ($)	Jul. 16, 2020	Mar. 26, 2020	Mar. 13, 2020	Jul. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2018	Jan. 01, 2020	Dec. 31, 2019	May 02, 2019	May 01, 2019	Mar. 31, 2019
Segment Reporting Information [Line Items]
Cash and cash equivalents					$ 517,684,000		$ 517,684,000				$ 400,300,000
Long-term debt					5,837,122,000		5,837,122,000				5,765,416,000
Goodwill impairment						$ 1,200,000,000	1,224,374,000
Accounting Standards Update [Extensible List]						us-gaap:AccountingStandardsUpdate201613Member			us-gaap:AccountingStandardsUpdate201602Member
Cumulative effect adjustment					1,065,642,000	$ 1,259,302,000	1,065,642,000	$ 2,820,048,000	$ (11,560,342,000)		2,945,441,000	$ 2,779,115,000	$ 2,779,115,000	$ (11,566,113,000)
Credit loss reserve for available-for-sale debt securities					5,600,000		5,600,000
Cumulative Effect, Period of Adoption, Adjustment
Segment Reporting Information [Line Items]
Cumulative effect adjustment									128,908,000
Asset-based Revolving Credit Facility due 2023
Segment Reporting Information [Line Items]
Repayments of facilities					115,000,000
Asset-based Revolving Credit Facility due 2023 | Subsequent Event
Segment Reporting Information [Line Items]
Repayments of facilities				$ 235,000,000
Term Loan | Subsequent Event
Segment Reporting Information [Line Items]
Proceeds from issuance of term loan				450,000,000
Subsidiary | Asset-based Revolving Credit Facility due 2023 | Subsequent Event
Segment Reporting Information [Line Items]
Repayments of facilities	$ 235,000,000
Subsidiary | Term Loan | Subsequent Event
Segment Reporting Information [Line Items]
Debt instrument, face amount	450,000,000			2,500,000,000
Proceeds from issuance of term loan	$ 425,800,000
Line of Credit | Asset-based Revolving Credit Facility due 2023
Segment Reporting Information [Line Items]
Debt instrument, face amount					450,000,000		450,000,000
Maximum borrowings provided under credit facility					289,400,000		289,400,000
Line of Credit | Subsidiary | Asset-based Revolving Credit Facility due 2023
Segment Reporting Information [Line Items]
Draws on credit facilities		$ 350,000,000	$ 350,000,000
Secured Debt
Segment Reporting Information [Line Items]
Long-term debt					4,399,397,000		4,399,397,000				4,322,263,000
Secured Debt | Asset-based Revolving Credit Facility due 2023
Segment Reporting Information [Line Items]
Long-term debt					235,000,000		235,000,000				0
Secured Debt | Subsidiary | Subsequent Event
Segment Reporting Information [Line Items]
Proceeds from issuance of term loan				$ 450,000,000
FCC Licenses
Segment Reporting Information [Line Items]
Impairment of FCC licenses						502,700,000		91,400,000
Retained Earnings (Accumulated Deficit)
Segment Reporting Information [Line Items]
Cumulative effect adjustment					$ (1,774,974,000)	$ (1,577,657,000)	$ (1,774,974,000)	$ 38,793,000	(13,345,346,000)		$ 112,548,000	$ 0	$ 0	$ (13,330,821,000)
Retained Earnings (Accumulated Deficit) | Cumulative Effect, Period of Adoption, Adjustment
Segment Reporting Information [Line Items]
Cumulative effect adjustment									$ 128,908,000	$ 1,500,000

BASIS OF PRESENTATION - Reconci

BASIS OF PRESENTATION - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	May 01, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Cash and cash equivalents	$ 517,684	$ 400,300
Restricted cash included in:
Other current assets	11,349	11,318
Total cash, cash equivalents and restricted cash in the Statement of Cash Flows	$ 529,033	$ 411,618	$ 138,750	$ 74,009	$ 430,334

DISCONTINUED OPERATIONS (Detail

DISCONTINUED OPERATIONS (Details) - USD ($) $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended	4 Months Ended	6 Months Ended
	May 01, 2019	Jun. 30, 2019	Jun. 30, 2020	May 01, 2019	Jun. 30, 2020
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax [Abstract]
Income from discontinued operations, net of taxes	$ 1,854,677	$ 0	$ 0	$ 1,685,123	$ 0
Predecessor Company | Discontinued Operations, Disposed of by Means Other than Sale
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Revenue	217,450			804,566
Loss from discontinued operations before income taxes	(21,684)			(133,475)
Income tax benefit (expense)	50,830			(6,933)
Income (loss) from discontinued operations, net of taxes	29,146			(140,408)
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax [Abstract]
Gain on disposals before income taxes	1,825,531			1,825,531
Income tax expense	0			0
Gain on disposals, net of taxes	1,825,531			1,825,531
Income from discontinued operations, net of taxes	$ 1,854,677			$ 1,685,123

REVENUE - Disaggregation of Rev

REVENUE - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended	4 Months Ended	6 Months Ended
	May 01, 2019	Jun. 30, 2019	Jun. 30, 2020	May 01, 2019	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	$ 277,388	$ 635,367	$ 487,249	$ 1,072,775	$ 1,267,418
Revenue from leases	286	279	399	696	864
Revenue, total	277,674	635,646	487,648	1,073,471	1,268,282
Eliminations
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	(757)	(1,121)	(1,947)	(2,568)	(3,925)
Revenue from leases	0	0	0	0	0
Revenue, total	(757)	(1,121)	(1,947)	(2,568)	(3,925)
Audio | Operating segments
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	260,175	595,951	449,945	1,005,981	1,171,865
Revenue from leases	286	279	399	696	864
Revenue, total	260,461	596,230	450,344	1,006,677	1,172,729
Audio and Media Services | Operating segments
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	17,970	40,537	39,251	69,362	99,478
Revenue from leases	0	0	0	0	0
Revenue, total	17,970	40,537	39,251	69,362	99,478
Broadcast Radio
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	170,632	390,540	244,035	657,864	705,695
Broadcast Radio | Eliminations
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0	0	0	0
Broadcast Radio | Audio | Operating segments
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	170,632	390,540	244,035	657,864	705,695
Broadcast Radio | Audio and Media Services | Operating segments
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0	0	0	0
Digital
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	26,840	64,238	93,227	102,789	186,003
Digital | Eliminations
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0	0	0	0
Digital | Audio | Operating segments
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	26,840	64,238	93,227	102,789	186,003
Digital | Audio and Media Services | Operating segments
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0	0	0	0
Networks
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	50,889	105,426	96,330	189,088	230,907
Networks | Eliminations
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0	0	0	0
Networks | Audio | Operating segments
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	50,889	105,426	96,330	189,088	230,907
Networks | Audio and Media Services | Operating segments
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0	0	0	0
Sponsorship and Events
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	10,617	31,790	14,809	50,330	44,157
Sponsorship and Events | Eliminations
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0	0	0	0
Sponsorship and Events | Audio | Operating segments
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	10,617	31,790	14,809	50,330	44,157
Sponsorship and Events | Audio and Media Services | Operating segments
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0	0	0	0
Audio and Media Services
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	17,269	39,528	37,472	67,037	95,888
Audio and Media Services | Eliminations
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	(701)	(1,009)	(1,779)	(2,325)	(3,590)
Audio and Media Services | Audio | Operating segments
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0	0	0	0
Audio and Media Services | Audio and Media Services | Operating segments
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	17,970	40,537	39,251	69,362	99,478
Other
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	1,141	3,845	1,376	5,667	4,768
Other | Eliminations
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	(56)	(112)	(168)	(243)	(335)
Other | Audio | Operating segments
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	1,197	3,957	1,544	5,910	5,103
Other | Audio and Media Services | Operating segments
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	$ 0	$ 0	$ 0	$ 0	$ 0

REVENUE - Schedule of Barter an

REVENUE - Schedule of Barter and Trade Revenue and Expenses (Details) - USD ($) $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended	4 Months Ended	6 Months Ended
	May 01, 2019	Jun. 30, 2019	Jun. 30, 2020	May 01, 2019	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Trade and barter revenues	$ 277,388	$ 635,367	$ 487,249	$ 1,072,775	$ 1,267,418
Trade and Barter Transactions
Disaggregation of Revenue [Line Items]
Trade and barter revenues	10,349	29,699	19,753	65,934	72,431
Trade and barter expenses	8,474	28,023	17,075	58,330	72,073
Advertising Trade and Barter Transactions
Disaggregation of Revenue [Line Items]
Trade and barter revenues	$ 900	$ 1,900	$ 200	$ 5,900	$ 5,200

REVENUE - Narrative (Details)

REVENUE - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended	4 Months Ended	6 Months Ended
	May 01, 2019	Jun. 30, 2019	Jun. 30, 2020	May 01, 2019	Jun. 30, 2020
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Trade and barter revenues	$ 277,388	$ 635,367	$ 487,249	$ 1,072,775	$ 1,267,418
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation			$ 226,600		$ 226,600
Revenue, remaining performance obligation, period			5 years		5 years
Advertising Trade and Barter Transactions
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Trade and barter revenues	$ 900	$ 1,900	$ 200	$ 5,900	$ 5,200

REVENUE - Schedule of Contract

REVENUE - Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended	4 Months Ended	6 Months Ended
	May 01, 2019	Jun. 30, 2019	Jun. 30, 2020	May 01, 2019	Jun. 30, 2020
Contract Liabilities
Beginning balance	$ 155,114	$ 151,475	$ 175,321	$ 148,720	$ 162,068
Impact of fresh start accounting	0	298	0	0	0
Revenue recognized, included in beginning balance	(43,172)	(59,018)	(59,155)	(76,473)	(76,053)
Additions, net of revenue recognized during period, and other	39,533	66,997	61,864	79,228	92,015
Ending balance	$ 151,475	$ 159,752	$ 178,030	$ 151,475	$ 178,030

REVENUE - Revenue From Leases (

REVENUE - Revenue From Leases (Details) $ in Thousands	Jun. 30, 2020USD ($)
Operating Leases, Future Minimum Payments Receivable [Abstract]
2020	$ 774
2021	1,259
2022	860
2023	795
2024	695
Thereafter	10,021
Total	$ 14,404

LEASES - Supplemental Cash Flow

LEASES - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	2 Months Ended	3 Months Ended	4 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2020	May 01, 2019	Jun. 30, 2020
Leases [Abstract]
Non-cash impairment charge on operating lease		$ 5,400
Cash paid for amounts included in measurement of operating lease liabilities	$ 23,400		$ 44,888	$ 64,940
Lease liabilities arising from obtaining right-of-use assets	$ 3,194		$ 913,598	$ 18,047

PROPERTY, PLANT AND EQUIPMENT_3

PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Schedule Of Property, Plant And Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 968,355	$ 924,570
Less: accumulated depreciation	149,096	77,694
Property, plant and equipment, net	819,259	846,876
Land, buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	388,096	385,017
Towers, transmitters and studio equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	160,955	156,739
Furniture and other equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	390,680	361,527
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 28,624	$ 21,287

PROPERTY, PLANT AND EQUIPMENT_4

PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended		4 Months Ended	6 Months Ended
	May 01, 2019	Jun. 30, 2019	Jun. 30, 2020	Mar. 31, 2020	May 01, 2019	Jun. 30, 2020	Jun. 30, 2019
Indefinite-lived Intangible Assets [Line Items]
Total amortization expense related to definite-lived intangible assets	$ 3,000	$ 42,500	$ 64,300		$ 12,700	$ 128,600
Goodwill impairment				$ 1,200,000		$ 1,224,374
FCC Licenses
Indefinite-lived Intangible Assets [Line Items]
Impairment of FCC licenses				$ 502,700			$ 91,400

PROPERTY, PLANT AND EQUIPMENT_5

PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Schedule Of Gross Carrying Amount and Accumulated Amortization for Other Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 2,348,004	$ 2,348,006
Accumulated Amortization	(300,050)	(171,466)
Customer / advertiser relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,625,376	1,629,236
Accumulated Amortization	(199,991)	(114,280)
Talent and other contracts
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	375,400	375,399
Accumulated Amortization	(59,026)	(33,739)
Trademarks and tradenames
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	321,977	321,977
Accumulated Amortization	(37,907)	(21,661)
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	25,251	21,394
Accumulated Amortization	$ (3,126)	$ (1,786)

PROPERTY, PLANT AND EQUIPMENT_6

PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Schedule Of Future Amortization Expense (Details) $ in Thousands	Jun. 30, 2020USD ($)
Property, Plant and Equipment [Abstract]
2021	$ 256,650
2022	255,870
2023	247,517
2024	246,827
2025	$ 209,042

PROPERTY, PLANT AND EQUIPMENT_7

PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Schedule Of Changes In Carrying Amount Of Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended	4 Months Ended	6 Months Ended	8 Months Ended
	Mar. 31, 2020	May 01, 2019	Jun. 30, 2020	Dec. 31, 2019
Goodwill
Beginning balance	$ 3,325,622	$ 3,412,753	$ 3,325,622	$ 3,323,365
Acquisitions		2,767	404	4,637
Dispositions				(9,466)
Foreign currency		(28)	5	(1)
Impact of fresh start accounting		(92,127)
Other				7,087
Impairment	(1,200,000)		(1,224,374)
Ending balance		3,415,492	2,101,657	3,325,622
Audio
Goodwill
Beginning balance	3,221,468	3,330,922	3,221,468	3,219,210
Acquisitions		0	404	4,637
Dispositions				(9,466)
Foreign currency		0	0	0
Impact of fresh start accounting		(111,712)
Other				7,087
Impairment			(1,224,374)
Ending balance		3,330,922	1,997,498	3,221,468
Audio and Media Services
Goodwill
Beginning balance	$ 104,154	81,831	104,154	104,155
Acquisitions		2,767	0	0
Dispositions				0
Foreign currency		(28)	5	(1)
Impact of fresh start accounting		19,585
Other				0
Impairment			0
Ending balance		$ 84,570	$ 104,159	$ 104,154

LONG-TERM DEBT - Schedule Of Lo

LONG-TERM DEBT - Schedule Of Long-Term Debt Outstanding (Details) - USD ($)	Jul. 16, 2020	Mar. 26, 2020	Mar. 13, 2020	Feb. 03, 2020	Feb. 02, 2020	Jul. 31, 2020	Jun. 30, 2019	Jun. 30, 2020	May 01, 2019	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Long-term debt								$ 5,837,122,000		$ 5,837,122,000	$ 5,765,416,000
Long-term debt fees								(18,587,000)		(18,587,000)	(19,428,000)
Less: Current portion								30,061,000		30,061,000	8,912,000
Total long-term debt								5,807,061,000		5,807,061,000	5,756,504,000
Prepayments on facility							$ 0		$ 8,294,000	283,335,000
Secured Debt
Debt Instrument [Line Items]
Long-term debt								4,399,397,000		4,399,397,000	4,322,263,000
Term Loan Facility due 2026 | Secured Debt
Debt Instrument [Line Items]
Long-term debt								2,090,765,000		2,090,765,000	2,251,271,000
Prepayments on facility				$ 150,000,000
Asset-based Revolving Credit Facility due 2023
Debt Instrument [Line Items]
Repayments of facilities								115,000,000
Asset-based Revolving Credit Facility due 2023 | Subsequent Event
Debt Instrument [Line Items]
Repayments of facilities						$ 235,000,000
Asset-based Revolving Credit Facility due 2023 | Secured Debt
Debt Instrument [Line Items]
Long-term debt								235,000,000		235,000,000	0
Asset-based Revolving Credit Facility due 2023 | Line of Credit
Debt Instrument [Line Items]
Maximum borrowings provided under credit facility								289,400,000		289,400,000
Outstanding borrowings under facility								235,000,000		235,000,000
Letters of credit outstanding								41,200,000		41,200,000
Line of credit, excess availability								13,200,000		13,200,000
Debt instrument, face amount								450,000,000		450,000,000
6.375% Senior Secured Notes due 2026 | Secured Debt
Debt Instrument [Line Items]
Long-term debt								$ 800,000,000		$ 800,000,000	800,000,000
Stated interest rate (as a percent)								6.375%		6.375%
5.25% Senior Secured Notes due 2027 | Secured Debt
Debt Instrument [Line Items]
Long-term debt								$ 750,000,000		$ 750,000,000	750,000,000
Stated interest rate (as a percent)								5.25%		5.25%
4.75% Senior Secured Notes due 2028 | Secured Debt
Debt Instrument [Line Items]
Long-term debt								$ 500,000,000		$ 500,000,000	500,000,000
Stated interest rate (as a percent)								4.75%		4.75%
Other secured subsidiary debt | Secured Debt
Debt Instrument [Line Items]
Long-term debt								$ 23,632,000		$ 23,632,000	20,992,000
8.375% Senior Unsecured Notes due 2027 | Unsecured Debt
Debt Instrument [Line Items]
Long-term debt								$ 1,450,000,000		$ 1,450,000,000	1,450,000,000
Stated interest rate (as a percent)								8.375%		8.375%
Other unsecured subsidiary debt | Unsecured Debt
Debt Instrument [Line Items]
Long-term debt								$ 6,312,000		$ 6,312,000	$ 12,581,000
Term Loan | Subsequent Event
Debt Instrument [Line Items]
Proceeds from issuance of term loan						450,000,000
Subsidiary | Secured Debt | Subsequent Event
Debt Instrument [Line Items]
Proceeds from issuance of term loan						450,000,000
Subsidiary | Asset-based Revolving Credit Facility due 2023
Debt Instrument [Line Items]
Proceeds from iHeartCommunications repayment of debt								$ 115,000,000
Subsidiary | Asset-based Revolving Credit Facility due 2023 | Subsequent Event
Debt Instrument [Line Items]
Repayments of facilities	$ 235,000,000
Subsidiary | Asset-based Revolving Credit Facility due 2023 | Line of Credit
Debt Instrument [Line Items]
Draws on credit facilities		$ 350,000,000	$ 350,000,000
Subsidiary | Term Loan | Subsequent Event
Debt Instrument [Line Items]
Line of credit, excess availability	190,600,000
Debt instrument, face amount	450,000,000					$ 2,500,000,000
Proceeds from issuance of term loan	$ 425,800,000
LIBOR
Debt Instrument [Line Items]
Basis spread (as a percent)				3.00%	4.00%
Base Rate
Debt Instrument [Line Items]
Basis spread (as a percent)				2.00%	3.00%
Base Rate | Subsidiary | Subsequent Event
Debt Instrument [Line Items]
Basis spread (as a percent)	3.00%

LONG-TERM DEBT - Narrative (Det

LONG-TERM DEBT - Narrative (Details) - USD ($)	Jul. 16, 2020	Feb. 03, 2020	Feb. 02, 2020	Jul. 31, 2020	Jun. 30, 2019	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	May 01, 2019	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Weighted average interest rate							5.30%			5.30%	6.40%
Aggregate market value of debt							$ 5,500,000,000			$ 5,500,000,000	$ 6,100,000,000
Prepayments on facility					$ 0				$ 8,294,000	$ 283,335,000
LIBOR
Debt Instrument [Line Items]
Basis spread (as a percent)		3.00%	4.00%
LIBOR | Subsequent Event | Minimum | Subsidiary
Debt Instrument [Line Items]
Basis spread (as a percent)	0.75%
Base Rate
Debt Instrument [Line Items]
Basis spread (as a percent)		2.00%	3.00%
Base Rate | Subsequent Event | Subsidiary
Debt Instrument [Line Items]
Basis spread (as a percent)	3.00%
Base Rate | Subsequent Event | Minimum | Subsidiary
Debt Instrument [Line Items]
Basis spread (as a percent)	1.75%
Eurodollar | Subsequent Event | Subsidiary
Debt Instrument [Line Items]
Basis spread (as a percent)	4.00%
Term Loan | Subsequent Event
Debt Instrument [Line Items]
Proceeds from issuance of term loan				$ 450,000,000
Term Loan | Subsequent Event | Subsidiary
Debt Instrument [Line Items]
Debt instrument, face amount	$ 450,000,000			2,500,000,000
Proceeds from issuance of term loan	425,800,000
Line of credit, excess availability	190,600,000
Asset-based Revolving Credit Facility due 2023
Debt Instrument [Line Items]
Repayments of facilities							115,000,000
Asset-based Revolving Credit Facility due 2023 | Subsequent Event
Debt Instrument [Line Items]
Repayments of facilities				235,000,000
Asset-based Revolving Credit Facility due 2023 | Subsequent Event | Subsidiary
Debt Instrument [Line Items]
Repayments of facilities	$ 235,000,000
Secured Debt | Subsequent Event | Subsidiary
Debt Instrument [Line Items]
Proceeds from issuance of term loan				$ 450,000,000
Secured Debt | Term Loan Facility due 2026
Debt Instrument [Line Items]
Prepayments on facility		$ 150,000,000
Periodic principal payment							$ 5,250,000	$ 5,250,000
Secured Debt | Term Loan Facility due 2026 | Forecast
Debt Instrument [Line Items]
Periodic principal payment						$ 6,400,000

LONG-TERM DEBT - Mandatorily Re

LONG-TERM DEBT - Mandatorily Redeemable Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020	Dec. 31, 2019	May 01, 2019
Debt Instrument [Line Items]
Preferred stock, shares issued	0	0	0
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001	$ 0.001
Preferred stock issued	$ 0	$ 0	$ 0
Redeemable Preferred Stock
Debt Instrument [Line Items]
Preferred stock, shares issued				60,000
Preferred stock, par value (in dollars per share)				$ 0.001
Liquidation preference value	60,000	60,000		$ 60,000
Preferred stock issued				$ 60,000
Interest expense paid on dividends	$ 2,400	$ 4,200

LONG-TERM DEBT - Surety Bonds,

LONG-TERM DEBT - Surety Bonds, Letters of Credit and Guarantees (Details) $ in Millions	Jun. 30, 2020USD ($)
Surety bonds
Debt Instrument [Line Items]
Guarantees obligations	$ 19.8
Commercial standby letters of credit
Debt Instrument [Line Items]
Guarantees obligations	$ 41.2

INCOME TAXES - Schedule of Comp

INCOME TAXES - Schedule of Components of Income Tax Expense (Details) - USD ($) $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended	4 Months Ended	6 Months Ended
	May 01, 2019	Jun. 30, 2019	Jun. 30, 2020	May 01, 2019	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Current tax benefit (expense)	$ 6,950	$ (2,947)	$ (1,731)	$ 76,744	$ (3,436)
Deferred tax benefit (expense)	(107,239)	(13,056)	45,473	(115,839)	197,689
Income tax benefit (expense)	$ (100,289)	$ (16,003)	$ 43,742	$ (39,095)	$ 194,253

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	2 Months Ended	3 Months Ended	4 Months Ended	6 Months Ended
	May 01, 2019	Jun. 30, 2019	Jun. 30, 2020	May 01, 2019	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Effective tax rates (as a percent)	1.10%	29.20%	18.10%	0.40%	9.30%
Deferred tax benefit on impairment charge					$ 125.5
Income tax benefits for reorganization adjustments	$ 102.9
Fresh start adjustments, income tax expense	185.4
Income tax expense (benefit), deferred tax liabilities	529.1
Income tax expense (benefit), deferred tax assets	$ 343.7
COVID-19, employment tax, employer, deferral, CARES Act			$ 11.3		11.3
COVID-19, employee retention credit, CARES Act			$ 0.7		$ 0.7

STOCKHOLDER'S EQUITY - Narrativ

STOCKHOLDER'S EQUITY - Narrative (Details) $ / shares in Units, $ in Thousands	May 05, 2020right	May 01, 2019$ / shares	May 01, 2019USD ($)$ / shares	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)$ / sharesshares		May 01, 2019USD ($)$ / shares	Jun. 30, 2020USD ($)$ / sharesshares		Dec. 31, 2019$ / sharesshares
Class of Stock [Line Items]
Share-based compensation expense | $			$ 105	$ 3,039	$ 4,218		$ 498	$ 8,843
Unrecognized compensation cost | $					$ 48,100			$ 48,100
Unrecognized compensation cost, weighted average period (in years)								3 years
Common stock, shares authorized (in shares)					2,100,000,000			2,100,000,000
Number of rights declared for each share of common stock | right	1
Beneficial ownership acquired (as a percent)	10.00%
Beneficial ownership acquired by passive investor (as a percent)	20.00%
Class A Shares
Class of Stock [Line Items]
Common stock, shares authorized (in shares)					1,000,000,000			1,000,000,000		1,000,000,000
Common stock, par value (in dollars per share) | $ / shares					$ 0.001			$ 0.001		$ 0.001
Class A Shares | Common Shares
Class of Stock [Line Items]
Conversion of Class B Shares to Class A Shares (in shares)					(145)	[1]		(6,060)	[2]
Conversion of Special Warrants and Class B Shares to Class A Shares (in shares)					877,263	[1]		3,003,854	[2]
Class B Shares
Class of Stock [Line Items]
Common stock, shares authorized (in shares)					1,000,000,000			1,000,000,000		1,000,000,000
Common stock, par value (in dollars per share) | $ / shares					$ 0.001			$ 0.001		$ 0.001
Class B Shares | Common Shares
Class of Stock [Line Items]
Conversion of Class B Shares to Class A Shares (in shares)					(145)	[1]		(6,060)	[2]
Conversion of Special Warrants and Class B Shares to Class A Shares (in shares)					729	[1]		1,345	[2]
Preferred Stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares)					100,000,000			100,000,000
Common stock, par value (in dollars per share) | $ / shares					$ 0.001			$ 0.001
Special Warrants
Class of Stock [Line Items]
Special warrants, exercise price per share (in dollars per share) | $ / shares		$ 0.001	$ 0.001				$ 0.001
Special warrants, conversion terms, ownership percentage of common stock (as a percent)		4.99%
Special warrants, conversion terms, ownership percentage of capital stock or voting interests (as a percent)		22.50%
Special Warrants | Common Shares
Class of Stock [Line Items]
Conversion of Special Warrants and Class B Shares to Class A Shares (in shares)					(877,992)	[1]		(3,005,199)	[2]
Corporate Expenses
Class of Stock [Line Items]
Share-based compensation expense | $				$ 3,000	$ 4,200			$ 8,800
[1]	The Successor Company's Preferred Stock is not presented in the data above as there were no shares issued and outstanding in 2020.
[2]	The Predecessor Company's Class D Common Stock and Preferred Stock are not presented in the data above as there were no shares issued and outstanding in 2019 or 2018. The Successor Company's Preferred Stock is not presented in the data above as there were no shares issued and outstanding in 2019.

STOCKHOLDER'S EQUITY - Successo

STOCKHOLDER'S EQUITY - Successor Common Stock and Special Warrants (Details) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	2,100,000,000
Common stock, shares issued (in shares)	146,370,948
Class A Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	61,432,341	57,776,204
Class B Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	6,900,195	6,904,910
Special Warrants
Class of Stock [Line Items]
Common stock, shares issued (in shares)	78,038,412	81,046,593

STOCKHOLDER'S EQUITY - Computat

STOCKHOLDER'S EQUITY - Computation of Income (Loss) per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended	4 Months Ended	6 Months Ended
	May 01, 2019	Jun. 30, 2019	Jun. 30, 2020	May 01, 2019	Jun. 30, 2020
NUMERATOR:
Net income (loss) attributable to the Company – common shares	$ 11,298,524	$ 38,793	$ (197,317)	$ 11,184,141	$ (1,886,053)
Income from discontinued operations, net of tax		0		19,028	0
Income from discontinued operations, net of tax	1,854,677	0	0	1,685,123	0
Less amount attributable to noncontrolling interest	(2,190)	0	0	(19,028)	0
Total income from discontinued operations, net of tax - common shares	1,852,487	0	0	1,704,151	0
Income (loss) from continuing operations	$ 9,446,037	$ 38,793	$ (197,317)	$ 9,479,990	$ (1,886,053)
DENOMINATOR:
Weighted average common shares outstanding - basic (in shares)	85,652	145,275	145,963	86,241	145,788
Stock options and restricted stock (in shares)	0	23	0	0	0
Weighted average common shares outstanding - Diluted (in shares)	85,652	145,298	145,963	86,241	145,788
Net income (loss) attributable to the Company per common share:
From continuing operations - Basic (in dollars per share)	$ 110.28	$ 0.27	$ (1.35)	$ 109.92	$ (12.94)
From discontinued operations - Basic (in dollars per share)	21.63	0	0	19.76	0
From continuing operations (in dollars per share)	110.28	0.27	(1.35)	109.92	(12.94)
From discontinued operations (in dollars per share)	$ 21.63	$ 0	$ 0	$ 19.76	$ 0
Outstanding equity awards excluded from computation of diluted earnings per share (in shares)	5,900	1,300	7,700	5,900	7,900

SEGMENT DATA (Details)

SEGMENT DATA (Details) - USD ($) $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended	4 Months Ended	6 Months Ended
	May 01, 2019	Jun. 30, 2019	Jun. 30, 2020	May 01, 2019	Jun. 30, 2020
Segment Reporting Information [Line Items]
Revenue	$ 277,674	$ 635,646	$ 487,648	$ 1,073,471	$ 1,268,282
Direct operating expenses	98,310	198,772	249,866	381,184	551,498
Selling, general and administrative expenses	102,296	220,231	261,219	427,230	605,360
Corporate expenses	14,506	26,818	26,419	53,647	66,368
Depreciation and amortization	14,544	59,383	103,347	52,834	200,115
Impairment charges	0	0	5,378	91,382	1,733,235
Other operating expense, net	(127)	3,246	(506)	(154)	(1,572)
Operating income (loss)	47,891	133,688	(159,087)	67,040	(1,889,866)
Capital expenditures	13,244	17,435	17,882	36,197	39,546
Share-based compensation expense	105	3,039	4,218	498	8,843
Operating segments | Audio
Segment Reporting Information [Line Items]
Revenue	260,461	596,230	450,344	1,006,677	1,172,729
Direct operating expenses	95,983	193,952	243,976	371,989	538,763
Selling, general and administrative expenses	91,551	196,834	229,245	383,342	539,301
Corporate expenses	0	0	0		0
Depreciation and amortization	11,749	54,692	94,898	41,233	183,699
Impairment charges			0	0	0
Other operating expense, net	0	0	0	0	0
Operating income (loss)	61,178	150,752	(117,775)	210,113	(89,034)
Capital expenditures	11,137	13,554	14,198	31,177	32,800
Share-based compensation expense	0	0	0	0	0
Operating segments | Audio and Media Services
Segment Reporting Information [Line Items]
Revenue	17,970	40,537	39,251	69,362	99,478
Direct operating expenses	2,549	4,872	7,304	9,559	15,507
Selling, general and administrative expenses	11,276	24,458	32,510	46,072	67,184
Corporate expenses	0	0	0		0
Depreciation and amortization	1,204	3,619	5,838	5,266	11,534
Impairment charges			0	0	0
Other operating expense, net	0	0	0	0	0
Operating income (loss)	2,941	7,588	(6,401)	8,465	5,253
Capital expenditures	576	830	961	1,263	1,623
Share-based compensation expense	0	0	0	0	0
Corporate and other reconciling items
Segment Reporting Information [Line Items]
Revenue	0	0	0	0	0
Direct operating expenses	0	0	0	0	0
Selling, general and administrative expenses	0	0	0	0	0
Corporate expenses	14,510	26,826	26,416	53,667	66,396
Depreciation and amortization	1,591	1,072	2,611	6,335	4,882
Impairment charges			5,378	91,382	1,733,235
Other operating expense, net	(127)	3,246	(506)	(154)	(1,572)
Operating income (loss)	(16,228)	(24,652)	(34,911)	(151,538)	(1,806,085)
Capital expenditures	1,531	3,051	2,723	3,757	5,123
Share-based compensation expense	105	3,039	4,218	498	8,843
Eliminations
Segment Reporting Information [Line Items]
Revenue	(757)	(1,121)	(1,947)	(2,568)	(3,925)
Direct operating expenses	(222)	(52)	(1,414)	(364)	(2,772)
Selling, general and administrative expenses	(531)	(1,061)	(536)	(2,184)	(1,125)
Corporate expenses	(4)	(8)	3	(20)	(28)
Depreciation and amortization	0	0	0	0	0
Impairment charges			0	0	0
Other operating expense, net	0	0	0	0	0
Operating income (loss)	0	0	0	0	0
Capital expenditures	0	0	0	0	0
Share-based compensation expense	0	0	0	0	0
Intersegment revenues
Segment Reporting Information [Line Items]
Revenue	757	1,121	1,947	2,568	3,925
Intersegment revenues | Audio
Segment Reporting Information [Line Items]
Revenue	56	112	168	243	335
Intersegment revenues | Audio and Media Services
Segment Reporting Information [Line Items]
Revenue	$ 701	$ 1,009	$ 1,779	$ 2,325	$ 3,590

REORGANIZATION ITEMS, NET (Deta

REORGANIZATION ITEMS, NET (Details) - USD ($) $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended	4 Months Ended	6 Months Ended
	May 01, 2019	Jun. 30, 2019	Jun. 30, 2020	May 01, 2019	Jun. 30, 2020
Reorganization Items [Abstract]
Professional fees and other bankruptcy related costs	$ (121,374)	$ 0	$ 0	$ (157,487)	$ 0
Net gain on settlement of Liabilities subject to compromise	7,192,379	0	0
Net gain on settlement of Liabilities subject to compromise		0		7,192,374	0
Impact of fresh start adjustments	2,430,944	0	0	2,430,944	0
Other items, net	(4,005)	0	0	(4,005)	0
Reorganization items, net	9,497,944	0	0	9,461,826	0
Cash payments for Reorganization items, net	$ 149,346	13,049	26	$ 183,291	443
Unpaid professional fees		$ 9,100	$ 1,900		$ 4,500