iHeartMedia (IHRT) 10-Q 9 Nov 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2023	Nov. 06, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
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
Title of 12(b) Security	Class A Common Stock
Trading Symbol	IHRT
Security Exchange Name	NASDAQ
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 Bankruptcy Proceedings, Reporting Current	true
Entity Central Index Key	0001400891
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false
Class A Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		123,309,506
Class B Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		21,347,363

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
CURRENT ASSETS
Cash and cash equivalents	$ 213,479	$ 336,236
Accounts receivable, net of allowance of $36,496 in 2023 and $29,171 in 2022	983,927	1,037,827
Prepaid expenses	136,692	79,098
Other current assets	14,901	19,618
Total Current Assets	1,348,999	1,472,779
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment, net	580,848	694,842
INTANGIBLE ASSETS AND GOODWILL
Indefinite-lived intangibles - licenses and other	1,112,751	1,476,319
Other intangibles, net	1,234,357	1,419,670
Goodwill	1,721,223	2,313,403
OTHER ASSETS
Operating lease right-of-use assets	713,941	788,280
Other assets	165,399	170,594
Total Assets	6,877,518	8,335,887
CURRENT LIABILITIES
Accounts payable	179,707	240,454
Current operating lease liabilities	75,559	70,024
Accrued expenses	262,405	325,427
Accrued interest	52,626	64,165
Deferred revenue	171,973	131,084
Current portion of long-term debt	390	664
Total Current Liabilities	742,660	831,818
Long-term debt	5,228,316	5,413,503
Noncurrent operating lease liabilities	772,068	848,918
Deferred income taxes	377,247	483,810
Other long-term liabilities	164,048	73,332
Commitments and contingent liabilities (Note 6)
STOCKHOLDERS’ EQUITY (DEFICIT)
Noncontrolling interest	8,868	9,609
Preferred stock, par value $.001 per share, 100,000,000 shares authorized, no shares issued and outstanding	0	0
Additional paid-in capital	2,939,331	2,912,500
Accumulated deficit	(3,343,265)	(2,227,482)
Accumulated other comprehensive loss	(1,786)	(1,331)
Cost of shares (979,162 in 2023 and 597,482 in 2022) held in treasury	(10,115)	(8,934)
Total Stockholders' Equity (Deficit)	(406,821)	684,506
Total Liabilities and Stockholders' Equity (Deficit)	6,877,518	8,335,887
Class A Common Stock
STOCKHOLDERS’ EQUITY (DEFICIT)
Common stock	125	123
Class B Common Stock
STOCKHOLDERS’ EQUITY (DEFICIT)
Common stock	21	21
Special Warrants
STOCKHOLDERS’ EQUITY (DEFICIT)
Common stock	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Allowance for receivables	$ 36,496	$ 29,171
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Shares held in treasury (in shares)	979,162	597,482
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)	124,273,910	122,370,425
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)	21,347,363	21,477,181
Special Warrants
Class of Stock [Line Items]
Common stock, shares issued (in shares)	5,101,870	5,111,312
Common stock, shares outstanding (in shares)	5,101,870	5,111,312

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Revenue	$ 952,989	$ 988,930	$ 2,684,242	$ 2,786,393
Operating expenses:
Direct operating expenses (excludes depreciation and amortization)	379,997	371,719	1,079,678	1,067,625
Selling, general and administrative expenses (excludes depreciation and amortization)	393,628	399,892	1,190,202	1,163,293
Depreciation and amortization	106,451	109,305	323,028	334,144
Impairment charges	570	309,750	965,087	311,329
Other operating expense, net	3,378	9,451	3,338	25,985
Operating income (loss)	68,965	(211,187)	(877,091)	(115,983)
Interest expense, net	99,509	87,890	293,659	248,603
Gain (loss) on investments, net	(7,381)	(3,466)	(19,924)	4,359
Equity in loss of nonconsolidated affiliates	(3,514)	(132)	(3,518)	(190)
Gain on extinguishment of debt	23,947	6,892	51,474	15,095
Other expense, net	(738)	(581)	(1,109)	(3,026)
Loss before income taxes	(18,230)	(296,364)	(1,143,827)	(348,348)
Income tax benefit (expense)	9,261	(13,412)	29,513	5,015
Net loss	(8,969)	(309,776)	(1,114,314)	(343,333)
Less amount attributable to noncontrolling interest	84	587	1,469	1,211
Net loss attributable to the Company	(9,053)	(310,363)	(1,115,783)	(344,544)
Other comprehensive loss, net of tax:
Foreign currency translation adjustments	(332)	(606)	(455)	(1,503)
Other comprehensive loss, net of tax	(332)	(606)	(455)	(1,503)
Comprehensive loss	(9,385)	(310,969)	(1,116,238)	(346,047)
Less amount attributable to noncontrolling interest	0	0	0	0
Comprehensive loss attributable to the Company	$ (9,385)	$ (310,969)	$ (1,116,238)	$ (346,047)
Net loss attributable to the Company per common share:
Basic (in dollars per share)	$ (0.06)	$ (2.09)	$ (7.48)	$ (2.33)
Weighted average common shares outstanding - Basic (in shares)	149,695	148,299	149,084	147,957
Diluted (in dollars per share)	$ (0.06)	$ (2.09)	$ (7.48)	$ (2.33)
Weighted average common shares outstanding - Diluted (in shares)	149,695	148,299	149,084	147,957

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) (UNAUDITED) - USD ($) $ in Thousands		Total	Class A Shares		Class B Shares	Special Warrants	Common Stock	Common Stock Class A Shares		Common Stock Class B Shares		Common Stock Special Warrants		Non- controlling Interest	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss	Treasury Stock
Beginning balance (in shares) at Dec. 31, 2021	[1]							120,633,937		21,590,192		5,304,430
Beginning balance at Dec. 31, 2021		$ 915,765					$ 142							$ 8,410	$ 2,876,571	$ (1,962,819)	$ (257)	$ (6,282)
Increase (Decrease) in Stockholders' Equity
Net income (loss)		(343,333)												1,211		(344,544)
Vesting of restricted stock and other (in shares)	[1]							1,403,195
Vesting of restricted stock and other		(2,139)					2								472			(2,613)
Share-based compensation		24,582													24,582
Conversion of Special Warrants to Class A and Class B Shares (in shares)			96,516					96,516	[1]	96,602	[1]	(193,118)	[1]
Conversion of Class B Shares to Class A Shares (in shares)	[1]							207,438		(207,438)
Other		(562)												(562)
Other comprehensive loss		(1,503)															(1,503)
Ending balance (in shares) at Sep. 30, 2022	[1],[2]							122,341,086		21,479,356		5,111,312
Ending balance at Sep. 30, 2022		592,810					144							9,059	2,901,625	(2,307,363)	(1,760)	(8,895)
Beginning balance (in shares) at Jun. 30, 2022	[2]							122,068,221		21,391,972		5,293,055
Beginning balance at Jun. 30, 2022		893,421					143							8,659	2,891,129	(1,997,000)	(1,154)	(8,356)
Increase (Decrease) in Stockholders' Equity
Net income (loss)		(309,776)												587		(310,363)
Vesting of restricted stock and other (in shares)	[2]							178,506
Vesting of restricted stock and other		(479)					1								59			(539)
Share-based compensation		10,437													10,437
Conversion of Special Warrants to Class A and Class B Shares (in shares)			85,141					85,141	[2]	96,602	[2]	(181,743)	[2]
Conversion of Class B Shares to Class A Shares (in shares)	[2]							9,218		(9,218)
Other		(187)												(187)
Other comprehensive loss		(606)															(606)
Ending balance (in shares) at Sep. 30, 2022	[1],[2]							122,341,086		21,479,356		5,111,312
Ending balance at Sep. 30, 2022		592,810					144							9,059	2,901,625	(2,307,363)	(1,760)	(8,895)
Beginning balance (in shares) at Dec. 31, 2022						5,111,312		122,370,425	[1]	21,477,181	[1]	5,111,312	[1]
Beginning balance at Dec. 31, 2022		684,506					144							9,609	2,912,500	(2,227,482)	(1,331)	(8,934)
Increase (Decrease) in Stockholders' Equity
Net income (loss)		(1,114,314)												1,469		(1,115,783)
Vesting of restricted stock and other (in shares)	[1]							1,764,225
Vesting of restricted stock and other		(1,181)					2								(2)			(1,181)
Share-based compensation		26,833													26,833
Conversion of Special Warrants to Class A and Class B Shares (in shares)			9,383		59			9,383	[1]	59	[1]	(9,442)	[1]
Conversion of Class B Shares to Class A Shares (in shares)	[1]							129,877		(129,877)
Other		(2,210)												(2,210)
Other comprehensive loss		(455)															(455)
Ending balance (in shares) at Sep. 30, 2023						5,101,870		124,273,910	[1],[2]	21,347,363	[1],[2]	5,101,870	[1],[2]
Ending balance at Sep. 30, 2023		(406,821)					146							8,868	2,939,331	(3,343,265)	(1,786)	(10,115)
Beginning balance (in shares) at Jun. 30, 2023	[2]							124,046,612		21,347,363		5,111,055
Beginning balance at Jun. 30, 2023		(403,458)					145							10,351	2,931,598	(3,334,212)	(1,454)	(9,886)
Increase (Decrease) in Stockholders' Equity
Net income (loss)		(8,969)												84		(9,053)
Vesting of restricted stock and other (in shares)	[2]							218,113
Vesting of restricted stock and other		(229)					1								(1)			(229)
Share-based compensation		7,734													7,734
Conversion of Special Warrants to Class A and Class B Shares (in shares)			9,185	[2]	0							(9,185)	[2]
Other		(1,567)												(1,567)
Other comprehensive loss		(332)															(332)
Ending balance (in shares) at Sep. 30, 2023						5,101,870		124,273,910	[1],[2]	21,347,363	[1],[2]	5,101,870	[1],[2]
Ending balance at Sep. 30, 2023		$ (406,821)					$ 146							$ 8,868	$ 2,939,331	$ (3,343,265)	$ (1,786)	$ (10,115)
[1]The Company's Preferred Stock is not presented in the data above as there were no shares issued and outstanding in 2023, 2022 or 2021.[2]The Company's Preferred Stock is not presented in the data above as there were no shares issued and outstanding in 2023 or 2022.

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net loss	$ (1,114,314)	$ (343,333)
Reconciling items:
Impairment charges	965,087	311,329
Depreciation and amortization	323,028	334,144
Deferred taxes	(107,089)	(31,304)
Provision for doubtful accounts	22,914	10,137
Amortization of deferred financing charges and note discounts, net	5,026	4,589
Share-based compensation	26,833	24,582
Loss on disposal of operating and other assets	1,706	24,547
(Gain) Loss on investments	19,924	(4,359)
Equity in loss of nonconsolidated affiliates	3,518	190
Gain on extinguishment of debt	(51,474)	(15,095)
Barter and trade income	(21,419)	(27,174)
Other reconciling items, net	800	1,504
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
Decrease in accounts receivable	30,769	38,685
Increase in prepaid expenses and other current assets	(56,835)	(47,561)
Decrease (Increase) in other long-term assets	401	(5,817)
Decrease in accounts payable	(60,748)	(927)
Decrease in accrued expenses	(6,656)	(84,308)
Decrease in accrued interest	(11,539)	(4,524)
Increase in deferred income	42,497	18,392
Increase in other long-term liabilities	46,529	3,002
Cash provided by operating activities	58,958	206,699
Cash flows from investing activities:
Purchases of property, plant and equipment	(90,456)	(112,567)
Proceeds from disposal of assets	54,101	34,690
Change in other, net	(3,636)	(4,930)
Cash used for investing activities	(39,991)	(82,807)
Cash flows from financing activities:
Payments on long-term debt and credit facilities	(138,565)	(173,990)
Change in other, net	(3,392)	(5,667)
Cash used for financing activities	(141,957)	(179,657)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(192)	(965)
Net decrease in cash, cash equivalents and restricted cash	(123,182)	(56,730)
Cash, cash equivalents and restricted cash at beginning of period	336,661	352,554
Cash, cash equivalents and restricted cash at end of period	213,479	295,824
SUPPLEMENTAL DISCLOSURES:
Cash paid for interest	304,216	249,910
Cash paid for income taxes	$ 13,254	$ 12,054

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2023
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. The financial statements contained herein should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. The Company reports based on three reportable segments: ▪ the Multiplatform Group, which includes the Company's Broadcast radio, Networks and Sponsorships and Events businesses; ▪ the Digital Audio Group, which includes all of the Company's Digital businesses, including Podcasting; and ▪ the Audio & Media Services Group, which includes Katz Media Group (“Katz Media”), a full-service media representation business, and RCS Sound Software ("RCS"), a provider of scheduling and broadcast software and services. 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 interest or is the primary beneficiary. Investments in companies which the Company does not control but 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. Economic Conditions The Company's advertising revenue is impacted by changes in economic conditions. Increasing interest rates and high inflation have contributed to a challenging macroeconomic environment since 2022. This challenging environment has led to broader market uncertainty and has delayed the Company's expected recovery and has had an adverse impact on the Company's revenues and cash flows. The current market uncertainty and macroeconomic conditions, a recession, or a downturn in the U.S. economy could have a significant impact on the Company's ability to generate revenue and cash flows. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (“CARES Act”) was signed into law. 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 was able to defer the payment of $29.3 million in certain employment taxes during 2020, half of which was due and paid on January 3, 2022, and the other half of which was due and paid on January 3, 2023. In addition, the Company claimed $12.4 million in refundable payroll tax credits related to the CARES Act provisions, of which $0.7 million was received in 2020, $3.8 million was received in 2021 and $7.9 million was received in January 2022. Economic uncertainty due to inflation and higher interest rates since 2022 has resulted in, among other things, lower advertising spending by businesses. This economic uncertainty has had an adverse impact on the Company's revenues, cash flows, and trading values of the Company's debt and equity securities which indicated a need for the Company to perform an interim impairment test as of June 30, 2023 on the goodwill recorded in its reporting units, as well as its indefinite-lived Federal Communication Commission ("FCC") licenses. The June 30, 2023 testing resulted in non-cash impairment charges of $595.5 million and $363.6 million to reduce the goodwill and FCC license balances, respectively. No impairment was required in the third quarter as part of the 2023 annual impairment testing. As of September 30, 2023, the Company had approximately $213.5 million in cash and cash equivalents, and the $450.0 million senior secured asset-based revolving credit facility entered into on May 17, 2022 (the "ABL Facility") had a borrowing base of $436.7 million, no outstanding borrowings and $24.9 million of outstanding letters of credit, resulting in $411.8 million of borrowing base availability. The Company's total available liquidity as of September 30, 2023 was approximately $625 million. Based on current available liquidity, the Company expects to be able to meet its obligations as they become due over the coming year. Reclassifications Certain prior period amounts have been reclassified to conform to the 2023 presentation. 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) September 30, December 31, Cash and cash equivalents $ 213,479 $ 336,236 Restricted cash included in: Other current assets — 425 Total cash, cash equivalents and restricted cash in the Statement of Cash Flows $ 213,479 $ 336,661 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 had a material impact on the Company. New Accounting Pronouncements Recently Adopted In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805) - Accounting for Contract Assets and Contract Liabilities from Contracts with Customers which requires an acquirer in a business combination to recognize and measure contract assets and contract liabilities in accordance with Accounting Standards Codification 606. The Company adopted this guidance during the first quarter of 2023. The adoption did not have a material impact on the Company’s financial position, results of operations or cash flows.

REVENUE

REVENUE	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
REVENUE	REVENUE Disaggregation of Revenue The following tables show revenue streams for the three and nine months ended September 30, 2023 and 2022: (In thousands) Multiplatform Group Digital Audio Group Audio & Media Services Group Eliminations Consolidated Three Months Ended September 30, 2023 Revenue from contracts with customers: Broadcast Radio (1) $ 455,103 $ — $ — $ — $ 455,103 Networks (2) 116,334 — — — 116,334 Sponsorship and Events (3) 49,500 — — — 49,500 Digital, excluding Podcast (4) — 164,559 — (1,222) 163,337 Podcast (5) — 102,663 — — 102,663 Audio & Media Services (6) — — 61,979 (1,373) 60,606 Other (7) 5,210 — — — 5,210 Total 626,147 267,222 61,979 (2,595) 952,753 Revenue from leases (8) 236 — — — 236 Revenue, total $ 626,383 $ 267,222 $ 61,979 $ (2,595) $ 952,989 Three Months Ended September 30, 2022 Revenue from contracts with customers: Broadcast Radio (1) $ 484,812 $ — $ — $ — $ 484,812 Networks (2) 127,239 — — — 127,239 Sponsorship and Events (3) 42,562 — — — 42,562 Digital, excluding Podcast (4) — 162,700 — (1,314) 161,386 Podcast (5) — 91,253 — — 91,253 Audio & Media Services (6) — — 77,794 (1,287) 76,507 Other (7) 4,865 — — (112) 4,753 Total 659,478 253,953 77,794 (2,713) 988,512 Revenue from leases (8) 418 418 Revenue, total $ 659,896 $ 253,953 $ 77,794 $ (2,713) $ 988,930 (In thousands) Multiplatform Group Digital Audio Group Audio & Media Services Group Eliminations Consolidated Nine Months Ended September 30, 2023 Revenue from contracts with customers: Broadcast Radio (1) $ 1,267,493 $ — $ — $ — $ 1,267,493 Networks (2) 346,456 — — — 346,456 Sponsorship and Events (3) 120,297 — — — 120,297 Digital, excluding Podcast (4) — 475,291 — (3,627) 471,664 Podcast (5) — 276,181 — — 276,181 Audio & Media Services (6) — — 189,134 (4,077) 185,057 Other (7) 15,719 — — — 15,719 Total 1,749,965 751,472 189,134 (7,704) 2,682,867 Revenue from leases (8) 1,375 — — — 1,375 Revenue, total $ 1,751,340 $ 751,472 $ 189,134 $ (7,704) $ 2,684,242 Nine Months Ended September 30, 2022 Revenue from contracts with customers: Broadcast Radio (1) $ 1,362,601 $ — $ — $ — $ 1,362,601 Networks (2) 372,329 — — — 372,329 Sponsorship and Events (3) 114,226 — — — 114,226 Digital, excluding Podcast (4) — 475,254 — (3,959) 471,295 Podcast (5) — 245,479 — — 245,479 Audio & Media Services (6) — — 209,716 (4,006) 205,710 Other (7) 14,127 — — (447) 13,680 Total 1,863,283 720,733 209,716 (8,412) 2,785,320 Revenue from leases (8) 1,073 — — — 1,073 Revenue, total $ 1,864,356 $ 720,733 $ 209,716 $ (8,412) $ 2,786,393 (1) Broadcast Radio revenue is generated through the sale of advertising time on the Company’s domestic radio stations. (2) Networks revenue is generated through the sale of advertising on the Company’s Premiere and Total Traffic & Weather network programs and through the syndication of network programming to other media companies. (3) Sponsorship and events revenue is generated through local events and major nationally-recognized tent pole events and include sponsorship and other advertising revenue, ticket sales, and licensing, as well as endorsement and appearance fees generated by on-air talent. (4) Digital, excluding Podcast revenue is generated through the sale of streaming and display advertisements on digital platforms and through subscriptions to iHeartRadio streaming services. (5) Podcast revenue is generated through the sale of advertising on the Company's podcast network. (6) Audio & Media Services revenue is generated by services provided to broadcast industry participants through the Company’s Katz Media and RCS businesses. As a media representation firm, Katz Media generates revenue via commissions on media sold on behalf of the radio and television stations that it represents, while RCS generates revenue by providing broadcast software and media streaming, along with research services for radio stations, broadcast television stations, cable channels, record labels, ad agencies and Internet stations worldwide. (7) Other revenue represents fees earned for miscellaneous services, including on-site promotions, activations, and local marketing agreements. (8) Revenue from leases is primarily generated by the lease of towers to other media companies, which are all categorized as operating leases. Trade and Barter Trade and barter transactions represent the exchange of advertising spots for merchandise, services, 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. The revenues and expenses may not be recognized in the same period depending on the timing of the services, advertising or promotion received in exchange for advertising spots. Trade and barter revenues and expenses, which are included in consolidated revenue and selling, general and administrative expenses, respectively, were as follows: Three Months Ended Nine Months Ended (In thousands) 2023 2022 2023 2022 Trade and barter revenues $ 77,228 $ 57,236 $ 175,492 $ 130,557 Trade and barter expenses 49,995 38,001 128,902 113,752 In addition to the trade and barter revenue in the table above, the Company recognized $9.7 million and $14.9 million during the three months ended September 30, 2023 and 2022, respectively, and $21.4 million and $27.2 million during the nine months ended September 30, 2023 and 2022, respectively, in connection with investments made in companies in exchange for advertising services. The following tables show the Company’s deferred revenue balance from contracts with customers: Three Months Ended Nine Months Ended (In thousands) 2023 2022 2023 2022 Deferred revenue from contracts with customers: Beginning balance (1) $ 184,827 $ 189,679 $ 157,910 $ 161,114 Revenue recognized, included in beginning balance (73,407) (76,172) (102,588) (111,443) Additions, net of revenue recognized during period, and other 84,600 64,879 140,698 128,715 Ending balance $ 196,020 $ 178,386 $ 196,020 $ 178,386 (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 September 30, 2023, the Company expects to recognize $313.5 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 September 30, 2023, the future lease payments to be received by the Company are as follows: (In thousands) 2023 $ 200 2024 449 2025 248 2026 132 2027 80 Thereafter 96 Total $ 1,205

LEASES

LEASES	9 Months Ended
	Sep. 30, 2023
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. On September 29, 2023, the Company completed the sale of 122 of our broadcast tower sites and related assets for $45.3 million and entered into operating leases for the use of space on 121 of the broadcast tower sites and related assets sold. The Company realized a net loss of $3.2 million on the sale, which was recorded in Other Operating Expense, net in the Statement of Comprehensive Loss. The leases are for an initial term of ten years and include four optional five-year renewal periods. In connection with the transaction, the Company recorded ROU assets and lease liabilities with aggregate values of $26.3 million related to these leases. The Company tests for impairment of assets whenever events and circumstances indicate that such assets might be impaired. During the three and nine months ended September 30, 2023, the Company recognized non-cash impairment charges of $0.6 million and $6.1 million, respectively, due to changes in sublease assumptions for ROU assets related to certain operating leases for which management has made proactive decisions to abandon and sublease in connection with strategic actions to streamline the Company’s real estate footprint. During the three and nine months ended September 30, 2023, there were no non-cash impairment charges related to leasehold improvements. During the three months ended September 30, 2022, the Company recognized non-cash impairment charges of $7.6 million, including $7.1 million related to ROU assets and $0.5 million related to leasehold improvements. During the nine months ended September 30, 2022, the Company recognized non-cash impairment charges of $9.2 million, including $8.5 million related to ROU assets, and $0.7 million related to leasehold improvements. These charges were primarily to streamline the Company's real estate footprint. 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: Nine Months Ended September 30, (In thousands) 2023 2022 Cash paid for amounts included in measurement of operating lease liabilities $ 104,784 $ 109,158 Lease liabilities arising from obtaining right-of-use assets (1) 37,736 153,866 (1) Lease liabilities from obtaining right-of-use assets include new leases entered into during the nine months ended September 30, 2023 and 2022, respectively. The Company reflects changes in the lease liability and changes in the ROU asset on a net basis in the Statements of Cash Flows. The operating lease expense was $50.9 million and $65.6 million for the nine months ended September 30, 2023 and 2022, respectively.

PROPERTY, PLANT AND EQUIPMENT,

PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL	9 Months Ended
	Sep. 30, 2023
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 September 30, 2023 and December 31, 2022, respectively: (In thousands) September 30, December 31, Land, buildings and improvements $ 330,565 $ 340,692 Towers, transmitters and studio equipment 195,741 215,655 Computer equipment and software 653,171 617,794 Furniture and other equipment 48,977 41,924 Construction in progress 30,364 29,091 1,258,818 1,245,156 Less: accumulated depreciation 677,970 550,314 Property, plant and equipment, net $ 580,848 $ 694,842 On September 29, 2023, the Company completed a sale-leaseback of 122 of our broadcast tower sites and related assets for $45.3 million, and entered into operating leases for the use of space on 121 of the broadcast tower sites and related assets sold. The Company realized a net loss of $3.2 million on the sale, which was recorded in Other Operating Expense, net in the Statement of Comprehensive Loss. Indefinite-lived Intangible Assets The Company’s indefinite-lived intangible assets primarily consist of Federal Communications Commission ("FCC") broadcast licenses in its Multiplatform Group 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 other intangible assets whenever events and circumstances indicate that such assets might be impaired. As discussed in Note 1, Basis of Presentation , economic uncertainty due to inflation and higher interest rates since 2022 has resulted in, among other things, lower advertising spending by businesses. This economic uncertainty has had an adverse impact on the Company's revenues and cash flows. In addition, the economic uncertainty has had a significant impact on the trading values of the Company's debt and equity securities for a sustained period. As a result, the Company performed an interim impairment test as of June 30, 2023 on its FCC licenses, which resulted in a non-cash impairment charge of $363.6 million to the FCC licenses balance in the second quarter of 2023. No impairment was identified related to our FCC licenses as part of the 2023 annual impairment test performed during the third quarter. 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. When specific assets are determined to be unrecoverable, the cost basis of the asset is reduced to reflect the current fair market value. In connection with its interim impairment testing as of June 30, 2023, the Company also assessed its other intangible assets. Based on the Company’s assessment, no impairment indicators were identified related to the definite-lived intangible assets. The following table presents the gross carrying amount and accumulated amortization for each major class of other intangible assets as of September 30, 2023 and December 31, 2022, respectively: (In thousands) September 30, 2023 December 31, 2022 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Customer / advertiser relationships $ 1,652,455 $ (758,798) $ 1,652,455 $ (633,352) Talent and other contracts 338,900 (192,816) 338,900 (160,500) Trademarks and tradenames 335,862 (147,972) 335,862 (122,403) Other 18,443 (11,717) 18,443 (9,735) Total $ 2,345,660 $ (1,111,303) $ 2,345,660 $ (925,990) Total amortization expense related to definite-lived intangible assets for the Company for the three months ended September 30, 2023 and 2022 was $61.7 million and $63.4 million, respectively. Total amortization expense related to definite-lived intangible assets for the Company for the nine months ended September 30, 2023 and 2022 was $185.3 million and $189.9 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) 2024 $ 244,707 2025 213,514 2026 201,512 2027 176,171 2028 160,395 Goodwill The following table presents the changes in the carrying amount of goodwill: (In thousands) Multiplatform Group Digital Audio Group Audio & Media Services Group Consolidated Balance as of January 1, 2023 (1) $ 1,462,022 $ 747,350 $ 104,031 2,313,403 Impairment $ (121,563) $ (439,383) $ (34,515) (595,461) Acquisitions — 3,375 — 3,375 Foreign currency — (62) (32) (94) Balance as of September 30, 2023 $ 1,340,459 $ 311,280 $ 69,484 $ 1,721,223 (1) Beginning goodwill balance is presented net of prior accumulated impairment losses of $1.2 billion related to the Multiplatform Group segment. Refer to the table above for impairments recorded in 2023. 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 discussed above, economic uncertainty has had a significant impact on the Company's revenue and cash flows, as well as the trading values of the Company's debt and equity securities for a sustained period. As a result, the Company performed an impairment test as of June 30, 2023 on its goodwill, resulting in a non-cash impairment charge of $595.5 million to the goodwill balance in the second quarter of 2023. No impairment was identified related to our goodwill balance as part of the 2023 annual impairment test performed during the third quarter.
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 September 30, 2023 and December 31, 2022, respectively: (In thousands) September 30, December 31, Land, buildings and improvements $ 330,565 $ 340,692 Towers, transmitters and studio equipment 195,741 215,655 Computer equipment and software 653,171 617,794 Furniture and other equipment 48,977 41,924 Construction in progress 30,364 29,091 1,258,818 1,245,156 Less: accumulated depreciation 677,970 550,314 Property, plant and equipment, net $ 580,848 $ 694,842 On September 29, 2023, the Company completed a sale-leaseback of 122 of our broadcast tower sites and related assets for $45.3 million, and entered into operating leases for the use of space on 121 of the broadcast tower sites and related assets sold. The Company realized a net loss of $3.2 million on the sale, which was recorded in Other Operating Expense, net in the Statement of Comprehensive Loss. Indefinite-lived Intangible Assets The Company’s indefinite-lived intangible assets primarily consist of Federal Communications Commission ("FCC") broadcast licenses in its Multiplatform Group 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 other intangible assets whenever events and circumstances indicate that such assets might be impaired. As discussed in Note 1, Basis of Presentation , economic uncertainty due to inflation and higher interest rates since 2022 has resulted in, among other things, lower advertising spending by businesses. This economic uncertainty has had an adverse impact on the Company's revenues and cash flows. In addition, the economic uncertainty has had a significant impact on the trading values of the Company's debt and equity securities for a sustained period. As a result, the Company performed an interim impairment test as of June 30, 2023 on its FCC licenses, which resulted in a non-cash impairment charge of $363.6 million to the FCC licenses balance in the second quarter of 2023. No impairment was identified related to our FCC licenses as part of the 2023 annual impairment test performed during the third quarter. 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. When specific assets are determined to be unrecoverable, the cost basis of the asset is reduced to reflect the current fair market value. In connection with its interim impairment testing as of June 30, 2023, the Company also assessed its other intangible assets. Based on the Company’s assessment, no impairment indicators were identified related to the definite-lived intangible assets. The following table presents the gross carrying amount and accumulated amortization for each major class of other intangible assets as of September 30, 2023 and December 31, 2022, respectively: (In thousands) September 30, 2023 December 31, 2022 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Customer / advertiser relationships $ 1,652,455 $ (758,798) $ 1,652,455 $ (633,352) Talent and other contracts 338,900 (192,816) 338,900 (160,500) Trademarks and tradenames 335,862 (147,972) 335,862 (122,403) Other 18,443 (11,717) 18,443 (9,735) Total $ 2,345,660 $ (1,111,303) $ 2,345,660 $ (925,990) Total amortization expense related to definite-lived intangible assets for the Company for the three months ended September 30, 2023 and 2022 was $61.7 million and $63.4 million, respectively. Total amortization expense related to definite-lived intangible assets for the Company for the nine months ended September 30, 2023 and 2022 was $185.3 million and $189.9 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) 2024 $ 244,707 2025 213,514 2026 201,512 2027 176,171 2028 160,395 Goodwill The following table presents the changes in the carrying amount of goodwill: (In thousands) Multiplatform Group Digital Audio Group Audio & Media Services Group Consolidated Balance as of January 1, 2023 (1) $ 1,462,022 $ 747,350 $ 104,031 2,313,403 Impairment $ (121,563) $ (439,383) $ (34,515) (595,461) Acquisitions — 3,375 — 3,375 Foreign currency — (62) (32) (94) Balance as of September 30, 2023 $ 1,340,459 $ 311,280 $ 69,484 $ 1,721,223 (1) Beginning goodwill balance is presented net of prior accumulated impairment losses of $1.2 billion related to the Multiplatform Group segment. Refer to the table above for impairments recorded in 2023. 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 discussed above, economic uncertainty has had a significant impact on the Company's revenue and cash flows, as well as the trading values of the Company's debt and equity securities for a sustained period. As a result, the Company performed an impairment test as of June 30, 2023 on its goodwill, resulting in a non-cash impairment charge of $595.5 million to the goodwill balance in the second quarter of 2023. No impairment was identified related to our goodwill balance as part of the 2023 annual impairment test performed during the third quarter.

LONG-TERM DEBT

LONG-TERM DEBT	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT Long-term debt outstanding for the Company as of September 30, 2023 and December 31, 2022 consisted of the following: (In thousands) September 30, 2023 December 31, 2022 Term Loan Facility due 2026 $ 1,864,032 $ 1,864,032 Incremental Term Loan Facility due 2026 401,220 401,220 Asset-based Revolving Credit Facility due 2027 (1) — — 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 (2) 3,485 4,462 Total consolidated secured debt 4,318,737 4,319,714 8.375% Senior Unsecured Notes due 2027 (3) 931,357 1,120,366 Other unsecured subsidiary debt — 52 Original issue discount (8,323) (10,569) Long-term debt fees (13,065) (15,396) Total debt 5,228,706 5,414,167 Less: Current portion 390 664 Total long-term debt $ 5,228,316 $ 5,413,503 (1) As of September 30, 2023, the ABL Facility had a borrowing base of $436.7 million, no outstanding borrowings and $24.9 million of outstanding letters of credit, resulting in $411.8 million of borrowing base availability. (2) Other secured subsidiary debt consists of finance lease obligations maturing at various dates from 2024 through 2045. (3) During the three months ended September 30, 2023, the Company repurchased $89.1 million aggregate principal amount of iHeartCommunications Inc.'s 8.375% Senior Unsecured Notes due 2027 for $65.2 million in cash, excluding accrued interest, via open market transactions. The repurchased notes were subsequently cancelled and retired, resulting in a gain on extinguishment of debt of $23.9 million. During the nine months ended September 30, 2023, the Company repurchased $189.0 million aggregate principal amount of iHeartCommunications Inc.'s 8.375% Senior Unsecured Notes due 2027 for $137.5 million in cash, excluding accrued interest, via open market transactions. The repurchased notes were subsequently cancelled and retired, resulting in a gain on extinguishment of debt of $51.5 million. During the three months ended September 30, 2022, the Company repurchased $75.0 million aggregate principal amount of iHeartCommunications Inc.'s 8.375% Senior Unsecured Notes due 2027 for $68.1 million in cash, excluding accrued interest, via open market transactions. The repurchased notes were subsequently cancelled and retired, resulting in a gain on extinguishment of debt of $6.9 million. During the nine months ended September 30, 2022, the Company repurchased $188.5 million aggregate principal amount of iHeartCommunications Inc.'s 8.375% Senior Unsecured Notes due 2027 for $173.4 million in cash, excluding accrued interest, via open market transactions. The repurchased notes were subsequently cancelled and retired, resulting in a gain on extinguishment of debt of $15.1 million. The Company’s weighted average interest rate was 7.3% and 6.9% as of September 30, 2023 and December 31, 2022, respectively. The aggregate market value of the Company’s debt based on market prices for which quotes were available was approximately $4.4 billion and $4.8 billion as of September 30, 2023 and December 31, 2022, respectively. Under the fair value hierarchy established by ASC 820-10-35, the market value of the Company’s debt is classified as either Level 1 or Level 2. On June 15, 2023, iHeartCommunications, Inc. ("iHeartCommunications"), a wholly-owned subsidiary of iHeartMedia, entered into an amendment to the credit agreement governing its term loan credit facilities (the "Term Loan Facility"). The amendment replaces the prior Eurocurrency interest rate, based upon LIBOR, with the Secured Overnight Financing Rate (“SOFR”) successor rate plus a SOFR adjustment as specified in the credit agreement. The Term Loan Facility margins remain the same with the Term Loan Facility due 2026 containing margins of 3.00% for Term SOFR Loans (as defined in the credit agreement) and 2.00% for Base Rate Loans (as defined in the credit agreement), and the incremental Term Loan Facility due 2026 containing margins of 3.25% for Term SOFR Loans with a floor of 0.50% and 2.25% for Base Rate Loans with a floor of 1.50%. Surety Bonds and Letters of Credit As of September 30, 2023, the Company and its subsidiaries had outstanding surety bonds and commercial standby letters of credit of $9.0 million and $24.9 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	9 Months Ended
	Sep. 30, 2023
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/contract disputes; defamation matters; employment and benefits related claims; intellectual property claims; real estate matters; governmental investigations; and tax disputes. Alien Ownership Restrictions and FCC Declaratory Ruling

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company’s income tax benefit (expense) for the three and nine months ended September 30, 2023 and the three and nine months ended September 30, 2022 consisted of the following components: (In thousands) Three Months Ended Nine Months Ended 2023 2022 2023 2022 Current tax benefit (expense) $ (38,930) $ 15,871 $ (77,576) $ (26,289) Deferred tax benefit (expense) 48,191 (29,283) 107,089 31,304 Income tax benefit (expense) $ 9,261 $ (13,412) $ 29,513 $ 5,015 The effective tax rates for the three and nine months ended September 30, 2023 were 50.8% and 2.6%, respectively. The effective tax rates were primarily impacted by the forecasted increase in valuation allowance against certain deferred tax assets, related primarily to disallowed interest expense carryforwards, due to uncertainty regarding the Company’s ability to utilize those assets in future periods, as well as to impairment charges to non-deductible goodwill as discussed in Note 4, Property, Plant and Equipment, Intangible Assets and Goodwill . The effective tax rates for the three and nine months ended September 30, 2022 were (4.5)% and 1.4%, respectively. The effective tax rates were primarily impacted by the forecasted increase in valuation allowance against certain deferred tax assets, related primarily to disallowed interest expense carryforwards and net operating loss carryforwards, due to uncertainty regarding the Company’s ability to utilize those assets in future periods.

STOCKHOLDERS' EQUITY (DEFICIT)

STOCKHOLDERS' EQUITY (DEFICIT)	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
STOCKHOLDERS' EQUITY (DEFICIT)	STOCKHOLDERS' EQUITY (DEFICIT) Pursuant to the Company's 2019 Eq uity Incentive Plan (the "2019 Plan"), the Company historically granted restricted stock units and options to purchase shares of the Company's Class A common stock to certain key individuals. On April 21, 2021, the 2021 Long-Term Incentive Award Plan (the “2021 Plan”) was approved by stockholders and replaced the 2019 Plan. Pursuant to the 2021 Plan, the Company will continue to grant equity awards covering shares of the Company's Class A common stock to certain key individuals. Share-based Compensation Share-based compensation expenses are recorded in Selling, general and administrative expenses and were $8.2 million and $10.4 million for the three months ended September 30, 2023 and 2022, respectively. Share-based compensation expenses were $27.6 million and $24.6 million for the Company for the nine months ended September 30, 2023 and 2022, respectively. The Company periodically issues restricted stock units ("RSUs") and performance-based RSUs ("Performance RSUs") to certain key employees. The RSUs vest solely due to continued service over time. The Performance RSUs generally vest upon the achievement of certain total stockholder return goals, Adjusted EBITDA goals, Diversity, Equity and Inclusion goals, and continued service. The majority of these awards are being measured over an approximately 3-year period from the date of issuance, while certain Performance RSUs are measured over a 50-month period from the date of issuance. On May 18, 2023, the Company issued additional RSUs and Performance RSUs to certain key employees. The following table presents the Company's total share based compensation expense by award type for the three and nine months ended September 30, 2023 and 2022: (In thousands) Three Months Ended Nine Months Ended 2023 2022 2023 2022 RSUs $ 5,112 $ 6,219 $ 16,750 $ 14,471 Performance RSUs 2,288 2,044 6,520 3,544 Options 791 2,174 4,285 6,567 Total Share Based Compensation Expense $ 8,191 $ 10,437 $ 27,555 $ 24,582 As of September 30, 2023, there was $36.5 million of unrecognized compensation cost related to unvested share-based compensation arrangements with vesting based solely on service conditions. This cost is expected to be recognized over a weighted average period of approximately 1.9 years. In addition, as of September 30, 2023, there were unrecognized compensation costs of $22.3 million for the Performance RSUs related to unvested share-based compensation arrangements that will vest based on certain performance and service conditions. These costs will be recognized over a 3-year or 50-month period from the date of issuance. Special Warrants Each Special Warrant issued under the special warrant agreement entered into in connection with the Company's emergence from bankruptcy in 2019 may be exercised by its holder to purchase one share of Class A common stock or 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 Company's outstanding Class A common stock, (b) more than 22.5 percent of the Company's capital stock or voting interests being owned directly or indirectly by foreign individuals or entities, (c) the Company exceeding any other applicable foreign ownership threshold or (d) violation of 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 mentioned in Note 6 above, on November 5, 2020, the FCC issued the 2020 Declaratory Ruling, which permits the Company to be up to 100% foreign owned. During the three and nine months ended September 30, 2023, there were 9,185 and 9,383 Special Warrants, respectively, exercised for shares of Class A common stock. During the three and nine months ended September 30, 2023, there were none and 59 Special Warrants, respectively, exercised for shares of Class B common stock. During the three and nine months ended September 30, 2022, stockholders exercised 85,141 and 96,516 Special Warrants, respectively, for an equivalent number of shares of Class A common stock. During the three and nine months ended September 30, 2022, there were 96,602 Special Warrants exercised for shares of Class B common stock. Computation of Loss per Share (In thousands, except per share data) Three Months Ended Nine Months Ended 2023 2022 2023 2022 NUMERATOR: Net loss attributable to the Company – common shares $ (9,053) $ (310,363) $ (1,115,783) $ (344,544) DENOMINATOR (1) : Weighted average common shares outstanding - basic 149,695 148,299 149,084 147,957 Stock options and restricted stock (2) : — — — — Weighted average common shares outstanding - diluted 149,695 148,299 149,084 147,957 Net loss attributable to the Company per common share: Basic $ (0.06) $ (2.09) $ (7.48) $ (2.33) Diluted $ (0.06) $ (2.09) $ (7.48) $ (2.33) (1) All of the outstanding Special Warrants are included in both the basic and diluted weighted average common shares outstanding of the Company for the three and nine months ended September 30, 2023 and 2022. (2) Outstanding equity service awards representing 14.6 million and 11.7 million shares of Class A common stock of the Company for the three months ended September 30, 2023 and 2022, respectively, and 13.3 million and 10.8 million for the nine

SEGMENT DATA

SEGMENT DATA	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
SEGMENT DATA	SEGMENT DATAThe Company’s primary businesses are included in its Multiplatform Group and Digital Audio Group segments. Revenue and expenses earned and charged between Multiplatform Group, Digital Audio Group, Audio & Media Services Group, and Corporate are eliminated in consolidation. The Multiplatform Group provides media and entertainment services via broadcast delivery and also includes the Company’s events and national syndication businesses. The Digital Audio Group provides media and entertainment services via digital delivery. The Audio & Media Services Group provides other audio and media services, including the Company’s media representation business (Katz Media) and its provider of scheduling and broadcast software (RCS). Corporate includes infrastructure and support, including executive, information technology, human resources, legal, finance and administrative functions for the Company’s businesses. Share-based payments are recorded in Selling, general and administrative expense. The following tables present the Company's segment results for the Company for the three and nine months ended September 30, 2023 and 2022: Segments (In thousands) Multiplatform Group Digital Audio Group Audio & Media Services Group Corporate and other reconciling items Eliminations Consolidated Three Months Ended September 30, 2023 Revenue $ 626,383 $ 267,222 $ 61,979 $ — $ (2,595) $ 952,989 Operating expenses (1) 463,939 173,565 45,003 69,295 (2,595) 749,207 Segment Adjusted EBITDA (2) $ 162,444 $ 93,657 $ 16,976 $ (69,295) $ — $ 203,782 Depreciation and amortization (106,451) Impairment charges (570) Other operating expense, net (3,378) Restructuring expenses (16,227) Share-based compensation expense (8,191) Operating income $ 68,965 Intersegment revenues $ — $ 1,222 $ 1,373 $ — $ — $ 2,595 Capital expenditures 10,822 6,069 1,509 10,118 — 28,518 Share-based compensation expense — — — 8,191 — 8,191 Segments (In thousands) Multiplatform Group Digital Audio Group Audio & Media Services Group Corporate and other reconciling items Eliminations Consolidated Three Months Ended September 30, 2022 Revenue $ 659,896 $ 253,953 $ 77,794 $ — $ (2,713) $ 988,930 Operating expenses (1) 452,631 175,636 48,044 63,090 (2,713) 736,688 Segment Adjusted EBITDA (2) $ 207,265 $ 78,317 $ 29,750 $ (63,090) $ — $ 252,242 Depreciation and amortization (109,305) Impairment charges (309,750) Other operating expense, net (9,451) Restructuring expenses (24,486) Share-based compensation expense (10,437) Operating loss $ (211,187) Intersegment revenues $ 112 $ 1,314 $ 1,287 $ — $ — $ 2,713 Capital expenditures 31,613 4,808 1,276 2,660 — 40,357 Share-based compensation expense — — — 10,437 — 10,437 Segments (In thousands) Multiplatform Group Digital Audio Group Audio & Media Services Group Corporate and other reconciling items Eliminations Consolidated Nine Months Ended September 30, 2023 Revenue $ 1,751,340 $ 751,472 $ 189,134 $ — $ (7,704) $ 2,684,242 Operating expenses (1) 1,339,441 519,115 138,315 206,689 (7,704) 2,195,856 Segment Adjusted EBITDA (2) $ 411,899 $ 232,357 $ 50,819 $ (206,689) $ — $ 488,386 Depreciation and amortization (323,028) Impairment charges (965,087) Other operating expense, net (3,338) Restructuring expenses (46,469) Share-based compensation expense (27,555) Operating loss $ (877,091) Intersegment revenues $ — $ 3,627 $ 4,077 $ — $ — $ 7,704 Capital expenditures 52,116 17,348 6,300 14,692 — 90,456 Share-based compensation expense — — — 27,555 — 27,555 Segments (In thousands) Multiplatform Group Digital Audio Group Audio & Media Services Group Corporate and other reconciling items Eliminations Consolidated Nine Months Ended September 30, 2022 Revenue $ 1,864,356 $ 720,733 $ 209,716 $ (8,412) $ 2,786,393 Operating expenses (1) 1,328,688 511,025 141,509 178,938 (8,412) 2,151,748 Segment Adjusted EBITDA (2) $ 535,668 $ 209,708 $ 68,207 $ (178,938) $ — $ 634,645 Depreciation and amortization (334,144) Impairment charges (311,329) Other operating expense, net (25,985) Restructuring expenses (54,588) Share-based compensation expense (24,582) Operating loss $ (115,983) Intersegment revenues $ 447 $ 3,959 $ 4,006 $ — $ 8,412 Capital expenditures 80,329 15,876 5,398 10,964 112,567 Share-based compensation expense — — — 24,582 24,582 (1) Consolidated operating expenses consist of Direct operating expenses and Selling, general and administrative expenses and exclude Restructuring expenses, share-based compensation expenses and depreciation and amortization.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ (9,053)	$ (310,363)	$ (1,115,783)	$ (344,544)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	9 Months Ended
	Sep. 30, 2023
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. The financial statements contained herein should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. The Company reports based on three reportable segments: ▪ the Multiplatform Group, which includes the Company's Broadcast radio, Networks and Sponsorships and Events businesses; ▪ the Digital Audio Group, which includes all of the Company's Digital businesses, including Podcasting; and ▪ the Audio & Media Services Group, which includes Katz Media Group (“Katz Media”), a full-service media representation business, and RCS Sound Software ("RCS"), a provider of scheduling and broadcast software and services.
Reclassifications	Reclassifications Certain prior period amounts have been reclassified to conform to the 2023 presentation.
New Accounting Pronouncements Recently Adopted	New Accounting Pronouncements Recently Adopted In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805) - Accounting for Contract Assets and Contract Liabilities from Contracts with Customers which requires an acquirer in a business combination to recognize and measure contract assets and contract liabilities in accordance with Accounting Standards Codification 606. The Company adopted this guidance during the first quarter of 2023. The adoption did not have a material impact on the Company’s financial position, results of operations or cash flows.

BASIS OF PRESENTATION (Tables)

BASIS OF PRESENTATION (Tables)	9 Months Ended
	Sep. 30, 2023
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) September 30, December 31, Cash and cash equivalents $ 213,479 $ 336,236 Restricted cash included in: Other current assets — 425 Total cash, cash equivalents and restricted cash in the Statement of Cash Flows $ 213,479 $ 336,661

REVENUE (Tables)

REVENUE (Tables)	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following tables show revenue streams for the three and nine months ended September 30, 2023 and 2022: (In thousands) Multiplatform Group Digital Audio Group Audio & Media Services Group Eliminations Consolidated Three Months Ended September 30, 2023 Revenue from contracts with customers: Broadcast Radio (1) $ 455,103 $ — $ — $ — $ 455,103 Networks (2) 116,334 — — — 116,334 Sponsorship and Events (3) 49,500 — — — 49,500 Digital, excluding Podcast (4) — 164,559 — (1,222) 163,337 Podcast (5) — 102,663 — — 102,663 Audio & Media Services (6) — — 61,979 (1,373) 60,606 Other (7) 5,210 — — — 5,210 Total 626,147 267,222 61,979 (2,595) 952,753 Revenue from leases (8) 236 — — — 236 Revenue, total $ 626,383 $ 267,222 $ 61,979 $ (2,595) $ 952,989 Three Months Ended September 30, 2022 Revenue from contracts with customers: Broadcast Radio (1) $ 484,812 $ — $ — $ — $ 484,812 Networks (2) 127,239 — — — 127,239 Sponsorship and Events (3) 42,562 — — — 42,562 Digital, excluding Podcast (4) — 162,700 — (1,314) 161,386 Podcast (5) — 91,253 — — 91,253 Audio & Media Services (6) — — 77,794 (1,287) 76,507 Other (7) 4,865 — — (112) 4,753 Total 659,478 253,953 77,794 (2,713) 988,512 Revenue from leases (8) 418 418 Revenue, total $ 659,896 $ 253,953 $ 77,794 $ (2,713) $ 988,930 (In thousands) Multiplatform Group Digital Audio Group Audio & Media Services Group Eliminations Consolidated Nine Months Ended September 30, 2023 Revenue from contracts with customers: Broadcast Radio (1) $ 1,267,493 $ — $ — $ — $ 1,267,493 Networks (2) 346,456 — — — 346,456 Sponsorship and Events (3) 120,297 — — — 120,297 Digital, excluding Podcast (4) — 475,291 — (3,627) 471,664 Podcast (5) — 276,181 — — 276,181 Audio & Media Services (6) — — 189,134 (4,077) 185,057 Other (7) 15,719 — — — 15,719 Total 1,749,965 751,472 189,134 (7,704) 2,682,867 Revenue from leases (8) 1,375 — — — 1,375 Revenue, total $ 1,751,340 $ 751,472 $ 189,134 $ (7,704) $ 2,684,242 Nine Months Ended September 30, 2022 Revenue from contracts with customers: Broadcast Radio (1) $ 1,362,601 $ — $ — $ — $ 1,362,601 Networks (2) 372,329 — — — 372,329 Sponsorship and Events (3) 114,226 — — — 114,226 Digital, excluding Podcast (4) — 475,254 — (3,959) 471,295 Podcast (5) — 245,479 — — 245,479 Audio & Media Services (6) — — 209,716 (4,006) 205,710 Other (7) 14,127 — — (447) 13,680 Total 1,863,283 720,733 209,716 (8,412) 2,785,320 Revenue from leases (8) 1,073 — — — 1,073 Revenue, total $ 1,864,356 $ 720,733 $ 209,716 $ (8,412) $ 2,786,393 (1) Broadcast Radio revenue is generated through the sale of advertising time on the Company’s domestic radio stations. (2) Networks revenue is generated through the sale of advertising on the Company’s Premiere and Total Traffic & Weather network programs and through the syndication of network programming to other media companies. (3) Sponsorship and events revenue is generated through local events and major nationally-recognized tent pole events and include sponsorship and other advertising revenue, ticket sales, and licensing, as well as endorsement and appearance fees generated by on-air talent. (4) Digital, excluding Podcast revenue is generated through the sale of streaming and display advertisements on digital platforms and through subscriptions to iHeartRadio streaming services. (5) Podcast revenue is generated through the sale of advertising on the Company's podcast network. (6) Audio & Media Services revenue is generated by services provided to broadcast industry participants through the Company’s Katz Media and RCS businesses. As a media representation firm, Katz Media generates revenue via commissions on media sold on behalf of the radio and television stations that it represents, while RCS generates revenue by providing broadcast software and media streaming, along with research services for radio stations, broadcast television stations, cable channels, record labels, ad agencies and Internet stations worldwide. (7) Other revenue represents fees earned for miscellaneous services, including on-site promotions, activations, and local marketing agreements. (8) Revenue from leases is primarily generated by the lease of towers to other media companies, which are all categorized as operating leases.
Schedule of Barter and Trade Revenues and Expenses	Trade and barter revenues and expenses, which are included in consolidated revenue and selling, general and administrative expenses, respectively, were as follows: Three Months Ended Nine Months Ended (In thousands) 2023 2022 2023 2022 Trade and barter revenues $ 77,228 $ 57,236 $ 175,492 $ 130,557 Trade and barter expenses 49,995 38,001 128,902 113,752
Schedule of Contract with Customer, Asset and Liability	The following tables show the Company’s deferred revenue balance from contracts with customers: Three Months Ended Nine Months Ended (In thousands) 2023 2022 2023 2022 Deferred revenue from contracts with customers: Beginning balance (1) $ 184,827 $ 189,679 $ 157,910 $ 161,114 Revenue recognized, included in beginning balance (73,407) (76,172) (102,588) (111,443) Additions, net of revenue recognized during period, and other 84,600 64,879 140,698 128,715 Ending balance $ 196,020 $ 178,386 $ 196,020 $ 178,386 (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 September 30, 2023, the future lease payments to be received by the Company are as follows: (In thousands) 2023 $ 200 2024 449 2025 248 2026 132 2027 80 Thereafter 96 Total $ 1,205

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Schedule of Cash Flow, Supplemental Disclosures	The following table provides supplemental cash flow information related to leases for the periods presented: Nine Months Ended September 30, (In thousands) 2023 2022 Cash paid for amounts included in measurement of operating lease liabilities $ 104,784 $ 109,158 Lease liabilities arising from obtaining right-of-use assets (1) 37,736 153,866 (1) Lease liabilities from obtaining right-of-use assets include new leases entered into during the nine months ended September 30, 2023 and 2022, respectively.

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL (Tables)	9 Months Ended
	Sep. 30, 2023
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 September 30, 2023 and December 31, 2022, respectively: (In thousands) September 30, December 31, Land, buildings and improvements $ 330,565 $ 340,692 Towers, transmitters and studio equipment 195,741 215,655 Computer equipment and software 653,171 617,794 Furniture and other equipment 48,977 41,924 Construction in progress 30,364 29,091 1,258,818 1,245,156 Less: accumulated depreciation 677,970 550,314 Property, plant and equipment, net $ 580,848 $ 694,842
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 September 30, 2023 and December 31, 2022, respectively: (In thousands) September 30, 2023 December 31, 2022 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Customer / advertiser relationships $ 1,652,455 $ (758,798) $ 1,652,455 $ (633,352) Talent and other contracts 338,900 (192,816) 338,900 (160,500) Trademarks and tradenames 335,862 (147,972) 335,862 (122,403) Other 18,443 (11,717) 18,443 (9,735) Total $ 2,345,660 $ (1,111,303) $ 2,345,660 $ (925,990)
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) 2024 $ 244,707 2025 213,514 2026 201,512 2027 176,171 2028 160,395
Schedule of Changes in Carrying Amount of Goodwill	The following table presents the changes in the carrying amount of goodwill: (In thousands) Multiplatform Group Digital Audio Group Audio & Media Services Group Consolidated Balance as of January 1, 2023 (1) $ 1,462,022 $ 747,350 $ 104,031 2,313,403 Impairment $ (121,563) $ (439,383) $ (34,515) (595,461) Acquisitions — 3,375 — 3,375 Foreign currency — (62) (32) (94) Balance as of September 30, 2023 $ 1,340,459 $ 311,280 $ 69,484 $ 1,721,223 (1) Beginning goodwill balance is presented net of prior accumulated impairment losses of $1.2 billion related to the Multiplatform Group segment. Refer to the table above for impairments recorded in 2023.

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Long-Term Debt Outstanding	Long-term debt outstanding for the Company as of September 30, 2023 and December 31, 2022 consisted of the following: (In thousands) September 30, 2023 December 31, 2022 Term Loan Facility due 2026 $ 1,864,032 $ 1,864,032 Incremental Term Loan Facility due 2026 401,220 401,220 Asset-based Revolving Credit Facility due 2027 (1) — — 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 (2) 3,485 4,462 Total consolidated secured debt 4,318,737 4,319,714 8.375% Senior Unsecured Notes due 2027 (3) 931,357 1,120,366 Other unsecured subsidiary debt — 52 Original issue discount (8,323) (10,569) Long-term debt fees (13,065) (15,396) Total debt 5,228,706 5,414,167 Less: Current portion 390 664 Total long-term debt $ 5,228,316 $ 5,413,503 (1) As of September 30, 2023, the ABL Facility had a borrowing base of $436.7 million, no outstanding borrowings and $24.9 million of outstanding letters of credit, resulting in $411.8 million of borrowing base availability. (2) Other secured subsidiary debt consists of finance lease obligations maturing at various dates from 2024 through 2045. (3) During the three months ended September 30, 2023, the Company repurchased $89.1 million aggregate principal amount of iHeartCommunications Inc.'s 8.375% Senior Unsecured Notes due 2027 for $65.2 million in cash, excluding accrued interest, via open market transactions. The repurchased notes were subsequently cancelled and retired, resulting in a gain on extinguishment of debt of $23.9 million. During the nine months ended September 30, 2023, the Company repurchased $189.0 million aggregate principal amount of iHeartCommunications Inc.'s 8.375% Senior Unsecured Notes due 2027 for $137.5 million in cash, excluding accrued interest, via open market transactions. The repurchased notes were subsequently cancelled and retired, resulting in a gain on extinguishment of debt of $51.5 million. During the three months ended September 30, 2022, the Company repurchased $75.0 million aggregate principal amount of iHeartCommunications Inc.'s 8.375% Senior Unsecured Notes due 2027 for $68.1 million in cash, excluding accrued interest, via open market transactions. The repurchased notes were subsequently cancelled and retired, resulting in a gain on extinguishment of debt of $6.9 million. During the nine months ended September 30, 2022, the Company repurchased $188.5 million aggregate principal amount of iHeartCommunications Inc.'s 8.375% Senior Unsecured Notes due 2027 for $173.4 million in cash, excluding accrued interest, via open market transactions. The repurchased notes were subsequently cancelled and retired, resulting in a gain on extinguishment of debt of $15.1 million.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Schedule of Income Tax Benefit (Expense)	The Company’s income tax benefit (expense) for the three and nine months ended September 30, 2023 and the three and nine months ended September 30, 2022 consisted of the following components: (In thousands) Three Months Ended Nine Months Ended 2023 2022 2023 2022 Current tax benefit (expense) $ (38,930) $ 15,871 $ (77,576) $ (26,289) Deferred tax benefit (expense) 48,191 (29,283) 107,089 31,304 Income tax benefit (expense) $ 9,261 $ (13,412) $ 29,513 $ 5,015

STOCKHOLDERS' EQUITY (DEFICIT)

STOCKHOLDERS' EQUITY (DEFICIT) (Tables)	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Schedule of Share-Based Payment Arrangement, Cost by Plan	The following table presents the Company's total share based compensation expense by award type for the three and nine months ended September 30, 2023 and 2022: (In thousands) Three Months Ended Nine Months Ended 2023 2022 2023 2022 RSUs $ 5,112 $ 6,219 $ 16,750 $ 14,471 Performance RSUs 2,288 2,044 6,520 3,544 Options 791 2,174 4,285 6,567 Total Share Based Compensation Expense $ 8,191 $ 10,437 $ 27,555 $ 24,582
Schedule of Computation of Income (Loss) per Share	(In thousands, except per share data) Three Months Ended Nine Months Ended 2023 2022 2023 2022 NUMERATOR: Net loss attributable to the Company – common shares $ (9,053) $ (310,363) $ (1,115,783) $ (344,544) DENOMINATOR (1) : Weighted average common shares outstanding - basic 149,695 148,299 149,084 147,957 Stock options and restricted stock (2) : — — — — Weighted average common shares outstanding - diluted 149,695 148,299 149,084 147,957 Net loss attributable to the Company per common share: Basic $ (0.06) $ (2.09) $ (7.48) $ (2.33) Diluted $ (0.06) $ (2.09) $ (7.48) $ (2.33) (1) All of the outstanding Special Warrants are included in both the basic and diluted weighted average common shares outstanding of the Company for the three and nine months ended September 30, 2023 and 2022. (2) Outstanding equity service awards representing 14.6 million and 11.7 million shares of Class A common stock of the Company for the three months ended September 30, 2023 and 2022, respectively, and 13.3 million and 10.8 million for the nine

SEGMENT DATA (Tables)

SEGMENT DATA (Tables)	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Schedule of Reportable Segment Results	The following tables present the Company's segment results for the Company for the three and nine months ended September 30, 2023 and 2022: Segments (In thousands) Multiplatform Group Digital Audio Group Audio & Media Services Group Corporate and other reconciling items Eliminations Consolidated Three Months Ended September 30, 2023 Revenue $ 626,383 $ 267,222 $ 61,979 $ — $ (2,595) $ 952,989 Operating expenses (1) 463,939 173,565 45,003 69,295 (2,595) 749,207 Segment Adjusted EBITDA (2) $ 162,444 $ 93,657 $ 16,976 $ (69,295) $ — $ 203,782 Depreciation and amortization (106,451) Impairment charges (570) Other operating expense, net (3,378) Restructuring expenses (16,227) Share-based compensation expense (8,191) Operating income $ 68,965 Intersegment revenues $ — $ 1,222 $ 1,373 $ — $ — $ 2,595 Capital expenditures 10,822 6,069 1,509 10,118 — 28,518 Share-based compensation expense — — — 8,191 — 8,191 Segments (In thousands) Multiplatform Group Digital Audio Group Audio & Media Services Group Corporate and other reconciling items Eliminations Consolidated Three Months Ended September 30, 2022 Revenue $ 659,896 $ 253,953 $ 77,794 $ — $ (2,713) $ 988,930 Operating expenses (1) 452,631 175,636 48,044 63,090 (2,713) 736,688 Segment Adjusted EBITDA (2) $ 207,265 $ 78,317 $ 29,750 $ (63,090) $ — $ 252,242 Depreciation and amortization (109,305) Impairment charges (309,750) Other operating expense, net (9,451) Restructuring expenses (24,486) Share-based compensation expense (10,437) Operating loss $ (211,187) Intersegment revenues $ 112 $ 1,314 $ 1,287 $ — $ — $ 2,713 Capital expenditures 31,613 4,808 1,276 2,660 — 40,357 Share-based compensation expense — — — 10,437 — 10,437 Segments (In thousands) Multiplatform Group Digital Audio Group Audio & Media Services Group Corporate and other reconciling items Eliminations Consolidated Nine Months Ended September 30, 2023 Revenue $ 1,751,340 $ 751,472 $ 189,134 $ — $ (7,704) $ 2,684,242 Operating expenses (1) 1,339,441 519,115 138,315 206,689 (7,704) 2,195,856 Segment Adjusted EBITDA (2) $ 411,899 $ 232,357 $ 50,819 $ (206,689) $ — $ 488,386 Depreciation and amortization (323,028) Impairment charges (965,087) Other operating expense, net (3,338) Restructuring expenses (46,469) Share-based compensation expense (27,555) Operating loss $ (877,091) Intersegment revenues $ — $ 3,627 $ 4,077 $ — $ — $ 7,704 Capital expenditures 52,116 17,348 6,300 14,692 — 90,456 Share-based compensation expense — — — 27,555 — 27,555 Segments (In thousands) Multiplatform Group Digital Audio Group Audio & Media Services Group Corporate and other reconciling items Eliminations Consolidated Nine Months Ended September 30, 2022 Revenue $ 1,864,356 $ 720,733 $ 209,716 $ (8,412) $ 2,786,393 Operating expenses (1) 1,328,688 511,025 141,509 178,938 (8,412) 2,151,748 Segment Adjusted EBITDA (2) $ 535,668 $ 209,708 $ 68,207 $ (178,938) $ — $ 634,645 Depreciation and amortization (334,144) Impairment charges (311,329) Other operating expense, net (25,985) Restructuring expenses (54,588) Share-based compensation expense (24,582) Operating loss $ (115,983) Intersegment revenues $ 447 $ 3,959 $ 4,006 $ — $ 8,412 Capital expenditures 80,329 15,876 5,398 10,964 112,567 Share-based compensation expense — — — 24,582 24,582 (1) Consolidated operating expenses consist of Direct operating expenses and Selling, general and administrative expenses and exclude Restructuring expenses, share-based compensation expenses and depreciation and amortization.

BASIS OF PRESENTATION - Narrati

BASIS OF PRESENTATION - Narrative (Details)		1 Months Ended	3 Months Ended	9 Months Ended	12 Months Ended
	Jun. 30, 2023 USD ($)	Jan. 31, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2023 USD ($) segment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2022 USD ($)	Mar. 27, 2020 USD ($)
Short-Term Debt [Line Items]
Number of reportable segments | segment				3
Employer social security payments, deferred payment, CARES Act						$ 29,300,000
Refundable payroll tax credit, CARES Act								$ 12,400,000
Refundable payroll tax credit received, CARES Act		$ 7,900,000			$ 3,800,000	$ 700,000
Goodwill impairment	$ 595,500,000		$ 0	$ 595,461,000
Cash and cash equivalents			213,479,000	213,479,000			$ 336,236,000
Total available liquidity amount			625,000,000	625,000,000
Subsidiary | Revolving Credit Facility | Asset-based Revolving Credit Facility due 2027 | Line of Credit
Short-Term Debt [Line Items]
Debt instrument, face amount			450,000,000	450,000,000
Maximum borrowings provided under credit facility			436,700,000	436,700,000
Long-term line of credit			0	0
Letters of credit outstanding			24,900,000	24,900,000
Line of credit, remaining borrowing availability			$ 411,800,000	$ 411,800,000
Licenses
Short-Term Debt [Line Items]
Impairment of intangible assets, indefinite-lived	$ 363,600,000

BASIS OF PRESENTATION - Reconci

BASIS OF PRESENTATION - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Cash and cash equivalents	$ 213,479	$ 336,236
Restricted cash included in:
Other current assets	0	425
Total cash, cash equivalents and restricted cash in the Statement of Cash Flows	$ 213,479	$ 336,661	$ 295,824	$ 352,554

REVENUE - Disaggregation of Rev

REVENUE - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	$ 952,753	$ 988,512	$ 2,682,867	$ 2,785,320
Revenue from leases	236	418	1,375	1,073
Revenue, total	952,989	988,930	2,684,242	2,786,393
Broadcast Radio
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	455,103	484,812	1,267,493	1,362,601
Networks
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	116,334	127,239	346,456	372,329
Sponsorship and Events
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	49,500	42,562	120,297	114,226
Digital, excluding Podcast
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	163,337	161,386	471,664	471,295
Podcast
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	102,663	91,253	276,181	245,479
Audio and Media Services
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	60,606	76,507	185,057	205,710
Other
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	5,210	4,753	15,719	13,680
Operating segments | Multiplatform Group
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	626,147	659,478	1,749,965	1,863,283
Revenue from leases	236	418	1,375	1,073
Revenue, total	626,383	659,896	1,751,340	1,864,356
Operating segments | Multiplatform Group | Broadcast Radio
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	455,103	484,812	1,267,493	1,362,601
Operating segments | Multiplatform Group | Networks
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	116,334	127,239	346,456	372,329
Operating segments | Multiplatform Group | Sponsorship and Events
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	49,500	42,562	120,297	114,226
Operating segments | Multiplatform Group | Digital, excluding Podcast
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0	0	0
Operating segments | Multiplatform Group | Podcast
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0	0	0
Operating segments | Multiplatform Group | Audio and Media Services
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0	0	0
Operating segments | Multiplatform Group | Other
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	5,210	4,865	15,719	14,127
Operating segments | Digital Audio Group
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	267,222	253,953	751,472	720,733
Revenue from leases	0		0	0
Revenue, total	267,222	253,953	751,472	720,733
Operating segments | Digital Audio Group | Broadcast Radio
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0	0	0
Operating segments | Digital Audio Group | Networks
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0	0	0
Operating segments | Digital Audio Group | Sponsorship and Events
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0	0	0
Operating segments | Digital Audio Group | Digital, excluding Podcast
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	164,559	162,700	475,291	475,254
Operating segments | Digital Audio Group | Podcast
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	102,663	91,253	276,181	245,479
Operating segments | Digital Audio Group | Audio and Media Services
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0	0	0
Operating segments | Digital Audio Group | Other
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0	0	0
Operating segments | Audio & Media Services Group
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	61,979	77,794	189,134	209,716
Revenue from leases	0		0	0
Revenue, total	61,979	77,794	189,134	209,716
Operating segments | Audio & Media Services Group | Broadcast Radio
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0	0	0
Operating segments | Audio & Media Services Group | Networks
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0	0	0
Operating segments | Audio & Media Services Group | Sponsorship and Events
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0	0	0
Operating segments | Audio & Media Services Group | Digital, excluding Podcast
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0	0	0
Operating segments | Audio & Media Services Group | Podcast
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0	0	0
Operating segments | Audio & Media Services Group | Audio and Media Services
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	61,979	77,794	189,134	209,716
Operating segments | Audio & Media Services Group | Other
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0	0	0
Eliminations
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	(2,595)	(2,713)	(7,704)	(8,412)
Revenue from leases	0		0	0
Revenue, total	(2,595)	(2,713)	(7,704)	(8,412)
Eliminations | Broadcast Radio
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0	0	0
Eliminations | Networks
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0	0	0
Eliminations | Sponsorship and Events
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0	0	0
Eliminations | Digital, excluding Podcast
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	(1,222)	(1,314)	(3,627)	(3,959)
Eliminations | Podcast
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0	0	0
Eliminations | Audio and Media Services
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	(1,373)	(1,287)	(4,077)	(4,006)
Eliminations | Other
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	$ 0	$ (112)	$ 0	$ (447)

REVENUE - Schedule of Barter an

REVENUE - Schedule of Barter and Trade Revenue and Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Trade and barter revenues	$ 952,753	$ 988,512	$ 2,682,867	$ 2,785,320
Trade and Barter Transactions
Disaggregation of Revenue [Line Items]
Trade and barter revenues	77,228	57,236	175,492	130,557
Trade and barter expenses	$ 49,995	$ 38,001	$ 128,902	$ 113,752

REVENUE - Narrative (Details)

REVENUE - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Trade and barter revenues	$ 952,753	$ 988,512	$ 2,682,867	$ 2,785,320
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 313,500		$ 313,500
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	$ 9,700	$ 14,900	$ 21,400	$ 27,200

REVENUE - Schedule of Contract

REVENUE - Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Deferred revenue from contracts with customers:
Beginning balance	$ 184,827	$ 189,679	$ 157,910	$ 161,114
Revenue recognized, included in beginning balance	(73,407)	(76,172)	(102,588)	(111,443)
Additions, net of revenue recognized during period, and other	84,600	64,879	140,698	128,715
Ending balance	$ 196,020	$ 178,386	$ 196,020	$ 178,386

REVENUE - Revenue From Leases (

REVENUE - Revenue From Leases (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Operating Leases, Future Minimum Payments Receivable [Abstract]
2023	$ 200
2024	449
2025	248
2026	132
2027	80
Thereafter	96
Total	$ 1,205

LEASES - Narrative (Details)

LEASES - Narrative (Details)		3 Months Ended		9 Months Ended
	Sep. 29, 2023 USD ($) broadcast_tower_site	Sep. 30, 2023 USD ($) option	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) option	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Leases [Abstract]
Number of broadcast tower sites sold | broadcast_tower_site	122
Sale leaseback assets	$ 45,300,000
Number of broadcast tower sites entered into operating leases for use | broadcast_tower_site	121
Sale and leaseback realized loss	$ (3,200,000)
Lease initial term		10 years		10 years
Number of optional renewal | option		4		4
Renewal periods	5 years
Operating lease right-of-use assets	$ 26,300,000	$ 713,941,000		$ 713,941,000		$ 788,280,000
Total operating lease liability	$ 26,300,000
Non-cash impairment charge on operating lease		600,000	$ 7,100,000	6,100,000	$ 8,500,000
Impairment of leasehold impairment		$ 0	500,000	0	700,000
Non-cash impairment charges			$ 7,600,000		9,200,000
Operating lease expense				$ 50,900,000	$ 65,600,000

LEASES - Supplemental Cash Flow

LEASES - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Cash paid for amounts included in measurement of operating lease liabilities	$ 104,784	$ 109,158
Lease liabilities arising from obtaining right-of-use assets	$ 37,736	$ 153,866

PROPERTY, PLANT AND EQUIPMENT_3

PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Schedule Of Property, Plant And Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 1,258,818	$ 1,245,156
Less: accumulated depreciation	677,970	550,314
Property, plant and equipment, net	580,848	694,842
Land, buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	330,565	340,692
Towers, transmitters and studio equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	195,741	215,655
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	653,171	617,794
Furniture and other equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	48,977	41,924
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 30,364	$ 29,091

PROPERTY, PLANT AND EQUIPMENT_4

PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Narrative (Details)			3 Months Ended		9 Months Ended
	Sep. 29, 2023 USD ($) broadcast_tower_site	Jun. 30, 2023 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)
Indefinite-lived Intangible Assets [Line Items]
Number of broadcast tower sites sold | broadcast_tower_site	122
Sale leaseback assets	$ 45,300,000
Number of broadcast tower sites entered into operating leases for use | broadcast_tower_site	121
Sale and leaseback realized loss	$ (3,200,000)
Total amortization expense related to definite-lived intangible assets			$ 61,700,000	$ 63,400,000	$ 185,300,000	$ 189,900,000
Goodwill impairment		$ 595,500,000	$ 0		$ 595,461,000
Licenses
Indefinite-lived Intangible Assets [Line Items]
Impairment of intangible assets, indefinite-lived		$ 363,600,000

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	Sep. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 2,345,660	$ 2,345,660
Accumulated Amortization	(1,111,303)	(925,990)
Customer / advertiser relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,652,455	1,652,455
Accumulated Amortization	(758,798)	(633,352)
Talent and other contracts
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	338,900	338,900
Accumulated Amortization	(192,816)	(160,500)
Trademarks and tradenames
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	335,862	335,862
Accumulated Amortization	(147,972)	(122,403)
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	18,443	18,443
Accumulated Amortization	$ (11,717)	$ (9,735)

PROPERTY, PLANT AND EQUIPMENT_6

PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Schedule Of Future Amortization Expense (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Property, Plant and Equipment [Abstract]
2024	$ 244,707
2025	213,514
2026	201,512
2027	176,171
2028	$ 160,395

PROPERTY, PLANT AND EQUIPMENT_7

PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Schedule Of Changes In Carrying Amount Of Goodwill (Details) - USD ($)		3 Months Ended	9 Months Ended
	Jun. 30, 2023	Sep. 30, 2023	Sep. 30, 2023	Dec. 31, 2022
Goodwill
Beginning balance			$ 2,313,403,000
Impairment	$ (595,500,000)	$ 0	(595,461,000)
Acquisitions			3,375,000
Foreign currency			(94,000)
Ending balance		1,721,223,000	1,721,223,000
Multiplatform Group
Goodwill
Beginning balance			1,462,022,000
Impairment			(121,563,000)
Acquisitions			0
Foreign currency			0
Ending balance		1,340,459,000	1,340,459,000
Goodwill accumulated impairment losses				$ 1,200,000,000
Digital Audio Group
Goodwill
Beginning balance			747,350,000
Impairment			(439,383,000)
Acquisitions			3,375,000
Foreign currency			(62,000)
Ending balance		311,280,000	311,280,000
Audio & Media Services Group
Goodwill
Beginning balance			104,031,000
Impairment			(34,515,000)
Acquisitions			0
Foreign currency			(32,000)
Ending balance		$ 69,484,000	$ 69,484,000

LONG-TERM DEBT - Schedule Of Lo

LONG-TERM DEBT - Schedule Of Long-Term Debt Outstanding (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term debt	$ 5,228,706,000		$ 5,228,706,000		$ 5,414,167,000
Original issue discount	(8,323,000)		(8,323,000)		(10,569,000)
Long-term debt fees	(13,065,000)		(13,065,000)		(15,396,000)
Less: Current portion	390,000		390,000		664,000
Total long-term debt	5,228,316,000		5,228,316,000		5,413,503,000
Gain on extinguishment of debt	23,947,000	$ 6,892,000	51,474,000	$ 15,095,000
Secured Debt
Debt Instrument [Line Items]
Long-term debt	4,318,737,000		4,318,737,000		4,319,714,000
Secured Debt | Term Loan Facility due 2026
Debt Instrument [Line Items]
Long-term debt	1,864,032,000		1,864,032,000		1,864,032,000
Secured Debt | Incremental Term Loan Facility due 2026
Debt Instrument [Line Items]
Long-term debt	401,220,000		401,220,000		401,220,000
Secured Debt | Asset-based Revolving Credit Facility due 2027
Debt Instrument [Line Items]
Long-term debt	$ 0		$ 0		0
Secured Debt | 6.375% Senior Secured Notes due 2026
Debt Instrument [Line Items]
Stated interest rate (as a percent)	6.375%		6.375%
Long-term debt	$ 800,000,000		$ 800,000,000		800,000,000
Secured Debt | 5.25% Senior Secured Notes due 2027
Debt Instrument [Line Items]
Stated interest rate (as a percent)	5.25%		5.25%
Long-term debt	$ 750,000,000		$ 750,000,000		750,000,000
Secured Debt | 4.75% Senior Secured Notes due 2028
Debt Instrument [Line Items]
Stated interest rate (as a percent)	4.75%		4.75%
Long-term debt	$ 500,000,000		$ 500,000,000		500,000,000
Secured Debt | Other secured subsidiary debt
Debt Instrument [Line Items]
Long-term debt	$ 3,485,000		$ 3,485,000		4,462,000
Unsecured Debt | 8.375% Senior Unsecured Notes due 2027
Debt Instrument [Line Items]
Stated interest rate (as a percent)	8.375%		8.375%
Long-term debt	$ 931,357,000		$ 931,357,000		1,120,366,000
Repurchased debt principal amount during period	89,100,000	75,000,000	189,000,000	188,500,000
Payment for repurchase of debt	65,200,000	68,100,000	137,500,000	173,400,000
Gain on extinguishment of debt	23,900,000	$ 6,900,000	51,500,000	$ 15,100,000
Unsecured Debt | Other unsecured subsidiary debt
Debt Instrument [Line Items]
Long-term debt	0		0		$ 52,000
Line of Credit | Asset-based Revolving Credit Facility due 2027 | Subsidiary | Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowings provided under credit facility	436,700,000		436,700,000
Long-term line of credit	0		0
Letters of credit outstanding	24,900,000		24,900,000
Line of credit, remaining borrowing availability	$ 411,800,000		$ 411,800,000

LONG-TERM DEBT - Narrative (Det

LONG-TERM DEBT - Narrative (Details) - USD ($) $ in Billions	Jun. 15, 2023	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Weighted average interest rate (as a percent)		7.30%	6.90%
Aggregate market value of debt		$ 4.4	$ 4.8
Term Loan Facility | Secured Debt | Secured Overnight Financing Rate
Debt Instrument [Line Items]
Debt, basis spread on variable rate	3%
Term Loan Facility | Secured Debt | Base Rate
Debt Instrument [Line Items]
Debt, basis spread on variable rate	2%
Incremental Term Loan Facility due 2026 | Secured Debt | Secured Overnight Financing Rate
Debt Instrument [Line Items]
Debt, basis spread on variable rate	3.25%
Debt instrument, floor rate	0.50%
Incremental Term Loan Facility due 2026 | Secured Debt | Base Rate
Debt Instrument [Line Items]
Debt, basis spread on variable rate	2.25%
Debt instrument, floor rate	1.50%

LONG-TERM DEBT - Surety Bonds a

LONG-TERM DEBT - Surety Bonds and Letters of Credit (Details) $ in Millions	Sep. 30, 2023 USD ($)
Surety bonds
Debt Instrument [Line Items]
Guarantees obligations	$ 9
Commercial standby letters of credit
Debt Instrument [Line Items]
Guarantees obligations	$ 24.9

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - Special Warrants	Nov. 05, 2020	Jul. 25, 2019
Loss Contingencies [Line Items]
FCC petitions for declaratory ruling, percentage of voting stock and equity owned by non-US individuals and entities (up to)		25%
FCC petitions for declaratory ruling, foreign owned percentage permitted	100%

INCOME TAXES - Schedule of Comp

INCOME TAXES - Schedule of Components of Income Tax Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Current tax benefit (expense)	$ (38,930)	$ 15,871	$ (77,576)	$ (26,289)
Deferred tax benefit (expense)	48,191	(29,283)	107,089	31,304
Income tax benefit (expense)	$ 9,261	$ (13,412)	$ 29,513	$ 5,015

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Effective tax rates (as a percent)	50.80%	(4.50%)	2.60%	1.40%

STOCKHOLDERS' EQUITY (DEFICIT_2

STOCKHOLDERS' EQUITY (DEFICIT) - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended			9 Months Ended
	May 01, 2019	Sep. 30, 2023		Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Nov. 05, 2020	Jul. 25, 2019
Class of Stock [Line Items]
Share-based compensation expense		$ 8,191		$ 10,437	$ 27,555	$ 24,582
Award vesting period (in months)					3 years
Class A Shares
Class of Stock [Line Items]
Conversion of Special Warrants to Class A and Class B Shares (in shares)		9,185	[1]	85,141	9,383	96,516
Class B Shares
Class of Stock [Line Items]
Conversion of Special Warrants to Class A and Class B Shares (in shares)		0			59
Special Warrants
Class of Stock [Line Items]
Special warrants, number of securities called by each warrant (in shares)	1
Special warrants, exercise price per share (in dollars per share)	$ 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%
FCC petitions for declaratory ruling, percentage of voting stock and equity owned by non-US individuals and entities (up to)								25%
FCC petitions for declaratory ruling, foreign owned percentage permitted							100%
Awards Vesting Based On Service Conditions
Class of Stock [Line Items]
Unrecognized compensation cost		$ 36,500			$ 36,500
Unrecognized compensation cost, weighted average period (in years)					1 year 10 months 24 days
Performance RSUs
Class of Stock [Line Items]
Share-based compensation expense		2,288		$ 2,044	$ 6,520	$ 3,544
Award vesting period (in months)					50 months
Unrecognized compensation cost		$ 22,300			$ 22,300
Performance RSUs | Minimum
Class of Stock [Line Items]
Unrecognized compensation cost, weighted average period (in years)					3 years
Performance RSUs | Maximum
Class of Stock [Line Items]
Unrecognized compensation cost, weighted average period (in years)					50 months
[1]The Company's Preferred Stock is not presented in the data above as there were no shares issued and outstanding in 2023 or 2022.

STOCKHOLDERS' EQUITY (DEFICIT_3

STOCKHOLDERS' EQUITY (DEFICIT) - Share Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Class of Stock [Line Items]
Share-based compensation expense	$ 8,191	$ 10,437	$ 27,555	$ 24,582
RSUs
Class of Stock [Line Items]
Share-based compensation expense	5,112	6,219	16,750	14,471
Performance RSUs
Class of Stock [Line Items]
Share-based compensation expense	2,288	2,044	6,520	3,544
Options
Class of Stock [Line Items]
Share-based compensation expense	$ 791	$ 2,174	$ 4,285	$ 6,567

STOCKHOLDERS' EQUITY (DEFICIT_4

STOCKHOLDERS' EQUITY (DEFICIT) - Computation of Income (Loss) per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
NUMERATOR:
Net loss attributable to the Company – common shares, basic	$ (9,053)	$ (310,363)	$ (1,115,783)	$ (344,544)
Net loss attributable to the Company – common shares, diluted	$ (9,053)	$ (310,363)	$ (1,115,783)	$ (344,544)
DENOMINATOR:
Weighted average common shares outstanding - basic (in shares)	149,695	148,299	149,084	147,957
Stock options and restricted stock (in shares)	0	0	0	0
Weighted average common shares outstanding - diluted (in shares)	149,695	148,299	149,084	147,957
Net loss attributable to the Company per common share:
Basic (in dollars per share)	$ (0.06)	$ (2.09)	$ (7.48)	$ (2.33)
Diluted (in dollars per share)	$ (0.06)	$ (2.09)	$ (7.48)	$ (2.33)
Outstanding equity awards excluded from computation of diluted earnings per share (in shares)	14,600	11,700	13,300	10,800

SEGMENT DATA (Details)

SEGMENT DATA (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Revenue	$ 952,989	$ 988,930	$ 2,684,242	$ 2,786,393
Operating expenses	749,207	736,688	2,195,856	2,151,748
Segment Adjusted EBITDA	203,782	252,242	488,386	634,645
Depreciation and amortization	(106,451)	(109,305)	(323,028)	(334,144)
Impairment charges	(570)	(309,750)	(965,087)	(311,329)
Other operating expense, net	(3,378)	(9,451)	(3,338)	(25,985)
Restructuring expenses	(16,227)	(24,486)	(46,469)	(54,588)
Share-based compensation expense	(8,191)	(10,437)	(27,555)	(24,582)
Operating income (loss)	68,965	(211,187)	(877,091)	(115,983)
Capital expenditures	28,518	40,357	90,456	112,567
Operating segments | Multiplatform Group
Segment Reporting Information [Line Items]
Revenue	626,383	659,896	1,751,340	1,864,356
Operating expenses	463,939	452,631	1,339,441	1,328,688
Segment Adjusted EBITDA	162,444	207,265	411,899	535,668
Share-based compensation expense	0	0	0	0
Capital expenditures	10,822	31,613	52,116	80,329
Operating segments | Digital Audio Group
Segment Reporting Information [Line Items]
Revenue	267,222	253,953	751,472	720,733
Operating expenses	173,565	175,636	519,115	511,025
Segment Adjusted EBITDA	93,657	78,317	232,357	209,708
Share-based compensation expense	0	0	0	0
Capital expenditures	6,069	4,808	17,348	15,876
Operating segments | Audio & Media Services Group
Segment Reporting Information [Line Items]
Revenue	61,979	77,794	189,134	209,716
Operating expenses	45,003	48,044	138,315	141,509
Segment Adjusted EBITDA	16,976	29,750	50,819	68,207
Share-based compensation expense	0	0	0	0
Capital expenditures	1,509	1,276	6,300	5,398
Corporate and other reconciling items
Segment Reporting Information [Line Items]
Revenue	0	0	0
Operating expenses	69,295	63,090	206,689	178,938
Segment Adjusted EBITDA	(69,295)	(63,090)	(206,689)	(178,938)
Share-based compensation expense	(8,191)	(10,437)	(27,555)	(24,582)
Capital expenditures	10,118	2,660	14,692	10,964
Eliminations
Segment Reporting Information [Line Items]
Revenue	(2,595)	(2,713)	(7,704)	(8,412)
Operating expenses	(2,595)	(2,713)	(7,704)	(8,412)
Segment Adjusted EBITDA	0	0	0	0
Intersegment revenues
Segment Reporting Information [Line Items]
Revenue	2,595	2,713	7,704	8,412
Intersegment revenues | Multiplatform Group
Segment Reporting Information [Line Items]
Revenue	0	112	0	447
Intersegment revenues | Digital Audio Group
Segment Reporting Information [Line Items]
Revenue	1,222	1,314	3,627	3,959
Intersegment revenues | Audio & Media Services Group
Segment Reporting Information [Line Items]
Revenue	$ 1,373	$ 1,287	$ 4,077	$ 4,006