iHeartMedia (IHRT) 10-Q 9 May 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2024	May 06, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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, par value $0.001 per share
Trading Symbol	IHRT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	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	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Class A Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		123,451,749
Class B Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		21,346,613

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
CURRENT ASSETS
Cash and cash equivalents	$ 361,403	$ 346,382
Accounts receivable, net of allowance of $37,742 in 2024 and $38,055 in 2023	878,353	1,041,214
Prepaid expenses	135,234	93,131
Other current assets	38,082	26,189
Total Current Assets	1,413,072	1,506,916
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment, net	529,114	558,865
INTANGIBLE ASSETS AND GOODWILL
Indefinite-lived intangibles - licenses and other	1,114,479	1,113,979
Other intangibles, net	1,111,236	1,173,210
Goodwill	1,721,349	1,721,483
OTHER ASSETS
Operating lease right-of-use assets	693,545	704,992
Other assets	175,517	173,166
Total Assets	6,758,312	6,952,611
CURRENT LIABILITIES
Accounts payable	215,410	236,162
Current operating lease liabilities	73,775	73,832
Accrued expenses	196,110	317,575
Accrued interest	53,164	61,987
Deferred revenue	163,310	158,540
Current portion of long-term debt	289	340
Total Current Liabilities	702,058	848,436
Long-term debt	5,216,503	5,214,810
Noncurrent operating lease liabilities	749,365	762,820
Deferred income taxes	315,679	339,768
Other long-term liabilities	173,281	171,535
Commitments and contingent liabilities (Note 6)
STOCKHOLDERS' DEFICIT
Noncontrolling interest	6,400	9,397
Preferred stock, par value $.001 per share, $100,000,000 shares authorized, no shares issued and outstanding	0	0
Additional paid-in capital	2,955,043	2,947,096
Accumulated deficit	(3,348,650)	(3,330,142)
Accumulated other comprehensive loss	(1,347)	(1,128)
Cost of shares (999,647 in 2024 and 983,589 in 2023) held in treasury	(10,166)	(10,127)
Total Stockholders' Deficit	(398,574)	(384,758)
Total Liabilities and Stockholders' Deficit	6,758,312	6,952,611
Class A Common Stock
STOCKHOLDERS' DEFICIT
Common stock	125	125
Class B Common Stock
STOCKHOLDERS' DEFICIT
Common stock	21	21
Special Warrants
STOCKHOLDERS' DEFICIT
Common stock	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Allowance for receivables	$ 37,742	$ 38,055
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)	999,647	983,589
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)	124,416,225	124,299,288	[1]
Common stock, shares outstanding (in shares)	124,416,225	124,299,288
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)	21,346,613	21,347,363	[1]
Common stock, shares outstanding (in shares)	21,346,613	21,347,363	[1]
Special Warrants
Class of Stock [Line Items]
Common stock, shares issued (in shares)	5,043,336	5,101,870	[1]
Common stock, shares outstanding (in shares)	5,043,336	5,101,870	[1]
[1]The Company's Preferred Stock is not presented in the data above as there were no shares issued and outstanding in 2024, 2023 or 2022.

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenue	$ 799,038	$ 811,239
Operating expenses:
Direct operating expenses (excludes depreciation and amortization)	341,360	344,620
Selling, general and administrative expenses (excludes depreciation and amortization)	385,144	402,801
Depreciation and amortization	105,162	108,512
Impairment charges	1,508	3,947
Other operating expense, net	572	221
Operating loss	(34,708)	(48,862)
Interest expense, net	95,515	95,457
Gain (loss) on investments, net	91,994	(6,505)
Equity in earnings (loss) of nonconsolidated affiliates	(45)	40
Gain on extinguishment of debt	0	4,625
Other expense, net	(496)	(99)
Loss before income taxes	(38,770)	(146,258)
Income tax benefit (expense)	20,662	(76,105)
Net loss	(18,108)	(222,363)
Less amount attributable to noncontrolling interest	400	(103)
Net loss attributable to the Company	(18,508)	(222,260)
Other comprehensive loss, net of tax:
Foreign currency translation adjustments	(219)	(46)
Other comprehensive loss, net of tax	(219)	(46)
Comprehensive loss	(18,727)	(222,306)
Less amount attributable to noncontrolling interest	0	0
Comprehensive loss attributable to the Company	$ (18,727)	$ (222,306)
Net loss attributable to the Company per common share:
Basic (in dollars per share)	$ (0.12)	$ (1.50)
Weighted average common shares outstanding - Basic (in shares)	149,795	148,365
Diluted (in dollars per share)	$ (0.12)	$ (1.50)
Weighted average common shares outstanding - Diluted (in shares)	149,795	148,365

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, 2022	[1]								122,370,425		21,477,181		5,111,312
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)		(222,363)													(103)		(222,260)
Vesting of restricted stock and other (in shares)	[1]								7,513
Vesting of restricted stock and other		(24)																	(24)
Share-based compensation		10,152														10,152
Dividends declared and paid to noncontrolling interests		(321)													(321)
Conversion of Special Warrants to Class A and Class B Shares (in shares)			0	0
Conversion of Class B Shares to Class A Shares (in shares)	[1]								7,262		(7,262)
Other comprehensive loss		(46)																(46)
Ending balance (in shares) at Mar. 31, 2023	[1]								122,385,200		21,469,919		5,111,312
Ending balance at Mar. 31, 2023		471,904						144							9,185	2,922,652	(2,449,742)	(1,377)	(8,958)
Beginning balance (in shares) at Dec. 31, 2023			124,299,288	21,347,363	[1]	5,101,870	[1]		124,299,288	[1]	21,347,363	[1]	5,101,870	[1]
Beginning balance at Dec. 31, 2023		(384,758)						146							9,397	2,947,096	(3,330,142)	(1,128)	(10,127)
Increase (Decrease) in Stockholders' Equity
Net income (loss)		(18,108)													400		(18,508)
Vesting of restricted stock and other (in shares)	[1]								57,653
Vesting of restricted stock and other		(39)																	(39)
Share-based compensation		7,947														7,947
Dividends declared and paid to noncontrolling interests		(3,397)													(3,397)
Conversion of Special Warrants to Class A and Class B Shares (in shares)				0					58,534	[1]			(58,534)	[1]
Conversion of Class B Shares to Class A Shares (in shares)	[1]								750		(750)
Other comprehensive loss		(219)																(219)
Ending balance (in shares) at Mar. 31, 2024			124,416,225	21,346,613		5,043,336			124,416,225	[1]	21,346,613	[1]	5,043,336	[1]
Ending balance at Mar. 31, 2024		$ (398,574)						$ 146							$ 6,400	$ 2,955,043	$ (3,348,650)	$ (1,347)	$ (10,166)
[1]The Company's Preferred Stock is not presented in the data above as there were no shares issued and outstanding in 2024, 2023 or 2022.

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net loss	$ (18,108)	$ (222,363)
Reconciling items:
Impairment charges	1,508	3,947
Depreciation and amortization	105,162	108,512
Deferred taxes	(24,080)	72,620
Provision for doubtful accounts	2,906	6,441
Amortization of deferred financing charges and note discounts, net	1,730	1,656
Share-based compensation	7,947	10,152
(Gain) Loss on disposal of operating and other assets	132	(278)
(Gain) Loss on investments	(91,994)	6,505
Equity in (earnings) loss of nonconsolidated affiliates	45	(40)
Gain on extinguishment of debt	0	(4,625)
Barter and trade income	(8,749)	(8,007)
Other reconciling items, net	507	89
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
Decrease in accounts receivable	153,799	94,759
Increase in prepaid & other current assets	(54,484)	(37,032)
(Increase) Decrease in other long-term assets	368	(1,521)
Decrease in accounts payable	(12,267)	(63,187)
Decrease in accrued expenses	(122,864)	(71,459)
Decrease in accrued interest	(8,823)	(6,222)
Increase in deferred revenue	8,260	16,829
Increase in other long-term liabilities	(272)	(759)
Cash used for operating activities	(59,277)	(93,983)
Cash flows from investing activities:
Proceeds from sale of investments	101,405	0
Purchases of property, plant and equipment	(21,582)	(39,165)
Change in other, net	(1,808)	744
Cash provided by (used for) investing activities	78,015	(38,421)
Cash flows from financing activities:
Payments on long-term debt and credit facilities	(111)	(15,593)
Dividends and other payments to noncontrolling interests	(3,397)	(321)
Change in other, net	(40)	(24)
Cash used for financing activities	(3,548)	(15,938)
Cash used for financing activities	(169)	39
Net increase (decrease) in cash, cash equivalents and restricted cash	15,021	(148,303)
Cash, cash equivalents and restricted cash at beginning of period	346,382	336,661
Cash, cash equivalents and restricted cash at end of period	361,403	188,358
SUPPLEMENTAL DISCLOSURES:
Cash paid for interest	105,863	101,759
Cash paid for income taxes	$ 1,033	$ 3,160

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2024
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, 2023. 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, cash flows, and cost of capital are impacted by changes in economic conditions. Higher interest rates and 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, cash flows, and trading values of the Company's debt and equity securities. 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. As of March 31, 2024, the Company had approximately $361.4 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 facility size of $450.0 million, no outstanding borrowings and $23.2 million of outstanding letters of credit, resulting in $426.8 million of borrowing base availability. The Company's total available liquidity as of March 31, 2024 was approximately $788.2 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 2024 presentation. Restricted Cash As of March 31, 2024 and December 31, 2023, the Company did not have any restricted cash balances on the Consolidated Balance Sheets. 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 Not Yet Adopted In December 2023, the FASB issued Update 2023-07 - Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires disclosure of the title and position of the Chief Operating Decision Maker (“CODM”), an explanation of how the CODM uses the reported measure of segment profit or loss in assessing segment performance and deciding how to allocate resources, and disclosure of expenses provided to the CODM that are included within the reported measure of segment profit or loss . The amendments of ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted, and should be applied retrospectively to all periods presented. We are currently evaluating the impact of this standard on our disclosures, including timing of adoption. In December 2023, the FASB issued Update 2023-09 - Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances the disclosure requirements for income tax rate reconciliation, domestic and foreign income taxes, and unrecognized tax benefits. The amendments of ASU 2023-09 are effective for annual periods beginning after December 15, 2024. Early adoption is permitted, and should be applied prospectively. We are currently evaluating the impact of this standard on our annual disclosures, including timing of adoption.

REVENUE

REVENUE	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
REVENUE	REVENUE Disaggregation of Revenue The following tables show revenue streams for the three months ended March 31, 2024 and 2023: (In thousands) Multiplatform Group Digital Audio Group Audio & Media Services Group Eliminations Consolidated Three Months Ended March 31, 2024 Revenue from contracts with customers: Broadcast Radio (1) $ 359,338 $ — $ — $ — $ 359,338 Networks (2) 102,051 — — — 102,051 Sponsorship and Events (3) 27,829 — — — 27,829 Digital, excluding Podcast (4) — 148,344 — (1,185) 147,159 Podcast (5) — 90,624 — — 90,624 Audio & Media Services (6) — — 69,168 (1,376) 67,792 Other (7) 4,095 — — — 4,095 Total 493,313 238,968 69,168 (2,561) 798,888 Revenue from leases (8) 150 — — — 150 Revenue, total $ 493,463 $ 238,968 $ 69,168 $ (2,561) $ 799,038 Three Months Ended March 31, 2023 Revenue from contracts with customers: Broadcast Radio (1) $ 383,238 $ — $ — $ — $ 383,238 Networks (2) 107,954 — — — 107,954 Sponsorship and Events (3) 32,587 — — — 32,587 Digital, excluding Podcast (4) — 146,585 — (1,189) 145,396 Podcast (5) — 76,811 — — 76,811 Audio & Media Services (6) — — 61,351 (1,332) 60,019 Other (7) 4,924 — — — 4,924 Total 528,703 223,396 61,351 (2,521) 810,929 Revenue from leases (8) 310 310 Revenue, total $ 529,013 $ 223,396 $ 61,351 $ (2,521) $ 811,239 (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 (In thousands) 2024 2023 Trade and barter revenues $ 41,305 $ 45,029 Trade and barter expenses 34,181 47,386 In addition to the trade and barter revenue in the table above, the Company recognized $8.7 million and $8.0 million during the three months ended March 31, 2024 and 2023, 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 (In thousands) 2024 2023 Deferred revenue from contracts with customers: Beginning balance (1) $ 181,899 $ 157,910 Revenue recognized, included in beginning balance (73,928) (56,133) Additions, net of revenue recognized during period, and other 77,864 68,904 Ending balance $ 185,835 $ 170,681 (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 March 31, 2024, the Company expects to recognize $253.1 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 March 31, 2024, the future lease payments to be received by the Company are as follows: (In thousands) 2024 $ 185 2025 132 2026 72 2027 30 2028 15 Thereafter — Total $ 434

LEASES

LEASES	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
LEASES	LEASES The Company enters into operating lease contracts for land, buildings, structures and other equipment. Arrangements are evaluated at inception to determine whether such arrangements contain a lease. Operating leases primarily include land and building lease contracts and leases of radio towers. Arrangements to lease building space consist primarily of the rental of office space, but may also include leases of other equipment, including automobiles and copiers. Operating leases are reflected on the Company's balance sheet within Operating lease right-of-use assets ("ROU assets") and the related short-term and long-term liabilities are included within Current and Noncurrent operating lease liabilities, respectively. The Company's finance leases are included within Property, plant and equipment with the related liabilities included within Long-term debt. ROU assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the respective lease term. Lease expense is recognized on a straight-line basis over the lease term. The Company tests for impairment of assets whenever events and circumstances indicate that such assets might be impaired. During the three months ended March 31, 2024, and 2023, we recognized non-cash impairment charges of $1.5 million and $3.9 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. 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: Three Months Ended March 31, (In thousands) 2024 2023 Cash paid for amounts included in measurement of operating lease liabilities $ 37,293 $ 32,963 Lease liabilities arising from obtaining right-of-use assets (1) 5,751 4,821 (1) Lease liabilities from obtaining right-of-use assets include new leases entered into during the three months ended March 31, 2024 and 2023, 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 non-cash operating lease expense was $15.6 million and $18.1 million for the three months ended March 31, 2024 and March 31, 2023, respectively.

PROPERTY, PLANT AND EQUIPMENT,

PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL	3 Months Ended
	Mar. 31, 2024
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: (In thousands) March 31, December 31, Land, buildings and improvements $ 319,589 $ 316,655 Towers, transmitters and studio equipment 197,895 195,609 Computer equipment and software 690,470 685,417 Furniture and other equipment 47,872 47,684 Construction in progress 18,321 16,473 1,274,147 1,261,838 Less: accumulated depreciation 745,033 702,973 Property, plant and equipment, net $ 529,114 $ 558,865 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. 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 following table presents the gross carrying amount and accumulated amortization for each major class of other intangible assets. (In thousands) March 31, 2024 December 31, 2023 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Customer / advertiser relationships $ 1,652,623 $ (842,639) $ 1,652,623 $ (800,377) Talent and other contracts 338,900 (214,143) 338,900 (203,479) Trademarks and tradenames 335,912 (164,963) 335,912 (156,468) Other 18,003 (12,457) 18,003 (11,904) Total $ 2,345,438 $ (1,234,202) $ 2,345,438 $ (1,172,228) Total amortization expense related to definite-lived intangible assets for the Company for the three months ended March 31, 2024 and 2023 was $61.9 million and $61.8 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) 2025 $ 213,758 2026 201,512 2027 176,171 2028 160,395 2029 121,622 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 December 31, 2023 (1) $ 1,340,459 $ 311,426 $ 69,598 $ 1,721,483 Foreign currency — (73) (61) (134) Balance as of March 31, 2024 $ 1,340,459 $ 311,353 $ 69,537 $ 1,721,349 (1)
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: (In thousands) March 31, December 31, Land, buildings and improvements $ 319,589 $ 316,655 Towers, transmitters and studio equipment 197,895 195,609 Computer equipment and software 690,470 685,417 Furniture and other equipment 47,872 47,684 Construction in progress 18,321 16,473 1,274,147 1,261,838 Less: accumulated depreciation 745,033 702,973 Property, plant and equipment, net $ 529,114 $ 558,865 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. 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 following table presents the gross carrying amount and accumulated amortization for each major class of other intangible assets. (In thousands) March 31, 2024 December 31, 2023 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Customer / advertiser relationships $ 1,652,623 $ (842,639) $ 1,652,623 $ (800,377) Talent and other contracts 338,900 (214,143) 338,900 (203,479) Trademarks and tradenames 335,912 (164,963) 335,912 (156,468) Other 18,003 (12,457) 18,003 (11,904) Total $ 2,345,438 $ (1,234,202) $ 2,345,438 $ (1,172,228) Total amortization expense related to definite-lived intangible assets for the Company for the three months ended March 31, 2024 and 2023 was $61.9 million and $61.8 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) 2025 $ 213,758 2026 201,512 2027 176,171 2028 160,395 2029 121,622 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 December 31, 2023 (1) $ 1,340,459 $ 311,426 $ 69,598 $ 1,721,483 Foreign currency — (73) (61) (134) Balance as of March 31, 2024 $ 1,340,459 $ 311,353 $ 69,537 $ 1,721,349 (1)

LONG-TERM DEBT

LONG-TERM DEBT	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT Long-term debt outstanding for the Company consisted of the following: (In thousands) March 31, 2024 December 31, 2023 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) 3,429 3,367 Total consolidated secured debt 4,318,681 4,318,619 8.375% Senior Unsecured Notes due 2027 916,357 916,357 Original issue discount (6,785) (7,558) Long-term debt fees (11,461) (12,268) Total debt 5,216,792 5,215,150 Less: Current portion 289 340 Total long-term debt $ 5,216,503 $ 5,214,810 (1) As of March 31, 2024, the ABL Facility had a facility size of $450.0 million, no outstanding borrowings and $23.2 million of outstanding letters of credit, resulting in $426.8 million of borrowing base availability. (2) Other secured subsidiary debt consists of finance lease obligations maturing at various dates from 2025 through 2045. The Company’s weighted average interest rate was 7.3% as of March 31, 2024 and December 31, 2023. The aggregate market value of the Company’s debt based on market prices for which quotes were available was approximately $4.0 billion and $4.2 billion as of March 31, 2024 and December 31, 2023, 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. As of March 31, 2024, we were in compliance with all covenants related to our debt agreements. 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 March 31, 2024, the Company and its subsidiaries had outstanding surety bonds and commercial standby letters of credit of $10.1 million and $23.2 million, respectively. These surety bonds and letters of credit relate to various operational matters including insurance, lease and performance bonds as well as other items.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2024
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 The Communications Act and FCC regulation prohibit foreign entities and individuals from having direct or indirect ownership or voting rights of more than 25 percent in a corporation controlling the licensee of a radio broadcast station unless the FCC finds greater foreign ownership to be in the public interest. On November 5, 2020, the FCC issued a declaratory ruling, which permits the Company to be up to 100% foreign owned, subject to certain conditions (the "2020 Declaratory Ruling").

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company’s income tax benefit (expense) consisted of the following components: (In thousands) Three Months Ended 2024 2023 Current tax expense $ (3,418) $ (3,485) Deferred tax benefit (expense) 24,080 (72,620) Income tax benefit (expense) $ 20,662 $ (76,105) The effective tax rates for the three months ended March 31, 2024 and 2023 were 53.3% and (52.0)%, 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.

STOCKHOLDERS' DEFICIT

STOCKHOLDERS' DEFICIT	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
STOCKHOLDERS' DEFICIT	STOCKHOLDERS' 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 $8.5 million and $10.2 million for the three months ended March 31, 2024 and 2023, respectively. The Company periodically issues restricted stock units ("RSUs") and performance-based RSUs ("Performance RSUs") to certain key employees, some of which are settled in cash. The RSUs vest solely due to continued service over time. The Performance RSUs generally vest upon the achievement of certain market goals, performance 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 February 25, 2024, the Company issued 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 months ended March 31, 2024 and 2023: (In thousands) Three Months Ended 2024 2023 RSUs $ 4,926 $ 6,102 Performance RSUs 2,789 1,931 Options 765 2,119 Total Share Based Compensation Expense (1) $ 8,480 $ 10,152 (1) Total share based compensation expense includes $0.5 million of expense from cash settled awards for the three months ended March 31, 2024 As of March 31, 2024, there was $51.3 million of unrecognized compensation cost related to share-based compensation arrangements. This cost is expected to be recognized over a weighted average period of approximately 1.9 years and assumes Performance RSUs will be fully earned at target. 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 months ended March 31, 2024, there were 58,534 Special Warrants exercised for shares of Class A common stock and none exercised for Class B common stock. During the three months ended March 31, 2023, there were no Special Warrants exercised for shares of Class A or Class B common stock. Computation of Loss per Share (In thousands, except per share data) Three Months Ended 2024 2023 NUMERATOR: Net loss attributable to the Company – common shares $ (18,508) $ (222,260) DENOMINATOR (1) : Weighted average common shares outstanding - basic 149,795 148,365 Stock options and restricted stock (2) : — — Weighted average common shares outstanding - diluted 149,795 148,365 Net loss attributable to the Company per common share: Basic $ (0.12) $ (1.50) Diluted (0.12) (1.50) (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 months ended March 31, 2024 and 2023. (2)

SEGMENT DATA

SEGMENT DATA	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
SEGMENT DATA	SEGMENT DATA The Company’s primary businesses are included in its Multiplatform Group and Digital Audio Group segments. Revenue and expenses earned and charged between Multiplatform Group, Digital Audio Group, Audio & Media Services Group, and Corporate are eliminated in consolidation. The Multiplatform Group provides media and entertainment services via broadcast delivery and also includes the Company’s events and national syndication businesses. The Digital Audio Group provides media and entertainment services via digital delivery. The Audio & Media Services Group provides other audio and media services, including the Company’s media representation business (Katz Media) and its provider of scheduling and broadcast software (RCS). Corporate includes infrastructure and support, including executive, information technology, human resources, legal, finance and administrative functions for the Company’s businesses. 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 months ended March 31, 2024 and 2023: Segments (In thousands) Multiplatform Group Digital Audio Group Audio & Media Services Group Corporate and other reconciling items Eliminations Consolidated Three Months Ended March 31, 2024 Revenue $ 493,463 238,968 $ 69,168 $ — $ (2,561) $ 799,038 Operating expenses (1) 416,281 170,841 45,473 64,387 (2,561) 694,421 Segment Adjusted EBITDA (2) $ 77,182 $ 68,127 $ 23,695 $ (64,387) $ — $ 104,617 Depreciation and amortization (105,162) Impairment charges (1,508) Other operating expense, net (572) Restructuring expenses (23,603) Share-based compensation expense (8,480) Operating loss $ (34,708) Intersegment revenues $ — $ 1,185 $ 1,376 $ — $ — $ 2,561 Capital expenditures 11,704 5,427 2,257 2,194 — 21,582 Share-based compensation expense — — — 8,480 — 8,480 Segments (In thousands) Multiplatform Group Digital Audio Group Audio & Media Services Group Corporate and other reconciling items Eliminations Consolidated Three Months Ended March 31, 2023 Revenue $ 529,013 $ 223,396 $ 61,351 $ — $ (2,521) $ 811,239 Operating expenses (1) 441,961 169,277 46,007 63,091 (2,521) 717,815 Segment Adjusted EBITDA (2) $ 87,052 $ 54,119 $ 15,344 $ (63,091) $ — $ 93,424 Depreciation and amortization (108,512) Impairment charges (3,947) Other operating expense, net (221) Restructuring expenses (19,454) Share-based compensation expense (10,152) Operating loss $ (48,862) Intersegment revenues $ — $ 1,189 $ 1,332 $ — $ — $ 2,521 Capital expenditures 26,424 5,777 3,887 3,077 — 39,165 Share-based compensation expense — — — 10,152 — 10,152 (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. (2) For a definition of Adjusted EBITDA for the consolidated company and a reconciliation to Operating loss, the most closely comparable GAAP measure, and to Net loss , please see "Reconciliation of Operating loss to Adjusted EBITDA" and "Reconciliation of Net loss

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ (18,508)	$ (222,260)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
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)	3 Months Ended
	Mar. 31, 2024
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, 2023. 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 2024 presentation.
New Accounting Pronouncements Recently Adopted	New Accounting Pronouncements Not Yet Adopted In December 2023, the FASB issued Update 2023-07 - Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires disclosure of the title and position of the Chief Operating Decision Maker (“CODM”), an explanation of how the CODM uses the reported measure of segment profit or loss in assessing segment performance and deciding how to allocate resources, and disclosure of expenses provided to the CODM that are included within the reported measure of segment profit or loss . The amendments of ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted, and should be applied retrospectively to all periods presented. We are currently evaluating the impact of this standard on our disclosures, including timing of adoption. In December 2023, the FASB issued Update 2023-09 - Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances the disclosure requirements for income tax rate reconciliation, domestic and foreign income taxes, and unrecognized tax benefits. The amendments of ASU 2023-09 are effective for annual periods beginning after December 15, 2024. Early adoption is permitted, and should be applied prospectively. We are currently evaluating the impact of this standard on our annual disclosures, including timing of adoption.

REVENUE (Tables)

REVENUE (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following tables show revenue streams for the three months ended March 31, 2024 and 2023: (In thousands) Multiplatform Group Digital Audio Group Audio & Media Services Group Eliminations Consolidated Three Months Ended March 31, 2024 Revenue from contracts with customers: Broadcast Radio (1) $ 359,338 $ — $ — $ — $ 359,338 Networks (2) 102,051 — — — 102,051 Sponsorship and Events (3) 27,829 — — — 27,829 Digital, excluding Podcast (4) — 148,344 — (1,185) 147,159 Podcast (5) — 90,624 — — 90,624 Audio & Media Services (6) — — 69,168 (1,376) 67,792 Other (7) 4,095 — — — 4,095 Total 493,313 238,968 69,168 (2,561) 798,888 Revenue from leases (8) 150 — — — 150 Revenue, total $ 493,463 $ 238,968 $ 69,168 $ (2,561) $ 799,038 Three Months Ended March 31, 2023 Revenue from contracts with customers: Broadcast Radio (1) $ 383,238 $ — $ — $ — $ 383,238 Networks (2) 107,954 — — — 107,954 Sponsorship and Events (3) 32,587 — — — 32,587 Digital, excluding Podcast (4) — 146,585 — (1,189) 145,396 Podcast (5) — 76,811 — — 76,811 Audio & Media Services (6) — — 61,351 (1,332) 60,019 Other (7) 4,924 — — — 4,924 Total 528,703 223,396 61,351 (2,521) 810,929 Revenue from leases (8) 310 310 Revenue, total $ 529,013 $ 223,396 $ 61,351 $ (2,521) $ 811,239 (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 (In thousands) 2024 2023 Trade and barter revenues $ 41,305 $ 45,029 Trade and barter expenses 34,181 47,386
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 (In thousands) 2024 2023 Deferred revenue from contracts with customers: Beginning balance (1) $ 181,899 $ 157,910 Revenue recognized, included in beginning balance (73,928) (56,133) Additions, net of revenue recognized during period, and other 77,864 68,904 Ending balance $ 185,835 $ 170,681 (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 March 31, 2024, the future lease payments to be received by the Company are as follows: (In thousands) 2024 $ 185 2025 132 2026 72 2027 30 2028 15 Thereafter — Total $ 434

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Schedule of Cash Flow, Supplemental Disclosures	The following table provides supplemental cash flow information related to leases for the periods presented: Three Months Ended March 31, (In thousands) 2024 2023 Cash paid for amounts included in measurement of operating lease liabilities $ 37,293 $ 32,963 Lease liabilities arising from obtaining right-of-use assets (1) 5,751 4,821 (1) Lease liabilities from obtaining right-of-use assets include new leases entered into during the three months ended March 31, 2024 and 2023, respectively.

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL (Tables)	3 Months Ended
	Mar. 31, 2024
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: (In thousands) March 31, December 31, Land, buildings and improvements $ 319,589 $ 316,655 Towers, transmitters and studio equipment 197,895 195,609 Computer equipment and software 690,470 685,417 Furniture and other equipment 47,872 47,684 Construction in progress 18,321 16,473 1,274,147 1,261,838 Less: accumulated depreciation 745,033 702,973 Property, plant and equipment, net $ 529,114 $ 558,865
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. (In thousands) March 31, 2024 December 31, 2023 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Customer / advertiser relationships $ 1,652,623 $ (842,639) $ 1,652,623 $ (800,377) Talent and other contracts 338,900 (214,143) 338,900 (203,479) Trademarks and tradenames 335,912 (164,963) 335,912 (156,468) Other 18,003 (12,457) 18,003 (11,904) Total $ 2,345,438 $ (1,234,202) $ 2,345,438 $ (1,172,228)
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) 2025 $ 213,758 2026 201,512 2027 176,171 2028 160,395 2029 121,622
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 December 31, 2023 (1) $ 1,340,459 $ 311,426 $ 69,598 $ 1,721,483 Foreign currency — (73) (61) (134) Balance as of March 31, 2024 $ 1,340,459 $ 311,353 $ 69,537 $ 1,721,349 (1)

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Long-Term Debt Outstanding	Long-term debt outstanding for the Company consisted of the following: (In thousands) March 31, 2024 December 31, 2023 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) 3,429 3,367 Total consolidated secured debt 4,318,681 4,318,619 8.375% Senior Unsecured Notes due 2027 916,357 916,357 Original issue discount (6,785) (7,558) Long-term debt fees (11,461) (12,268) Total debt 5,216,792 5,215,150 Less: Current portion 289 340 Total long-term debt $ 5,216,503 $ 5,214,810 (1) As of March 31, 2024, the ABL Facility had a facility size of $450.0 million, no outstanding borrowings and $23.2 million of outstanding letters of credit, resulting in $426.8 million of borrowing base availability. (2) Other secured subsidiary debt consists of finance lease obligations maturing at various dates from 2025 through 2045.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Income Tax Benefit (Expense)	The Company’s income tax benefit (expense) consisted of the following components: (In thousands) Three Months Ended 2024 2023 Current tax expense $ (3,418) $ (3,485) Deferred tax benefit (expense) 24,080 (72,620) Income tax benefit (expense) $ 20,662 $ (76,105)

STOCKHOLDERS' DEFICIT (Tables)

STOCKHOLDERS' DEFICIT (Tables)	3 Months Ended
	Mar. 31, 2024
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 months ended March 31, 2024 and 2023: (In thousands) Three Months Ended 2024 2023 RSUs $ 4,926 $ 6,102 Performance RSUs 2,789 1,931 Options 765 2,119 Total Share Based Compensation Expense (1) $ 8,480 $ 10,152 (1) Total share based compensation expense includes $0.5 million of expense from cash settled awards for the three months ended March 31, 2024
Schedule of Computation of Income (Loss) per Share	(In thousands, except per share data) Three Months Ended 2024 2023 NUMERATOR: Net loss attributable to the Company – common shares $ (18,508) $ (222,260) DENOMINATOR (1) : Weighted average common shares outstanding - basic 149,795 148,365 Stock options and restricted stock (2) : — — Weighted average common shares outstanding - diluted 149,795 148,365 Net loss attributable to the Company per common share: Basic $ (0.12) $ (1.50) Diluted (0.12) (1.50) (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 months ended March 31, 2024 and 2023. (2)

SEGMENT DATA (Tables)

SEGMENT DATA (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Schedule of Reportable Segment Results	The following tables present the Company's segment results for the Company for the three months ended March 31, 2024 and 2023: Segments (In thousands) Multiplatform Group Digital Audio Group Audio & Media Services Group Corporate and other reconciling items Eliminations Consolidated Three Months Ended March 31, 2024 Revenue $ 493,463 238,968 $ 69,168 $ — $ (2,561) $ 799,038 Operating expenses (1) 416,281 170,841 45,473 64,387 (2,561) 694,421 Segment Adjusted EBITDA (2) $ 77,182 $ 68,127 $ 23,695 $ (64,387) $ — $ 104,617 Depreciation and amortization (105,162) Impairment charges (1,508) Other operating expense, net (572) Restructuring expenses (23,603) Share-based compensation expense (8,480) Operating loss $ (34,708) Intersegment revenues $ — $ 1,185 $ 1,376 $ — $ — $ 2,561 Capital expenditures 11,704 5,427 2,257 2,194 — 21,582 Share-based compensation expense — — — 8,480 — 8,480 Segments (In thousands) Multiplatform Group Digital Audio Group Audio & Media Services Group Corporate and other reconciling items Eliminations Consolidated Three Months Ended March 31, 2023 Revenue $ 529,013 $ 223,396 $ 61,351 $ — $ (2,521) $ 811,239 Operating expenses (1) 441,961 169,277 46,007 63,091 (2,521) 717,815 Segment Adjusted EBITDA (2) $ 87,052 $ 54,119 $ 15,344 $ (63,091) $ — $ 93,424 Depreciation and amortization (108,512) Impairment charges (3,947) Other operating expense, net (221) Restructuring expenses (19,454) Share-based compensation expense (10,152) Operating loss $ (48,862) Intersegment revenues $ — $ 1,189 $ 1,332 $ — $ — $ 2,521 Capital expenditures 26,424 5,777 3,887 3,077 — 39,165 Share-based compensation expense — — — 10,152 — 10,152 (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. (2) For a definition of Adjusted EBITDA for the consolidated company and a reconciliation to Operating loss, the most closely comparable GAAP measure, and to Net loss , please see "Reconciliation of Operating loss to Adjusted EBITDA" and "Reconciliation of Net loss

BASIS OF PRESENTATION - Narrati

BASIS OF PRESENTATION - Narrative (Details)	3 Months Ended
	Mar. 31, 2024 USD ($) segment	Dec. 31, 2023 USD ($)
Short-Term Debt [Line Items]
Number of reportable segments | segment	3
Cash and cash equivalents	$ 361,403,000	$ 346,382,000
Total available liquidity amount	788,200,000
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
Maximum borrowings provided under credit facility	450,000,000
Long-term line of credit	0
Letters of credit outstanding	23,200,000
Line of credit, remaining borrowing availability	$ 426,800,000

REVENUE - Disaggregation of Rev

REVENUE - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	$ 798,888	$ 810,929
Revenue from leases	150	310
Revenue, total	799,038	811,239
Broadcast Radio
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	359,338	383,238
Networks
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	102,051	107,954
Sponsorship and Events
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	27,829	32,587
Digital, excluding Podcast
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	147,159	145,396
Podcast
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	90,624	76,811
Audio and Media Services
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	67,792	60,019
Other
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	4,095	4,924
Operating segments | Multiplatform Group
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	493,313	528,703
Revenue from leases	150	310
Revenue, total	493,463	529,013
Operating segments | Multiplatform Group | Broadcast Radio
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	359,338	383,238
Operating segments | Multiplatform Group | Networks
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	102,051	107,954
Operating segments | Multiplatform Group | Sponsorship and Events
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	27,829	32,587
Operating segments | Multiplatform Group | Digital, excluding Podcast
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0
Operating segments | Multiplatform Group | Podcast
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0
Operating segments | Multiplatform Group | Audio and Media Services
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0
Operating segments | Multiplatform Group | Other
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	4,095	4,924
Operating segments | Digital Audio Group
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	238,968	223,396
Revenue from leases	0
Revenue, total	238,968	223,396
Operating segments | Digital Audio Group | Broadcast Radio
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0
Operating segments | Digital Audio Group | Networks
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0
Operating segments | Digital Audio Group | Sponsorship and Events
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0
Operating segments | Digital Audio Group | Digital, excluding Podcast
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	148,344	146,585
Operating segments | Digital Audio Group | Podcast
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	90,624	76,811
Operating segments | Digital Audio Group | Audio and Media Services
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0
Operating segments | Digital Audio Group | Other
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0
Operating segments | Audio & Media Services Group
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	69,168	61,351
Revenue from leases	0
Revenue, total	69,168	61,351
Operating segments | Audio & Media Services Group | Broadcast Radio
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0
Operating segments | Audio & Media Services Group | Networks
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0
Operating segments | Audio & Media Services Group | Sponsorship and Events
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0
Operating segments | Audio & Media Services Group | Digital, excluding Podcast
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0
Operating segments | Audio & Media Services Group | Podcast
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0
Operating segments | Audio & Media Services Group | Audio and Media Services
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	69,168	61,351
Operating segments | Audio & Media Services Group | Other
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0
Eliminations
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	(2,561)	(2,521)
Revenue from leases	0
Revenue, total	(2,561)	(2,521)
Eliminations | Broadcast Radio
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0
Eliminations | Networks
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0
Eliminations | Sponsorship and Events
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0
Eliminations | Digital, excluding Podcast
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	(1,185)	(1,189)
Eliminations | Podcast
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0
Eliminations | Audio and Media Services
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	(1,376)	(1,332)
Eliminations | Other
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	$ 0	$ 0

REVENUE - Schedule of Barter an

REVENUE - Schedule of Barter and Trade Revenue and Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Trade and barter revenues	$ 798,888	$ 810,929
Trade and Barter Transactions
Disaggregation of Revenue [Line Items]
Trade and barter revenues	41,305	45,029
Trade and barter expenses	$ 34,181	$ 47,386

REVENUE - Narrative (Details)

REVENUE - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Trade and barter revenues	$ 798,888	$ 810,929
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 253,100
Revenue, remaining performance obligation, period	5 years
Advertising Trade and Barter Transactions
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Trade and barter revenues	$ 8,700	$ 8,000

REVENUE - Schedule of Contract

REVENUE - Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Deferred revenue from contracts with customers:
Beginning balance	$ 181,899	$ 157,910
Revenue recognized, included in beginning balance	(73,928)	(56,133)
Additions, net of revenue recognized during period, and other	77,864	68,904
Ending balance	$ 185,835	$ 170,681

REVENUE - Revenue From Leases (

REVENUE - Revenue From Leases (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Operating Leases, Future Minimum Payments Receivable [Abstract]
2024	$ 185
2025	132
2026	72
2027	30
2028	15
Thereafter	0
Total	$ 434

LEASES - Narrative (Details)

LEASES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Non-cash impairment charge on operating lease	$ 1.5	$ 3.9
Operating lease expense	$ 15.6	$ 18.1

LEASES - Supplemental Cash Flow

LEASES - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Cash paid for amounts included in measurement of operating lease liabilities	$ 37,293	$ 32,963
Lease liabilities arising from obtaining right-of-use assets	$ 5,751	$ 4,821

PROPERTY, PLANT AND EQUIPMENT_3

PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Schedule Of Property, Plant And Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 1,274,147	$ 1,261,838
Less: accumulated depreciation	745,033	702,973
Property, plant and equipment, net	529,114	558,865
Land, buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	319,589	316,655
Towers, transmitters and studio equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	197,895	195,609
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	690,470	685,417
Furniture and other equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	47,872	47,684
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 18,321	$ 16,473

PROPERTY, PLANT AND EQUIPMENT_4

PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Total amortization expense related to definite-lived intangible assets	$ 61.9	$ 61.8

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	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 2,345,438	$ 2,345,438
Accumulated Amortization	(1,234,202)	(1,172,228)
Customer / advertiser relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,652,623	1,652,623
Accumulated Amortization	(842,639)	(800,377)
Talent and other contracts
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	338,900	338,900
Accumulated Amortization	(214,143)	(203,479)
Trademarks and tradenames
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	335,912	335,912
Accumulated Amortization	(164,963)	(156,468)
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	18,003	18,003
Accumulated Amortization	$ (12,457)	$ (11,904)

PROPERTY, PLANT AND EQUIPMENT_6

PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Schedule Of Future Amortization Expense (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Property, Plant and Equipment [Abstract]
2025	$ 213,758
2026	201,512
2027	176,171
2028	160,395
2029	$ 121,622

PROPERTY, PLANT AND EQUIPMENT_7

PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Schedule Of Changes In Carrying Amount Of Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Goodwill
Beginning balance	$ 1,721,483
Foreign currency	(134)
Ending balance	1,721,349
Multiplatform Group
Goodwill
Beginning balance	1,340,459
Foreign currency	0
Ending balance	1,340,459
Goodwill accumulated impairment losses		$ 1,300,000
Digital Audio Group
Goodwill
Beginning balance	311,426
Foreign currency	(73)
Ending balance	311,353
Goodwill accumulated impairment losses		439,400
Audio & Media Services Group
Goodwill
Beginning balance	69,598
Foreign currency	(61)
Ending balance	$ 69,537
Goodwill accumulated impairment losses		$ 34,500

LONG-TERM DEBT - Schedule Of Lo

LONG-TERM DEBT - Schedule Of Long-Term Debt Outstanding (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term debt	$ 5,216,792,000	$ 5,215,150,000
Original issue discount	(6,785,000)	(7,558,000)
Long-term debt fees	(11,461,000)	(12,268,000)
Less: Current portion	289,000	340,000
Total long-term debt	5,216,503,000	5,214,810,000
Secured Debt
Debt Instrument [Line Items]
Long-term debt	4,318,681,000	4,318,619,000
Secured Debt | Term Loan Facility due 2026
Debt Instrument [Line Items]
Long-term debt	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
Secured Debt | Asset-based Revolving Credit Facility due 2027
Debt Instrument [Line Items]
Long-term debt	$ 0	0
Secured Debt | 6.375% Senior Secured Notes due 2026
Debt Instrument [Line Items]
Stated interest rate (as a percent)	6.375%
Long-term debt	$ 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%
Long-term debt	$ 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%
Long-term debt	$ 500,000,000	500,000,000
Secured Debt | Other secured subsidiary debt
Debt Instrument [Line Items]
Long-term debt	$ 3,429,000	3,367,000
Unsecured Debt | 8.375% Senior Unsecured Notes due 2027
Debt Instrument [Line Items]
Stated interest rate (as a percent)	8.375%
Long-term debt	$ 916,357,000	$ 916,357,000
Line of Credit | Asset-based Revolving Credit Facility due 2027 | Subsidiary | Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowings provided under credit facility	450,000,000
Long-term line of credit	0
Letters of credit outstanding	23,200,000
Line of credit, remaining borrowing availability	$ 426,800,000

LONG-TERM DEBT - Narrative (Det

LONG-TERM DEBT - Narrative (Details) - USD ($) $ in Billions	Jun. 15, 2023	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Weighted average interest rate (as a percent)		7.30%
Aggregate market value of debt		$ 4	$ 4.2
Term Loan Facility due 2026 | Secured Debt | Secured Overnight Financing Rate
Debt Instrument [Line Items]
Debt, basis spread on variable rate	3%
Term Loan Facility due 2026 | 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	Mar. 31, 2024 USD ($)
Surety bonds
Debt Instrument [Line Items]
Guarantees obligations	$ 10.1
Commercial standby letters of credit
Debt Instrument [Line Items]
Guarantees obligations	$ 23.2

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
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Current tax expense	$ (3,418)	$ (3,485)
Deferred tax benefit (expense)	24,080	(72,620)
Income tax benefit (expense)	$ 20,662	$ (76,105)

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Effective tax rates (as a percent)	53.30%	(52.00%)

STOCKHOLDERS' DEFICIT - Narrati

STOCKHOLDERS' DEFICIT - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	May 01, 2019	Mar. 31, 2024	Mar. 31, 2023	Nov. 05, 2020	Jul. 25, 2019
Class of Stock [Line Items]
Share-based compensation expense		$ 8,480	$ 10,152
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)			0
Class B Shares
Class of Stock [Line Items]
Conversion of Special Warrants to Class A and Class B Shares (in shares)		0	0
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		$ 51,300
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		$ 2,789	$ 1,931
Award vesting period (in months)		50 months

STOCKHOLDERS' DEFICIT - Share B

STOCKHOLDERS' DEFICIT - Share Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Class of Stock [Line Items]
Share-based compensation expense	$ 8,480	$ 10,152
Expense from cash settled awards	500
RSUs
Class of Stock [Line Items]
Share-based compensation expense	4,926	6,102
Performance RSUs
Class of Stock [Line Items]
Share-based compensation expense	2,789	1,931
Options
Class of Stock [Line Items]
Share-based compensation expense	$ 765	$ 2,119

STOCKHOLDERS' DEFICIT - Computa

STOCKHOLDERS' DEFICIT - Computation of Income (Loss) per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
NUMERATOR:
Net loss attributable to the Company – common shares, basic	$ (18,508)	$ (222,260)
Net loss attributable to the Company – common shares, diluted	$ (18,508)	$ (222,260)
DENOMINATOR:
Weighted average common shares outstanding - basic (in shares)	149,795	148,365
Stock options and restricted stock (in shares)	0	0
Weighted average common shares outstanding - diluted (in shares)	149,795	148,365
Net loss attributable to the Company per common share:
Basic (in dollars per share)	$ (0.12)	$ (1.50)
Diluted (in dollars per share)	$ (0.12)	$ (1.50)
Outstanding equity awards excluded from computation of diluted earnings per share (in shares)	15,800	11,700

STOCKHOLDERS' DEFICIT - Common

STOCKHOLDERS' DEFICIT - Common Stock and Special Warrants (Details) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
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)	124,416,225	124,299,288	[1]
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)	21,346,613	21,347,363	[1]
Special Warrants
Class of Stock [Line Items]
Common stock, shares issued (in shares)	5,043,336	5,101,870	[1]
[1]The Company's Preferred Stock is not presented in the data above as there were no shares issued and outstanding in 2024, 2023 or 2022.

SEGMENT DATA (Details)

SEGMENT DATA (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Revenue	$ 799,038	$ 811,239
Operating expenses	694,421	717,815
Segment Adjusted EBITDA	104,617	93,424
Depreciation and amortization	(105,162)	(108,512)
Impairment charges	(1,508)	(3,947)
Other operating expense, net	(572)	(221)
Restructuring expenses	(23,603)	(19,454)
Share-based compensation expense	(8,480)	(10,152)
Operating loss	(34,708)	(48,862)
Capital expenditures	21,582	39,165
Operating segments | Multiplatform Group
Segment Reporting Information [Line Items]
Revenue	493,463	529,013
Operating expenses	416,281	441,961
Segment Adjusted EBITDA	77,182	87,052
Share-based compensation expense	0	0
Capital expenditures	11,704	26,424
Operating segments | Digital Audio Group
Segment Reporting Information [Line Items]
Revenue	238,968	223,396
Operating expenses	170,841	169,277
Segment Adjusted EBITDA	68,127	54,119
Share-based compensation expense	0	0
Capital expenditures	5,427	5,777
Operating segments | Audio & Media Services Group
Segment Reporting Information [Line Items]
Revenue	69,168	61,351
Operating expenses	45,473	46,007
Segment Adjusted EBITDA	23,695	15,344
Share-based compensation expense	0	0
Capital expenditures	2,257	3,887
Corporate and other reconciling items
Segment Reporting Information [Line Items]
Revenue	0	0
Operating expenses	64,387	63,091
Segment Adjusted EBITDA	(64,387)	(63,091)
Share-based compensation expense	(8,480)	(10,152)
Capital expenditures	2,194	3,077
Eliminations
Segment Reporting Information [Line Items]
Revenue	(2,561)	(2,521)
Operating expenses	(2,561)	(2,521)
Segment Adjusted EBITDA	0	0
Share-based compensation expense	0	0
Capital expenditures	0	0
Intersegment revenues
Segment Reporting Information [Line Items]
Revenue	2,561	2,521
Intersegment revenues | Multiplatform Group
Segment Reporting Information [Line Items]
Revenue	0	0
Intersegment revenues | Digital Audio Group
Segment Reporting Information [Line Items]
Revenue	1,185	1,189
Intersegment revenues | Audio & Media Services Group
Segment Reporting Information [Line Items]
Revenue	$ 1,376	$ 1,332