Audit Information |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Audit Information [Abstract] | |
| Auditor Firm ID | 42 |
| Auditor Name | Ernst & Young LLP |
| Auditor Location | San Antonio, Texas |
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) - 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 |
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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) | (1,100,339) | 2,321 | (1,102,660) | |||||||||||||||
| Vesting of restricted stock and other (in shares) | [1] | 1,789,603 | ||||||||||||||||
| Vesting of restricted stock and other | (1,193) | 2 | (2) | (1,193) | ||||||||||||||
| Share-based compensation | 34,598 | 34,598 | ||||||||||||||||
| Dividends declared and paid to noncontrolling interests | (2,533) | (2,533) | ||||||||||||||||
| Conversion of Special Warrants to Class A and Class B Shares (in shares) | [1] | 9,383 | 59 | (9,442) | ||||||||||||||
| Conversion of Class B Shares to Class A Shares (in shares) | [1] | 129,877 | (129,877) | |||||||||||||||
| Other comprehensive income (loss) | 203 | 203 | ||||||||||||||||
| Ending balance (in shares) at Dec. 31, 2023 | [1] | 124,299,288 | 21,347,363 | 5,101,870 | ||||||||||||||
| Ending 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) | (1,009,494) | 447 | (1,009,941) | |||||||||||||||
| Vesting of restricted stock and other (in shares) | [1] | 3,050,749 | ||||||||||||||||
| Vesting of restricted stock and other | (826) | 3 | (3) | (826) | ||||||||||||||
| Share-based compensation | 28,610 | 28,610 | ||||||||||||||||
| Dividends declared and paid to noncontrolling interests | (4,555) | (4,555) | ||||||||||||||||
| Conversion of Special Warrants to Class A and Class B Shares (in shares) | [1] | 62,547 | (62,547) | |||||||||||||||
| Conversion of Class B Shares to Class A Shares (in shares) | [1] | 61,449 | (61,449) | |||||||||||||||
| Other comprehensive income (loss) | (757) | (757) | ||||||||||||||||
| Ending balance (in shares) at Dec. 31, 2024 | 127,474,033 | 21,285,914 | 5,039,323 | 127,474,033 | [1] | 21,285,914 | [1] | 5,039,323 | [1] | |||||||||
| Ending balance at Dec. 31, 2024 | (1,371,780) | 149 | 5,289 | 2,975,703 | (4,340,083) | (1,885) | (10,953) | |||||||||||
| Increase (Decrease) in Stockholders' Equity | ||||||||||||||||||
| Net income (loss) | (471,887) | 979 | (472,866) | |||||||||||||||
| Vesting of restricted stock and other (in shares) | [1] | 3,768,069 | ||||||||||||||||
| Vesting of restricted stock and other | (1,263) | 4 | (4) | (1,263) | ||||||||||||||
| Share-based compensation | 19,551 | 19,551 | ||||||||||||||||
| Dividends declared and paid to noncontrolling interests | (1,639) | (1,639) | ||||||||||||||||
| Conversion of Special Warrants to Class A and Class B Shares (in shares) | [1] | 932 | 22 | (954) | ||||||||||||||
| Conversion of Class B Shares to Class A Shares (in shares) | [1] | 195,740 | (195,740) | |||||||||||||||
| Other comprehensive income (loss) | 7 | 7 | ||||||||||||||||
| Ending balance (in shares) at Dec. 31, 2025 | 131,438,774 | 21,090,196 | 5,038,369 | 131,438,774 | [1] | 21,090,196 | [1] | 5,038,369 | [1] | |||||||||
| Ending balance at Dec. 31, 2025 | $ (1,827,011) | $ 153 | $ 4,629 | $ 2,995,250 | $ (4,812,949) | $ (1,878) | $ (12,216) | |||||||||||
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Accounting Policies [Abstract] | |
| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Business iHeartMedia, Inc. (the “Company,” "iHeartMedia," "we" or "us") was formed in May 2007 for the purpose of acquiring the business of iHeartCommunications, Inc., a Texas company (“iHeartCommunications”), which occurred on July 30, 2008. Prior to the consummation of the acquisition of iHeartCommunications, iHeartMedia had not conducted any activities, other than activities incident to its formation in connection with the acquisition, and did not have any assets or liabilities, other than those related to the acquisition. In 2018, the Company filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code, and in 2019, the Company emerged from Chapter 11 through a series of transactions that resulted in a decrease in the Company's debt ("Emergence"). 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, a full-service media representation business, and RCS, a provider of scheduling and broadcast software and services. These reporting segments reflect how senior management operates the Company. This structure provides visibility into the underlying performances, results, and margin profiles of our distinct businesses and enables senior management to monitor trends at the operational level and address opportunities or issues as they arise via regular review of segment-level results and forecasts with operational leaders. The Company's segment profitability metric is Segment Adjusted EBITDA which is reported to the Company's Chief Operating Decision Maker ("CODM") for purposes of making decisions about allocation of resources to, and assessing performance of, each reportable segment. The Company’s CODM is our Chief Executive Officer. Segment Adjusted EBITDA is calculated as Revenue less operating expenses, excluding restructuring expenses and share-based compensation expenses. Restructuring expenses include severance and other expenses incurred in connection with cost saving initiatives, as well as certain expenses, which, in the view of management, are outside the ordinary course of business or otherwise not representative of the Company's operations during a normal business cycle. 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 continued to contribute to a challenging macroeconomic environment. This challenging environment has led to broader market uncertainty which has impacted 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. The Company performs its annual impairment test on goodwill and indefinite-lived intangible assets, including Federal Communication Commission ("FCC") licenses, as of July 1 of each year. As a result of the 2025 annual testing, the Company recognized a non-cash impairment charge of $208.5 million on its FCC licenses as of July 1, 2025 and for the year ended December 31, 2025. During 2024, the Company performed interim impairment testing which resulted in a non-cash impairment charge of $304.1 million on its FCC licenses as of June 30, 2024. The annual impairment test for each reporting unit's goodwill resulted in no impairment charges as of July 1, 2025 and for the year ended December 31, 2025. The interim impairment testing as of June 30, 2024 resulted in a non-cash impairment charge of $616.1 million to reduce the Company's goodwill balance. During the year ended December 31, 2025, iHeartCommunications borrowed $100.0 million under the $450.0 million senior secured asset-based revolving credit facility entered into on May 17, 2022 (as amended, the "ABL Facility"). This borrowing was executed as a short-term liquidity management strategy to provide financial flexibility in response to recent market uncertainty. During the fourth quarter of 2025, the Company repaid $50.0 million of the outstanding balance. The remaining funds outstanding are available to support working capital requirements and general corporate purposes. As of December 31, 2025, the ABL Facility had a facility size of $450.0 million and $31.1 million in outstanding letters of credit, resulting in $368.9 million available for borrowing following the $50.0 million of outstanding borrowings. As of December 31, 2025, the Company had approximately $270.9 million in cash and cash equivalents, and total available liquidity was $639.8 million. Based on current available liquidity, the Company expects to be able to meet its obligations as they become due over the coming year. Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates, judgments, and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes including, but not limited to, legal, tax and insurance accruals. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from those estimates. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries. Also included in the consolidated financial statements are entities for which the Company has a controlling financial interest or is the primary beneficiary. Investments in companies in which the Company owns 20% to 50% of the voting common stock or otherwise exercises significant influence over operating and financial policies of the Company are accounted for using the equity method of accounting. All significant intercompany accounts have been eliminated in consolidation. Cash and Cash Equivalents Cash and cash equivalents include all highly liquid investments with an original maturity of three months or less. Accounts Receivable Accounts receivable are recorded when the Company has an unconditional right to payment, either because it has satisfied a performance obligation prior to receiving payment from the customer or has a non-cancelable contract that has been billed in advance in accordance with the Company’s normal billing terms. Accounts receivable are recorded at the invoiced amount, net of reserves for sales allowances and allowances for credit losses. The Company evaluates the collectability of its accounts receivable based on a combination of factors. In circumstances where it is aware of a specific customer’s inability to meet its financial obligations, it records a specific reserve to reduce the amounts recorded to what it believes will be collected. For all other customers, it recognizes reserves for bad debt based on historical experience of bad debts as a percent of accounts receivable for each business unit, adjusted for relative improvement or deterioration in the agings and changes in current economic conditions. The Company believes its concentration of credit risk is limited due to the large number of its customers. Business Combinations The Company accounts for its business combinations under the acquisition method of accounting. The total cost of an acquisition is allocated to the underlying identifiable net assets, based on their respective estimated fair values. The excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. Determining the fair value of assets acquired and liabilities assumed requires management's judgment and often involves the use of significant estimates and assumptions, including assumptions with respect to future cash inflows and outflows, discount rates, asset lives and market multiples, among other items. Various acquisition agreements may include contingent purchase consideration based on performance requirements of the investee. The Company accounts for these payments in conformity with the provisions of ASC 805-20-30, which establish the requirements related to recognition of certain assets and liabilities arising from contingencies. Property, Plant and Equipment Property, plant and equipment are stated at cost. Depreciation is computed using the straight-line method at rates that, in the opinion of management, are adequate to allocate the cost of such assets over their estimated useful lives, which are as follows: Buildings and improvements – 10 to 39 years Towers, transmitters and studio equipment – 5 to 40 years Computer equipment and software - 3 years Furniture and other equipment – 5 to 7 years Leasehold improvements – shorter of economic life or lease term assuming renewal periods, if appropriate For assets associated with a lease or contract, the assets are depreciated at the shorter of the economic life or the lease or contract term, assuming renewal periods, if appropriate. Expenditures for maintenance and repairs are charged to operations as incurred, whereas expenditures for renewal and betterments are capitalized. The Company tests for possible impairment of property, plant, and equipment whenever events and circumstances indicate that depreciable assets might be impaired and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amounts of those assets. When specific assets are determined to be unrecoverable, the cost basis of the asset is reduced to reflect the current fair market value. Assets and businesses are classified as held for sale if their carrying amount will be recovered or settled principally through a sale transaction rather than through continuing use. The asset or business must be available for immediate sale and the sale must be highly probable within one year. 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 as well as 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 ("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, net 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. Certain of the Company's operating lease agreements include rental payments that are adjusted periodically for inflationary changes. Payments due to changes in inflationary adjustments are included within variable rent expense, which is accounted for separately from periodic straight-line lease expense. Certain of the Company's leases provide options to extend the terms of the agreements. The Company considers renewal periods in determining its lease terms if at inception of the lease there is reasonable assurance the lease will be renewed. Generally, renewal periods are excluded from minimum lease payments when calculating the lease liabilities as, for most leases, the Company does not consider exercise of such options to be reasonably certain. As a result, unless a renewal option is considered reasonably certain, the optional terms and related payments are not included within the lease liability. For those leases for which renewal periods are included in calculating minimum lease liabilities, any adjustments resulting from changes in circumstances which result in the renewal options no longer being reasonably certain are accounted for as changes in estimates. The Company's lease agreements do not contain any residual value guarantees or restrictive covenants. 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 Company elected to use the practical expedient to not separate non-lease components from the associated lease component for all classes of the Company's assets. When the Company decides to abandon a leased property before the expiration of the lease term, management assesses whether such property will be subleased. If it is determined that subleasing the property for the remaining lease term is reasonable, management estimates the fair value of the sublease payments to be received and compares the estimated fair value to the ROU asset. To the extent the estimated fair value is less than the net book value of the ROU asset, the Company records a non-cash impairment charge for the difference, and the remaining ROU asset is recorded ratably over the remaining lease term. If it is determined that subleasing the property for the remaining lease term is not reasonable (e.g., the remaining lease term is too short to reasonably expect the property to be subleased), amortization of the net book value of the ROU asset is accelerated and recognized as expense ratably from the decision date to the date the Company ceases use of the property. Indefinite-lived Intangible Assets The Company’s indefinite-lived intangible assets consist of FCC broadcast licenses in its Multiplatform Group segment. The Company’s indefinite-lived intangible assets are not subject to amortization, but are tested for impairment at least annually. The Company tests for possible impairment of indefinite-lived intangible assets whenever events or changes in circumstances, such as a significant reduction in operating cash flow or a significant change in the manner for which the asset is intended to be used indicate that the carrying amount of the asset may not be recoverable. The Company performs its annual impairment test for its FCC licenses using a combination of direct and market valuation approaches. The Company engages a third-party valuation firm to assist the Company in the development of these assumptions and the Company’s determination of the fair value of its FCC licenses. The Company performs its annual impairment test on its FCC licenses on July 1 of each year, and performs interim impairment tests whenever events and circumstances indicate that the FCC licenses might be impaired. The impairment tests for indefinite-lived intangible assets consist of a comparison between the fair value of the indefinite-lived intangible asset at the market level with its carrying amount. If the carrying amount of the indefinite-lived intangible asset exceeds its fair value, an impairment loss is recognized equal to that excess. After an impairment loss is recognized, the adjusted carrying amount of the indefinite-lived asset is its new accounting basis. Under the direct valuation method, the fair value of the indefinite-lived assets is calculated at the market level as prescribed by ASC 350-30-35. The Company engaged a third-party valuation firm to assist it in the development of the assumptions and the Company’s determination of the fair value of its indefinite-lived intangible assets. The application of the direct valuation method attempts to isolate the income that is attributable to the indefinite-lived intangible asset alone (that is, apart from tangible and identified intangible assets and goodwill). It is based upon modeling a hypothetical “greenfield” build-up to a “normalized” enterprise that, by design, lacks inherent goodwill and whose only other assets have essentially been paid for (or added) as part of the build-up process. The Company forecasts revenue, expenses, and cash flows over a ten-year period for each of its markets in its application of the direct valuation method. The Company also calculates a “normalized” residual year which represents the perpetual cash flows of each market. The residual year cash flow was capitalized to arrive at the terminal value of the licenses in each market. Under the direct valuation method, it is assumed that rather than acquiring indefinite-lived intangible assets as part of a going concern business, the buyer hypothetically develops indefinite-lived intangible assets and builds a new operation with similar attributes from scratch. Thus, the buyer incurs start-up costs during the build-up phase which are normally associated with going concern value. Initial capital costs are deducted from the discounted cash flow model which results in value that is directly attributable to the indefinite-lived intangible assets. Key assumptions using the direct valuation method are market revenue growth rates, profit margin, and the risk-adjusted discount rate, as well as other assumptions including market share, duration and profile of the build-up period, estimated start-up costs and capital expenditures. This data is populated using industry normalized information representing an average asset within a market. The Company obtained recent broadcast radio industry revenue projections which it considered along with various other sources of data in developing the assumptions used for purposes of performing impairment testing on its FCC licenses. FCC licenses valued using a market approach estimate the fair value by referencing recent transactions involving comparable spectrum assets. This method considers observable market data, adjusted for differences in signal strength and market size. In applying the market approach, the Company considered current market conditions and industry trends in evaluating the relevance and comparability of observed transactions. Other Intangible Assets Other intangible assets include definite-lived intangible assets. The Company’s definite-lived intangible assets 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 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. In accordance with ASC 360, we assess the recoverability of definite-lived intangible assets whenever events and circumstances indicate that they might be impaired and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amounts of those assets. When specific assets are determined to be unrecoverable, the cost basis of the asset is reduced to reflect the current fair market value. Goodwill 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. The Company identified its reporting units in accordance with ASC 350-20-55. The goodwill impairment test requires measurement of the fair value of the Company's reporting units, which is compared to the carrying value of the reporting units, including goodwill. Each reporting unit is valued using a discounted cash flow model which requires estimating future cash flows expected to be generated from the reporting unit, discounted to their present value using a risk-adjusted discount rate. Terminal values are also estimated and discounted to their present value. Assessing the recoverability of goodwill requires estimates and assumptions about sales, operating margins, growth rates and discount rates based on budgets, business plans, economic projections, anticipated future cash flows and marketplace data. The Company performs its annual impairment test on its goodwill on July 1 of each year. For a complete discussion of our annual impairment tests and interim tests performed, see Note 4, Property, Plant and Equipment, Intangible Assets and Goodwill. Other Investments We apply ASC 321, Investments - Equity Securities, which requires us to measure all equity investments that do not result in consolidation and are not accounted for under the equity method at fair value and recognize any changes in earnings. For equity securities without readily determinable fair values, we have elected the measurement alternative under which we measure these investments at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Investments in notes receivable are evaluated for credit losses in accordance with ASC 326, Financial Instruments-Credit Losses, on a quarterly basis or when indicators of credit loss exist. Financial Instruments Due to their short maturity, the carrying amounts of accounts and notes receivable, accounts payable, accrued liabilities, and short-term borrowings approximated their fair values at December 31, 2025 and 2024. Long-Term Debt In connection with the completed exchange offers in December 2024, the Company performed an assessment by debt holder and determined that a portion met the criteria for the exchange transactions to be accounted for as a troubled debt restructuring under ASC 470-60 and a portion met the criteria for exchange transactions to be accounted for as a modification under ASC 470-50. In both instances, the carrying value of the applicable new debt was established at the carrying value of the applicable existing debt and the Company established new effective interest rates based on the carrying value of the existing debt prior to the debt exchange. The difference between the carrying value of the existing debt and the new debt is reflected as debt premium. For more information regarding the completed exchange offers, refer to Note 6, Long-Term Debt. Income Taxes The Company accounts for income taxes using the liability method. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting bases and tax bases of assets and liabilities and are measured using the enacted tax rates expected to apply to taxable income in the periods in which the deferred tax asset or liability is expected to be realized or settled. Deferred tax assets are reduced by valuation allowances if the Company believes it is more likely than not that some portion or the entire asset will not be realized. The Company has not provided U.S. federal income taxes for temporary differences with respect to investments in foreign subsidiaries. It is not apparent that these temporary differences will reverse in the foreseeable future. If any excess cash held by our foreign subsidiaries was needed to fund operations in the U.S., the Company could presently repatriate available funds without a requirement to accrue or pay U.S. taxes. The Company regularly reviews its tax liabilities on amounts that may be distributed in future periods and provides for foreign withholding and other current and deferred taxes on any such amounts, where applicable. Revenue Recognition The Company recognizes revenue when or as it satisfies a performance obligation by transferring a promised good or service to a customer. Where third-parties are involved in the provision of goods and services to a customer, revenue is recognized at the gross amount of consideration the Company expects to receive if the Company controls the promised good or service before it is transferred to the customer; otherwise, revenue is recognized at the net amount the Company retains. The Company receives payments from customers based on billing schedules that are established in its contracts, and deferred revenue is recorded when payment is received from a customer before the Company has satisfied the performance obligation or a non-cancelable contract has been billed in advance in accordance with the Company’s normal billing terms. The primary source of revenue in the Multiplatform Group segment is the sale of advertising on the Company’s broadcast radio stations and national and local live events. Revenues for advertising spots are recognized at the point in time when the advertisement is broadcast. Revenues for event sponsorships are recognized over the period of the event. Multiplatform Group also generates revenues from programming talent, network syndication, traffic and weather data, and other miscellaneous transactions, which are recognized when the services are transferred to the customer. Multiplatform Group's contracts with advertisers are typically a year or less in duration and are generally billed monthly upon satisfaction of the performance obligations. The primary source of revenue in the Digital Audio Group segment is the sale of advertising on the Company’s podcast network, iHeartRadio mobile application and website, and station websites. Revenues for digital advertising are recognized over time based on impressions delivered or time elapsed, depending upon the terms of the contract. Digital Audio Group’s contracts with advertisers are typically a year or less in duration and are generally billed monthly upon satisfaction of the performance obligations. The Company also generates revenue through contractual commissions realized from the sale of national spot and online advertising on behalf of clients of its full-service media representation business, Katz Media, which is part of the Audio and Media Services Group segment. Revenues from these contracts are recognized at the point in time when the advertisements are broadcast. Because the Company is a representative of its media clients and does not control the advertising inventory before it is transferred to the advertiser, the Company recognizes revenue at the net amount of contractual commissions retained for its representation services. The Company’s media representation contracts typically have terms up to ten years in duration and are generally billed monthly upon satisfaction of the performance obligations. The Company recognizes revenue in amounts that reflect the consideration it expects to receive in exchange for transferring goods or services to customers, excluding sales taxes and other similar taxes collected on behalf of governmental authorities (the "transaction price”). When this consideration includes a variable amount, the Company estimates the amount of consideration it expects to receive and only recognizes revenue to the extent that it is probable it will not be reversed in a future reporting period. Because the transfer of promised goods and services to the customer is generally within a year of scheduled payment from the customer, the Company is not typically required to consider the effects of the time value of money when determining the transaction price. In order to appropriately identify the unit of accounting for revenue recognition, the Company determines which promised goods and services in a contract with a customer are distinct and are therefore separate performance obligations. If a promised good or service does not meet the criteria to be considered distinct, it is combined with other promised goods or services until a distinct bundle of goods or services exists. For revenue arrangements that contain multiple distinct goods or services, the Company allocates the transaction price to these performance obligations in proportion to their relative standalone selling prices or the best estimate of their fair values. However, where the Company provides customers with free or discounted services as part of contract negotiations, management uses judgment to determine how much of the transaction price to allocate to these performance obligations. These free or discounted services are typically provided in the same performance period. Contract Costs Incremental costs of obtaining a contract primarily relate to sales commissions, which are included in selling, general and administrative expenses and are generally commensurate with sales. These costs are generally expensed when incurred because the period of benefit is one year or less. Advertising Expense The Company records advertising expense as it is incurred. Advertising expenses were $289.7 million, $254.9 million, and $233.9 million for the years ended December 31, 2025, 2024, and 2023, respectively, which includes $266.3 million, $230.0 million, and $210.2 million in barter advertising, respectively. Share-Based Compensation Under the fair value recognition provisions of ASC 718, share-based compensation cost is measured at the grant date based on the fair value of the award. For awards that vest based on market or service conditions, this cost is recognized as expense on a straight-line basis over the vesting period. For awards that will vest based on performance conditions, this cost is recognized when it becomes probable that the performance conditions will be satisfied. Determining the fair value of share-based awards at the grant date requires assumptions and judgment, such as expected volatility, among other factors. Foreign Currency Results of operations for foreign subsidiaries and foreign equity investees are translated into U.S. dollars using average exchange rates during the year. The assets and liabilities of those subsidiaries and investees are translated into U.S. dollars using the exchange rates at the balance sheet date. The related translation adjustments are recorded in a separate component of stockholders' deficit, Accumulated other comprehensive loss. Foreign currency transaction gains and losses are included in Other expense, net in the statement of comprehensive loss. Reclassifications Certain prior period amounts have been reclassified to conform to the 2025 presentation, including reclassifying prepaid expense assets associated with trade and barter arrangements from “(Increase) Decrease in prepaid expenses and other current assets” to “Barter and trade income” in the Consolidated Statements of Cash Flows. Restricted Cash As of December 31, 2025 and 2024, 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 Recently Adopted 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. The Company retrospectively adopted this guidance beginning with the 2023 annual period. New Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued Update 2024-03 Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40). This update focuses on the disaggregation of income statement expenses, requiring entities to provide more detailed disclosures about certain expenses in their financial statements. The amendments of ASU 2024-03 are effective for annual reporting periods beginning after December 15, 2026, and for interim reporting periods beginning after December 15, 2027. Early adoption is permitted and the amendments may be applied prospectively or retrospectively. The Company is currently evaluating the impact of this standard on its disclosures, including timing and method of adoption. In September 2025, the FASB issued Update 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40), which modernizes the accounting guidance for internal-use software costs. The amendments of ASU 2025-06 are effective for fiscal years beginning after December 15, 2027, and for interim reporting periods within those annual reporting periods. Early adoption is permitted and the amendments may be applied prospectively or retrospectively. The Company is currently evaluating the impact of this standard on our financial statements, including timing and method of adoption. In December 2025, the FASB issued Update 2025-12 — Codification Improvements, which provides for several updates to the codification. The amendments of ASU 2025-12 are effective for annual periods beginning after December 15, 2026, and interim periods within those annual periods and early adoption is permitted. The Company is currently evaluating the impact of this standard on its financial statements, including timing and method of adoption.
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REVENUE |
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| Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| REVENUE | REVENUE The Company generates revenue from several sources: •The primary source of revenue in the Multiplatform Group segment is the sale of advertising on the Company’s radio stations. This segment also generates revenues from programming talent, network syndication, traffic and weather data, live and virtual events and other miscellaneous transactions. •The primary source of revenue in the Digital Audio Group segment is the sale of advertising on the Company’s podcast network, iHeartRadio mobile application and website, and station websites. •The primary source of revenue in the Audio and Media Services Group segment is the generation of revenue through contractual commissions realized from the sale of national spot and online advertising on behalf of clients of its full-service media representation business, Katz Media. The Company also generates revenue through the sale of broadcast software and media streaming and research services as part of RCS. Disaggregation of Revenue The following table shows revenue streams for the Company:
(1)Broadcast Radio revenue is generated through the sale of advertising time on the Company’s 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 primarily generated through the sale of advertising on the Company's podcast network. (6)Audio and media services revenue is generated by services provided to broadcast industry participants through the Company’s Katz Media and RCS businesses. As a media representation firm, Katz Media generates revenue via commissions on media sold on behalf of the radio and television stations that it represents, while RCS generates revenue by providing broadcast 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, other advertising 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 or delivered to the customer. Trade and barter revenues and expenses, which are included in consolidated revenue and selling, general and administrative expenses, respectively, were as follows:
(1) Revenue in connection with investments made in companies in exchange for advertising services. The increase in trade and barter revenues and expenses in 2025 is the result of strategic marketing initiatives as discussed in Part II, Item 7 of this Annual Report on Form 10-K. Deferred Revenue The following tables show the Company’s deferred revenue balance from contracts with customers:
(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 a term of one year or less. However, as of December 31, 2025, the Company expects to recognize $274.0 million of revenue in future periods for remaining performance obligations from current contracts with customers that have an original expected duration of 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.
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LEASES |
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| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| LEASES | LEASES In September 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 following tables provide the components of lease expense included within the statement of comprehensive loss:
The following table provides the weighted average remaining lease term and the weighted average discount rate for the Company's leases:
As of December 31, 2025, the Company’s future maturities of operating lease liabilities were as follows:
The following table provides supplemental cash flow information related to leases:
(1)Lease liabilities from obtaining right-of-use assets includes new leases entered into during the years ended December 31, 2025, 2024, and 2023. 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 $63.4 million, $62.1 million, and $67.1 million for the years ended December 31, 2025, 2024, and 2023, respectively.
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PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL |
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| 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:
Indefinite-lived Intangible Assets The Company’s indefinite-lived intangible assets consist of FCC broadcast licenses in its Multiplatform Group segment and were $601.4 million and $809.9 million at December 31, 2025 and 2024, respectively. FCC broadcast licenses are granted to radio stations for up to eight years under the Telecommunications Act of 1996 (the “Act”). The Act requires the FCC to renew a broadcast license if the FCC finds that the station has served the public interest, convenience and necessity, there have been no violations of either the Communications Act of 1934 or the FCC’s rules and regulations by the licensee, and there have been no other violations which taken together constitute a pattern of abuse. The licenses may be renewed indefinitely at little or no cost. The Company does not believe that the technology of wireless broadcasting will be replaced in the foreseeable future. Indefinite-lived Intangible Assets Impairment The Company performs its annual impairment test on indefinite-lived intangible assets, including FCC licenses, as of July 1 of each year. In addition, the Company tests for impairment of indefinite-lived intangible assets whenever events and circumstances indicate that such assets might be impaired. As discussed in Note 1, Basis of Presentation, macroeconomic uncertainty, including persistent inflation and elevated interest rates, has contributed to slowing broadcast revenue growth and declines in margins. These factors have negatively impacted the key assumptions used in the discounted cash flow models which are utilized to value our FCC licenses, particularly the industry profit margins used in estimating the market profitability. Based on the Company's testing, the estimated fair values of its FCC licenses were below their carrying values. As a result, the Company recorded a non-cash impairment charge of $208.5 million to the FCC licenses balance as part of the 2025 annual impairment test in the third quarter of 2025. The Company recognized a non-cash impairment charge of $304.1 million on its FCC licenses as a result of the interim impairment assessment performed in the second quarter of 2024. No impairment was identified related to our FCC licenses as part of the 2024 annual impairment test performed during the third quarter. The Company recognized a of $363.6 million on its FCC licenses as part of the interim impairment testing performed 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. Since our emergence from bankruptcy in 2019, we have recorded $1.7 billion of cumulative impairment charges to our FCC licenses. Other Intangible Assets The following table presents the gross carrying amount and accumulated amortization for each major class of other intangible assets:
Total amortization expense related to definite-lived intangible assets for the years ended December 31, 2025, 2024, and 2023 was $213.6 million, $245.3 million, and $246.7 million, respectively. The following table presents the Company’s estimate of amortization expense for each of the five succeeding fiscal years for definite-lived intangible assets:
Goodwill The following tables present the changes in the carrying amount of goodwill:
(1)Beginning goodwill balance is presented net of prior accumulated impairment losses of $1.3 billion related to the Multiplatform Group, $439.4 million related to the Digital Audio Group and $34.5 million related to the Audio & Media Services Group. Goodwill Impairment The Company performs its annual impairment test of goodwill as of July 1 of each year. The Company also tests goodwill at interim dates if events or changes in circumstances indicate that goodwill might be impaired. In determining the fair value of the reporting units, the Company considered industry and market factors including trading multiples of similar businesses and the trading prices of its debt and equity securities. Based on the Company's impairment test as of July 1, 2025, it determined that the estimated fair values of all of its reporting units exceeded their carrying values, including goodwill. Therefore, no impairment of goodwill was recorded. During the year ended December 31, 2024, the Company performed an interim impairment test as of June 30, 2024, which resulted in the recognition of a non-cash goodwill impairment charge of $616.1 million. There were no significant changes to assumptions used for the 2024 annual impairment test. No impairment was identified related to the goodwill balance as a result of the 2024 annual impairment test performed during the third quarter. The Company also recognized non-cash impairment of $595.5 million as a result of its interim impairment test performed as of June 30, 2023. No impairment was identified related to the goodwill balance as a result of the 2023 annual impairment test performed during the third quarter of 2023. While the Company believes it has made reasonable estimates and utilized reasonable assumptions to calculate the fair values of its indefinite-lived FCC licenses and reporting units, it is possible a material change could occur to the estimated fair value of these assets as a result of the uncertainty regarding the magnitude of the impact of current market conditions, as well as the timing of any recovery. If the Company's actual results are not consistent with its estimates, the Company could be exposed to future impairment losses that could be material to its results of operations.
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| 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:
Indefinite-lived Intangible Assets The Company’s indefinite-lived intangible assets consist of FCC broadcast licenses in its Multiplatform Group segment and were $601.4 million and $809.9 million at December 31, 2025 and 2024, respectively. FCC broadcast licenses are granted to radio stations for up to eight years under the Telecommunications Act of 1996 (the “Act”). The Act requires the FCC to renew a broadcast license if the FCC finds that the station has served the public interest, convenience and necessity, there have been no violations of either the Communications Act of 1934 or the FCC’s rules and regulations by the licensee, and there have been no other violations which taken together constitute a pattern of abuse. The licenses may be renewed indefinitely at little or no cost. The Company does not believe that the technology of wireless broadcasting will be replaced in the foreseeable future. Indefinite-lived Intangible Assets Impairment The Company performs its annual impairment test on indefinite-lived intangible assets, including FCC licenses, as of July 1 of each year. In addition, the Company tests for impairment of indefinite-lived intangible assets whenever events and circumstances indicate that such assets might be impaired. As discussed in Note 1, Basis of Presentation, macroeconomic uncertainty, including persistent inflation and elevated interest rates, has contributed to slowing broadcast revenue growth and declines in margins. These factors have negatively impacted the key assumptions used in the discounted cash flow models which are utilized to value our FCC licenses, particularly the industry profit margins used in estimating the market profitability. Based on the Company's testing, the estimated fair values of its FCC licenses were below their carrying values. As a result, the Company recorded a non-cash impairment charge of $208.5 million to the FCC licenses balance as part of the 2025 annual impairment test in the third quarter of 2025. The Company recognized a non-cash impairment charge of $304.1 million on its FCC licenses as a result of the interim impairment assessment performed in the second quarter of 2024. No impairment was identified related to our FCC licenses as part of the 2024 annual impairment test performed during the third quarter. The Company recognized a of $363.6 million on its FCC licenses as part of the interim impairment testing performed 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. Since our emergence from bankruptcy in 2019, we have recorded $1.7 billion of cumulative impairment charges to our FCC licenses. Other Intangible Assets The following table presents the gross carrying amount and accumulated amortization for each major class of other intangible assets:
Total amortization expense related to definite-lived intangible assets for the years ended December 31, 2025, 2024, and 2023 was $213.6 million, $245.3 million, and $246.7 million, respectively. The following table presents the Company’s estimate of amortization expense for each of the five succeeding fiscal years for definite-lived intangible assets:
Goodwill The following tables present the changes in the carrying amount of goodwill:
(1)Beginning goodwill balance is presented net of prior accumulated impairment losses of $1.3 billion related to the Multiplatform Group, $439.4 million related to the Digital Audio Group and $34.5 million related to the Audio & Media Services Group. Goodwill Impairment The Company performs its annual impairment test of goodwill as of July 1 of each year. The Company also tests goodwill at interim dates if events or changes in circumstances indicate that goodwill might be impaired. In determining the fair value of the reporting units, the Company considered industry and market factors including trading multiples of similar businesses and the trading prices of its debt and equity securities. Based on the Company's impairment test as of July 1, 2025, it determined that the estimated fair values of all of its reporting units exceeded their carrying values, including goodwill. Therefore, no impairment of goodwill was recorded. During the year ended December 31, 2024, the Company performed an interim impairment test as of June 30, 2024, which resulted in the recognition of a non-cash goodwill impairment charge of $616.1 million. There were no significant changes to assumptions used for the 2024 annual impairment test. No impairment was identified related to the goodwill balance as a result of the 2024 annual impairment test performed during the third quarter. The Company also recognized non-cash impairment of $595.5 million as a result of its interim impairment test performed as of June 30, 2023. No impairment was identified related to the goodwill balance as a result of the 2023 annual impairment test performed during the third quarter of 2023. While the Company believes it has made reasonable estimates and utilized reasonable assumptions to calculate the fair values of its indefinite-lived FCC licenses and reporting units, it is possible a material change could occur to the estimated fair value of these assets as a result of the uncertainty regarding the magnitude of the impact of current market conditions, as well as the timing of any recovery. If the Company's actual results are not consistent with its estimates, the Company could be exposed to future impairment losses that could be material to its results of operations.
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INVESTMENTS |
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| Schedule of Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| INVESTMENTS | INVESTMENTS The following table summarizes the Company's investments in nonconsolidated affiliates and other securities:
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LONG-TERM DEBT |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| LONG-TERM DEBT | LONG-TERM DEBT Long-term debt outstanding consisted of the following:
(1)During the quarter ended December 31, 2025, the Company repaid $50.0 million of the $100.0 million previously borrowed under its ABL Facility during 2025. As of December 31, 2025, the ABL Facility had a facility size of $450.0 million, $50.0 million outstanding borrowings and $31.1 million in outstanding letters of credit, resulting in $368.9 million of borrowing base availability. (2)Quarterly amortization payments of $5.4 million (equal to 0.25% of the original principal amount) are required per the terms of the Term Loan Facility due 2029. (3)Other subsidiary debt consists of finance lease and other contractual obligations maturing at various dates from 2026 through 2045. (4)The difference between the carrying value of the exchanged 5.25% Senior Notes, 4.75% Senior Secured Notes, and 8.375% Notes and the principal amount of the 7.75% First Lien Notes due 2030, 7.00% First Lien Notes due 2031 and the 10.875% Second Lien Notes due 2030 was recorded as debt premium and will be reduced as contractual interest payments are made. The Company’s weighted average interest rate was 9.0% and 9.4% as of December 31, 2025 and December 31, 2024, 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 $4.1 billion as of December 31, 2025 and December 31, 2024, respectively. Under the fair value hierarchy established by ASC 820-10-35, Fair Value Measurement, the fair market value of the Company’s debt is classified as either Level 1 or Level 2. As of December 31, 2025, we were in compliance with all covenants related to the Company's debt agreements. Debt Exchange Transaction On December 20, 2024 (the “Settlement Date”), iHeartCommunications completed its exchange offers and consent solicitations whereby iHeartCommunications exchanged: (i)$755.4 million principal amount of the existing 6.375% Senior Notes due 2026 (the “2026 Senior Notes”) for $717.6 million principal amount of the new 9.125% Senior Secured First Lien Notes due 2029 (the “2029 First Lien Notes”) and cash consideration of $37.6 million, (ii)$743.0 million principal amount of the existing 5.250% Senior Notes due 2027 (the “2027 Senior Notes”) for $661.3 million principal amount of the new 7.750% Senior Secured First Lien Notes due 2030 (the “2030 First Lien Notes”), (iii)$223.1 million principal amount of the existing 4.750% Senior Secured Notes due 2028 (the "2028 Secured Notes") for $178.4 million principal amount of the new 7.000% Senior Secured First Lien Notes due 2031 (the “2031 First Lien Notes” and, together with the 2029 First Lien Notes and the 2030 First Lien Notes, the “First Lien Notes”), (iv)$844.0 million principal amount of the existing 8.375% Senior Notes due 2027 (the “Unsecured Notes”) for $675.2 million principal amount of the new 10.875% Senior Secured Second Lien Notes due 2030 (the “Second Lien Notes” and, together with the First Lien Notes, the “New Notes”), and (v)$2,258.7 million principal amount of the existing senior secured first lien term loans due 2026 (the “Existing Term Loans”) for $2,145.7 million principal amount of the new senior secured first lien term loans due 2029 (the “New Term Loans” and, together with the First Lien Notes, the “First Lien Debt”; the First Lien Debt together with the Second Lien Notes, the “New Debt”) and cash consideration of $112.9 million pursuant to a term loan exchange agreement (the “Term Loan Exchange Agreement”) (collectively, the “Comprehensive Transactions”). New Indentures; New Term Loan Credit Agreement The First Lien Notes were issued pursuant to an indenture, dated as of the Settlement Date (the “First Lien Indenture”), by and among iHeartCommunications, the Guarantors (as defined below) party thereto and U.S. Bank Trust Company, National Association (“U.S. Bank”), as trustee and collateral agent for each series of the First Lien Notes. The Second Lien Notes were issued pursuant to an indenture, dated as of the Settlement Date (the “Second Lien Indenture” and, together with the First Lien Indenture, the “Indentures”), by and among iHeartCommunications, the Guarantors and U.S. Bank, as trustee and collateral agent. The New Term Loans were incurred under a credit agreement, dated as of the Settlement Date (the “New Term Loan Credit Agreement” and, together with the Indentures, the “Debt Instruments”), by and among iHeartCommunications, the Guarantors, Bank of America, N.A. (“BofA”), as administrative agent and collateral agent, and each lender party thereto. The 2029 First Lien Notes will mature on May 1, 2029, bear interest at an initial rate of 9.125% per annum (subject to decreases in the future upon the achievement of certain credit ratings on such 2029 First Lien Notes) and interest is payable semi-annually on February 1 and August 1 of each year. The 2030 First Lien Notes will mature on August 15, 2030, bear interest at an initial rate of 7.750% per annum (subject to decreases in the future upon the achievement of certain credit ratings on such 2030 First Lien Notes) and interest is payable semi-annually on February 15 and August 15 of each year. The 2031 First Lien Notes will mature on January 15, 2031, bear interest at an initial rate of 7.000% per annum (subject to decreases in the future upon the achievement of certain credit ratings on such 2031 First Lien Notes) and interest is payable semi-annually on January 15 and July 15 of each year. The Second Lien Notes will mature on May 1, 2030, bear interest at an initial rate of 10.875% per annum (subject to decreases in the future upon the achievement of certain credit ratings on such Second Lien Notes) and interest is payable semi-annually on May 1 and November 1 of each year. The New Term Loans will mature on May 1, 2029, and bear interest at a rate per annum based on, at iHeartCommunications’ election, either (1) adjusted term SOFR, subject to a 0% floor, plus an initial applicable margin of 5.775% (subject to decreases in the future upon iHeartCommunications obtaining certain corporate credit ratings) or (2) an alternate base rate plus an initial applicable margin of 4.775% (subject to decrease in the future upon iHeartCommunications obtaining certain corporate credit ratings). iHeartCommunications is required to make quarterly amortization payments on the New Term Loans in an amount equal to 0.25% of the original principal amount thereof. Each series of the New Debt is guaranteed on a senior secured basis by iHeartMedia Capital I, LLC (the “Capital I”) and each existing and future material, wholly-owned domestic subsidiary of Capital I, subject to certain exceptions (the “Subsidiary Guarantors” and, together with Capital I, the “Guarantors”). Each series of the First Lien Debt and the related guarantees are secured, subject to permitted liens and certain other exceptions, by a first priority lien on substantially all of the assets of iHeartCommunications and the Guarantors (the “Fixed Asset Collateral”), other than the accounts receivable and related assets of iHeartCommunications and the Guarantors (the “ABL Collateral” and, together with the Fixed Asset Collateral, the “Collateral”), and by a second priority lien on the ABL Collateral, and the Second Lien Notes and the related guarantees are secured, subject to permitted liens and certain other exceptions, by a second priority lien on the Fixed Asset Collateral and by a third priority lien on the ABL Collateral. iHeartCommunications may redeem each series of the New Notes at its option, in whole or in part, at any time prior to December 20, 2026, at a price equal to 100% of the principal amount of the New Notes of such series redeemed, plus a make-whole premium, plus accrued and unpaid interest to the redemption date. iHeartCommunications may redeem each series of the New Notes at its option, in whole or in part, on or after December 20, 2026, at the redemption prices set forth in the First Lien Indenture or Second Lien Indenture, as applicable, plus accrued and unpaid interest to the redemption date. iHeartCommunications may make voluntary prepayments of the New Term Loans at its option, in whole or in part, subject to a prepayment premium as set forth in the New Term Loan Credit Agreement. Upon the occurrence of certain events, including a change of control, asset sales in excess of certain thresholds and, in the case of the 2029 First Lien Notes and the New Term Loans, excess cash flows in excess of certain thresholds, iHeartCommunications will be required to repay or make an offer to repurchase, as applicable, the New Debt (or in the case of excess cash flows, the 2029 First Lien Notes and the New Term Loans) pursuant to and subject to the provisions set forth in the applicable Debt Instrument. The Debt Instruments contain covenants that limit iHeartCommunications’ and its subsidiaries’ ability to, among other things (and subject to certain exceptions): •incur additional indebtedness; •pay dividends on, or make distributions in respect of, their capital stock or repurchase their capital stock; •make certain investments or other restricted payments; •sell certain assets; •create liens; •merge, consolidate or transfer or dispose of all or substantially all of their assets; •repay certain junior indebtedness or existing debt; •restrict the ability of subsidiaries to pay dividends; •make loans or transfer property to iHeartCommunications or its subsidiaries; •permit the subsidiaries that hold FCC licenses to engage in other businesses; •transfer FCC licenses or incur indebtedness; •transfer material assets to non-guarantors; •engage in transactions with affiliates; and •change lines of business. Asset-based Revolving Credit Facility due 2027 In connection with the completed exchange offers in December 2024, the provisions set forth in Amendment No. 1 (the “ABL Amendment”), dated as of November 6, 2024, to the ABL Credit Agreement dated as of May 17, 2022 and as amended, supplemented or modified from time to time, by and among iHeartCommunications, the Guarantors, BofA, as administrative agent and collateral agent, and the lenders from time to time party thereto, providing for, among other things, the applicable rate with respect to the loans provided thereunder to be increased by 0.50% and certain of the covenants and default provisions to become amended, in each case upon the consummation of the Comprehensive Transactions, became effective as of the Settlement Date. Size and Availability The ABL Facility provides for a senior secured asset-based revolving credit facility in the aggregate principal amount of up to $450.0 million, with amounts available from time to time (including in respect of letters of credit) equal to the lesser of (A) the borrowing base, which equals the sum of (i) 90.0% of the eligible accounts receivable of iHeartCommunications and the subsidiary guarantors and (ii) 100% of qualified cash, each subject to customary reserves and eligibility criteria, and (B) the aggregate revolving credit commitments. As of December 31, 2025, iHeartCommunications had $50.0 million of principal amount outstanding under the ABL Facility, a facility size of $450.0 million and $31.1 million in outstanding letters of credit, resulting in $368.9 million of borrowing base availability. Interest Rate and Fees Borrowings under the ABL Facility bear interest at a rate per annum equal to the applicable rate plus, at iHeartCommunications’ option, either (1) a base rate, (2) a term Secured Overnight Financing Rate (“SOFR”) rate (which includes a credit spread adjustment of 10 basis points), or (3) for certain foreign currencies, a eurocurrency rate. The applicable margin for borrowings under the ABL Facility range from 1.75% to 2.25% for both term SOFR and eurocurrency borrowings and from 0.75% to 1.25% for base-rate borrowings, in each case, depending on average excess availability under the ABL Facility based on the most recent fiscal quarter. In addition to paying interest on outstanding principal under the ABL Facility, iHeartCommunications is required to pay a commitment fee to the lenders under the ABL Facility in respect of the unutilized commitments thereunder. The commitment fee rate ranges from 0.25% to 0.375% per annum dependent upon average unused commitments during the prior quarter. iHeartCommunications may also pay customary letter of credit fees. Maturity Borrowings under the ABL Facility will mature, and lending commitments thereunder will terminate on May 17, 2027. Prepayments If at any time, the sum of the outstanding amounts under the ABL Facility exceeds the lesser of (i) the borrowing base and (ii) the aggregate commitments under the facility (such lesser amount, the “line cap”), iHeartCommunications is required to repay outstanding loans and cash collateralize letters of credit in an aggregate amount equal to such excess. iHeartCommunications may voluntarily repay outstanding loans under the ABL Facility at any time without premium or penalty, other than customary “breakage” costs with respect to eurocurrency rate loans. Any voluntary prepayments made by iHeartCommunications will not reduce iHeartCommunications’ commitments under the ABL Facility. Guarantees and Security The ABL Facility is guaranteed by, subject to certain exceptions, the guarantors of iHeartCommunications’ New Term Loans. All obligations under the ABL Facility, and the guarantees of those obligations, are secured by a perfected security interest in the accounts receivable and related assets of iHeartCommunications’ and the guarantors’ accounts receivable, qualified cash and related assets and proceeds thereof that is senior to the security interest of iHeartCommunications’ New Term Loans in such accounts receivable, qualified cash and related assets and proceeds thereof, subject to permitted liens and certain exceptions. Certain Covenants and Events of Default If borrowing availability is less than the greater of (a) $40.0 million and (b) 10% of the aggregate commitments under the ABL Facility, in each case, for two consecutive business days (a “Trigger Event”), iHeartCommunications will be required to comply with a minimum fixed charge coverage ratio of at least 1.00 to 1.00, and must continue to comply with this minimum fixed charge coverage ratio for fiscal quarters ending after the occurrence of the Trigger Event until borrowing availability exceeds the greater of (x) $40.0 million and (y) 10% of the aggregate commitments under the ABL Facility, in each case, for 20 consecutive calendar days, at which time the Trigger Event shall no longer be deemed to be occurring. 2026 Term Loan Facilities On the Settlement Date, iHeartCommunications completed its exchange offers and consent solicitations whereby iHeartCommunications exchanged $2,258.7 million principal amount of the Existing Term Loans for $2,145.7 million principal amount of the New Term Loans and cash consideration of $112.9 million pursuant to the Term Loan Exchange Agreement. As of December 31, 2025, approximately $6.6 million of the Existing Term Loans remain on the Consolidated Balance Sheets. Refer to a description of the Existing Term Loans below. On May 1, 2019, iHeartCommunications, as borrower, entered into a Credit Agreement (the “Term Loan Credit Agreement”) with Capital I, as guarantor, certain subsidiaries of iHeartCommunications, as guarantors, and Bank of America, N.A., as successor administrative and collateral agent, governing the term loan credit facility (the “2026 Initial Term Loan Facility”). On May 1, 2019, iHeartCommunications issued an aggregate of approximately $3.5 billion principal amount of senior secured term loans under the 2026 Initial Term Loan Facility to certain holders of claims against the Company (“Claimholders”) in connection with the Company's voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code (“Chapter 11 Cases”) pursuant to the series of transactions that reduced iHeartCommunications' debt and allowed the Company to emerge from Chapter 11 bankruptcy (the “Plan of Reorganization”). The 2026 Initial Term Loan Facility matures on May 1, 2026. On August 7, 2019, the proceeds from the issuance of $750.0 million in aggregate principal amount of 5.25% Senior Notes due 2027 were used, together with cash on hand, to prepay at par $740.0 million of borrowings outstanding under the 2026 Initial Term Loan Facility. On November 22, 2019, the proceeds from the issuance of $500.0 million in aggregate principal amount of 4.75% Senior Secured Notes due 2028 were used, together with cash on hand, to prepay at par $500.0 million of borrowings outstanding under the 2026 Initial Term Loan Facility. On February 3, 2020, iHeartCommunications entered into an amendment to the Term Loan Credit Agreement which reduced the interest rate to LIBOR plus a margin of 3.00% (from LIBOR plus a margin of 4.00%), or the Base Rate (as defined in the Term Loan Credit Agreement) plus a margin of 2.00% (from Base Rate plus a margin of 3.00%) and modified certain covenants contained in the Term Loan Credit Agreement. In connection with the 2026 Initial Term Loan Facility amendment in February 2020, iHeartCommunications also prepaid at par $150.0 million of borrowings outstanding under the 2026 Initial Term Loan Facility with cash on hand. On July 16, 2020, iHeartCommunications entered into Amendment No. 2 to issue $450.0 million of incremental term loan commitments (the “2026 Incremental Term Loan Facility” and, together with the 2026 Initial Term Loan Facility, the "2026 Term Loan Facilities"), resulting in net proceeds of $425.8 million, after original issue discount and debt issuance costs. A portion of the proceeds from the issuance were used to repay the balance outstanding under the prior ABL facility of $235.0 million, with the remaining $190.6 million of the proceeds available for general corporate purposes. The 2026 Incremental Term Loan Facility matures on May 1, 2026. On July 16, 2021, iHeartCommunications, Inc. entered into Amendment No. 3 which reduced the interest rate of its 2026 Incremental Term Loan Facility to a Eurocurrency Rate of LIBOR plus a margin of 3.25% and floor of 0.50% (from LIBOR plus a margin of 4.00% and floor of 0.75%). The Base Rate interest amount was reduced to Base Rate plus a margin of 2.25% and floor of 1.50%. In connection with the amendment, iHeartCommunications voluntarily prepaid $250.0 million of borrowings outstanding under the 2026 Term Loan Facilities with cash on hand, resulting in a reduction of $44.3 million of the existing 2026 Incremental Term Loan Facility and $205.7 million of the 2026 Initial Term Loan Facility. On June 15, 2023, iHeartCommunications entered into Amendment No. 4. The amendment replaced the prior Eurocurrency interest rate, based upon LIBOR, with the SOFR successor rate plus a SOFR adjustment as specified in the Term Loan Credit Agreement. In connection with the completed exchange offers in December 2024, iHeartCommunications and the Guarantors entered into Amendment No. 5 (the “Existing Term Loan Credit Agreement Amendment”) to the Term Loan Credit Agreement, to, among other things, eliminate substantially all of the restrictive covenants and mandatory prepayment provisions, certain representations and warranties and certain events of default and related provisions, and subordinate the liens on the collateral securing the obligations thereunder to the liens on the collateral securing the New Debt. Interest Rate and Fees The 2026 Initial Term Loan Facility has margins of 3.00% for Term SOFR Loans (as defined in the Term Loan Credit Agreement) and 2.00% for Base Rate Loans (as defined in the Term Loan Credit Agreement), and the 2026 Incremental Term Loan Facility has margins of 3.25% for Term SOFR Loans and 2.25% for Base Rate Loans. Term SOFR Loans are subject to a SOFR adjustment as set forth in the Term Loan Credit Agreement. Collateral and Guarantees The 2026 Term Loan Facilities are guaranteed by Capital I and certain of iHeartCommunications’ existing material wholly-owned restricted subsidiaries. All obligations under the 2026 Term Loan Facilities, and the guarantees of those obligations, are secured, subject to permitted liens and other exceptions, by a third priority lien in substantially all of the assets of iHeartCommunications and all of the guarantors’ assets, including a lien on the capital stock of iHeartCommunications and certain of its subsidiaries owned by a guarantor, other than the accounts receivable and related assets of iHeartCommunications and all of the subsidiary guarantors, and by a fourth priority lien on accounts receivable and related assets securing iHeartCommunications’ ABL Facility. Prepayments The Existing Term Loan Credit Agreement Amendment eliminated substantially all of the mandatory prepayment provisions applicable to the 2026 Term Loan Facilities. Subject to the applicable covenants in the New Debt, iHeartCommunications may voluntarily repay outstanding loans under the 2026 Term Loan Facilities at any time, without prepayment premium or penalty, subject to customary “breakage” costs with respect to term SOFR loans. Certain Covenants and Events of Default The 2026 Term Loan Facilities do not include any financial covenants. The Existing Term Loan Credit Agreement Amendment eliminated substantially all of the restrictive covenants applicable to the 2026 Term Loan Facilities. The 2026 Term Loan Facilities continue to include certain limited representations and warranties and events of default. If an event of default occurs, the lenders under the 2026 Term Loan Facilities are entitled to take various actions, including the acceleration of all amounts due under the 2026 Term Loan Facilities and all actions permitted to be taken under the loan documents relating thereto or applicable law. 6.375% Senior Notes due 2026 On May 1, 2019, iHeartCommunications entered into an indenture (the “2026 Senior Notes Indenture”) with Capital I, as guarantor, the subsidiary guarantors party thereto, and U.S. Bank National Association, as trustee and collateral agent, governing the $800.0 million aggregate principal amount of 2026 Senior Notes that were issued to certain Claimholders pursuant to the Plan of Reorganization. The 2026 Senior Notes mature on May 1, 2026 and bear interest at a rate of 6.375% per annum, payable semi-annually in arrears on February 1 and August 1 of each year. On the Settlement Date, iHeartCommunications completed its exchange offers and consent solicitations whereby iHeartCommunications exchanged $755.4 million principal amount of the 2026 Senior Notes for $717.6 million principal amount of the 2029 First Lien Notes and cash consideration of $37.6 million. As of December 31, 2025, $44.6 million of the 2026 Senior Notes remain on the Consolidated Balance Sheets. In connection with the completed exchange offers, iHeartCommunications and the Guarantors entered into the Second Supplemental Indenture (the “2026 Senior Notes Supplemental Indenture”) to the 2026 Senior Notes Indenture, to, among other things, eliminate substantially all of the restrictive covenants, certain events of default and certain other provisions contained in the 2026 Senior Notes Indenture, release the guarantees of the guarantors under the 2026 Senior Notes Indenture and eliminate related provisions and release all liens on the Collateral securing the obligations under the 2026 Senior Notes Indenture and eliminate related provisions. iHeartCommunications may redeem the 2026 Senior Notes at its option, in whole or in part, at the redemption prices set forth in the 2026 Senior Notes Indenture plus accrued and unpaid interest to the redemption date. 5.25% Senior Notes due 2027 On August 7, 2019, iHeartCommunications entered into an indenture (the “2027 Senior Notes Indenture”) with Capital I, as guarantor, the subsidiary guarantors party thereto, and U.S. Bank National Association, as trustee and collateral agent, governing the $750.0 million aggregate principal amount of 2027 Senior Notes that were issued in a private placement to qualified institutional buyers under Rule 144A under the Securities Act, and to persons outside the United States pursuant to Regulation S under the Securities Act. The 2027 Senior Notes mature on August 15, 2027 and bear interest at a rate of 5.25% per annum. Interest is payable semi-annually on February 15 and August 15 of each year. On the Settlement Date, iHeartCommunications completed its exchange offers and consent solicitations whereby iHeartCommunications exchanged $743.0 million principal amount of the 2027 Senior Notes for $661.3 million principal amount of the 2030 First Lien Notes. As of December 31, 2025, $7.0 million of the 2027 Senior Notes remain on the Consolidated Balance Sheets. In connection with the completed exchange offers, iHeartCommunications and the Guarantors entered into the Second Supplemental Indenture (the “2027 Senior Notes Supplemental Indenture”) to the 2027 Senior Notes Indenture, to, among other things, eliminate substantially all of the restrictive covenants, certain events of default and certain other provisions contained in the 2027 Senior Notes Indenture, release the guarantees of the guarantors under the 2027 Senior Notes Indenture and eliminate related provisions and release all liens on the Collateral securing the obligations under the 2027 Senior Notes Indenture and eliminate related provisions. iHeartCommunications may redeem the 2027 Senior Notes at its option, in whole or part, at the redemption prices set forth in the 2027 Senior Notes Indenture plus accrued and unpaid interest to the redemption date. 4.75% Senior Secured Notes due 2028 On November 22, 2019, iHeartCommunications entered into an indenture (the “2028 Secured Notes Indenture”) with Capital I, as guarantor, the subsidiary guarantors party thereto, and U.S. Bank National Association, as trustee and collateral agent, governing the $500.0 million aggregate principal amount of 2028 Secured Notes that were issued in a private placement to qualified institutional buyers under Rule 144A under the Securities Act, and to persons outside the United States pursuant to Regulation S under the Securities Act. The 2028 Secured Notes mature on January 15, 2028 and bear interest at a rate of 4.75% per annum. Interest is payable semi-annually on January 15 and July 15 of each year. On the Settlement Date, iHeartCommunications completed its exchange offers and consent solicitations whereby iHeartCommunications exchanged $223.1 million principal amount of the 2028 Secured Notes for $178.4 million principal amount of the 2031 First Lien Notes. As of December 31, 2025, $276.9 million of the 2028 Secured Notes remain on the Consolidated Balance Sheets. The 2028 Secured Notes are guaranteed on a senior secured basis by Capital I and the subsidiaries of iHeartCommunications that guarantee the New Debt. The 2028 Secured Notes and the related guarantees rank equally in right of payment with all of iHeartCommunications’ and the guarantors’ existing and future indebtedness that is not expressly subordinated to the 2028 Secured Notes, effectively equal with iHeartCommunications’ and the guarantors’ existing and future indebtedness secured by a first priority lien on the collateral securing the 2028 Secured Notes, effectively subordinated to all of iHeartCommunications’ and the guarantors’ existing and future indebtedness that is secured by assets that are not part of the collateral securing the 2028 Secured Notes, to the extent of the value of such collateral, and structurally subordinated to all existing and future indebtedness and other liabilities of any subsidiary of iHeartCommunications that is not a guarantor of the 2028 Secured Notes. The 2028 Secured Notes and the related guarantees are secured, subject to permitted liens and certain other exceptions, by a first priority lien on the capital stock of iHeartCommunications and substantially all of the assets of iHeartCommunications and the guarantors, other than accounts receivable and related assets, and by a second priority lien on accounts receivable and related assets securing the ABL Facility. iHeartCommunications may redeem the 2028 Secured Notes at its option, in whole or part, at the redemption prices set forth in the 2028 Secured Notes Indenture plus accrued and unpaid interest to the redemption date. The 2028 Secured Notes Indenture contains covenants that limit the ability of iHeartCommunications and its restricted subsidiaries, to, among other things: •incur or guarantee additional debt or issue certain preferred stock; •create liens on certain assets; •redeem, purchase or retire subordinated debt; •make certain investments; •create restrictions on the payment of dividends or other amounts from iHeartCommunications’ restricted subsidiaries; •enter into certain transactions with affiliates; •merge or consolidate with another person, or sell or otherwise dispose of all or substantially all of iHeartCommunications’ assets; •sell certain assets, including capital stock of iHeartCommunications’ subsidiaries; •designate iHeartCommunications’ subsidiaries as unrestricted subsidiaries, and •pay dividends, redeem or repurchase capital stock or make other restricted payments. 8.375% Senior Unsecured Notes due 2027 On May 1, 2019, iHeartCommunications entered into an indenture (the “Unsecured Notes Indenture”) with Capital I, as guarantor, the subsidiary guarantors party thereto, and U.S. Bank National Association, as trustee, governing the Unsecured Notes due 2027 that were issued to certain Claimholders pursuant to the Plan of Reorganization. The Unsecured Notes mature on May 1, 2027 and bear interest at a rate of 8.375% per annum, payable semi-annually in arrears on May 1 and November 1 of each year. On the Settlement Date, iHeartCommunications completed its exchange offers and consent solicitations whereby iHeartCommunications exchanged $844.0 million principal amount of the Unsecured Notes for $675.2 million principal amount of the Second Lien Notes. As of December 31, 2025, $72.4 million of the Unsecured Notes remain on the Consolidated Balance Sheets. In connection with the completed exchange offers, iHeartCommunications and the Guarantors entered into the Second Supplemental Indenture (the “Unsecured Notes Supplemental Indenture”) to the Unsecured Notes Indenture, to, among other things, eliminate substantially all of the restrictive covenants, certain events of default and certain other provisions contained in the Unsecured Notes Indenture, release the guarantees of the guarantors under the 2027 Unsecured Notes Indenture and eliminate related provisions. iHeartCommunications may redeem the Unsecured Notes at its option, in whole or in part, at the redemption prices set forth in the Unsecured Notes Indenture plus accrued and unpaid interest to the redemption date. Future Maturities of Long-term Debt Future maturities of long-term debt at December 31, 2025 are as follows:
(1)Excludes long-term debt fees of $7.2 million, and debt premium of $242.2 million which are amortized through interest expense over the life of the underlying debt obligations. Surety Bonds and Letters of Credit As of December 31, 2025, iHeartCommunications had outstanding surety bonds and commercial standby letters of credit of $9.5 million and $31.1 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.
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COMMITMENTS AND CONTINGENCIES |
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| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES The Company leases office space, certain broadcasting facilities and equipment under long-term operating leases. The Company accounts for annual rent escalation clauses included in the lease term on a straight-line basis under the guidance in ASC 842, Leases. Expenditures for maintenance are charged to operations as incurred, whereas expenditures for renewal and betterments are capitalized. Non-cancelable contracts that provide the lessor with a right to fulfill the arrangement with property, plant and equipment not specified within the contract are not a lease and have been included within non-cancelable contracts within the table below. Rent expense charged to operations for the years ended December 31, 2025, 2024, and 2023 was $185.7 million, $183.6 million, and $178.3 million, respectively. As of December 31, 2025, the Company's future minimum payments under non-cancelable contracts in excess of one year and employment/talent contracts consist of the following:
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 its litigation arises in the following contexts: commercial disputes; defamation matters; employment and benefits related claims; governmental fines; intellectual property claims; and tax disputes. Alien Ownership Restrictions and FCC 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, permitting the Company to be up to 100% foreign-owned, subject to certain conditions (the “2020 Declaratory Ruling”).
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INCOME TAXES |
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| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| INCOME TAXES | INCOME TAXES On July 4, 2025, the U.S. government enacted a sweeping tax and spending reform law known as the One Big Beautiful Bill Act ("OBBBA"), which builds upon and expands the provisions of the 2017 Tax Cuts and Jobs Act and introduces significant changes to the U.S. federal income tax system, effective beginning with the 2025 calendar year. Key provisions of the legislation include the restoration of 100% bonus depreciation, immediate expensing of domestic research and development costs under a new Section 174A, and the reinstatement of the EBITDA-based limitation for the deductibility of business interest under Section 163(j). These provisions were made permanent by the OBBBA. The Company has recorded the impacts of the new OBBBA tax provisions in its financial statements for 2025. The primary impacts of the legislation were increased tax amortization, depreciation, research and development expenses, and interest deductions in 2025. Additionally, the Company recorded a reduction in its valuation allowance against certain deferred tax assets for the effects of the OBBBA tax provisions in 2025. On December 20, 2024, the Company completed a debt exchange transaction, as further described in Note 6, Long-Term Debt, which resulted in cancellation of debt income (“CODI”) for US tax purposes of $744.7 million. The CODI was fully excluded from the Company's taxable income under the insolvency exception in Internal Revenue Code (“IRC”) Section 108, requiring a reduction of certain federal capital loss carryforwards and state net operating losses and capital loss carryforwards. For the year ended December 31, 2024, the company recorded an income tax benefit of $118.2 million related to the net effects of the debt exchange transaction, including excluded CODI, federal and state tax attribute reduction, and resulting changes in valuation allowance. Significant components of the provision for income tax benefit (expense) are as follows:
Summary of cash taxes paid for income taxes is below:
Significant components of the Company's deferred tax liabilities and assets are as follows:
The deferred tax liability related to intangibles primarily relates to the difference in book and tax basis of FCC licenses and other intangible assets which in accordance with ASC 350-10, the Company does not amortize for financial reporting purposes. As a result, this deferred tax liability will not reverse over time unless the Company recognizes future impairment charges or sells its FCC licenses. As the Company continues to amortize its tax basis in its FCC licenses, the deferred tax liability will increase over time. The Company’s net foreign deferred tax liabilities for the years ended December 31, 2025 and 2024 were $6.8 million and $8.6 million, respectively. At December 31, 2025, the Company had recorded net operating loss and tax credit carryforwards (tax effected) for federal and state income tax purposes of approximately $122.9 million, expiring in various amounts through 2045 or in some cases with no expiration date. Internal Revenue Code Section 163(j), as amended, generally limits the deduction for business interest expense to thirty percent of adjusted taxable income, and provides that any disallowed interest expense may be carried forward indefinitely. The Company recorded deferred tax assets for federal and state interest limitation carryforwards of $515.7 million as of December 31, 2025. In assessing its ability to realize deferred tax assets, the Company considered all available positive and negative evidence, including historical operating results and expected sources of future taxable income, such as the reversal of deferred tax liabilities. As of December 31, 2025, the Company had recorded a valuation allowance of $586.0 million against a portion of these U.S. federal and state deferred tax assets which it does not expect to realize, relating primarily to disallowed interest carryforwards, certain state net operating loss carryforwards and the remaining capital loss carryforwards. The Company's U.S. federal and state deferred tax valuation allowance increased by $93.7 million during the year ended December 31, 2025 primarily due to increased disallowed interest carryforwards during the year. Any deferred tax liabilities associated with acquired FCC licenses and tax-deductible goodwill intangible assets are relied upon as sources of future taxable income for purposes of realizing deferred tax assets attributed to carryforwards that have an indefinite life such as the Section 163(j) interest carryforward. The components of income (loss) before income taxes by U.S. and foreign jurisdictions are as follows:
The reconciliations of income tax on income (loss) computed at the U.S. federal statutory tax rates to the recorded income tax benefit (expense) for the Company are:
(1)State taxes in California, Florida, New York state and city and Texas make up the majority of the tax effect in this category. (2)This category includes the effects associated with the enactment of the OBBBA. The Company’s effective tax rate for the years ended December 31, 2025, 2024, and 2023 were 0.4%, 13.6%, and 5.4%, respectively. The effective tax rates were primarily impacted by the valuation allowance adjustments recorded during the year against certain federal and state deferred tax assets for disallowed interest carryforwards, state net operating losses and federal and state capital loss carryforwards due to the uncertainty of the ability to realize those assets in future periods. In addition, for the years ended December 31, 2024 and 2023, the Company recorded a GAAP impairment charge to its non-deductible goodwill as discussed in Note 4, Property, Plant and Equipment, Intangible Assets and Goodwill. The Company records interest and penalties related to unrecognized tax benefits in current income tax expense. During the years ended December 31, 2025, 2024, and 2023, the Company recorded $15.3 million, $8.9 million, and $4.4 million, respectively, of net interest and penalties in current income tax expense. The amount of interest accrued at December 31, 2025 and 2024 was $33.5 million and $18.2 million, respectively. The total amount of unrecognized tax benefits including accrued interest and penalties at December 31, 2025 and 2024 was $220.9 million and $166.6 million, respectively, of which $196.3 million and $166.4 million is included in “Other long-term liabilities”. In addition, $24.6 million and $0.2 million of unrecognized tax benefits are recorded net with the Company’s deferred tax assets for its net operating losses as opposed to being recorded in “Other long-term liabilities” at December 31, 2025 and 2024, respectively. The total amount of unrecognized tax benefits at December 31, 2025 and 2024 that, if recognized, would impact the effective income tax rate is $49.4 million and $40.9 million, respectively. The following table summarizes the activity in the gross unrecognized tax benefits:
The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. All federal income tax matters through 2021 are closed. The majority of all material state, local, and foreign income tax matters have been concluded for years through 2020 with the exception of a current examination in Texas that covers the 2007-2016 tax years.
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| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| STOCKHOLDERS' DEFICIT | STOCKHOLDERS' DEFICIT Pursuant to the Company's 2019 Equity Incentive Plan ("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, our 2021 Long-Term Incentive Award Plan ("2021 Plan") was approved by stockholders and replaced the 2019 Plan. At our 2023 Annual Meeting of Stockholders, an increase to the shares authorized for issuance under the 2021 Plan was approved. Pursuant to our 2021 Plan, we will continue to grant equity awards covering shares of the Company's Class A common stock to certain key individuals. The 2019 Plan and 2021 Plan are designed to provide an incentive to certain key members of management and service providers of the Company or any of its subsidiaries and non-employee members of the Board and to offer an additional inducement in obtaining the services of such individuals. The 2019 Plan provided for the grant of (a) options and (b) restricted stock units, which, in each case, may be subject to contingencies or restrictions as set forth under the plan and applicable award agreement. The 2021 Plan provides for the grant of (a) incentive and non-incentive options, (b) stock appreciation rights, (c) restricted stock, (d) restricted stock units, (e) other stock or cash-based awards and (f) dividend equivalents. The aggregate number of shares of Class A common stock that may be issued with respect to which awards may be granted under the 2021 Plan is equal to the sum of (a) 19,000,000 shares of Class A common stock plus (b) shares of Class A common stock which are subject to outstanding awards under the 2019 Plan, and become available for issuance under the 2021 Plan (which may not exceed 10,743,222 shares of Class A common stock). Such shares of common stock may consist either in whole or in part of authorized but unissued shares of common stock, shares purchased on the open market, or shares of common stock held in the treasury of the Company. The Company shall at all times during the term of the plan reserve and keep available such number of shares of common stock as will be sufficient to satisfy the requirements of the plan. Share-Based Compensation Stock Options Options granted under the 2021 Plan may not have a term that exceeds ten years. The term of each option granted pursuant to the 2019 Plan may not exceed (a) six years from the date of grant thereof in the case of the options granted as Emergence Awards and (b) ten years from the date of grant thereof in the case of all other options; subject, however, in either case, to earlier termination as hereinafter provided. Options granted under the 2019 Plan and 2021 Plan are exercisable at such time or times and subject to such terms and conditions as shall be determined by the Compensation Committee of the Board (the "Committee") at the time of grant. No options granted under the 2019 Plan or the 2021 Plan provide for any dividends or dividend equivalents thereon. The Company accounts for its share-based payments using the fair value recognition provisions of ASC 718-10, Compensation—Stock Compensation. The fair value of options that vest based on continued service is estimated on the grant date using a Black-Scholes option-pricing model. Expected volatilities were based on historical volatility of peer companies’ stock, including the Company, over the expected life of the options. The expected life of the options granted represents the period of time that the options granted are expected to be outstanding. The risk free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods equal to the expected life of the option. The Company does not estimate forfeitures at grant date, but rather has elected to account for forfeitures when they occur. There were no options granted during the years ended December 31, 2025, 2024, or 2023. The following table presents a summary of the Company's stock options outstanding at and stock option activity during the year ended December 31, 2025 ("Price" reflects the weighted average exercise price per share):
A summary of the Company's unvested options and changes during the year ended December 31, 2025 is presented below:
(1)The total fair value of the options vested during the year ended December 31, 2025 was $0.7 million. Restricted Stock Units (“RSUs”) RSUs and Performance RSUs (representing one share of the Company's Class A common stock) may be issued under the 2019 Plan and 2021 Plan. Each RSU awarded to a participant, both under the 2019 Plan and the 2021 Plan, will be credited with dividends paid in respect of one share of common stock (“Dividend Equivalents”). Dividend Equivalents will be withheld by the Company for the participant’s account, and interest may be credited on the amount of cash Dividend Equivalents withheld at a rate and subject to such terms as determined by the Committee. Dividend Equivalents credited to a participant’s account and attributable to any particular RSU (and earnings thereon, if applicable) shall be distributed to the participant upon settlement of such RSU and, if such RSU is forfeited, the participant shall have no right to such Dividend Equivalents. RSUs vest subject to continued service over time. Performance RSUs generally vest upon the achievement of certain total relative stockholder return goals, Adjusted EBITDA goals, cost savings and other strategic performance goals (including debt refinancing and advertising sales reorganization initiatives), social responsibility goals, and continued service. The majority of these awards are measured over an approximately 1-year to 3-year period from the date of issuance. The following table presents a summary of the Company's RSUs outstanding and RSU activity as of and during the year ended December 31, 2025 (“Price” reflects the weighted average share price at the date of grant):
Common Stock and Special Warrants Refer to the Consolidated Balance Sheets for the Company's Class A Common Stock, Class B Common Stock and Special Warrants issued and outstanding. Class A Common Stock Holders of shares of the Company's Class A common stock are entitled to one vote for each share held of record on all matters submitted to a vote of stockholders. Holders of the Company's Class A common stock have the exclusive right to vote for the election of directors. There are no cumulative voting rights in the election of directors. Holders of shares of the Company's Class A common stock are entitled to receive dividends, on a per share basis, when and if declared by the Company's Board out of funds legally available therefor and whenever any dividend is made on the shares of the Company's Class B common stock subject to certain exceptions set forth in our certificate. The Company may not subdivide or combine (by stock split, reverse stock split, recapitalization, merger, consolidation or any other transaction) its shares of Class A common stock or Class B common stock without subdividing or combining its shares of Class B common stock or Class A common stock, respectively, in a similar manner. Upon our dissolution or liquidation or the sale of all or substantially all of the Company's assets, after payment in full of all amounts required to be paid to creditors and to the holders of preferred stock having liquidation preferences, if any, the holders of shares of the Company's Class A common stock will be entitled to receive pro rata together with holders of the Company's Class B common stock our remaining assets available for distribution. New Class A common stock certificates issued upon transfer or new issuance of Class A common stock shares contain a legend stating that such shares of Class A common stock are subject to the provisions of our amended and restated certificate of incorporation, including but not limited to provisions governing compliance with requirements of the Communications Act and regulations thereunder, including, without limitation, those concerning foreign ownership and media ownership. Class B Common Stock Holders of shares of the Company's Class B common stock are not entitled to vote for the election of directors or, in general, on any other matter submitted to a vote of the Company’s stockholders, but are entitled to one vote per share on the following matters: (a) any amendment or modification of any specific rights or obligations of the holders of Class B common stock that does not similarly affect the rights or obligations of the holders of Class A common stock, in which case the holders of Class B Common Stock will be entitled to a separate class vote, with each share of Class B common stock having one vote; and (b) to the extent submitted to a vote of our stockholders, (i) the retention or dismissal of outside auditors by the Company, (ii) any dividends or distributions to our stockholders, (iii) any material sale of assets, recapitalization, merger, business combination, consolidation, exchange of stock or other similar reorganization of the Company or any of its subsidiaries, (iv) the adoption of any amendment to our certificate of incorporation, (v) other than in connection with any management equity or similar plan adopted by the Company's Board, any authorization or issuance of equity interests, or any security or instrument convertible into or exchangeable for equity interests, in the Company or any of its subsidiaries, and (vi) the liquidation of the Company, in which case in respect to any such vote concerning the matters described in clause (b), the holders of Class B common stock are entitled to vote with the holders of the Class A common stock, with each share of common stock having one vote and voting together as a single class. Holders of shares of the Company's Class B common stock are generally entitled to convert shares of Class B common stock into shares of Class A common stock on a one-for-one basis, subject to the Company’s ability to restrict conversion in order to comply with the Communications Act and FCC regulations. Holders of shares of the Company's Class B common stock are entitled to receive dividends when and if declared by the Company's Board out of funds legally available therefor and whenever any dividend is made on the shares of the Company's Class A common stock subject to certain exceptions set forth in our certificate of incorporation. Upon our dissolution or liquidation or the sale of all or substantially all of our assets, after payment in full of all amounts required to be paid to creditors and to the holders of preferred stock having liquidation preferences, if any, the holders of shares of the Company's Class B common stock will be entitled to receive pro rata with holders of the Company's Class A common stock our remaining assets available for distribution. During the years ended December 31, 2025, 2024, and 2023, 195,740 shares, 61,449 shares, and 129,877 shares of the Class B common stock were converted into Class A common stock, respectively. Special Warrants Each Special Warrant issued under the special warrant agreement entered into in connection with the Reorganization may be exercised by its holder to purchase one share of 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 foreign ownership threshold set by the FCC pursuant to a declaratory ruling or specific approval requirement or (d) the Company violating any provision of the Communications Act or restrictions on ownership or transfer imposed by the Company's certificate of incorporation or the decisions, rules and policies of the FCC. Although the agreement governing the Special Warrants provides that the Company may decline to permit the exercise of Special Warrants if such exercise would result in more than 22.5% of our capital stock or voting interests being owned directly or indirectly by foreign individuals or entities, the Company received a ruling from the FCC permitting it to have up to 100% foreign ownership in the aggregate. 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. To the extent there are any dividends declared or distributions made with respect to the Class A common stock or Class B common stock, those dividends or distributions will also be made to holders of Special Warrants concurrently and on a pro rata basis based on their ownership of common stock underlying their Special Warrants on an as-exercised basis; provided, that no such distribution will be made to holders of Special Warrants if (x) the Communications Act or an FCC rule prohibits such distribution to holders of Special Warrants or (y) our FCC counsel opines that such distribution is reasonably likely to cause (i) the Company to violate the Communications Act or any applicable FCC rule or (ii) any such holder not to be deemed to hold a noncognizable (under FCC rules governing foreign ownership) future equity interest in the Company; provided further, that, if any distribution of common stock or any other securities to a holder of Special Warrants is not permitted pursuant to clauses (x) or (y), the Company will cause economically equivalent warrants to be distributed to such holder in lieu thereof, to the extent that such distribution of warrants would not violate the Communications Act or any applicable FCC rules. The Special Warrants will expire on the earlier of the twentieth anniversary of the issuance date and the occurrence of a change in control of the Company. During the year ended December 31, 2025, stockholders exercised 932 and 22 Special Warrants for an equivalent number of shares of Class A common stock and Class B common stock, respectively. During the year ended December 31, 2024, stockholders exercised 62,547 Special Warrants for an equivalent number of shares of Class A common stock. During the year ended December 31, 2023, stockholders exercised 9,383 and 59 Special Warrants for an equivalent number of shares of Class A common stock and Class B common stock, respectively. Share-Based Compensation Cost The following table presents the Company's total share-based compensation expense by award type:
(1) Total share based compensation expense includes $24.6 million, $3.7 million, and $1.0 million of expense from cash settled awards for the years ended December 31, 2025, 2024, and 2023, respectively. The share-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense on a straight-line basis over the vesting period. Cash settled awards are remeasured each quarter and the expense is adjusted as needed. Share-based compensation payments are recorded in Selling, general and administrative expenses. The tax benefit related to the share-based compensation expense for the Company for the years ended December 31, 2025, 2024, and 2023 was $2.0 million, $3.7 million, and $4.7 million, respectively. As of December 31, 2025, there was $14.2 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 1.5 years and assumes Performance RSUs will be fully earned. Loss per Share
(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 years ended December 31, 2025, 2024, and 2023. (2)Outstanding equity awards representing 12.8 million, 15.1 million, and 13.6 million shares of Class A common stock of the Company for the years ended December 31, 2025, 2024, and 2023, respectively, were not included in the computation of diluted earnings per share because to do so would have been antidilutive.
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EMPLOYEE BENEFIT PLANS |
12 Months Ended |
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Dec. 31, 2025 | |
| Retirement Benefits [Abstract] | |
| EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS iHeartCommunications has various 401(k) savings and other plans for the purpose of providing retirement benefits for substantially all employees. Under these plans, an employee can make pre-tax contributions and iHeartCommunications will match a portion of such an employee’s contribution. Employees vest in these iHeartCommunications matching contributions based upon their years of service to iHeartCommunications. In response to the challenging macroeconomic environment, beginning in March 2023, the Company temporarily suspended its 401(k) matching program as an incremental operating-expense-saving initiative. The Company reestablished the 401(k) matching program in the first quarter of 2025. Contributions of $13.4 million, $0.1 million, and $4.4 million made to these plans for the years ended December 31, 2025, 2024, and 2023, respectively, were expensed.
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SEGMENT DATA |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SEGMENT DATA | SEGMENT DATA The Company’s primary businesses are included in its Multiplatform Group and Digital Audio Group segments. Revenue and expenses earned and charged between Multiplatform Group, Digital Audio Group, Audio & Media Services Group, and Corporate are eliminated in consolidation. The Multiplatform Group provides media and entertainment services via broadcast delivery and also includes the Company’s events and national syndication businesses. The Digital Audio Group provides media and entertainment services via digital delivery. The Audio & Media Services Group provides other audio and media services, including the Company’s media representation business (Katz Media) and its provider of scheduling and broadcast software (RCS). Corporate includes infrastructure and support, including executive, information technology, human resources, legal, finance and administrative functions for the Company’s businesses. Segment Adjusted EBITDA is the segment profitability metric reported to the Company’s Chief Operating Decision Maker ("CODM") for purposes of decisions about allocation of resources to, and assessing performance of, each reportable segment. The Company's CODM is our Chief Executive Officer. The CODM uses Segment Adjusted EBITDA to evaluate the operating performance of each reportable segment, and to allocate resources. This measure is the primary measure used by management for the planning and forecasting of future periods, as well as for measuring performance for compensation of executives and segment management. The following tables present the Company's segment results:
(1)Includes content, programming, and production costs as well as employee compensation, talent fees, event costs, music license fees, and other expenses. (2)Includes administrative employee compensation, sales commissions, ratings fees, trade and barter expense, and other expenses. (3)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 to EBITDA and Adjusted EBITDA" in Item 7 of this Annual Report on Form 10-K. Beginning on January 1, 2021, Segment Adjusted EBITDA became the segment profitability metric reported to the Company's Chief Operating Decision Maker for purposes of making decisions about allocation of resources to, and assessing performance of, each reportable segment.
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SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS |
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| SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS | SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS Allowance for Doubtful Accounts
(1)Primarily foreign currency adjustments and acquisition and/or divestiture activity. Deferred Tax Asset Valuation Allowance
(1)During 2025, 2024, and 2023 the Company recorded a valuation allowance of $117.0 million, $195.6 million, and $114.1 million, respectively, on a portion of its deferred tax assets attributable to federal and state net operating loss carryforwards and Sec. 163(j) disallowed interest carryforwards due to the uncertainty of the ability to utilize those assets in future periods. (2)During 2025 the Company reversed valuation allowances of $23.3 million primarily related to the OBBBA tax provisions enacted during the period that were discussed more in Note 8, Income Taxes. During 2024, the Company reversed valuation allowances of $226.6 million related to the capital loss attribute reduction due to the excluded CODI from the debt exchange transaction and utilization of capital loss carryforwards as a result of capital gains during the period. During 2023, the Company reversed valuation allowances of $59.2 million related to 2022 state tax return true ups and capital loss carryforwards that were utilized as a result of capital gains during the period. (3)During 2024, the company reversed valuation allowances of $1.4 billion related to the expiration of the majority of federal and state capital loss carryforwards that were generated in 2019.
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Insider Trading Arrangements |
3 Months Ended |
|---|---|
Dec. 31, 2025 | |
| 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 |
Insider Trading Policies and Procedures |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Insider Trading Policies and Procedures [Line Items] | |
| Insider Trading Policies and Procedures Adopted | true |
Cybersecurity Risk Management and Strategy Disclosure |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Cybersecurity Risk Management, Strategy, and Governance [Line Items] | |
| Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block] | We have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of our critical systems and information. During the past year, we enhanced our cybersecurity risk management program through the implementation of additional security controls and tools designed to strengthen data protection, email security, and user access to web-based resources. These enhancements were made as part of our ongoing efforts to assess and improve our security posture. We design and assess our program based on the National Institute of Standards and Technology ("NIST") Cybersecurity Framework. This does not imply that we meet any particular technical standards, specifications, or requirements, only that we use the NIST Cybersecurity Framework as a guide to help us identify, assess, and manage cybersecurity risks relevant to our business. Our cybersecurity risk management program is integrated into our overall risk management program, and shares common methodologies, reporting channels and governance processes that apply across the risk management program to other legal, compliance, strategic, operational, and financial risk areas. Key elements of our cybersecurity risk management program include but are not limited to the following: •risk assessments designed to help identify material risks from cybersecurity threats to our critical systems and information; •a written information security program detailing the technical, administrative, and physical safeguards we use to protect our information and information systems; •a security team principally responsible for managing (1) our cybersecurity risk assessment processes, (2) our security controls, and (3) our response to cybersecurity incidents; •the use of external service providers, where appropriate, to assess, test or otherwise assist with aspects of our security processes; •cybersecurity awareness training of our employees, including incident response personnel, and senior management; •a cybersecurity incident response plan that includes procedures for responding to cybersecurity incidents; and •a third-party risk management process for key service providers, based on our assessment of their criticality to our operations and respective risk profile. The Company (or third parties it relies on) may not be able to fully, continuously, and effectively implement security controls as intended. We utilize a risk-based approach and judgment to determine and prioritize the security controls and measures utilized. In addition, security controls and measures, no matter how well designed or implemented, may only mitigate and not fully eliminate risks. And events, when detected by security tools or third parties, may not always be immediately understood or acted upon. We have not identified risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected us, including our operations, business strategy, results of operations, or financial condition. We face risks from cybersecurity threats that, if realized, are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition.
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| Cybersecurity Risk Management Processes Integrated [Flag] | true |
| Cybersecurity Risk Management Processes Integrated [Text Block] | We have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of our critical systems and information. During the past year, we enhanced our cybersecurity risk management program through the implementation of additional security controls and tools designed to strengthen data protection, email security, and user access to web-based resources. These enhancements were made as part of our ongoing efforts to assess and improve our security posture. |
| Cybersecurity Risk Management Third Party Engaged [Flag] | true |
| Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] | true |
| Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] | false |
| Cybersecurity Risk Board of Directors Oversight [Text Block] | Our Board of Directors (the “Board”) considers cybersecurity risk as part of its risk oversight function and has delegated to the Board’s Audit Committee (the “Audit Committee”) oversight of information security matters and risks, including reviewing information technology procedures and controls. The Audit Committee oversees management’s implementation of our cybersecurity risk management program. The Board and the Audit Committee receive updates from management at least annually on information security matters, including our cybersecurity risks. In addition, management updates the Audit Committee, as necessary, regarding any material cybersecurity incidents, as well as any incidents with lesser impact potential. The Audit Committee reports to the Board regarding its activities, including those related to cybersecurity. The Board also receives briefings from management on our cyber risk management program. Board members receive presentations on cybersecurity topics from our Chief Information Security Officer (“CISO”), internal security staff and/or external experts as part of the Board’s continuing education on topics that impact public companies.
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| Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] | Our Board of Directors (the “Board”) considers cybersecurity risk as part of its risk oversight function and has delegated to the Board’s Audit Committee (the “Audit Committee”) oversight of information security matters and risks, including reviewing information technology procedures and controls. The Audit Committee oversees management’s implementation of our cybersecurity risk management program |
| Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] | The Audit Committee reports to the Board regarding its activities, including those related to cybersecurity. The Board also receives briefings from management on our cyber risk management program. Board members receive presentations on cybersecurity topics from our Chief Information Security Officer (“CISO”), internal security staff and/or external experts as part of the Board’s continuing education on topics that impact public companies.
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| Cybersecurity Risk Role of Management [Text Block] | Our management team, including our CISO, Chief Financial Officer, and Chief Legal Officer, is responsible for assessing and managing our material risks from cybersecurity threats. The team has primary responsibility for our overall cybersecurity risk management program and supervises our internal cybersecurity personnel and oversees our third-party cybersecurity service providers. Our CISO has 25 years of cybersecurity experience, holds multiple industry recognized certifications, including CRISC, CISA, CDPSE, and PMP and serves on external cybersecurity advisory boards. Our Chief Financial Officer has over 20 years of experience through direct oversight of enterprise risk management and financial operations including oversight of technology‑driven financial controls, experience evaluating cybersecurity investments, and exposure to incident response processes. Our Chief Legal Officer has over 20 years of experience advising on cybersecurity, data governance, and regulatory compliance matters including oversight of cybersecurity legal, regulatory compliance, and Board‑level reporting on cybersecurity matters. Our management team takes steps to stay informed about and monitor efforts to identify, prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from internal security personnel; threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged by us; and alerts and reports produced by security tools deployed in our IT environment.
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| Cybersecurity Risk Management Positions or Committees Responsible [Flag] | true |
| Cybersecurity Risk Management Positions or Committees Responsible [Text Block] | The Board and the Audit Committee receive updates from management at least annually on information security matters, including our cybersecurity risks. In addition, management updates the Audit Committee, as necessary, regarding any material cybersecurity incidents, as well as any incidents with lesser impact potential. |
| Cybersecurity Risk Management Expertise of Management Responsible [Text Block] | The team has primary responsibility for our overall cybersecurity risk management program and supervises our internal cybersecurity personnel and oversees our third-party cybersecurity service providers. Our CISO has 25 years of cybersecurity experience, holds multiple industry recognized certifications, including CRISC, CISA, CDPSE, and PMP and serves on external cybersecurity advisory boards. Our Chief Financial Officer has over 20 years of experience through direct oversight of enterprise risk management and financial operations including oversight of technology‑driven financial controls, experience evaluating cybersecurity investments, and exposure to incident response processes. Our Chief Legal Officer has over 20 years of experience advising on cybersecurity, data governance, and regulatory compliance matters including oversight of cybersecurity legal, regulatory compliance, and Board‑level reporting on cybersecurity matters. |
| Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] | Our Board of Directors (the “Board”) considers cybersecurity risk as part of its risk oversight function and has delegated to the Board’s Audit Committee (the “Audit Committee”) oversight of information security matters and risks, including reviewing information technology procedures and controls. The Audit Committee oversees management’s implementation of our cybersecurity risk management program. The Board and the Audit Committee receive updates from management at least annually on information security matters, including our cybersecurity risks. In addition, management updates the Audit Committee, as necessary, regarding any material cybersecurity incidents, as well as any incidents with lesser impact potential. The Audit Committee reports to the Board regarding its activities, including those related to cybersecurity. The Board also receives briefings from management on our cyber risk management program. Board members receive presentations on cybersecurity topics from our Chief Information Security Officer (“CISO”), internal security staff and/or external experts as part of the Board’s continuing education on topics that impact public companies.
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| Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] | true |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Accounting Policies [Abstract] | |
| Segment Reporting | 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, a full-service media representation business, and RCS, a provider of scheduling and broadcast software and services. These reporting segments reflect how senior management operates the Company. This structure provides visibility into the underlying performances, results, and margin profiles of our distinct businesses and enables senior management to monitor trends at the operational level and address opportunities or issues as they arise via regular review of segment-level results and forecasts with operational leaders. The Company's segment profitability metric is Segment Adjusted EBITDA which is reported to the Company's Chief Operating Decision Maker ("CODM") for purposes of making decisions about allocation of resources to, and assessing performance of, each reportable segment. The Company’s CODM is our Chief Executive Officer. Segment Adjusted EBITDA is calculated as Revenue less operating expenses, excluding restructuring expenses and share-based compensation expenses. Restructuring expenses include severance and other expenses incurred in connection with cost saving initiatives, as well as certain expenses, which, in the view of management, are outside the ordinary course of business or otherwise not representative of the Company's operations during a normal business cycle.
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| Use of Estimates | Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates, judgments, and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes including, but not limited to, legal, tax and insurance accruals. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from those estimates.
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| Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries. Also included in the consolidated financial statements are entities for which the Company has a controlling financial interest or is the primary beneficiary. Investments in companies in which the Company owns 20% to 50% of the voting common stock or otherwise exercises significant influence over operating and financial policies of the Company are accounted for using the equity method of accounting. All significant intercompany accounts have been eliminated in consolidation.
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| Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include all highly liquid investments with an original maturity of three months or less.
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| Accounts Receivable | Accounts Receivable Accounts receivable are recorded when the Company has an unconditional right to payment, either because it has satisfied a performance obligation prior to receiving payment from the customer or has a non-cancelable contract that has been billed in advance in accordance with the Company’s normal billing terms. Accounts receivable are recorded at the invoiced amount, net of reserves for sales allowances and allowances for credit losses. The Company evaluates the collectability of its accounts receivable based on a combination of factors. In circumstances where it is aware of a specific customer’s inability to meet its financial obligations, it records a specific reserve to reduce the amounts recorded to what it believes will be collected. For all other customers, it recognizes reserves for bad debt based on historical experience of bad debts as a percent of accounts receivable for each business unit, adjusted for relative improvement or deterioration in the agings and changes in current economic conditions. The Company believes its concentration of credit risk is limited due to the large number of its customers.
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| Business Combinations | Business Combinations The Company accounts for its business combinations under the acquisition method of accounting. The total cost of an acquisition is allocated to the underlying identifiable net assets, based on their respective estimated fair values. The excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. Determining the fair value of assets acquired and liabilities assumed requires management's judgment and often involves the use of significant estimates and assumptions, including assumptions with respect to future cash inflows and outflows, discount rates, asset lives and market multiples, among other items. Various acquisition agreements may include contingent purchase consideration based on performance requirements of the investee. The Company accounts for these payments in conformity with the provisions of ASC 805-20-30, which establish the requirements related to recognition of certain assets and liabilities arising from contingencies.
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| Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are stated at cost. Depreciation is computed using the straight-line method at rates that, in the opinion of management, are adequate to allocate the cost of such assets over their estimated useful lives, which are as follows: Buildings and improvements – 10 to 39 years Towers, transmitters and studio equipment – 5 to 40 years Computer equipment and software - 3 years Furniture and other equipment – 5 to 7 years Leasehold improvements – shorter of economic life or lease term assuming renewal periods, if appropriate For assets associated with a lease or contract, the assets are depreciated at the shorter of the economic life or the lease or contract term, assuming renewal periods, if appropriate. Expenditures for maintenance and repairs are charged to operations as incurred, whereas expenditures for renewal and betterments are capitalized. The Company tests for possible impairment of property, plant, and equipment whenever events and circumstances indicate that depreciable assets might be impaired and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amounts of those assets. When specific assets are determined to be unrecoverable, the cost basis of the asset is reduced to reflect the current fair market value. Assets and businesses are classified as held for sale if their carrying amount will be recovered or settled principally through a sale transaction rather than through continuing use. The asset or business must be available for immediate sale and the sale must be highly probable within one year.
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| 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 as well as 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 ("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, net 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. Certain of the Company's operating lease agreements include rental payments that are adjusted periodically for inflationary changes. Payments due to changes in inflationary adjustments are included within variable rent expense, which is accounted for separately from periodic straight-line lease expense. Certain of the Company's leases provide options to extend the terms of the agreements. The Company considers renewal periods in determining its lease terms if at inception of the lease there is reasonable assurance the lease will be renewed. Generally, renewal periods are excluded from minimum lease payments when calculating the lease liabilities as, for most leases, the Company does not consider exercise of such options to be reasonably certain. As a result, unless a renewal option is considered reasonably certain, the optional terms and related payments are not included within the lease liability. For those leases for which renewal periods are included in calculating minimum lease liabilities, any adjustments resulting from changes in circumstances which result in the renewal options no longer being reasonably certain are accounted for as changes in estimates. The Company's lease agreements do not contain any residual value guarantees or restrictive covenants. 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 Company elected to use the practical expedient to not separate non-lease components from the associated lease component for all classes of the Company's assets. When the Company decides to abandon a leased property before the expiration of the lease term, management assesses whether such property will be subleased. If it is determined that subleasing the property for the remaining lease term is reasonable, management estimates the fair value of the sublease payments to be received and compares the estimated fair value to the ROU asset. To the extent the estimated fair value is less than the net book value of the ROU asset, the Company records a non-cash impairment charge for the difference, and the remaining ROU asset is recorded ratably over the remaining lease term. If it is determined that subleasing the property for the remaining lease term is not reasonable (e.g., the remaining lease term is too short to reasonably expect the property to be subleased), amortization of the net book value of the ROU asset is accelerated and recognized as expense ratably from the decision date to the date the Company ceases use of the property.
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| Indefinite-lived Intangible Assets | Indefinite-lived Intangible Assets The Company’s indefinite-lived intangible assets consist of FCC broadcast licenses in its Multiplatform Group segment. The Company’s indefinite-lived intangible assets are not subject to amortization, but are tested for impairment at least annually. The Company tests for possible impairment of indefinite-lived intangible assets whenever events or changes in circumstances, such as a significant reduction in operating cash flow or a significant change in the manner for which the asset is intended to be used indicate that the carrying amount of the asset may not be recoverable. The Company performs its annual impairment test for its FCC licenses using a combination of direct and market valuation approaches. The Company engages a third-party valuation firm to assist the Company in the development of these assumptions and the Company’s determination of the fair value of its FCC licenses. The Company performs its annual impairment test on its FCC licenses on July 1 of each year, and performs interim impairment tests whenever events and circumstances indicate that the FCC licenses might be impaired. The impairment tests for indefinite-lived intangible assets consist of a comparison between the fair value of the indefinite-lived intangible asset at the market level with its carrying amount. If the carrying amount of the indefinite-lived intangible asset exceeds its fair value, an impairment loss is recognized equal to that excess. After an impairment loss is recognized, the adjusted carrying amount of the indefinite-lived asset is its new accounting basis. Under the direct valuation method, the fair value of the indefinite-lived assets is calculated at the market level as prescribed by ASC 350-30-35. The Company engaged a third-party valuation firm to assist it in the development of the assumptions and the Company’s determination of the fair value of its indefinite-lived intangible assets. The application of the direct valuation method attempts to isolate the income that is attributable to the indefinite-lived intangible asset alone (that is, apart from tangible and identified intangible assets and goodwill). It is based upon modeling a hypothetical “greenfield” build-up to a “normalized” enterprise that, by design, lacks inherent goodwill and whose only other assets have essentially been paid for (or added) as part of the build-up process. The Company forecasts revenue, expenses, and cash flows over a ten-year period for each of its markets in its application of the direct valuation method. The Company also calculates a “normalized” residual year which represents the perpetual cash flows of each market. The residual year cash flow was capitalized to arrive at the terminal value of the licenses in each market. Under the direct valuation method, it is assumed that rather than acquiring indefinite-lived intangible assets as part of a going concern business, the buyer hypothetically develops indefinite-lived intangible assets and builds a new operation with similar attributes from scratch. Thus, the buyer incurs start-up costs during the build-up phase which are normally associated with going concern value. Initial capital costs are deducted from the discounted cash flow model which results in value that is directly attributable to the indefinite-lived intangible assets. Key assumptions using the direct valuation method are market revenue growth rates, profit margin, and the risk-adjusted discount rate, as well as other assumptions including market share, duration and profile of the build-up period, estimated start-up costs and capital expenditures. This data is populated using industry normalized information representing an average asset within a market. The Company obtained recent broadcast radio industry revenue projections which it considered along with various other sources of data in developing the assumptions used for purposes of performing impairment testing on its FCC licenses. FCC licenses valued using a market approach estimate the fair value by referencing recent transactions involving comparable spectrum assets. This method considers observable market data, adjusted for differences in signal strength and market size. In applying the market approach, the Company considered current market conditions and industry trends in evaluating the relevance and comparability of observed transactions. Other Intangible Assets Other intangible assets include definite-lived intangible assets. The Company’s definite-lived intangible assets 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 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. In accordance with ASC 360, we assess the recoverability of definite-lived intangible assets whenever events and circumstances indicate that they might be impaired and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amounts of those assets. When specific assets are determined to be unrecoverable, the cost basis of the asset is reduced to reflect the current fair market value.
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| Goodwill | Goodwill 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. The Company identified its reporting units in accordance with ASC 350-20-55. The goodwill impairment test requires measurement of the fair value of the Company's reporting units, which is compared to the carrying value of the reporting units, including goodwill. Each reporting unit is valued using a discounted cash flow model which requires estimating future cash flows expected to be generated from the reporting unit, discounted to their present value using a risk-adjusted discount rate. Terminal values are also estimated and discounted to their present value. Assessing the recoverability of goodwill requires estimates and assumptions about sales, operating margins, growth rates and discount rates based on budgets, business plans, economic projections, anticipated future cash flows and marketplace data. The Company performs its annual impairment test on its goodwill on July 1 of each year. For a complete discussion of our annual impairment tests and interim tests performed, see Note 4, Property, Plant and Equipment, Intangible Assets and Goodwill.
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| Other Investments | Other Investments We apply ASC 321, Investments - Equity Securities, which requires us to measure all equity investments that do not result in consolidation and are not accounted for under the equity method at fair value and recognize any changes in earnings. For equity securities without readily determinable fair values, we have elected the measurement alternative under which we measure these investments at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Investments in notes receivable are evaluated for credit losses in accordance with ASC 326, Financial Instruments-Credit Losses, on a quarterly basis or when indicators of credit loss exist.
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| Financial Instruments | Financial Instruments Due to their short maturity, the carrying amounts of accounts and notes receivable, accounts payable, accrued liabilities, and short-term borrowings approximated their fair values at December 31, 2025 and 2024.
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| Long-Term Debt | Long-Term Debt In connection with the completed exchange offers in December 2024, the Company performed an assessment by debt holder and determined that a portion met the criteria for the exchange transactions to be accounted for as a troubled debt restructuring under ASC 470-60 and a portion met the criteria for exchange transactions to be accounted for as a modification under ASC 470-50. In both instances, the carrying value of the applicable new debt was established at the carrying value of the applicable existing debt and the Company established new effective interest rates based on the carrying value of the existing debt prior to the debt exchange. The difference between the carrying value of the existing debt and the new debt is reflected as debt premium.
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| Income Taxes | Income Taxes The Company accounts for income taxes using the liability method. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting bases and tax bases of assets and liabilities and are measured using the enacted tax rates expected to apply to taxable income in the periods in which the deferred tax asset or liability is expected to be realized or settled. Deferred tax assets are reduced by valuation allowances if the Company believes it is more likely than not that some portion or the entire asset will not be realized. The Company has not provided U.S. federal income taxes for temporary differences with respect to investments in foreign subsidiaries. It is not apparent that these temporary differences will reverse in the foreseeable future. If any excess cash held by our foreign subsidiaries was needed to fund operations in the U.S., the Company could presently repatriate available funds without a requirement to accrue or pay U.S. taxes. The Company regularly reviews its tax liabilities on amounts that may be distributed in future periods and provides for foreign withholding and other current and deferred taxes on any such amounts, where applicable.
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| Revenue Recognition | Revenue Recognition The Company recognizes revenue when or as it satisfies a performance obligation by transferring a promised good or service to a customer. Where third-parties are involved in the provision of goods and services to a customer, revenue is recognized at the gross amount of consideration the Company expects to receive if the Company controls the promised good or service before it is transferred to the customer; otherwise, revenue is recognized at the net amount the Company retains. The Company receives payments from customers based on billing schedules that are established in its contracts, and deferred revenue is recorded when payment is received from a customer before the Company has satisfied the performance obligation or a non-cancelable contract has been billed in advance in accordance with the Company’s normal billing terms. The primary source of revenue in the Multiplatform Group segment is the sale of advertising on the Company’s broadcast radio stations and national and local live events. Revenues for advertising spots are recognized at the point in time when the advertisement is broadcast. Revenues for event sponsorships are recognized over the period of the event. Multiplatform Group also generates revenues from programming talent, network syndication, traffic and weather data, and other miscellaneous transactions, which are recognized when the services are transferred to the customer. Multiplatform Group's contracts with advertisers are typically a year or less in duration and are generally billed monthly upon satisfaction of the performance obligations. The primary source of revenue in the Digital Audio Group segment is the sale of advertising on the Company’s podcast network, iHeartRadio mobile application and website, and station websites. Revenues for digital advertising are recognized over time based on impressions delivered or time elapsed, depending upon the terms of the contract. Digital Audio Group’s contracts with advertisers are typically a year or less in duration and are generally billed monthly upon satisfaction of the performance obligations. The Company also generates revenue through contractual commissions realized from the sale of national spot and online advertising on behalf of clients of its full-service media representation business, Katz Media, which is part of the Audio and Media Services Group segment. Revenues from these contracts are recognized at the point in time when the advertisements are broadcast. Because the Company is a representative of its media clients and does not control the advertising inventory before it is transferred to the advertiser, the Company recognizes revenue at the net amount of contractual commissions retained for its representation services. The Company’s media representation contracts typically have terms up to ten years in duration and are generally billed monthly upon satisfaction of the performance obligations. The Company recognizes revenue in amounts that reflect the consideration it expects to receive in exchange for transferring goods or services to customers, excluding sales taxes and other similar taxes collected on behalf of governmental authorities (the "transaction price”). When this consideration includes a variable amount, the Company estimates the amount of consideration it expects to receive and only recognizes revenue to the extent that it is probable it will not be reversed in a future reporting period. Because the transfer of promised goods and services to the customer is generally within a year of scheduled payment from the customer, the Company is not typically required to consider the effects of the time value of money when determining the transaction price. In order to appropriately identify the unit of accounting for revenue recognition, the Company determines which promised goods and services in a contract with a customer are distinct and are therefore separate performance obligations. If a promised good or service does not meet the criteria to be considered distinct, it is combined with other promised goods or services until a distinct bundle of goods or services exists. For revenue arrangements that contain multiple distinct goods or services, the Company allocates the transaction price to these performance obligations in proportion to their relative standalone selling prices or the best estimate of their fair values. However, where the Company provides customers with free or discounted services as part of contract negotiations, management uses judgment to determine how much of the transaction price to allocate to these performance obligations. These free or discounted services are typically provided in the same performance period. Contract Costs Incremental costs of obtaining a contract primarily relate to sales commissions, which are included in selling, general and administrative expenses and are generally commensurate with sales. These costs are generally expensed when incurred because the period of benefit is one year or less.
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| Advertising Expense | Advertising Expense The Company records advertising expense as it is incurred.
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| Share-Based Compensation | Share-Based Compensation Under the fair value recognition provisions of ASC 718, share-based compensation cost is measured at the grant date based on the fair value of the award. For awards that vest based on market or service conditions, this cost is recognized as expense on a straight-line basis over the vesting period. For awards that will vest based on performance conditions, this cost is recognized when it becomes probable that the performance conditions will be satisfied. Determining the fair value of share-based awards at the grant date requires assumptions and judgment, such as expected volatility, among other factors.
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| Foreign Currency | Foreign Currency Results of operations for foreign subsidiaries and foreign equity investees are translated into U.S. dollars using average exchange rates during the year. The assets and liabilities of those subsidiaries and investees are translated into U.S. dollars using the exchange rates at the balance sheet date. The related translation adjustments are recorded in a separate component of stockholders' deficit, Accumulated other comprehensive loss. Foreign currency transaction gains and losses are included in Other expense, net in the statement of comprehensive loss.
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| Reclassifications | Reclassifications Certain prior period amounts have been reclassified to conform to the 2025 presentation, including reclassifying prepaid expense assets associated with trade and barter arrangements from “(Increase) Decrease in prepaid expenses and other current assets” to “Barter and trade income” in the Consolidated Statements of Cash Flows.
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| New Accounting Pronouncements Recently Adopted and New Accounting Pronouncements Not Yet Adopted | New Accounting Pronouncements Recently Adopted 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. The Company retrospectively adopted this guidance beginning with the 2023 annual period. New Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued Update 2024-03 Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40). This update focuses on the disaggregation of income statement expenses, requiring entities to provide more detailed disclosures about certain expenses in their financial statements. The amendments of ASU 2024-03 are effective for annual reporting periods beginning after December 15, 2026, and for interim reporting periods beginning after December 15, 2027. Early adoption is permitted and the amendments may be applied prospectively or retrospectively. The Company is currently evaluating the impact of this standard on its disclosures, including timing and method of adoption. In September 2025, the FASB issued Update 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40), which modernizes the accounting guidance for internal-use software costs. The amendments of ASU 2025-06 are effective for fiscal years beginning after December 15, 2027, and for interim reporting periods within those annual reporting periods. Early adoption is permitted and the amendments may be applied prospectively or retrospectively. The Company is currently evaluating the impact of this standard on our financial statements, including timing and method of adoption. In December 2025, the FASB issued Update 2025-12 — Codification Improvements, which provides for several updates to the codification. The amendments of ASU 2025-12 are effective for annual periods beginning after December 15, 2026, and interim periods within those annual periods and early adoption is permitted. The Company is currently evaluating the impact of this standard on its financial statements, including timing and method of adoption.
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| Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Disaggregation of Revenue | The following table shows revenue streams for the Company:
(1)Broadcast Radio revenue is generated through the sale of advertising time on the Company’s 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 primarily generated through the sale of advertising on the Company's podcast network. (6)Audio and media services revenue is generated by services provided to broadcast industry participants through the Company’s Katz Media and RCS businesses. As a media representation firm, Katz Media generates revenue via commissions on media sold on behalf of the radio and television stations that it represents, while RCS generates revenue by providing broadcast 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.
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| Schedule of Trade and Barter 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:
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| Schedule of Changes in Contract Assets and Liabilities | The following tables show the Company’s deferred revenue balance from contracts with customers:
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LEASES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Components of Lease Expense | The following tables provide the components of lease expense included within the statement of comprehensive loss:
The following table provides the weighted average remaining lease term and the weighted average discount rate for the Company's leases:
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| Schedule of Lessee, Operating Lease, Liability, Maturity | As of December 31, 2025, the Company’s future maturities of operating lease liabilities were as follows:
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| Schedule of Cash Flow, Supplemental Disclosures | The following table provides supplemental cash flow information related to leases:
(1)Lease liabilities from obtaining right-of-use assets includes new leases entered into during the years ended December 31, 2025, 2024, and 2023. Summary of cash taxes paid for income taxes is below:
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PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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:
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| Schedule of Finite-Lived Intangible Assets | The following table presents the gross carrying amount and accumulated amortization for each major class of other intangible assets:
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| Schedule of Estimated 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:
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| Schedule of Changes in the Carrying Amount of Goodwill | The following tables present the changes in the carrying amount of goodwill:
(1)Beginning goodwill balance is presented net of prior accumulated impairment losses of $1.3 billion related to the Multiplatform Group, $439.4 million related to the Digital Audio Group and $34.5 million related to the Audio & Media Services Group.
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INVESTMENTS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Investments in Nonconsolidated Affiliates and Other Securities | The following table summarizes the Company's investments in nonconsolidated affiliates and other securities:
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LONG-TERM DEBT (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Long-Term Debt | Long-term debt outstanding consisted of the following:
(1)During the quarter ended December 31, 2025, the Company repaid $50.0 million of the $100.0 million previously borrowed under its ABL Facility during 2025. As of December 31, 2025, the ABL Facility had a facility size of $450.0 million, $50.0 million outstanding borrowings and $31.1 million in outstanding letters of credit, resulting in $368.9 million of borrowing base availability. (2)Quarterly amortization payments of $5.4 million (equal to 0.25% of the original principal amount) are required per the terms of the Term Loan Facility due 2029. (3)Other subsidiary debt consists of finance lease and other contractual obligations maturing at various dates from 2026 through 2045. (4)The difference between the carrying value of the exchanged 5.25% Senior Notes, 4.75% Senior Secured Notes, and 8.375% Notes and the principal amount of the 7.75% First Lien Notes due 2030, 7.00% First Lien Notes due 2031 and the 10.875% Second Lien Notes due 2030 was recorded as debt premium and will be reduced as contractual interest payments are made.
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| Schedule of Future Maturities of Long-term Debt | Future maturities of long-term debt at December 31, 2025 are as follows:
(1)Excludes long-term debt fees of $7.2 million, and debt premium of $242.2 million which are amortized through interest expense over the life of the underlying debt obligations.
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COMMITMENTS AND CONTINGENCIES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Other Commitments | As of December 31, 2025, the Company's future minimum payments under non-cancelable contracts in excess of one year and employment/talent contracts consist of the following:
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INCOME TAXES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Significant Components of Provision for Income Tax Benefit (Expense) | Significant components of the provision for income tax benefit (expense) are as follows:
The components of income (loss) before income taxes by U.S. and foreign jurisdictions are as follows:
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| Schedule of Cash Taxes Paid For Income Taxes | The following table provides supplemental cash flow information related to leases:
(1)Lease liabilities from obtaining right-of-use assets includes new leases entered into during the years ended December 31, 2025, 2024, and 2023. Summary of cash taxes paid for income taxes is below:
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| Schedule of Significant Components of Deferred Tax Liabilities and Assets | Significant components of the Company's deferred tax liabilities and assets are as follows:
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| Schedule of Reconciliation of Income Tax to Income Tax Benefit (Expense) | The reconciliations of income tax on income (loss) computed at the U.S. federal statutory tax rates to the recorded income tax benefit (expense) for the Company are:
(1)State taxes in California, Florida, New York state and city and Texas make up the majority of the tax effect in this category. (2)This category includes the effects associated with the enactment of the OBBBA.
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| Schedule of Unrecognized Tax Benefits | The following table summarizes the activity in the gross unrecognized tax benefits:
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STOCKHOLDERS' DEFICIT (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Stock Options Outstanding and Stock Option Activity | The following table presents a summary of the Company's stock options outstanding at and stock option activity during the year ended December 31, 2025 ("Price" reflects the weighted average exercise price per share):
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| Schedule of Unvested Options and Changes | A summary of the Company's unvested options and changes during the year ended December 31, 2025 is presented below:
(1)The total fair value of the options vested during the year ended December 31, 2025 was $0.7 million.
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| Schedule of Restricted Stock Outstanding and Restricted Stock Activity | The following table presents a summary of the Company's RSUs outstanding and RSU activity as of and during the year ended December 31, 2025 (“Price” reflects the weighted average share price at the date of grant):
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| Schedule of Share-Based Payment Arrangement, Cost by Plan | The following table presents the Company's total share-based compensation expense by award type:
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| Schedule of Loss Per Share |
(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 years ended December 31, 2025, 2024, and 2023. (2)Outstanding equity awards representing 12.8 million, 15.1 million, and 13.6 million shares of Class A common stock of the Company for the years ended December 31, 2025, 2024, and 2023, respectively, were not included in the computation of diluted earnings per share because to do so would have been antidilutive.
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SEGMENT DATA (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Operating Segment Results | The following tables present the Company's segment results:
(1)Includes content, programming, and production costs as well as employee compensation, talent fees, event costs, music license fees, and other expenses. (2)Includes administrative employee compensation, sales commissions, ratings fees, trade and barter expense, and other expenses. (3)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 to EBITDA and Adjusted EBITDA" in Item 7 of this Annual Report on Form 10-K. Beginning on January 1, 2021, Segment Adjusted EBITDA became the segment profitability metric reported to the Company's Chief Operating Decision Maker for purposes of making decisions about allocation of resources to, and assessing performance of, each reportable segment.
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REVENUE - Schedule of Trade and Barter Revenues and Expenses (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
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| Disaggregation of Revenue [Line Items] | |||
| Trade and barter revenues | $ 3,864,429 | $ 3,853,745 | $ 3,749,012 |
| Total trade and barter income | 141,131 | 53,170 | 54,052 |
| Trade and Barter Transactions | |||
| Disaggregation of Revenue [Line Items] | |||
| Trade and barter revenues | 381,258 | 261,760 | 255,721 |
| Trade and barter expenses | (295,436) | (260,464) | (234,984) |
| Advertising Trade and Barter Transactions | |||
| Disaggregation of Revenue [Line Items] | |||
| Trade and barter revenues | $ 55,309 | $ 51,874 | $ 33,315 |
REVENUE - Narrative (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
| Trade and barter revenues | $ 3,864,429 | $ 3,853,745 | $ 3,749,012 |
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |||
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
| Remaining performance obligation, amount | $ 274,000 | ||
| Remaining performance obligation, period | 5 years | ||
REVENUE - Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Deferred revenue from contracts with customers: | |||
| Beginning balance | $ 173,766 | $ 181,899 | $ 157,910 |
| Revenue recognized, included in beginning balance | (136,208) | (135,442) | (112,224) |
| Additions, net of revenue recognized during period, and other | 167,180 | 127,309 | 136,213 |
| Ending balance | $ 204,738 | $ 173,766 | $ 181,899 |
LEASES - Narrative (Details) $ in Thousands |
1 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|
|
Sep. 30, 2023
USD ($)
broadcast_tower_site
option
|
Dec. 31, 2025
USD ($)
|
Dec. 31, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
|
| Leases [Abstract] | ||||
| Number of broadcast tower sites sold | broadcast_tower_site | 122 | |||
| Sale leaseback assets | $ 45,300 | |||
| Number of broadcast tower sites entered into operating leases for use | broadcast_tower_site | 121 | |||
| Sale and leaseback realized loss | $ 3,200 | |||
| Lease initial term | 10 years | |||
| Number of optional renewal | option | 4 | |||
| Renewal periods | 5 years | |||
| Operating lease right-of-use assets | $ 26,300 | $ 625,788 | $ 668,165 | |
| Non-cash operating lease expense | $ 63,400 | $ 62,100 | $ 67,100 | |
LEASES - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Leases [Abstract] | |||
| Operating lease expense | $ 133,186 | $ 132,443 | $ 132,059 |
| Variable lease expense | 26,803 | 27,150 | 25,114 |
| Non-cash impairment of ROU assets | $ 5,407 | $ 2,045 | $ 6,058 |
LEASES - Schedule of Weighted Average Lease Term and Discount Rate (Details) |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Leases [Abstract] | ||
| Operating lease weighted average remaining lease term (in years) | 12 years | 12 years 4 months 24 days |
| Operating lease weighted average discount rate | 10.10% | 9.80% |
LEASES - Schedule of Future Minimum Lease Payments (Details) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Sep. 30, 2023 |
|---|---|---|
| Leases [Abstract] | ||
| 2026 | $ 127,357 | |
| 2027 | 128,610 | |
| 2028 | 121,811 | |
| 2029 | 111,229 | |
| 2030 | 99,642 | |
| Thereafter | 764,160 | |
| Total lease payments | 1,352,809 | |
| Less: Effect of discounting | 617,649 | |
| Total operating lease liability | $ 735,160 | $ 26,300 |
LEASES - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Leases [Abstract] | |||
| Cash paid for amounts included in measurement of operating lease liabilities | $ 148,211 | $ 149,432 | $ 141,869 |
| Lease liabilities arising from obtaining right-of-use assets | $ 29,142 | $ 29,819 | $ 47,430 |
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Schedule of Gross Carrying Amount and Accumulated Amortization of Other Intangible Assets (Details) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Finite-Lived Intangible Assets [Line Items] | ||
| Gross Carrying Amount | $ 2,345,227 | $ 2,345,438 |
| Accumulated Amortization | (1,631,450) | (1,417,856) |
| Customer / advertiser relationships | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Gross Carrying Amount | 1,652,388 | 1,652,623 |
| Accumulated Amortization | (1,103,895) | (967,377) |
| Talent and other contracts | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Gross Carrying Amount | 338,900 | 338,900 |
| Accumulated Amortization | (287,167) | (245,909) |
| Trademarks and tradenames | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Gross Carrying Amount | 335,936 | 335,912 |
| Accumulated Amortization | (224,426) | (190,450) |
| Other | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Gross Carrying Amount | 18,003 | 18,003 |
| Accumulated Amortization | $ (15,962) | $ (14,120) |
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Schedule of Future Amortization Expense (Details) $ in Thousands |
Dec. 31, 2025
USD ($)
|
|---|---|
| Property, Plant and Equipment [Abstract] | |
| 2026 | $ 201,525 |
| 2027 | 176,172 |
| 2028 | 160,397 |
| 2029 | 121,624 |
| 2030 | $ 16,432 |
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Schedule of Goodwill (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Jul. 01, 2025 |
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Goodwill | |||
| Beginning balance | $ 1,105,156,000 | $ 1,721,483,000 | |
| Impairment | $ 0 | 0 | (616,085,000) |
| Foreign currency | 340,000 | (242,000) | |
| Ending balance | 1,105,496,000 | $ 1,105,156,000 | |
| Goodwill, Impairment Loss, Statement of Income or Comprehensive Income [Extensible Enumeration] | Impairment charges | ||
| Multiplatform Group | |||
| Goodwill | |||
| Beginning balance | 731,501,000 | $ 1,340,459,000 | |
| Impairment | (608,958,000) | ||
| Foreign currency | 0 | 0 | |
| Ending balance | 731,501,000 | 731,501,000 | |
| Beginning Cumulative Impairment | 1,300,000,000 | ||
| Digital Audio Group | |||
| Goodwill | |||
| Beginning balance | 311,353,000 | 311,426,000 | |
| Impairment | 0 | ||
| Foreign currency | 0 | (73,000) | |
| Ending balance | 311,353,000 | 311,353,000 | |
| Beginning Cumulative Impairment | 439,400,000 | ||
| Audio & Media Services Group | |||
| Goodwill | |||
| Beginning balance | 62,302,000 | 69,598,000 | |
| Impairment | (7,127,000) | ||
| Foreign currency | 340,000 | (169,000) | |
| Ending balance | $ 62,642,000 | 62,302,000 | |
| Beginning Cumulative Impairment | $ 34,500,000 | ||
LONG-TERM DEBT - Narrative (Details) - USD ($) $ in Billions |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Debt Disclosure [Abstract] | ||
| Weighted average interest rate | 9.00% | 9.40% |
| Aggregate market value of debt | $ 4.4 | $ 4.1 |
LONG-TERM DEBT - 6.375% Senior Secured Notes due 2026 (Details) - USD ($) $ in Thousands |
Dec. 20, 2024 |
Dec. 31, 2025 |
Dec. 31, 2024 |
May 01, 2019 |
|---|---|---|---|---|
| Debt Instrument [Line Items] | ||||
| Long-term debt | $ 5,053,091 | $ 5,071,469 | ||
| 6.375% Senior Notes due 2026 | Secured Debt | ||||
| Debt Instrument [Line Items] | ||||
| Stated interest rate (as a percent) | 6.375% | 6.375% | ||
| Debt instrument, face amount | $ 800,000 | |||
| Long-term debt | $ 44,644 | 44,644 | $ 755,400 | |
| 9.125% First Lien Notes due 2029 | Secured Debt | ||||
| Debt Instrument [Line Items] | ||||
| Stated interest rate (as a percent) | 9.125% | 9.125% | ||
| Long-term debt | $ 717,600 | $ 717,588 | $ 717,588 | |
| Proceeds from issuance of debt | $ 37,600 |
LONG-TERM DEBT - 5.25% Senior Secured Notes due 2027 (Details) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 20, 2024 |
Aug. 07, 2019 |
|---|---|---|---|---|
| Debt Instrument [Line Items] | ||||
| Long-term debt | $ 5,053,091 | $ 5,071,469 | ||
| 5.25% Senior Notes due 2027 | Secured Debt | ||||
| Debt Instrument [Line Items] | ||||
| Stated interest rate (as a percent) | 5.25% | 5.25% | ||
| Debt instrument, face amount | $ 750,000 | |||
| Long-term debt | $ 6,983 | 6,983 | $ 743,000 | |
| 7.75% First Lien Notes due 2030 | Secured Debt | ||||
| Debt Instrument [Line Items] | ||||
| Stated interest rate (as a percent) | 7.75% | 7.75% | ||
| Long-term debt | $ 661,285 | $ 661,285 | $ 661,300 |
LONG-TERM DEBT - 4.75% Senior Secured Notes due 2028 (Details) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 20, 2024 |
Nov. 22, 2019 |
Nov. 19, 2019 |
|---|---|---|---|---|---|
| Debt Instrument [Line Items] | |||||
| Long-term debt | $ 5,053,091 | $ 5,071,469 | |||
| 4.75% Senior Secured Notes due 2028 | Secured Debt | |||||
| Debt Instrument [Line Items] | |||||
| Stated interest rate (as a percent) | 4.75% | 4.75% | 4.75% | ||
| Debt instrument, face amount | $ 500,000 | ||||
| Long-term debt | $ 276,868 | 276,868 | $ 500,000 | $ 223,100 | |
| 7.00% First Lien Notes due 2031 | Secured Debt | |||||
| Debt Instrument [Line Items] | |||||
| Stated interest rate (as a percent) | 7.00% | 7.00% | |||
| Long-term debt | $ 178,443 | $ 178,443 | $ 178,400 |
LONG-TERM DEBT - 8.375% Senior Unsecured Notes due 2027 (Details) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 20, 2024 |
May 01, 2019 |
|---|---|---|---|---|
| Debt Instrument [Line Items] | ||||
| Long-term debt | $ 5,053,091 | $ 5,071,469 | ||
| 8.375% Senior Unsecured Notes due 2027 | Unsecured Debt | ||||
| Debt Instrument [Line Items] | ||||
| Stated interest rate (as a percent) | 8.375% | 8.375% | ||
| Long-term debt | $ 72,388 | 72,388 | $ 844,000 | |
| 8.375% Senior Unsecured Notes due 2027 | Secured Debt | ||||
| Debt Instrument [Line Items] | ||||
| Long-term debt | $ 675,200 | |||
| 10.875% Second Lien Notes due 2030 | Secured Debt | ||||
| Debt Instrument [Line Items] | ||||
| Stated interest rate (as a percent) | 10.875% | 10.875% | ||
| Long-term debt | $ 675,165 | $ 675,165 |
LONG-TERM DEBT - Schedule of Future Maturities of Long-term Debt (Details) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Debt Disclosure [Abstract] | ||
| 2026 | $ 73,429 | |
| 2027 | 151,377 | |
| 2028 | 298,529 | |
| 2029 | 2,777,540 | |
| 2030 | 1,336,514 | |
| Thereafter | 180,771 | |
| Total | 4,818,160 | |
| Long-term debt fees | 7,220 | $ 8,974 |
| Debt premium | $ 242,151 | $ 289,752 |
LONG-TERM DEBT - Surety Bonds and Letters of Credit (Details) $ in Millions |
Dec. 31, 2025
USD ($)
|
|---|---|
| Surety Bonds | |
| Guarantor Obligations [Line Items] | |
| Outstanding surety bonds, commercial standby letters of credit and bank guarantees | $ 9.5 |
| Commercial Standby Letters of Credit | |
| Guarantor Obligations [Line Items] | |
| Outstanding surety bonds, commercial standby letters of credit and bank guarantees | $ 31.1 |
COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||||
|---|---|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Nov. 05, 2020 |
Jul. 25, 2019 |
|
| Commitments and Contingencies Disclosure [Abstract] | |||||
| Operating lease, expense | $ 185.7 | $ 183.6 | $ 178.3 | ||
| FCC petitions for declaratory ruling, percentage of voting stock and equity owned by non-US individuals and entities (up to) | 25.00% | ||||
| FCC petitions for declaratory ruling, foreign-owned percentage permitted (up to) | 100.00% | ||||
COMMITMENTS AND CONTINGENCIES - Schedule of Future Minimum Rental Commitments (Details) $ in Thousands |
Dec. 31, 2025
USD ($)
|
|---|---|
| Non-Cancelable Contracts | |
| Other Commitments [Line Items] | |
| 2026 | $ 300,354 |
| 2027 | 216,826 |
| 2028 | 175,491 |
| 2029 | 36,487 |
| 2030 | 97 |
| Thereafter | 1,038 |
| Total | 730,293 |
| Employment/Talent Contracts | |
| Other Commitments [Line Items] | |
| 2026 | 81,375 |
| 2027 | 55,321 |
| 2028 | 3,212 |
| 2029 | 1,000 |
| 2030 | 1,000 |
| Thereafter | 2,000 |
| Total | $ 143,908 |
INCOME TAXES - Schedule of Significant Components of Provision for Income Tax Benefit (Expense) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Income Tax Disclosure [Abstract] | |||
| Current – Federal | $ (7,185) | $ (66,510) | $ (67,856) |
| Current – foreign | (5,149) | (4,845) | (3,001) |
| Current – state | (2,081) | (7,106) | (11,393) |
| Total current expense | (14,415) | (78,461) | (82,250) |
| Deferred – Federal | 15,733 | 220,078 | 91,658 |
| Deferred – foreign | 1,880 | 1,682 | 1,714 |
| Deferred – state | (1,403) | 15,103 | 51,216 |
| Total deferred benefit | 16,210 | 236,863 | 144,588 |
| Income tax benefit (expense) | $ 1,795 | $ 158,402 | $ 62,338 |
INCOME TAXES - Schedule of Cash Taxes Paid for Income Taxes (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Income Tax Disclosure [Abstract] | |||
| Federal | $ (11,710) | $ (9,000) | $ 0 |
| State | (1,156) | (2,384) | (9,867) |
| Foreign | (3,464) | (2,010) | (4,139) |
| Total cash paid for income taxes | $ (16,330) | $ (13,394) | $ (14,006) |
INCOME TAXES - Schedule of Significant Components of Deferred Tax Liabilities and Assets (Details) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Deferred tax liabilities: | ||
| Intangibles | $ 365,126 | $ 429,054 |
| Fixed Assets | 10,123 | 25,344 |
| Operating lease right-of-use assets | 158,063 | 168,976 |
| Other | 27,230 | 0 |
| Total deferred tax liabilities | 560,542 | 623,374 |
| Deferred tax assets: | ||
| Accrued expenses | 22,309 | 18,159 |
| Net operating loss carryforwards | 122,935 | 119,495 |
| Interest expense carryforwards | 515,693 | 453,166 |
| Long-term debt | 161,064 | 190,935 |
| Operating lease liabilities | 185,699 | 198,823 |
| Capital loss carryforwards | 8,941 | 5,119 |
| Investments | 20,792 | 13,747 |
| Bad debt reserves | 10,493 | 11,991 |
| Other | 11,882 | 1,265 |
| Total gross deferred tax assets | 1,059,808 | 1,012,700 |
| Less: Valuation allowance | 585,951 | 492,224 |
| Total deferred tax assets | 473,857 | 520,476 |
| Net deferred tax liabilities | $ 86,685 | $ 102,898 |
Income Taxes - Schedule of Income (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Income Tax Disclosure [Abstract] | |||
| U.S. | $ (481,227) | $ (1,173,517) | $ (1,166,023) |
| Foreign | 7,545 | 5,621 | 3,346 |
| Total loss before income taxes | $ (473,682) | $ (1,167,896) | $ (1,162,677) |
INCOME TAXES - Schedule of Reconciliation of Income Tax to Income Tax Benefit (Expense) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Amount | |||
| U.S. federal statutory tax rate | $ 99,473 | $ 245,258 | $ 244,162 |
| State and local income taxes, net of federal income taxes | (9,250) | 10,437 | 44,923 |
| Foreign tax effects | (1,685) | (1,982) | (583) |
| Tax credits | 2,025 | 4,048 | 4,592 |
| Changes in valuation allowances | (71,171) | 52,858 | 47,720 |
| Nontaxable or nondeductible items | |||
| Goodwill impairments | 0 | (129,378) | (125,047) |
| Other nondeductible items | (9,696) | (10,885) | (10,425) |
| Changes in unrecognized tax benefits | (8,089) | (6,744) | (143,027) |
| Other adjustments | 188 | (5,210) | 23 |
| Income tax benefit (expense) | $ 1,795 | $ 158,402 | $ 62,338 |
| Percent | |||
| U.S. federal statutory tax rate | 21.00% | 21.00% | 21.00% |
| State and local income taxes, net of federal income taxes | (1.90%) | 0.90% | 3.90% |
| Foreign tax effects | (0.40%) | (0.20%) | (0.10%) |
| Tax credits | 0.40% | 0.30% | 0.60% |
| Changes in valuation allowances | (15.00%) | 4.50% | 4.10% |
| Nontaxable or nondeductible items | |||
| Goodwill impairments | 0.00% | (11.00%) | (10.70%) |
| Other nondeductible items | (2.00%) | (0.90%) | (0.90%) |
| Changes in unrecognized tax benefits | (1.70%) | (0.60%) | (12.30%) |
| Other adjustments | 0.00% | (0.40%) | (0.20%) |
| Income tax benefit | 0.40% | 13.60% | 5.40% |
INCOME TAXES - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Unrecognized Tax Benefits | |||
| Balance at beginning of period | $ 148,401 | $ 123,822 | $ 23,823 |
| Increases for tax position taken in the current year | 24,201 | 10,436 | 52,856 |
| Increases for tax positions taken in previous years | 19,814 | 16,521 | 48,194 |
| Decreases for tax position taken in previous years | (927) | (933) | 0 |
| Decreases due to settlements with tax authorities | (375) | 0 | 0 |
| Decreases due to lapse of statute of limitations | (3,751) | (1,445) | (1,051) |
| Balance at end of period | $ 187,363 | $ 148,401 | $ 123,822 |
STOCKHOLDERS' DEFICIT - Schedule of Stock Options Outstanding and Stock Option Activity (Details) - $ / shares |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Options | |||
| Outstanding at beginning of period (in shares) | 6,970,000 | ||
| Granted (in shares) | 0 | 0 | 0 |
| Exercised (in shares) | 0 | ||
| Forfeited (in shares) | 0 | ||
| Expired (in shares) | (4,899,000) | ||
| Outstanding at end of period (in shares) | 2,071,000 | 6,970,000 | |
| Exercisable (in shares) | 2,071,000 | ||
| Expected to Vest (in shares) | 0 | ||
| Price | |||
| Outstanding at beginning of period (in dollars per share) | $ 16.21 | ||
| Expired (in dollars per share) | 18.77 | ||
| Outstanding at end of period (in dollars per share) | 10.17 | $ 16.21 | |
| Exercisable (in dollars per share) | 10.17 | ||
| Expected to Vest (in dollars per share) | |||
| Weighted Average Remaining Contractual Term | |||
| Outstanding | 4 years 7 months 6 days | 2 years 1 month 6 days | |
| Exercisable | 4 years 7 months 6 days | ||
STOCKHOLDERS' DEFICIT - Schedule of Unvested Options and Changes (Details) - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Options | |||
| Granted (in shares) | 0 | 0 | 0 |
| Weighted Average Grant Date Fair Value | |||
| Total fair value of options vested | $ (0.7) | ||
| Stock Options | |||
| Options | |||
| Unvested at beginning of period (in shares) | 69,000 | ||
| Granted (in shares) | 0 | ||
| Vested (in shares) | (69,000) | ||
| Forfeited (in shares) | 0 | ||
| Unvested at end of period (in shares) | 0 | 69,000 | |
| Weighted Average Grant Date Fair Value | |||
| Unvested at beginning of period (in dollars per share) | $ 10.37 | ||
| Granted (in dollars per share) | |||
| Vested (in dollars per share) | 10.37 | ||
| Forfeited (in dollars per share) | |||
| Unvested at end of period (in dollars per share) | $ 10.37 | ||
STOCKHOLDERS' DEFICIT - Schedule of Restricted Stock Outstanding and Restricted Stock Activity (Details) - Restricted Stock Units shares in Thousands |
12 Months Ended |
|---|---|
|
Dec. 31, 2025
$ / shares
shares
| |
| Awards | |
| Outstanding at beginning of period (in shares) | shares | 13,061 |
| Granted (in shares) | shares | 5,595 |
| Vested (restriction lapsed) (in shares) | shares | (3,768) |
| Forfeited (in shares) | shares | (1,452) |
| Outstanding at end of period (in shares) | shares | 13,436 |
| Price | |
| Outstanding at beginning of period (in dollars per share) | $ / shares | $ 4.95 |
| Granted (in dollars per share) | $ / shares | 1.98 |
| Vested (restriction lapsed) (in dollars per share) | $ / shares | 5.20 |
| Forfeited (in dollars per share) | $ / shares | 9.77 |
| Outstanding at end of period (in dollars per share) | $ / shares | $ 3.13 |
STOCKHOLDERS' DEFICIT - Schedule of Share Based Compensation (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Total Share Based Compensation Expense | $ 44,104 | $ 32,311 | $ 35,625 |
| Expense from cash settled awards | 24,600 | 3,700 | 1,000 |
| RSUs | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Total Share Based Compensation Expense | 19,891 | 20,783 | 21,709 |
| Performance RSUs | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Total Share Based Compensation Expense | 24,015 | 9,375 | 8,857 |
| Options | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Total Share Based Compensation Expense | $ 198 | $ 2,153 | $ 5,059 |
STOCKHOLDERS' DEFICIT - Schedule of Computation of Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| NUMERATOR: | |||
| Net loss attributable to the Company – common shares, basic | $ (472,866) | $ (1,009,941) | $ (1,102,660) |
| Net loss attributable to the Company – common shares, diluted | $ (472,866) | $ (1,009,941) | $ (1,102,660) |
| DENOMINATOR | |||
| Weighted average common shares outstanding - basic (in shares) | 154,295 | 151,272 | 149,255 |
| Stock options and restricted stock (in shares) | 0 | 0 | 0 |
| Weighted average common shares outstanding - diluted (in shares) | 154,295 | 151,272 | 149,255 |
| Net loss attributable to the Company per common share: | |||
| Basic (in dollars per share) | $ (3.06) | $ (6.68) | $ (7.39) |
| Diluted (in dollars per share) | $ (3.06) | $ (6.68) | $ (7.39) |
| Stock options and restricted shares not included in computation of diluted earnings per share (in shares) | 12,800 | 15,100 | 13,600 |
EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Retirement Benefits [Abstract] | |||
| Contributions expensed | $ 13.4 | $ 0.1 | $ 4.4 |
SEGMENT DATA (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Segment Reporting Information [Line Items] | |||
| Revenue | $ 3,864,991 | $ 3,854,532 | $ 3,751,025 |
| Direct operating expenses | 1,594,733 | 1,565,972 | 1,478,383 |
| Selling, general and administrative expense | 1,584,491 | 1,582,943 | 1,576,044 |
| Segment Adjusted EBITDA | 685,767 | 705,617 | 696,598 |
| Depreciation and amortization | (360,047) | (409,582) | (428,483) |
| Impairment charges | (213,908) | (922,681) | (965,087) |
| Other operating expense, net | (10,634) | (2,767) | (4,361) |
| Restructuring expenses | $ (77,714) | $ (101,384) | $ (60,353) |
| Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other operating expense, net | Other operating expense, net | Other operating expense, net |
| Share-based compensation expense | $ (44,104) | $ (32,311) | $ (35,625) |
| Operating loss | (20,640) | (763,108) | (797,311) |
| Segment assets | 5,126,003 | 5,571,696 | 6,952,611 |
| Capital expenditures | 81,672 | 97,594 | 102,670 |
| Corporate and other reconciling items | |||
| Segment Reporting Information [Line Items] | |||
| Revenue | 0 | 0 | 0 |
| Direct operating expenses | 0 | 0 | 0 |
| Selling, general and administrative expense | 278,572 | 275,263 | 277,166 |
| Segment Adjusted EBITDA | (278,572) | (275,263) | (277,166) |
| Segment assets | 472,268 | 470,247 | 576,426 |
| Capital expenditures | 8,147 | 12,489 | 14,110 |
| Eliminations | |||
| Segment Reporting Information [Line Items] | |||
| Revenue | (10,525) | (9,947) | (10,212) |
| Direct operating expenses | (4,328) | (3,683) | (3,737) |
| Selling, general and administrative expense | (6,197) | (6,264) | (6,475) |
| Segment Adjusted EBITDA | 0 | 0 | 0 |
| Segment assets | (5,387) | (3,850) | (3,935) |
| Capital expenditures | 0 | 0 | 0 |
| Intersegment revenues | |||
| Segment Reporting Information [Line Items] | |||
| Revenue | 10,525 | 9,947 | 10,212 |
| Multiplatform Group | Operating Segments | |||
| Segment Reporting Information [Line Items] | |||
| Revenue | 2,273,549 | 2,372,909 | 2,435,368 |
| Direct operating expenses | 914,503 | 939,893 | 919,506 |
| Selling, general and administrative expense | 944,826 | 971,750 | 962,428 |
| Segment Adjusted EBITDA | 414,220 | 461,266 | 553,434 |
| Segment assets | 3,727,931 | 4,222,728 | 5,443,207 |
| Capital expenditures | 39,120 | 52,235 | 58,033 |
| Multiplatform Group | Intersegment revenues | |||
| Segment Reporting Information [Line Items] | |||
| Revenue | 0 | 0 | 0 |
| Digital Audio Group | Operating Segments | |||
| Segment Reporting Information [Line Items] | |||
| Revenue | 1,329,422 | 1,164,515 | 1,069,167 |
| Direct operating expenses | 655,035 | 600,914 | 532,218 |
| Selling, general and administrative expense | 217,696 | 184,661 | 188,080 |
| Segment Adjusted EBITDA | 456,691 | 378,940 | 348,869 |
| Segment assets | 667,751 | 586,977 | 626,004 |
| Capital expenditures | 19,852 | 22,481 | 23,179 |
| Digital Audio Group | Intersegment revenues | |||
| Segment Reporting Information [Line Items] | |||
| Revenue | 4,827 | 4,626 | 4,800 |
| Audio & Media Services Group | Operating Segments | |||
| Segment Reporting Information [Line Items] | |||
| Revenue | 272,545 | 327,055 | 256,702 |
| Direct operating expenses | 29,523 | 28,848 | 30,396 |
| Selling, general and administrative expense | 149,594 | 157,533 | 154,845 |
| Segment Adjusted EBITDA | 93,428 | 140,674 | 71,461 |
| Segment assets | 263,440 | 295,594 | 310,909 |
| Capital expenditures | 14,553 | 10,389 | 7,348 |
| Audio & Media Services Group | Intersegment revenues | |||
| Segment Reporting Information [Line Items] | |||
| Revenue | $ 5,698 | $ 5,321 | $ 5,412 |
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS - Allowance for Doubtful Accounts (Details) - Allowance for Doubtful Accounts - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Movement in Valuation Allowances and Reserves | |||
| Balance at Beginning of Period | $ 36,552 | $ 38,055 | $ 29,171 |
| Charges to Costs, Expenses and Other | 19,173 | 15,888 | 29,488 |
| Write-off of Accounts Receivable | (25,282) | (17,374) | (20,613) |
| Other | 24 | (17) | 9 |
| Balance at End of Period | $ 30,467 | $ 36,552 | $ 38,055 |
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS - Deferred Tax Asset Valuation Allowance (Details) - Deferred Tax Asset Valuation Allowance - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Movement in Valuation Allowances and Reserves | |||
| Balance at Beginning of Period | $ 492,224 | $ 1,956,233 | $ 1,901,191 |
| Charges to Costs, Expenses and Other | 117,031 | 195,625 | 114,061 |
| Reversal | (23,304) | (226,617) | (59,249) |
| Adjustments | 0 | (1,433,017) | 230 |
| Balance at End of Period | 585,951 | 492,224 | 1,956,233 |
| Reversal of valuation allowances | 23,304 | 226,617 | 59,249 |
| Federal and State | |||
| Movement in Valuation Allowances and Reserves | |||
| Valuation allowances released | 117,000 | 195,600 | $ 114,100 |
| State and Local Jurisdiction | |||
| Movement in Valuation Allowances and Reserves | |||
| Reversal | (23,300) | (226,600) | |
| Reversal of valuation allowances | $ 23,300 | $ 226,600 | |