IHEARTMEDIA, INC., 10-Q filed on 5/11/2026
Quarterly Report
v3.26.1
COVER - shares
 3 Months Ended
Mar. 31, 2026
May 06, 2026
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
Document Transition Report false  
Entity File Number 001-38987  
Entity Registrant Name IHEARTMEDIA, INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 26-0241222  
Entity Address, Address Line One 20880 Stone Oak Parkway  
Entity Address, City or Town San Antonio,  
Entity Address, State or Province TX  
Entity Address, Postal Zip Code 78258  
City Area Code 210  
Local Phone Number 253-5000  
Title of 12(b) Security Class A Common Stock, par value $0.001 per share  
Trading Symbol IHRT  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Accelerated Filer  
Entity Small Business true  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Central Index Key 0001400891  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Amendment Flag false  
Class A Shares    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   130,062,201
Class B Shares    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   21,090,196
v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
CURRENT ASSETS    
Cash and cash equivalents $ 135,052 $ 270,921
Accounts receivable, net of allowance of $30,288 in 2026 and $30,467 in 2025 853,556 959,446
Prepaid expenses 242,400 190,383
Other current assets 54,477 38,577
Total Current Assets 1,285,485 1,459,327
PROPERTY, PLANT AND EQUIPMENT    
Property, plant and equipment, net 384,602 398,240
INTANGIBLE ASSETS AND GOODWILL    
Indefinite-lived intangibles - licenses 601,440 601,440
Other intangibles, net 663,261 713,777
Goodwill 1,105,449 1,105,496
OTHER ASSETS    
Operating lease right-of-use assets 617,902 625,788
Other assets 229,717 221,935
Total Assets 4,887,856 5,126,003
CURRENT LIABILITIES    
Accounts payable 279,892 271,429
Current operating lease liabilities 62,050 60,968
Accrued expenses 198,211 297,296
Accrued interest 57,609 74,111
Deferred revenue 191,791 190,186
Current portion of long-term debt 74,721 73,429
Total Current Liabilities 864,274 967,419
Long-term debt 4,962,285 4,979,662
Noncurrent operating lease liabilities 666,779 674,192
Deferred income taxes 80,568 86,685
Other long-term liabilities 235,975 245,056
Commitments and contingent liabilities (Note 6)
STOCKHOLDERS' DEFICIT    
Noncontrolling interest 3,359 4,629
Preferred stock, par value $0.001 per share, 100,000,000 shares authorized, no shares issued and outstanding 0 0
Additional paid-in capital 2,998,874 2,995,250
Accumulated deficit (4,908,172) (4,812,949)
Accumulated other comprehensive loss (2,170) (1,878)
Cost of shares (2,911,074 in 2026 and 2,364,267 in 2025) held in treasury (14,070) (12,216)
Total Stockholders' Deficit (1,922,025) (1,827,011)
Total Liabilities and Stockholders' Deficit 4,887,856 5,126,003
Class A Common Stock    
STOCKHOLDERS' DEFICIT    
Common stock 133 132
Class B Common Stock    
STOCKHOLDERS' DEFICIT    
Common stock 21 21
Special Warrants    
STOCKHOLDERS' DEFICIT    
Common stock $ 0 $ 0
v3.26.1
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Class of Stock [Line Items]    
Allowance for receivables $ 30,288 $ 30,467
Preferred stock, par value (in dollars per share) $ 0.001 $ 0.001
Preferred stock, shares authorized (in shares) 100,000,000 100,000,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Shares held in treasury (in shares) 2,911,074 2,364,267
Class A Common Stock    
Class of Stock [Line Items]    
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares) 1,000,000,000 1,000,000,000
Common stock and Warrants, shares issued (in shares) 132,898,567 131,438,774
Common stock and Warrants, shares outstanding (in shares) 132,898,567 131,438,774
Class B Common Stock    
Class of Stock [Line Items]    
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares) 1,000,000,000 1,000,000,000
Common stock and Warrants, shares issued (in shares) 21,090,196 21,090,196
Common stock and Warrants, shares outstanding (in shares) 21,090,196 21,090,196
Special Warrants    
Class of Stock [Line Items]    
Common stock and Warrants, shares issued (in shares) 5,038,369 5,030,019
Common stock and Warrants, shares outstanding (in shares) 5,038,369 5,030,019
v3.26.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Statement [Abstract]    
Revenue $ 884,200 $ 807,101
Operating expenses:    
Direct operating expenses (excludes depreciation and amortization) 375,067 356,326
Selling, general and administrative expenses (excludes depreciation and amortization) 426,192 380,794
Depreciation and amortization 81,377 91,901
Impairment charges 0 2,855
Other operating expense 78 659
Operating income (loss) 1,486 (25,434)
Interest expense, net 95,898 100,386
Loss on investments, net (545) (18,594)
Equity in earnings (loss) of nonconsolidated affiliates (52) 50
Other expense, net (320) (1,160)
Loss before income taxes (95,329) (145,524)
Income tax expense (289) (135,359)
Net loss (95,618) (280,883)
Less amount attributable to noncontrolling interest (395) 341
Net loss attributable to the Company (95,223) (281,224)
Other comprehensive income (loss), net of tax    
Foreign currency translation adjustments (292) 102
Other comprehensive income (loss), net of tax (292) 102
Comprehensive loss (95,515) (281,122)
Less amount attributable to noncontrolling interest 0 0
Comprehensive loss attributable to the Company $ (95,515) $ (281,122)
Net loss attributable to the Company per common share:    
Basic (in dollars per share) $ (0.61) $ (1.84)
Weighted average common shares outstanding - Basic (in shares) 155,789 152,480
Diluted (in dollars per share) $ (0.61) $ (1.84)
Weighted average common shares outstanding - Diluted (in shares) 155,789 152,480
v3.26.1
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' 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
Beginning balance (in shares) at Dec. 31, 2024 [1]           127,474,033 21,285,914 5,039,323          
Beginning 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) (280,883)               341   (281,224)    
Vesting of restricted stock and other (in shares) [1]           712,903              
Vesting of restricted stock and other (643)                       (643)
Share-based compensation 7,466                 7,466      
Dividend declared and paid to noncontrolling interests (385)               (385)        
Conversion of Class B Shares to Class A Shares (in shares) [1]           98,347 (98,347)            
Other comprehensive (loss) income 102                     102  
Ending balance (in shares) at Mar. 31, 2025 [1]           128,285,283 21,187,567 5,039,323          
Ending balance at Mar. 31, 2025 (1,646,123)       149       5,245 2,983,169 (4,621,307) (1,783) (11,596)
Beginning balance (in shares) at Dec. 31, 2025   131,438,774 21,090,196 5,030,019   131,438,774 [1] 21,090,196 [1] 5,038,369 [1]          
Beginning balance at Dec. 31, 2025 (1,827,011)       153       4,629 2,995,250 (4,812,949) (1,878) (12,216)
Increase (Decrease) in Stockholders' Equity                          
Net income (loss) (95,618)               (395)   (95,223)    
Vesting of restricted stock and other (in shares) [1]           1,451,443              
Vesting of restricted stock and other (1,854)       1         (1)     (1,854)
Share-based compensation 3,625                 3,625      
Dividend declared and paid to noncontrolling interests (875)               (875)        
Conversion of Special Warrants to Class A and Class B Shares (in shares) [1]           8,350   (8,350)          
Other comprehensive (loss) income (292)                     (292)  
Ending balance (in shares) at Mar. 31, 2026   132,898,567 21,090,196 5,038,369   132,898,567 [1] 21,090,196 [1] 5,030,019 [1]          
Ending balance at Mar. 31, 2026 $ (1,922,025)       $ 154       $ 3,359 $ 2,998,874 $ (4,908,172) $ (2,170) $ (14,070)
[1] The Company's Preferred Stock is not presented in the data above as there were no shares issued and outstanding in 2026, 2025, or 2024.
v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net loss $ (95,618) $ (280,883)
Reconciling items:    
Impairment charges 0 2,855
Depreciation and amortization 81,377 91,901
Deferred taxes (6,124) 136,219
Provision for doubtful accounts 4,483 3,632
Amortization of deferred financing charges and note discounts, net 763 741
Share-based compensation 3,625 7,466
Loss on disposal of operating and other assets 65 332
Loss on investments 545 18,594
Equity in (income) loss of nonconsolidated subsidiaries 52 (50)
Barter and trade income (40,089) (25,854)
Other reconciling items, net 332 (125)
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:    
Decrease in accounts receivable 98,393 170,840
Increase in prepaid & other current assets (31,852) (39,042)
(Increase) Decrease in other long-term assets 1,498 (384)
Increase (Decrease) in accounts payable 13,804 (37,089)
Decrease in accrued expenses (97,456) (137,797)
Increase (Decrease) in accrued interest (17,794) 24,463
Increase (Decrease) in deferred revenue (837) 2,377
Increase (Decrease) in other long-term liabilities (7,707) 860
Cash used for operating activities (92,540) (60,944)
Cash flows from investing activities:    
Purchases of property, plant and equipment (21,913) (19,730)
Change in other, net (1,611) (337)
Cash used for investing activities (23,524) (20,067)
Cash flows from financing activities:    
Payments on long-term debt (16,870) (9,966)
Dividends and other payments to noncontrolling interests (875) (385)
Change in other, net (1,854) (687)
Cash used for financing activities (19,599) (11,038)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (206) 183
Net decrease in cash, cash equivalents, and restricted cash (135,869) (91,866)
Cash, cash equivalents and restricted cash at beginning of period 270,921 259,580
Cash, cash equivalents and restricted cash at end of period 135,052 167,714
SUPPLEMENTAL DISCLOSURES:    
Cash paid for interest 114,186 76,608
Cash paid for income taxes $ 121 $ 2,136
v3.26.1
BASIS OF PRESENTATION
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
BASIS OF PRESENTATION BASIS OF PRESENTATION
Preparation of Interim Financial Statements
All references in this Quarterly Report on Form 10-Q to the “Company,” “we,” “us” and “our” refer to iHeartMedia, Inc. and its consolidated subsidiaries. The accompanying consolidated financial statements were prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and, in the opinion of management, include all normal and recurring adjustments necessary to present fairly the results of the interim periods shown. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to such SEC rules and regulations. Management believes that the disclosures made are adequate to make the information presented not misleading. The financial statements contained herein should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

The Company reports based on three reportable segments:
▪the Multiplatform Group, which includes the Company's Broadcast radio, Networks and Sponsorships and Events businesses;
▪the Digital Audio Group, which includes all of the Company's Digital businesses, including Podcasting; and
▪the Audio & Media Services Group, which includes Katz Media Group (“Katz Media”), a full-service media representation business, and RCS Sound Software ("RCS"), a provider of scheduling and broadcast software and services.
The consolidated financial statements include the accounts of the Company and its subsidiaries. Also included in the consolidated financial statements are entities for which the Company has a controlling interest or is the primary beneficiary. Investments in companies which the Company does not control but exercises significant influence over operating and financial policies of the company are accounted for under the equity method. All intercompany transactions are eliminated in the consolidation process.
Economic Conditions
The Company's advertising revenue, cash flows, and cost of capital are impacted by changes in economic conditions. Higher interest rates and inflation have continued to contribute to a challenging macroeconomic environment. This environment has led to broader market uncertainty which has impacted the Company's revenues and cash flows. The Company is monitoring ongoing developments surrounding international trade and other geopolitical events that may pressure the advertising budgets of its customers and could impact our financial results in future periods. The current market uncertainty and macroeconomic conditions, a recession, a downturn in the U.S. economy, or uncertainty resulting from geopolitical events could have a significant impact on the Company's ability to generate revenue and cash flows.
As of March 31, 2026, the Company had approximately $135.1 million in cash and cash equivalents, and the $450.0 million senior secured asset-based revolving credit facility entered into on May 17, 2022 (the "ABL Facility") had a borrowing base of $439.2 million, $50.0 million of outstanding borrowings and $29.7 million of outstanding letters of credit, resulting in $359.5 million of borrowing base availability. The Company's total available liquidity as of March 31, 2026 was $494.6 million. Based on current available liquidity, the Company expects to be able to meet its obligations as they become due over the coming year.
Reclassifications
Certain prior period amounts have been reclassified to conform to the 2026 presentation.
Restricted Cash 
As of March 31, 2026 and December 31, 2025, the Company did not have any restricted cash balances on the Consolidated Balance Sheets.
Certain Relationships and Related Party Transactions
From time to time, certain companies in which the Company holds minority equity interests, purchase advertising in the ordinary course. None of these ordinary course transactions have had a material impact on the Company.
New Accounting Pronouncements Not Yet Adopted
In 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 its 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.
v3.26.1
REVENUE
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
REVENUE REVENUE
Disaggregation of Revenue
The following tables show revenue streams for the three months ended March 31, 2026 and 2025:
(In thousands)Multiplatform GroupDigital Audio GroupAudio & Media Services GroupEliminationsConsolidated
Three Months Ended March 31, 2026
Revenue from contracts with customers:
  Broadcast Radio(1)
$361,435 $— $— $— $361,435 
  Networks(2)
97,245 — — — 97,245 
  Sponsorship and Events(3)
27,988 — — — 27,988 
  Digital, excluding Podcast(4)
— 179,948 — (1,211)178,737 
  Podcast(5)
— 147,194 — — 147,194 
  Audio & Media Services(6)
— — 66,581 (1,775)64,806 
  Other(7)
6,716 — — — 6,716 
     Total493,384 327,142 66,581 (2,986)884,121 
Revenue from leases(8)
79 — — 79 
Revenue, total$493,463 $327,142 $66,581 $(2,986)$884,200 
Three Months Ended March 31, 2025
Revenue from contracts with customers:
  Broadcast Radio(1)
$340,736 $— $— $— $340,736 
  Networks(2)
99,463 — — — 99,463 
  Sponsorship and Events(3)
28,621 — — — 28,621 
  Digital, excluding Podcast(4)
— 161,251 — (1,131)160,120 
  Podcast(5)
— 116,036 — — 116,036 
  Audio & Media Services(6)
— — 59,323 (1,356)57,967 
  Other(7)
4,067 — — — 4,067 
Total472,887 277,287 59,323 (2,487)807,010 
Revenue from leases(8)
91 — — — 91 
Revenue, total$472,978 $277,287 $59,323 $(2,487)$807,101 
(1)Broadcast Radio revenue is generated through the sale of advertising time on the Company’s domestic radio stations.
(2)Networks revenue is generated through the sale of advertising on the Company’s Premiere and Total Traffic & Weather network programs and through the syndication of network programming to other media companies.
(3)Sponsorship and events revenue is generated through local events and major nationally-recognized tent pole events and include sponsorship and other advertising revenue, ticket sales, and licensing, as well as endorsement and appearance fees generated by on-air talent.
(4)Digital, excluding Podcast revenue is generated through the sale of streaming and display advertisements on digital platforms and through subscriptions to iHeartRadio streaming services.
(5)Podcast revenue is generated through the sale of advertising on the Company's podcast network.
(6)Audio & Media Services revenue is generated by services provided to broadcast industry participants through the Company’s Katz Media and RCS businesses. As a media representation firm, Katz Media generates revenue via commissions on media sold on behalf of the radio and television stations that it represents, while RCS generates revenue by providing broadcast software and media streaming, along with research services for radio stations, broadcast television stations, cable channels, record labels, ad agencies and Internet stations worldwide.
(7)Other revenue represents fees earned for miscellaneous services, including on-site promotions, activations, and local marketing agreements.
(8)Revenue from leases is primarily generated by the lease of towers to other media companies, which are all categorized as operating leases.
Trade and Barter

Trade and barter transactions represent the exchange of advertising spots for merchandise, services, other advertising or other assets in the ordinary course of business. The transaction price for these contracts is measured at contract inception 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:
Three Months Ended
March 31,
(In thousands)20262025
Consolidated:
Trade and barter revenues$118,737 $49,365 
Trade and barter expenses(90,244)(33,794)
Barter revenues for investments(1)
11,596 10,283 
Total trade and barter income$40,089 $25,854 
(1) Revenue in connection with investments made in companies in exchange for advertising services.
The increase in trade and barter revenues and expenses in 2026 is the result of strategic marketing initiatives as discussed in "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part I, Item 2 of this Quarterly Report on Form 10-Q.

Deferred Revenue

The following tables show the Company’s deferred revenue balance from contracts with customers:
Three Months Ended
March 31,
(In thousands)20262025
Deferred revenue from contracts with customers:
  Beginning balance(1)
$204,738 $173,766 
    Revenue recognized, included in beginning balance(68,978)(66,932)
    Additions, net of revenue recognized during period, and other69,362 76,850 
  Ending balance$205,122 $183,684 
(1)Deferred revenue from contracts with customers, which excludes other sources of deferred revenue that are not related to contracts with customers, is included within deferred revenue and other long-term liabilities on the Consolidated Balance Sheets, depending upon when revenue is expected to be recognized.
The Company’s contracts with customers generally have terms of one year or less. However, as of March 31, 2026, the Company expects to recognize $259.1 million of revenue in future periods for remaining performance obligations from current contracts with customers that have an original expected duration greater than one year, with substantially all of this amount to be recognized over the next five years. Expected commissions related to the Company’s media representation business are not included in this amount as they are contingent upon future sales.
v3.26.1
LEASES
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
LEASES LEASES
The Company enters into operating lease contracts for land, buildings, structures and other equipment. Arrangements are evaluated at inception to determine whether such arrangements contain a lease. Operating leases primarily include land and building lease contracts and leases of radio towers. Arrangements to lease building space consist primarily of the rental of office space, but may also include leases of other equipment, including automobiles and copiers. Operating leases are reflected on the Company's balance sheet within Operating lease right-of-use assets ("ROU assets") and the related short-term and long-term liabilities are included within Current and Noncurrent operating lease liabilities, respectively.
The Company's finance leases are included within Property, plant and equipment with the related liabilities included within Long-term debt.
ROU assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the respective lease term. Lease expense is recognized on a straight-line basis over the lease term.
The Company tests for impairment of assets whenever events and circumstances indicate that such assets might be impaired. During the three months ended March 31, 2026, the Company recognized no non-cash impairment charges. During the three months ended March 31, 2025, the Company recognized non-cash impairment charges of $2.9 million due to changes in sublease assumptions for ROU assets related to certain operating leases for which management has made proactive decisions to abandon and sublease in connection with strategic actions to streamline the Company’s real estate footprint.
The implicit rate within the Company's lease agreements is generally not determinable. As such, the Company uses the incremental borrowing rate ("IBR") to determine the present value of lease payments at the commencement of the lease. The IBR, as defined in ASC 842, is "the rate of interest that a lessee would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment."
The following table provides supplemental cash flow information related to leases for the periods presented:
Three Months Ended March 31,
(In thousands)20262025
Cash paid for amounts included in measurement of operating lease liabilities$32,037 $36,644 
Lease liabilities arising from obtaining right-of-use assets(1)
7,330 7,435 
(1)Lease liabilities from obtaining right-of-use assets include new leases entered into during the three months ended March 31, 2026 and 2025, respectively.
The Company reflects changes in the lease liability and changes in the ROU asset on a net basis in the Statements of Cash Flows. The non-cash operating lease expense was $14.1 million and $15.7 million for the three months ended March 31, 2026 and 2025, respectively.
v3.26.1
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL
 3 Months Ended
Mar. 31, 2026
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL
Property, Plant and Equipment
The Company’s property, plant and equipment consisted of the following classes of assets:
(In thousands)March 31,
2026		December 31,
2025
Land, buildings and improvements$304,423 $304,437 
Towers, transmitters and studio equipment215,747 215,697 
Computer equipment and software761,043 749,083 
Furniture and other equipment54,128 54,129 
Construction in progress19,343 11,895 
1,354,684 1,335,241 
Less: accumulated depreciation970,082 937,001 
Property, plant and equipment, net$384,602 $398,240 
Indefinite-lived Intangible Assets
The Company’s indefinite-lived intangible assets consist of FCC broadcast licenses in its Multiplatform Group segment.
Other Intangible Assets
Other intangible assets consists of definite-lived intangible assets, which primarily include customer and advertiser relationships, talent and representation contracts, trademarks and tradenames and other contractual rights, all of which are amortized over the shorter of either the respective lives of the agreements or over the period of time that the assets are expected to contribute directly or indirectly to the Company’s future cash flows. The Company periodically reviews the appropriateness of the amortization periods related to its definite-lived intangible assets. These assets are recorded at amortized cost.

The following table presents the gross carrying amount and accumulated amortization for each major class of other intangible assets.
(In thousands)March 31, 2026December 31, 2025
Gross Carrying AmountAccumulated AmortizationGross Carrying AmountAccumulated Amortization
Customer / advertiser relationships$1,652,388 $(1,137,032)$1,652,388 $(1,103,895)
Talent and other contracts338,900 (295,891)338,900 (287,167)
Trademarks and tradenames335,936 (232,519)335,936 (224,426)
Other18,003 (16,524)18,003 (15,962)
Total$2,345,227 $(1,681,966)$2,345,227 $(1,631,450)
Total amortization expense related to definite-lived intangible assets for the Company for the three months ended March 31, 2026 and 2025 was $50.6 million and $53.7 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:
(In thousands)
2027$174,374 
2028157,673 
2029130,718 
203016,273 
203114,616 
Goodwill
The following table presents the changes in the carrying amount of goodwill:
(In thousands)Multiplatform GroupDigital Audio GroupAudio & Media Services GroupConsolidated
Balance as of December 31, 2025(1)
$731,501 $311,353 $62,642 $1,105,496 
Foreign currency— — (47)(47)
Balance as of March 31, 2026
$731,501 $311,353 $62,595 $1,105,449 
(1)Beginning goodwill balance is presented net of prior accumulated impairment losses of $2.0 billion related to its Multiplatform Group, $439.4 million related to its Digital Audio Group and $41.6 million related to its Audio & Media Services Group.
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL
Property, Plant and Equipment
The Company’s property, plant and equipment consisted of the following classes of assets:
(In thousands)March 31,
2026		December 31,
2025
Land, buildings and improvements$304,423 $304,437 
Towers, transmitters and studio equipment215,747 215,697 
Computer equipment and software761,043 749,083 
Furniture and other equipment54,128 54,129 
Construction in progress19,343 11,895 
1,354,684 1,335,241 
Less: accumulated depreciation970,082 937,001 
Property, plant and equipment, net$384,602 $398,240 
Indefinite-lived Intangible Assets
The Company’s indefinite-lived intangible assets consist of FCC broadcast licenses in its Multiplatform Group segment.
Other Intangible Assets
Other intangible assets consists of definite-lived intangible assets, which primarily include customer and advertiser relationships, talent and representation contracts, trademarks and tradenames and other contractual rights, all of which are amortized over the shorter of either the respective lives of the agreements or over the period of time that the assets are expected to contribute directly or indirectly to the Company’s future cash flows. The Company periodically reviews the appropriateness of the amortization periods related to its definite-lived intangible assets. These assets are recorded at amortized cost.

The following table presents the gross carrying amount and accumulated amortization for each major class of other intangible assets.
(In thousands)March 31, 2026December 31, 2025
Gross Carrying AmountAccumulated AmortizationGross Carrying AmountAccumulated Amortization
Customer / advertiser relationships$1,652,388 $(1,137,032)$1,652,388 $(1,103,895)
Talent and other contracts338,900 (295,891)338,900 (287,167)
Trademarks and tradenames335,936 (232,519)335,936 (224,426)
Other18,003 (16,524)18,003 (15,962)
Total$2,345,227 $(1,681,966)$2,345,227 $(1,631,450)
Total amortization expense related to definite-lived intangible assets for the Company for the three months ended March 31, 2026 and 2025 was $50.6 million and $53.7 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:
(In thousands)
2027$174,374 
2028157,673 
2029130,718 
203016,273 
203114,616 
Goodwill
The following table presents the changes in the carrying amount of goodwill:
(In thousands)Multiplatform GroupDigital Audio GroupAudio & Media Services GroupConsolidated
Balance as of December 31, 2025(1)
$731,501 $311,353 $62,642 $1,105,496 
Foreign currency— — (47)(47)
Balance as of March 31, 2026
$731,501 $311,353 $62,595 $1,105,449 
(1)Beginning goodwill balance is presented net of prior accumulated impairment losses of $2.0 billion related to its Multiplatform Group, $439.4 million related to its Digital Audio Group and $41.6 million related to its Audio & Media Services Group.
v3.26.1
LONG-TERM DEBT
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
LONG-TERM DEBT LONG-TERM DEBT
Long-term debt outstanding for the Company consisted of the following:
(In thousands)March 31, 2026December 31, 2025
Asset-based Revolving Credit Facility due 2027(1)
$50,000 $50,000 
Term Loan Facility due 20265,095 5,095 
Incremental Term Loan Facility due 20261,500 1,500 
Term Loan Facility due 2029(2)
2,118,903 2,124,267 
6.375% Senior Notes due 2026
44,644 44,644 
5.25% Senior Notes due 2027
6,983 6,983 
8.375% Senior Unsecured Notes due 2027
72,388 72,388 
4.75% Senior Secured Notes due 2028
276,868 276,868 
9.125% First Lien Notes due 2029
717,588 717,588 
7.75% First Lien Notes due 2030
661,285 661,285 
7.00% First Lien Notes due 2031
178,443 178,443 
10.875% Second Lien Notes due 2030
675,165 675,165 
Other secured subsidiary debt5,112 3,934 
Long-term debt fees(6,766)(7,220)
Debt Premium(3)
229,798 242,151 
Total Debt5,037,006 5,053,091 
Less: Current portion74,721 73,429 
Total long-term debt$4,962,285 $4,979,662 
(1)As of March 31, 2026, the ABL Facility had a borrowing base of $439.2 million, $50.0 million outstanding borrowings and $29.7 million in outstanding letters of credit, resulting in $359.5 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)The difference between the carrying value of the exchanged 5.25% Senior Notes, 4.75% Senior Secured Notes, and 8.375% Senior Unsecured Notes and the principal amount of the 7.75% First Lien Notes due 2030, 7.00% First Lien Notes due 2031 and 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% as of both March 31, 2026 and December 31, 2025. The aggregate market value of the Company’s debt based on market prices for which quotes were available was approximately $4.0 billion and $4.4 billion as of March 31, 2026 and December 31, 2025, respectively. Under the fair value hierarchy established by ASC 820-10-35, the market value of the Company’s debt is classified as either Level 1 or Level 2. As of March 31, 2026, the Company was in compliance with all covenants related to its debt agreements.
Surety Bonds and Letters of Credit

As of March 31, 2026, the Company and its subsidiaries had outstanding surety bonds and commercial standby letters of credit of $9.8 million and $29.7 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.
v3.26.1
COMMITMENTS AND CONTINGENCIES
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
The Company and its subsidiaries are involved in certain legal proceedings arising in the ordinary course of business and, as required, have accrued an estimate of the probable costs for the resolution of those claims for which the occurrence of loss is probable and the amount can be reasonably estimated. These estimates have been developed in consultation with counsel and are based upon an analysis of potential results, assuming a combination of litigation and settlement strategies. It is possible, however, that future results of operations for any particular period could be materially affected by changes in the Company’s assumptions or the effectiveness of its strategies related to these proceedings. Additionally, due to the inherent uncertainty of litigation, there can be no assurance that the resolution of any particular claim or proceeding would not have a material adverse effect on the Company’s financial condition or results of operations.
Although the Company is involved in a variety of legal proceedings in the ordinary course of business, a large portion of the Company’s litigation arises in the following contexts: commercial/contract disputes; defamation matters; employment and benefits related claims; intellectual property claims; real estate matters; governmental investigations; and tax disputes.
Alien Ownership Restrictions and FCC Declaratory Ruling
The Communications Act of 1934, as amended (the "Communications Act") and FCC regulation prohibit foreign entities and individuals from having direct or indirect ownership or voting rights of more than 25 percent in a corporation controlling the licensee of a radio broadcast station unless the FCC finds greater foreign ownership to be in the public interest. On November 5, 2020, the FCC issued a declaratory ruling, which permits the Company to be up to 100% foreign owned, subject to certain conditions (the "2020 Declaratory Ruling").
v3.26.1
INCOME TAXES
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The Company’s income tax benefit (expense) consisted of the following components:
(In thousands)Three Months Ended
March 31,
20262025
Current tax benefit (expense)$(6,413)$860 
Deferred tax benefit (expense)6,124 (136,219)
Income tax expense$(289)$(135,359)

The effective tax rates for the three months ended March 31, 2026 and 2025 were (0.3)% and (93.0)%, respectively. The effective tax rates for these three-month periods were primarily impacted by increases in valuation allowances recorded against certain deferred assets, related primarily to disallowed interest expense carryforwards due to uncertainty regarding the Company's ability to utilize those assets in future periods.
v3.26.1
STOCKHOLDERS' DEFICIT
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
STOCKHOLDERS' DEFICIT STOCKHOLDERS' DEFICIT
Pursuant to the Company's 2019 Equity Incentive Plan (the "2019 Plan"), the Company historically granted restricted stock units and options to purchase shares of the Company's Class A common stock to certain key individuals. On April 21, 2021, the 2021 Long-Term Incentive Award Plan (the “2021 Plan”) was approved by stockholders and replaced the 2019 Plan. At the 2023 Annual Meeting of Stockholders, an increase to the shares authorized for issuance under the 2021 Plan was approved. Pursuant to the 2021 Plan, the Company will continue to grant equity awards covering shares of the Company's Class A common stock to certain key individuals.

Share-based Compensation
Share-based compensation expenses are recorded in Selling, general and administrative expenses in the Consolidated Statements of Comprehensive Loss. The Company periodically issues restricted stock units ("RSUs") and performance-based RSUs ("Performance RSUs") to certain key employees, some of which are settled in cash. The RSUs vest solely due to continued service over time. The Performance RSUs generally vest upon the achievement of certain total relative stockholder return goals, Adjusted EBITDA goals, cost savings and other strategic goals (including debt refinancing and advertising sales reorganization initiatives) 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 the Company's total share-based compensation expense by award type:

(In thousands)Three Months Ended
March 31,
20262025
RSUs$3,122 $5,328 
Performance RSUs(2,763)3,529 
Options— 172 
Total Share-Based Compensation Expense(1)
$359 $9,029 
(1)Total share-based compensation expense includes $(3.3) million and $1.6 million of expense from cash-settled awards for the three months ended March 31, 2026 and March 31, 2025, respectively. The reduction in share-based compensation recognized in 2026 is due to changes in the Company’s stock price during the first quarter of 2026, resulting in lower expense associated with cash-settled awards.
As of March 31, 2026, there was $24.7 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 2.3 years and assumes Performance RSUs that have not reached their measurement dates will be fully earned at target.

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 $0.001 per share, unless the Company in its sole discretion believes such exercise would, alone or in combination with any other existing or proposed ownership of common stock, result in, subject to certain exceptions, (a) such exercising holder owning more than 4.99% of the Company's outstanding Class A common stock, (b) more than 22.5% of the Company's capital stock or voting interests being owned directly or indirectly by foreign individuals or entities, (c) the Company exceeding any foreign ownership threshold set by the FCC pursuant to a declaratory ruling or specific approval requirement or (d) the Company violating any provision of the Communications Act or restrictions on ownership or transfer imposed by the Company's certificate of incorporation or the decisions, rules and policies of the FCC. Although the agreement governing the Special Warrants provides that the Company may decline to permit the exercise of Special Warrants if such exercise would result in more than 22.5% of its capital stock or voting interests being owned directly or indirectly by foreign individuals or entities, the Company received a ruling from the FCC permitting it to have up to 100% foreign ownership in the aggregate. Any holder exercising Special Warrants must complete and timely deliver to the warrant agent the required exercise forms and certifications required under the special warrant agreement.
Computation of Loss per Share
(In thousands, except per share data)Three Months Ended
March 31,
 20262025
NUMERATOR:  
Net loss attributable to the Company – common shares$(95,223)$(281,224)
DENOMINATOR(1):
 
Weighted average common shares outstanding - basic155,789 152,480 
  Stock options and restricted stock(2):
— — 
Weighted average common shares outstanding - diluted155,789 152,480 
Net loss attributable to the Company per common share: 
Basic$(0.61)$(1.84)
Diluted(0.61)(1.84)
(1)All of the outstanding Class B common stock and Special Warrants are included in both the basic and diluted weighted average common shares outstanding of the Company for the three months ended March 31, 2026 and 2025.
(2)Outstanding equity service awards representing 13.0 million and 16.6 million shares of Class A common stock of the Company for the three months ended March 31, 2026 and 2025, respectively, were not included in the computation of diluted earnings per share because to do so would have been antidilutive.
v3.26.1
SEGMENT DATA
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
SEGMENT DATA SEGMENT DATA
The Company’s primary businesses are included in its Multiplatform Group and Digital Audio Group segments. Revenue and expenses earned and charged between Multiplatform Group, Digital Audio Group, Audio & Media Services Group, and Corporate are eliminated in consolidation. The Multiplatform Group provides media and entertainment services via broadcast delivery and also includes the Company’s events and national syndication businesses. The Digital Audio Group provides media and entertainment services via digital delivery. The Audio & Media Services Group provides other audio and media services, including the Company’s media representation business (Katz Media) and its provider of scheduling and broadcast software (RCS). Corporate includes infrastructure and support, including executive, information technology, human resources, legal, finance, and administrative functions for the Company’s businesses.

Segment Adjusted EBITDA is the segment profitability metric reported to the Company’s Chief Operating Decision Maker ("CODM") for purposes of decisions about allocation of resources to, and assessing performance of, each reportable segment. The Company's CODM is its Chief Executive Officer.

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

Segments
(In thousands)Multiplatform GroupDigital Audio GroupAudio & Media Services GroupCorporate and other reconciling itemsEliminationsConsolidated
Three Months Ended March 31, 2026
Revenue$493,463 $327,142 $66,581 $— $(2,986)$884,200 
Direct operating expenses(1)
199,526 170,100 6,200 — (975)374,851 
Selling, general and administrative expenses(2)
246,973 70,227 35,934 65,593 (2,011)416,716 
Segment Adjusted EBITDA(3)
$46,964 $86,815 $24,447 $(65,593)$— $92,633 
Depreciation and amortization(81,377)
Impairment charges— 
Other operating expense, net(78)
Restructuring expenses(9,333)
Share-based compensation expense(359)
Operating income$1,486 
Segment Assets$3,567,793 $569,636 $244,169 $511,523 $(5,265)$4,887,856 
Intersegment revenues— 1,211 1,775 — — 2,986 
Capital expenditures10,360 5,503 1,964 4,086 — 21,913 

Segments
(In thousands)Multiplatform GroupDigital Audio GroupAudio & Media Services GroupCorporate and other reconciling itemsEliminationsConsolidated
Three Months Ended March 31, 2025
Revenue$472,978 $277,287 $59,323 $— $(2,487)$807,101 
Direct operating expenses(1)
199,669 145,921 7,084 — (955)351,719 
Selling, general and administrative expenses(2)
203,302 44,283 36,441 68,300 (1,532)350,794 
Segment Adjusted EBITDA(3)
$70,007 $87,083 $15,798 $(68,300)$— $104,588 
Depreciation and amortization(91,901)
Impairment charges(2,855)
Other operating expense, net(659)
Restructuring expenses(25,578)
Share-based compensation expense(9,029)
Operating loss$(25,434)
Segment Assets$4,027,842 $593,363 $273,776 $377,161 $(4,049)$5,268,093 
Intersegment revenues— 1,131 1,356 — — 2,487 
Capital expenditures5,929 5,856 5,627 2,318 — 19,730 
(1)Includes content, programming, and production costs as well as employee compensation, talent fees, event costs, and music license fees.
(2)Includes administrative employee compensation, sales commissions, trade and barter expense, and rent and utilities.
(3)For a definition of Adjusted EBITDA for the consolidated company and a reconciliation to Operating income (loss), the most closely comparable GAAP measure, and to Net loss, please see "Reconciliation of Operating income (loss) to Adjusted EBITDA" and "Reconciliation of Net loss to EBITDA and Adjusted EBITDA" in Item 2 of this Quarterly Report on Form 10-Q.
v3.26.1
SUBSEQUENT EVENTS
 3 Months Ended
Mar. 31, 2026
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
Asset-Based Revolving Credit Facility Draw
On April 28, 2026, iHeartCommunications borrowed $75.0 million under the ABL Facility. This borrowing was executed in connection with the Company's short-term liquidity management strategy to provide financial flexibility in response to recent market uncertainty.

Debt Repayment at Maturity
On May 1, 2026, the Company repaid $51.2 million of outstanding debt, including repayments of the Term Loan Facility due 2026 for $5.1 million, the Incremental Term Loan Facility due 2026 for $1.5 million and the 6.375% Senior Notes due 2026 for $44.6 million. These payments were made in the ordinary course of business, in accordance with the original terms of the debt agreements, and did not result in any early extinguishment of debt or modification of existing terms. For more information about the Company's outstanding debt obligations, refer to Note 5, Long-Term Debt.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
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
v3.26.1
BASIS OF PRESENTATION (Policies)
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Principles of Consolidation The accompanying consolidated financial statements were prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and, in the opinion of management, include all normal and recurring adjustments necessary to present fairly the results of the interim periods shown. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to such SEC rules and regulations. Management believes that the disclosures made are adequate to make the information presented not misleading. The financial statements contained herein should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
The Company reports based on three reportable segments:
▪the Multiplatform Group, which includes the Company's Broadcast radio, Networks and Sponsorships and Events businesses;
▪the Digital Audio Group, which includes all of the Company's Digital businesses, including Podcasting; and
▪the Audio & Media Services Group, which includes Katz Media Group (“Katz Media”), a full-service media representation business, and RCS Sound Software ("RCS"), a provider of scheduling and broadcast software and services.
The consolidated financial statements include the accounts of the Company and its subsidiaries. Also included in the consolidated financial statements are entities for which the Company has a controlling interest or is the primary beneficiary. Investments in companies which the Company does not control but exercises significant influence over operating and financial policies of the company are accounted for under the equity method. All intercompany transactions are eliminated in the consolidation process.
Reclassifications
Reclassifications
Certain prior period amounts have been reclassified to conform to the 2026 presentation.
New Accounting Pronouncements Not Yet Adopted
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 its 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.
v3.26.1
REVENUE (Tables)
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
The following tables show revenue streams for the three months ended March 31, 2026 and 2025:
(In thousands)Multiplatform GroupDigital Audio GroupAudio & Media Services GroupEliminationsConsolidated
Three Months Ended March 31, 2026
Revenue from contracts with customers:
  Broadcast Radio(1)
$361,435 $— $— $— $361,435 
  Networks(2)
97,245 — — — 97,245 
  Sponsorship and Events(3)
27,988 — — — 27,988 
  Digital, excluding Podcast(4)
— 179,948 — (1,211)178,737 
  Podcast(5)
— 147,194 — — 147,194 
  Audio & Media Services(6)
— — 66,581 (1,775)64,806 
  Other(7)
6,716 — — — 6,716 
     Total493,384 327,142 66,581 (2,986)884,121 
Revenue from leases(8)
79 — — 79 
Revenue, total$493,463 $327,142 $66,581 $(2,986)$884,200 
Three Months Ended March 31, 2025
Revenue from contracts with customers:
  Broadcast Radio(1)
$340,736 $— $— $— $340,736 
  Networks(2)
99,463 — — — 99,463 
  Sponsorship and Events(3)
28,621 — — — 28,621 
  Digital, excluding Podcast(4)
— 161,251 — (1,131)160,120 
  Podcast(5)
— 116,036 — — 116,036 
  Audio & Media Services(6)
— — 59,323 (1,356)57,967 
  Other(7)
4,067 — — — 4,067 
Total472,887 277,287 59,323 (2,487)807,010 
Revenue from leases(8)
91 — — — 91 
Revenue, total$472,978 $277,287 $59,323 $(2,487)$807,101 
(1)Broadcast Radio revenue is generated through the sale of advertising time on the Company’s domestic radio stations.
(2)Networks revenue is generated through the sale of advertising on the Company’s Premiere and Total Traffic & Weather network programs and through the syndication of network programming to other media companies.
(3)Sponsorship and events revenue is generated through local events and major nationally-recognized tent pole events and include sponsorship and other advertising revenue, ticket sales, and licensing, as well as endorsement and appearance fees generated by on-air talent.
(4)Digital, excluding Podcast revenue is generated through the sale of streaming and display advertisements on digital platforms and through subscriptions to iHeartRadio streaming services.
(5)Podcast revenue is generated through the sale of advertising on the Company's podcast network.
(6)Audio & Media Services revenue is generated by services provided to broadcast industry participants through the Company’s Katz Media and RCS businesses. As a media representation firm, Katz Media generates revenue via commissions on media sold on behalf of the radio and television stations that it represents, while RCS generates revenue by providing broadcast software and media streaming, along with research services for radio stations, broadcast television stations, cable channels, record labels, ad agencies and Internet stations worldwide.
(7)Other revenue represents fees earned for miscellaneous services, including on-site promotions, activations, and local marketing agreements.
(8)Revenue from leases is primarily generated by the lease of towers to other media companies, which are all categorized as operating leases.
Schedule of Barter and Trade Revenues and Expenses Trade and barter revenues and expenses, which are included in consolidated revenue and selling, general and administrative expenses, respectively, were as follows:
Three Months Ended
March 31,
(In thousands)20262025
Consolidated:
Trade and barter revenues$118,737 $49,365 
Trade and barter expenses(90,244)(33,794)
Barter revenues for investments(1)
11,596 10,283 
Total trade and barter income$40,089 $25,854 
(1) Revenue in connection with investments made in companies in exchange for advertising services.
Schedule of Contract with Customer, Asset and Liability
The following tables show the Company’s deferred revenue balance from contracts with customers:
Three Months Ended
March 31,
(In thousands)20262025
Deferred revenue from contracts with customers:
  Beginning balance(1)
$204,738 $173,766 
    Revenue recognized, included in beginning balance(68,978)(66,932)
    Additions, net of revenue recognized during period, and other69,362 76,850 
  Ending balance$205,122 $183,684 
(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.
v3.26.1
LEASES (Tables)
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Schedule of Cash Flow, Supplemental Disclosures
The following table provides supplemental cash flow information related to leases for the periods presented:
Three Months Ended March 31,
(In thousands)20262025
Cash paid for amounts included in measurement of operating lease liabilities$32,037 $36,644 
Lease liabilities arising from obtaining right-of-use assets(1)
7,330 7,435 
(1)Lease liabilities from obtaining right-of-use assets include new leases entered into during the three months ended March 31, 2026 and 2025, respectively.
v3.26.1
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL (Tables)
 3 Months Ended
Mar. 31, 2026
Property, Plant and Equipment [Abstract]  
Schedule of Property, Plant and Equipment
The Company’s property, plant and equipment consisted of the following classes of assets:
(In thousands)March 31,
2026		December 31,
2025
Land, buildings and improvements$304,423 $304,437 
Towers, transmitters and studio equipment215,747 215,697 
Computer equipment and software761,043 749,083 
Furniture and other equipment54,128 54,129 
Construction in progress19,343 11,895 
1,354,684 1,335,241 
Less: accumulated depreciation970,082 937,001 
Property, plant and equipment, net$384,602 $398,240 
Schedule of Gross Carrying Amount and Accumulated Amortization for Other Intangible Assets
The following table presents the gross carrying amount and accumulated amortization for each major class of other intangible assets.
(In thousands)March 31, 2026December 31, 2025
Gross Carrying AmountAccumulated AmortizationGross Carrying AmountAccumulated Amortization
Customer / advertiser relationships$1,652,388 $(1,137,032)$1,652,388 $(1,103,895)
Talent and other contracts338,900 (295,891)338,900 (287,167)
Trademarks and tradenames335,936 (232,519)335,936 (224,426)
Other18,003 (16,524)18,003 (15,962)
Total$2,345,227 $(1,681,966)$2,345,227 $(1,631,450)
Schedule of Future Amortization Expense
The following table presents the Company’s estimate of amortization expense for each of the five succeeding fiscal years for definite-lived intangible assets:
(In thousands)
2027$174,374 
2028157,673 
2029130,718 
203016,273 
203114,616 
Schedule of Changes in Carrying Amount of Goodwill
The following table presents the changes in the carrying amount of goodwill:
(In thousands)Multiplatform GroupDigital Audio GroupAudio & Media Services GroupConsolidated
Balance as of December 31, 2025(1)
$731,501 $311,353 $62,642 $1,105,496 
Foreign currency— — (47)(47)
Balance as of March 31, 2026
$731,501 $311,353 $62,595 $1,105,449 
(1)Beginning goodwill balance is presented net of prior accumulated impairment losses of $2.0 billion related to its Multiplatform Group, $439.4 million related to its Digital Audio Group and $41.6 million related to its Audio & Media Services Group.
v3.26.1
LONG-TERM DEBT (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt Outstanding
Long-term debt outstanding for the Company consisted of the following:
(In thousands)March 31, 2026December 31, 2025
Asset-based Revolving Credit Facility due 2027(1)
$50,000 $50,000 
Term Loan Facility due 20265,095 5,095 
Incremental Term Loan Facility due 20261,500 1,500 
Term Loan Facility due 2029(2)
2,118,903 2,124,267 
6.375% Senior Notes due 2026
44,644 44,644 
5.25% Senior Notes due 2027
6,983 6,983 
8.375% Senior Unsecured Notes due 2027
72,388 72,388 
4.75% Senior Secured Notes due 2028
276,868 276,868 
9.125% First Lien Notes due 2029
717,588 717,588 
7.75% First Lien Notes due 2030
661,285 661,285 
7.00% First Lien Notes due 2031
178,443 178,443 
10.875% Second Lien Notes due 2030
675,165 675,165 
Other secured subsidiary debt5,112 3,934 
Long-term debt fees(6,766)(7,220)
Debt Premium(3)
229,798 242,151 
Total Debt5,037,006 5,053,091 
Less: Current portion74,721 73,429 
Total long-term debt$4,962,285 $4,979,662 
(1)As of March 31, 2026, the ABL Facility had a borrowing base of $439.2 million, $50.0 million outstanding borrowings and $29.7 million in outstanding letters of credit, resulting in $359.5 million of borrowing base availability.
(2)Quarterly amortization payments of $5.4 million (equal to 0.25% of the original principal amount) are required per the terms of the Term Loan Facility due 2029.
(3)The difference between the carrying value of the exchanged 5.25% Senior Notes, 4.75% Senior Secured Notes, and 8.375% Senior Unsecured Notes and the principal amount of the 7.75% First Lien Notes due 2030, 7.00% First Lien Notes due 2031 and 10.875% Second Lien Notes due 2030 was recorded as debt premium and will be reduced as contractual interest payments are made.
v3.26.1
INCOME TAXES (Tables)
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Schedule of Income Tax Benefit (Expense)
The Company’s income tax benefit (expense) consisted of the following components:
(In thousands)Three Months Ended
March 31,
20262025
Current tax benefit (expense)$(6,413)$860 
Deferred tax benefit (expense)6,124 (136,219)
Income tax expense$(289)$(135,359)
v3.26.1
STOCKHOLDERS' DEFICIT (Tables)
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Schedule of Share-Based Payment Arrangement, Cost by Plan
The following table presents the Company's total share-based compensation expense by award type:

(In thousands)Three Months Ended
March 31,
20262025
RSUs$3,122 $5,328 
Performance RSUs(2,763)3,529 
Options— 172 
Total Share-Based Compensation Expense(1)
$359 $9,029 
(1)Total share-based compensation expense includes $(3.3) million and $1.6 million of expense from cash-settled awards for the three months ended March 31, 2026 and March 31, 2025, respectively. The reduction in share-based compensation recognized in 2026 is due to changes in the Company’s stock price during the first quarter of 2026, resulting in lower expense associated with cash-settled awards.
Schedule of Computation of Loss per Share
Computation of Loss per Share
(In thousands, except per share data)Three Months Ended
March 31,
 20262025
NUMERATOR:  
Net loss attributable to the Company – common shares$(95,223)$(281,224)
DENOMINATOR(1):
 
Weighted average common shares outstanding - basic155,789 152,480 
  Stock options and restricted stock(2):
— — 
Weighted average common shares outstanding - diluted155,789 152,480 
Net loss attributable to the Company per common share: 
Basic$(0.61)$(1.84)
Diluted(0.61)(1.84)
(1)All of the outstanding Class B common stock and Special Warrants are included in both the basic and diluted weighted average common shares outstanding of the Company for the three months ended March 31, 2026 and 2025.
(2)Outstanding equity service awards representing 13.0 million and 16.6 million shares of Class A common stock of the Company for the three months ended March 31, 2026 and 2025, respectively, were not included in the computation of diluted earnings per share because to do so would have been antidilutive.
v3.26.1
SEGMENT DATA (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Schedule of Reportable Segment Results
The following tables present the Company's segment results:

Segments
(In thousands)Multiplatform GroupDigital Audio GroupAudio & Media Services GroupCorporate and other reconciling itemsEliminationsConsolidated
Three Months Ended March 31, 2026
Revenue$493,463 $327,142 $66,581 $— $(2,986)$884,200 
Direct operating expenses(1)
199,526 170,100 6,200 — (975)374,851 
Selling, general and administrative expenses(2)
246,973 70,227 35,934 65,593 (2,011)416,716 
Segment Adjusted EBITDA(3)
$46,964 $86,815 $24,447 $(65,593)$— $92,633 
Depreciation and amortization(81,377)
Impairment charges— 
Other operating expense, net(78)
Restructuring expenses(9,333)
Share-based compensation expense(359)
Operating income$1,486 
Segment Assets$3,567,793 $569,636 $244,169 $511,523 $(5,265)$4,887,856 
Intersegment revenues— 1,211 1,775 — — 2,986 
Capital expenditures10,360 5,503 1,964 4,086 — 21,913 

Segments
(In thousands)Multiplatform GroupDigital Audio GroupAudio & Media Services GroupCorporate and other reconciling itemsEliminationsConsolidated
Three Months Ended March 31, 2025
Revenue$472,978 $277,287 $59,323 $— $(2,487)$807,101 
Direct operating expenses(1)
199,669 145,921 7,084 — (955)351,719 
Selling, general and administrative expenses(2)
203,302 44,283 36,441 68,300 (1,532)350,794 
Segment Adjusted EBITDA(3)
$70,007 $87,083 $15,798 $(68,300)$— $104,588 
Depreciation and amortization(91,901)
Impairment charges(2,855)
Other operating expense, net(659)
Restructuring expenses(25,578)
Share-based compensation expense(9,029)
Operating loss$(25,434)
Segment Assets$4,027,842 $593,363 $273,776 $377,161 $(4,049)$5,268,093 
Intersegment revenues— 1,131 1,356 — — 2,487 
Capital expenditures5,929 5,856 5,627 2,318 — 19,730 
(1)Includes content, programming, and production costs as well as employee compensation, talent fees, event costs, and music license fees.
(2)Includes administrative employee compensation, sales commissions, trade and barter expense, and rent and utilities.
(3)For a definition of Adjusted EBITDA for the consolidated company and a reconciliation to Operating income (loss), the most closely comparable GAAP measure, and to Net loss, please see "Reconciliation of Operating income (loss) to Adjusted EBITDA" and "Reconciliation of Net loss to EBITDA and Adjusted EBITDA" in Item 2 of this Quarterly Report on Form 10-Q.
v3.26.1
BASIS OF PRESENTATION (Details)
 3 Months Ended
Mar. 31, 2026
USD ($)
segment
Dec. 31, 2025
USD ($)
Short-Term Debt [Line Items]    
Number of reportable segments | segment 3  
Cash and cash equivalents $ 135,052,000 $ 270,921,000
Total available liquidity amount 494,600,000  
Restricted cash 0 $ 0
Revolving Credit Facility | Asset-based Revolving Credit Facility due 2027 | Line of Credit    
Short-Term Debt [Line Items]    
Maximum borrowings provided under credit facility 439,200,000  
Letters of credit outstanding 29,700,000  
Line of credit, remaining borrowing availability 359,500,000  
Subsidiary | Revolving Credit Facility | Asset-based Revolving Credit Facility due 2027 | Line of Credit    
Short-Term Debt [Line Items]    
Debt instrument, face amount 450,000,000.0  
Maximum borrowings provided under credit facility 439,200,000  
Long-term line of credit 50,000,000.0  
Letters of credit outstanding 29,700,000  
Line of credit, remaining borrowing availability $ 359,500,000  
v3.26.1
REVENUE - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers $ 884,121 $ 807,010
Revenue from leases 79 91
Revenue, total 884,200 807,101
Broadcast Radio    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers 361,435 340,736
Networks    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers 97,245 99,463
Sponsorship and Events    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers 27,988 28,621
Digital, excluding Podcast    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers 178,737 160,120
Podcast    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers 147,194 116,036
Audio and Media Services    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers 64,806 57,967
Other    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers 6,716 4,067
Operating segments | Multiplatform Group    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers 493,384 472,887
Revenue from leases 79 91
Revenue, total 493,463 472,978
Operating segments | Multiplatform Group | Broadcast Radio    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers 361,435 340,736
Operating segments | Multiplatform Group | Networks    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers 97,245 99,463
Operating segments | Multiplatform Group | Sponsorship and Events    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers 27,988 28,621
Operating segments | Multiplatform Group | Digital, excluding Podcast    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers 0 0
Operating segments | Multiplatform Group | Podcast    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers 0 0
Operating segments | Multiplatform Group | Audio and Media Services    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers 0 0
Operating segments | Multiplatform Group | Other    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers 6,716 4,067
Operating segments | Digital Audio Group    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers 327,142 277,287
Revenue from leases 0 0
Revenue, total 327,142 277,287
Operating segments | Digital Audio Group | Broadcast Radio    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers 0 0
Operating segments | Digital Audio Group | Networks    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers 0 0
Operating segments | Digital Audio Group | Sponsorship and Events    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers 0 0
Operating segments | Digital Audio Group | Digital, excluding Podcast    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers 179,948 161,251
Operating segments | Digital Audio Group | Podcast    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers 147,194 116,036
Operating segments | Digital Audio Group | Audio and Media Services    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers 0 0
Operating segments | Digital Audio Group | Other    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers 0 0
Operating segments | Audio & Media Services Group    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers 66,581 59,323
Revenue from leases 0 0
Revenue, total 66,581 59,323
Operating segments | Audio & Media Services Group | Broadcast Radio    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers 0 0
Operating segments | Audio & Media Services Group | Networks    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers 0 0
Operating segments | Audio & Media Services Group | Sponsorship and Events    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers 0 0
Operating segments | Audio & Media Services Group | Digital, excluding Podcast    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers 0 0
Operating segments | Audio & Media Services Group | Podcast    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers 0 0
Operating segments | Audio & Media Services Group | Audio and Media Services    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers 66,581 59,323
Operating segments | Audio & Media Services Group | Other    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers 0 0
Eliminations    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers (2,986) (2,487)
Revenue from leases 0
Revenue, total (2,986) (2,487)
Eliminations | Broadcast Radio    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers 0 0
Eliminations | Networks    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers 0 0
Eliminations | Sponsorship and Events    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers 0 0
Eliminations | Digital, excluding Podcast    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers (1,211) (1,131)
Eliminations | Podcast    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers 0 0
Eliminations | Audio and Media Services    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers (1,775) (1,356)
Eliminations | Other    
Disaggregation of Revenue [Line Items]    
Revenue from contracts with customers $ 0 $ 0
v3.26.1
REVENUE - Schedule of Barter and Trade Revenue and Expenses (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Disaggregation of Revenue [Line Items]    
Trade and barter revenues $ 884,121 $ 807,010
Total trade and barter income 40,089 25,854
Trade and Barter Transactions    
Disaggregation of Revenue [Line Items]    
Trade and barter revenues 118,737 49,365
Trade and barter expenses (90,244) (33,794)
Advertising Trade and Barter Transactions    
Disaggregation of Revenue [Line Items]    
Trade and barter revenues $ 11,596 $ 10,283
v3.26.1
REVENUE - Schedule of Contract Assets and Liabilities (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Deferred revenue from contracts with customers:    
Beginning balance $ 204,738 $ 173,766
Revenue recognized, included in beginning balance (68,978) (66,932)
Additions, net of revenue recognized during period, and other 69,362 76,850
Ending balance $ 205,122 $ 183,684
v3.26.1
REVENUE - Narrative (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01
$ in Millions
Mar. 31, 2026
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation $ 259.1
Revenue, remaining performance obligation, period 5 years
v3.26.1
LEASES - Narrative (Details) - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Leases [Abstract]    
Non-cash impairment charge on operating lease $ 0 $ 2,900,000
Operating lease expense $ 14,100,000 $ 15,700,000
v3.26.1
LEASES - Supplemental Cash Flow Information (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Leases [Abstract]    
Cash paid for amounts included in measurement of operating lease liabilities $ 32,037 $ 36,644
Lease liabilities arising from obtaining right-of-use assets $ 7,330 $ 7,435
v3.26.1
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Schedule of Property, Plant and Equipment (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 1,354,684 $ 1,335,241
Less: accumulated depreciation 970,082 937,001
Property, plant and equipment, net 384,602 398,240
Land, buildings and improvements    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 304,423 304,437
Towers, transmitters and studio equipment    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 215,747 215,697
Computer equipment and software    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 761,043 749,083
Furniture and other equipment    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 54,128 54,129
Construction in progress    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 19,343 $ 11,895
v3.26.1
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Property, Plant and Equipment [Abstract]    
Amortization expense related to definite-lived intangible assets $ 50.6 $ 53.7
v3.26.1
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Schedule of Gross Carrying Amount and Accumulated Amortization for Other Intangible Assets (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 2,345,227 $ 2,345,227
Accumulated Amortization (1,681,966) (1,631,450)
Customer / advertiser relationships    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 1,652,388 1,652,388
Accumulated Amortization (1,137,032) (1,103,895)
Talent and other contracts    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 338,900 338,900
Accumulated Amortization (295,891) (287,167)
Trademarks and tradenames    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 335,936 335,936
Accumulated Amortization (232,519) (224,426)
Other    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 18,003 18,003
Accumulated Amortization $ (16,524) $ (15,962)
v3.26.1
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Schedule Of Future Amortization Expense (Details)
$ in Thousands
Mar. 31, 2026
USD ($)
Property, Plant and Equipment [Abstract]  
2027 $ 174,374
2028 157,673
2029 130,718
2030 16,273
2031 $ 14,616
v3.26.1
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Schedule of Changes in Carrying Amount of Goodwill (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Goodwill    
Beginning balance $ 1,105,496  
Foreign currency (47)  
Ending balance 1,105,449  
Multiplatform Group    
Goodwill    
Beginning balance 731,501  
Foreign currency 0  
Ending balance 731,501  
Goodwill accumulated impairment losses   $ 2,000,000
Digital Audio Group    
Goodwill    
Beginning balance 311,353  
Foreign currency 0  
Ending balance 311,353  
Goodwill accumulated impairment losses   439,400
Audio & Media Services Group    
Goodwill    
Beginning balance 62,642  
Foreign currency (47)  
Ending balance $ 62,595  
Goodwill accumulated impairment losses   $ 41,600
v3.26.1
LONG-TERM DEBT - Schedule Of Long-Term Debt Outstanding (Details) - USD ($)
 3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Debt Instrument [Line Items]    
Long-term debt $ 5,037,006,000 $ 5,053,091,000
Long-term debt fees (6,766,000) (7,220,000)
Debt Premium 229,798,000 242,151,000
Less: Current portion 74,721,000 73,429,000
Total long-term debt 4,962,285,000 4,979,662,000
Asset-based Revolving Credit Facility due 2027 | Secured Debt    
Debt Instrument [Line Items]    
Long-term debt 50,000,000 50,000,000
Asset-based Revolving Credit Facility due 2027 | Line of Credit | Revolving Credit Facility    
Debt Instrument [Line Items]    
Maximum borrowings provided under credit facility 439,200,000  
Letters of credit outstanding 29,700,000  
Line of credit, remaining borrowing availability 359,500,000  
Term Loan Facility due 2026 | Secured Debt    
Debt Instrument [Line Items]    
Long-term debt 5,095,000 5,095,000
Incremental Term Loan Facility due 2026 | Secured Debt    
Debt Instrument [Line Items]    
Long-term debt 1,500,000 1,500,000
Term Loan Facility Due 2029 | Secured Debt    
Debt Instrument [Line Items]    
Long-term debt 2,118,903,000 2,124,267,000
Repayments of debt $ 5,400,000  
Periodic payment, percentage of principal 0.25%  
6.375% Senior Notes due 2026 | Secured Debt    
Debt Instrument [Line Items]    
Long-term debt $ 44,644,000 44,644,000
Stated interest rate (as a percent) 6.375%  
5.25% Senior Notes due 2027 | Secured Debt    
Debt Instrument [Line Items]    
Long-term debt $ 6,983,000 6,983,000
Stated interest rate (as a percent) 5.25%  
8.375% Senior Unsecured Notes due 2027 | Unsecured Debt    
Debt Instrument [Line Items]    
Long-term debt $ 72,388,000 72,388,000
Stated interest rate (as a percent) 8.375%  
4.75% Senior Secured Notes due 2028 | Secured Debt    
Debt Instrument [Line Items]    
Long-term debt $ 276,868,000 276,868,000
Stated interest rate (as a percent) 4.75%  
9.125% First Lien Notes due 2029 | Secured Debt    
Debt Instrument [Line Items]    
Long-term debt $ 717,588,000 717,588,000
Stated interest rate (as a percent) 9.125%  
7.75% First Lien Notes due 2030 | Secured Debt    
Debt Instrument [Line Items]    
Long-term debt $ 661,285,000 661,285,000
Stated interest rate (as a percent) 7.75%  
7.75% First Lien Notes due 2030 | Unsecured Debt    
Debt Instrument [Line Items]    
Stated interest rate (as a percent) 7.75%  
7.00% First Lien Notes due 2031 | Secured Debt    
Debt Instrument [Line Items]    
Long-term debt $ 178,443,000 178,443,000
Stated interest rate (as a percent) 7.00%  
7.00% First Lien Notes due 2031 | Unsecured Debt    
Debt Instrument [Line Items]    
Stated interest rate (as a percent) 7.00%  
10.875% Second Lien Notes due 2030 | Secured Debt    
Debt Instrument [Line Items]    
Long-term debt $ 675,165,000 675,165,000
Stated interest rate (as a percent) 10.875%  
Other secured subsidiary debt | Secured Debt    
Debt Instrument [Line Items]    
Long-term debt $ 5,112,000 $ 3,934,000
v3.26.1
LONG-TERM DEBT - Narrative (Details) - USD ($)
$ in Billions
Mar. 31, 2026
Dec. 31, 2025
Debt Disclosure [Abstract]    
Weighted average interest rate 9.00% 9.00%
Aggregate market value of debt $ 4.0 $ 4.4
v3.26.1
LONG-TERM DEBT - Surety Bonds and Letters of Credit (Details)
$ in Millions
Mar. 31, 2026
USD ($)
Surety bonds  
Debt Instrument [Line Items]  
Guarantees obligations $ 9.8
Commercial standby letters of credit  
Debt Instrument [Line Items]  
Guarantees obligations $ 29.7
v3.26.1
INCOME TAXES - Schedule of Components of Income Tax Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Tax Disclosure [Abstract]    
Current tax benefit (expense) $ (6,413) $ 860
Deferred tax benefit (expense) 6,124 (136,219)
Income tax expense $ (289) $ (135,359)
v3.26.1
INCOME TAXES - Narrative (Details)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Tax Disclosure [Abstract]    
Effective tax rates (as a percent) (0.30%) (93.00%)
v3.26.1
STOCKHOLDERS' DEFICIT - Narrative (Details)
$ / shares in Units, $ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
$ / shares
shares
Special Warrants  
Class of Stock [Line Items]  
Special warrants, number of securities called by each warrant (in shares) | shares 1
Special warrants, exercise price per share (in dollars per share) | $ / shares $ 0.001
Special warrants, conversion terms, ownership percentage of common stock (as a percent) 4.99%
Special warrants, conversion terms, ownership percentage of capital stock or voting interests (as a percent) 22.50%
FCC petitions for declaratory ruling, percentage of voting stock and equity owned by non-US individuals and entities (up to) 22.50%
FCC petitions for declaratory ruling, foreign owned percentage permitted 100.00%
Awards Vesting Based On Service Conditions  
Class of Stock [Line Items]  
Unrecognized compensation cost | $ $ 24.7
Unrecognized compensation cost, weighted average period (in years) 2 years 3 months 18 days
Minimum  
Class of Stock [Line Items]  
Award vesting period (in months) 1 year
Maximum  
Class of Stock [Line Items]  
Award vesting period (in months) 3 years
v3.26.1
STOCKHOLDERS' DEFICIT - Share Based Compensation (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Class of Stock [Line Items]    
Share-based compensation expense $ 359 $ 9,029
Expense from cash settled awards (3,300) 1,600
RSUs    
Class of Stock [Line Items]    
Share-based compensation expense 3,122 5,328
Performance RSUs    
Class of Stock [Line Items]    
Share-based compensation expense (2,763) 3,529
Options    
Class of Stock [Line Items]    
Share-based compensation expense $ 0 $ 172
v3.26.1
STOCKHOLDERS' DEFICIT - Computation of Loss per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
NUMERATOR:    
Net loss attributable to the Company – common shares, basic $ (95,223) $ (281,224)
Net loss attributable to the Company – common shares, diluted $ (95,223) $ (281,224)
DENOMINATOR:    
Weighted average common shares outstanding - basic (in shares) 155,789 152,480
Stock options and restricted stock (in shares) 0 0
Weighted average common shares outstanding - diluted (in shares) 155,789 152,480
Net loss attributable to the Company per common share:    
Basic (in dollars per share) $ (0.61) $ (1.84)
Diluted (in dollars per share) $ (0.61) $ (1.84)
Outstanding equity awards excluded from computation of diluted earnings per share (in shares) 13,000 16,600
v3.26.1
SEGMENT DATA (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Segment Reporting Information [Line Items]    
Revenue $ 884,200 $ 807,101
Direct operating expenses 374,851 351,719
Selling, general and administrative expenses 416,716 350,794
Segment Adjusted EBITDA 92,633 104,588
Depreciation and amortization (81,377) (91,901)
Impairment charges 0 (2,855)
Other operating expense, net (78) (659)
Restructuring expenses (9,333) (25,578)
Share-based compensation expense (359) (9,029)
Operating income (loss) 1,486 (25,434)
Segment Assets 4,887,856 5,268,093
Capital expenditures 21,913 19,730
Operating segments | Multiplatform Group    
Segment Reporting Information [Line Items]    
Revenue 493,463 472,978
Direct operating expenses 199,526 199,669
Selling, general and administrative expenses 246,973 203,302
Segment Adjusted EBITDA 46,964 70,007
Segment Assets 3,567,793 4,027,842
Capital expenditures 10,360 5,929
Operating segments | Digital Audio Group    
Segment Reporting Information [Line Items]    
Revenue 327,142 277,287
Direct operating expenses 170,100 145,921
Selling, general and administrative expenses 70,227 44,283
Segment Adjusted EBITDA 86,815 87,083
Segment Assets 569,636 593,363
Capital expenditures 5,503 5,856
Operating segments | Audio & Media Services Group    
Segment Reporting Information [Line Items]    
Revenue 66,581 59,323
Direct operating expenses 6,200 7,084
Selling, general and administrative expenses 35,934 36,441
Segment Adjusted EBITDA 24,447 15,798
Segment Assets 244,169 273,776
Capital expenditures 1,964 5,627
Corporate and other reconciling items    
Segment Reporting Information [Line Items]    
Revenue 0 0
Direct operating expenses 0 0
Selling, general and administrative expenses 65,593 68,300
Segment Adjusted EBITDA (65,593) (68,300)
Segment Assets 511,523 377,161
Capital expenditures 4,086 2,318
Eliminations    
Segment Reporting Information [Line Items]    
Revenue (2,986) (2,487)
Direct operating expenses (975) (955)
Selling, general and administrative expenses (2,011) (1,532)
Segment Adjusted EBITDA 0 0
Segment Assets (5,265) (4,049)
Capital expenditures 0 0
Intersegment revenues    
Segment Reporting Information [Line Items]    
Revenue 2,986 2,487
Intersegment revenues | Multiplatform Group    
Segment Reporting Information [Line Items]    
Revenue 0 0
Intersegment revenues | Digital Audio Group    
Segment Reporting Information [Line Items]    
Revenue 1,211 1,131
Intersegment revenues | Audio & Media Services Group    
Segment Reporting Information [Line Items]    
Revenue $ 1,775 $ 1,356
v3.26.1
SUBSEQUENT EVENTS (Details) - USD ($)
$ in Millions
May 01, 2026
Apr. 28, 2026
Mar. 31, 2026
Secured Debt | 6.375% Senior Notes due 2026      
Subsequent Event [Line Items]      
Stated interest rate (as a percent)     6.375%
Secured Debt | Subsequent Event      
Subsequent Event [Line Items]      
Repayments of secured debt $ 51.2    
Secured Debt | Subsequent Event | Term Loan Facility due 2026      
Subsequent Event [Line Items]      
Repayments of secured debt 5.1    
Secured Debt | Subsequent Event | Incremental Term Loan Facility due 2026      
Subsequent Event [Line Items]      
Repayments of secured debt 1.5    
Secured Debt | Subsequent Event | 6.375% Senior Notes due 2026      
Subsequent Event [Line Items]      
Repayments of secured debt $ 44.6    
Stated interest rate (as a percent) 6.375%    
Revolving Credit Facility | Line of Credit | Subsequent Event      
Subsequent Event [Line Items]      
Long-term line of credit   $ 75.0