IHEARTMEDIA, INC., 10-K filed on 2/28/2023
Annual Report
v3.22.4
Cover - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Feb. 24, 2023
Jun. 30, 2022
Document Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2022    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-38987    
Entity Registrant Name IHEARTMEDIA, INC.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 26-0241222    
Entity Address, Address Line One 20880 Stone Oak Parkway    
Entity Address, City or Town San Antonio,    
Entity Address, State or Province TX    
Entity Address, Postal Zip Code 78258    
City Area Code 210    
Local Phone Number 822-2828    
Title of 12(b) Security Class A Common Stock, par value $0.001 per share    
Trading Symbol IHRT    
Security Exchange Name NASDAQ    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Entity Shell Company false    
Entity Bankruptcy Proceedings, Reporting Current true    
Entity Public Float     $ 625.6
Documents Incorporated by Reference Portions of the registrant’s Definitive Proxy Statement for the registrant’s 2023 Annual Meeting of Stockholders to be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year ended December 31, 2022 are incorporated herein by reference in Part III of this Annual Report on Form 10-K.    
Amendment Flag false    
Entity Central Index Key 0001400891    
Document Fiscal Year Focus 2022    
Document Fiscal Period Focus FY    
Common Class A      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   121,779,597  
Common Class B      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   21,474,997  
v3.22.4
Audit Information
 12 Months Ended
Dec. 31, 2022
Audit Information [Abstract]  
Auditor Firm ID 42
Auditor Name Ernst & Young LLP
Auditor Location San Antonio, Texas
v3.22.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
CURRENT ASSETS    
Cash and cash equivalents $ 336,236 $ 352,129
Accounts receivable, net of allowance of $29,171 in 2022 and $29,270 in 2021 1,037,827 1,030,380
Prepaid expenses 79,098 65,927
Other current assets 19,618 24,431
Total Current Assets 1,472,779 1,472,867
PROPERTY, PLANT AND EQUIPMENT    
Property, plant and equipment, net 694,842 782,093
INTANGIBLE ASSETS AND GOODWILL    
Indefinite-lived intangibles - licenses 1,476,319 1,778,045
Other intangibles, net 1,419,670 1,666,600
Goodwill 2,313,403 2,313,581
OTHER ASSETS    
Operating lease right-of-use assets 788,280 741,410
Other assets 170,594 126,713
Total Assets 8,335,887 8,881,309
CURRENT LIABILITIES    
Accounts payable 240,454 206,007
Current operating lease liabilities 70,024 88,585
Accrued expenses 325,427 353,045
Accrued interest 64,165 67,983
Deferred revenue 131,084 133,123
Current portion of long-term debt 664 673
Total Current Liabilities 831,818 849,416
Long-term debt 5,413,503 5,738,195
Noncurrent operating lease liabilities 848,918 738,814
Deferred income taxes 483,810 558,222
Other long-term liabilities 73,332 80,897
Commitments and contingent liabilities (Note 7)
STOCKHOLDERS’ EQUITY    
Noncontrolling interest 9,609 8,410
Preferred stock, par value $.001 per share, 100,000,000 shares authorized, no shares issued and outstanding 0 0
Additional paid-in capital 2,912,500 2,876,571
Accumulated deficit (2,227,482) (1,962,819)
Accumulated other comprehensive loss (1,331) (257)
Cost of shares (597,482 in 2022 and 389,814 in 2021) held in treasury (8,934) (6,282)
Total Stockholders' Equity 684,506 915,765
Total Liabilities and Stockholders' Equity 8,335,887 8,881,309
Common Class A    
STOCKHOLDERS’ EQUITY    
Common Stock 123 120
Common Class B    
STOCKHOLDERS’ EQUITY    
Common Stock 21 22
Special Warrants    
STOCKHOLDERS’ EQUITY    
Common Stock $ 0 $ 0
v3.22.4
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Class of Stock [Line Items]    
Accounts receivable, allowance for credit loss $ 29,171 $ 29,270
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
Common stock, shares issued (in shares) 148,958,918  
Common stock, shares outstanding (in shares) 148,958,918  
Cost of shares (in shares) 597,482,000 389,814,000
Common Class A    
Class of Stock [Line Items]    
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares) 1,000,000,000 1,000,000,000
Common stock, shares issued (in shares) 122,370,425 120,633,937
Common stock, shares outstanding (in shares) 122,370,425 120,633,937
Common Class B    
Class of Stock [Line Items]    
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares) 1,000,000,000 1,000,000,000
Common stock, shares issued (in shares) 21,477,181 21,590,192
Common stock, shares outstanding (in shares) 21,477,181 21,590,192
Special Warrants    
Class of Stock [Line Items]    
Common stock, shares issued (in shares) 5,111,312 5,304,430
Common stock, shares outstanding (in shares) 5,111,312 5,304,430
v3.22.4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Income Statement [Abstract]      
Revenue $ 3,912,283 $ 3,558,340 $ 2,948,218
Operating expenses:      
Direct operating expenses (excludes depreciation and amortization) 1,480,326 1,324,657 1,137,807
Selling, general and administrative expenses (excludes depreciation and amortization) 1,592,946 1,519,355 1,395,010
Depreciation and amortization 445,664 469,417 402,929
Impairment charges 311,489 57,734 1,738,752
Other operating expense, net 24,998 32,320 11,344
Operating income (loss) 56,860 154,857 (1,737,624)
Interest expense, net 341,674 332,384 343,745
Gain (loss) on investments, net (1,045) 43,643 (9,346)
Equity in loss of nonconsolidated affiliates (11) (1,138) (379)
Gain (loss) on extinguishment of debt 30,214 (11,600) 0
Other expense, net (2,295) (3,376) (7,751)
Loss before income taxes (257,951) (149,998) (2,098,845)
Income tax benefit (expense) (4,719) (8,391) 183,623
Net loss (262,670) (158,389) (1,915,222)
Less amount attributable to noncontrolling interest 1,993 810 (523)
Net loss attributable to the Company (264,663) (159,199) (1,914,699)
Other comprehensive income (loss) net of tax:      
Foreign currency translation adjustments (1,074) (451) 945
Other Comprehensive income (loss) (1,074) (451) 945
Comprehensive loss (265,737) (159,650) (1,913,754)
Less amount attributable to noncontrolling interest 0 0 0
Comprehensive loss attributable to the Company $ (265,737) $ (159,650) $ (1,913,754)
Net loss attributable to the Company per common share:      
Basic (in dollars per share) $ (1.79) $ (1.09) $ (13.12)
Weighted average common shares outstanding - Basic (in shares) 148,058 146,726 145,979
Diluted (in dollars per share) $ (1.79) $ (1.09) $ (13.12)
Weighted average common shares outstanding - Diluted (in shares) 148,058 146,726 145,979
v3.22.4
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Common Stock
Common Stock
Class A Shares
Common Stock
Class B Shares
Common Stock
Special Warrants
Non- controlling Interest
Additional Paid-in Capital
Retained Earnings (Accumulated Deficit)
Accumulated Other Comprehensive Income (Loss)
Treasury Stock
Beginning balance (in shares) at Dec. 31, 2019 [1]     57,776,204 6,904,910 81,046,593          
Beginning balance at Dec. 31, 2019 $ 2,945,441 $ 65       $ 9,123 $ 2,826,533 $ 112,548 $ (750) $ (2,078)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net loss (1,915,222)         (523)   (1,914,699)    
Vesting of restricted stock and other (in shares) [1]     724,963              
Vesting of restricted stock and other (1,143) 1         (23)     (1,121)
Share-based compensation 22,516           22,516      
Conversion of Special Warrants to Class A and Class B Shares (in shares) [1]     6,205,617 2,095 6,207,712          
Conversion of Special Warrants to Class A and B Shares 0 6         (6)      
Conversion of Class B Shares to Class A Shares (in shares) [1]     20,080 20,080            
Other (in shares) [1]         2,982          
Other (1,720)         (250)   (1,469) (1)  
Other comprehensive income (loss) 945               945  
Ending balance (in shares) at Dec. 31, 2020 [1]     64,726,864 6,886,925 74,835,899          
Ending balance at Dec. 31, 2020 1,050,817 72       8,350 2,849,020 (1,803,620) 194 (3,199)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net loss (158,389)         810   (159,199)    
Vesting of restricted stock and other (in shares) [1]     1,075,889              
Vesting of restricted stock and other 995           4,078     (3,083)
Share-based compensation 23,543           23,543      
Conversion of Special Warrants to Class A and Class B Shares (in shares) [1]     47,197,139 22,337,312 69,534,451          
Conversion of Special Warrants to Class A and B Shares 0 70         (70)      
Conversion of Class B Shares to Class A Shares (in shares) [1]     7,634,045 7,634,045            
Other (in shares) [1]         2,982          
Other (750)         (750)        
Other comprehensive income (loss) (451)               (451)  
Ending balance (in shares) at Dec. 31, 2021 [1]     120,633,937 21,590,192 5,304,430          
Ending balance at Dec. 31, 2021 915,765 142       8,410 2,876,571 (1,962,819) (257) (6,282)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net loss (262,670)         1,993   (264,663)    
Vesting of restricted stock and other (in shares) [1]     1,430,359              
Vesting of restricted stock and other (2,178) 2         472     (2,652)
Share-based compensation 35,457           35,457      
Conversion of Special Warrants to Class A and Class B Shares (in shares) [1]     96,516 96,602 193,118          
Conversion of Class B Shares to Class A Shares (in shares) [1]     209,613 209,613            
Other (794)         (794)        
Other comprehensive income (loss) (1,074)               (1,074)  
Ending balance (in shares) at Dec. 31, 2022 [1]     122,370,425 21,477,181 5,111,312          
Ending balance at Dec. 31, 2022 $ 684,506 $ 144       $ 9,609 $ 2,912,500 $ (2,227,482) $ (1,331) $ (8,934)
[1] The Company's Preferred Stock is not presented in the data above as there were no shares issued and outstanding in 2022, 2021, 2020, or 2019, respectively.
v3.22.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net loss $ (262,670) $ (158,389) $ (1,915,222)
Reconciling items:      
Impairment charges 311,489 57,734 1,738,752
Depreciation and amortization 445,664 469,417 402,929
Deferred taxes (74,418) (10,874) (184,269)
Provision for doubtful accounts 14,236 4,144 38,273
Amortization of deferred financing charges and note discounts, net 6,234 5,930 4,758
Share-based compensation 35,457 23,543 22,516
Loss on disposal of operating and other assets 23,306 26,841 6,986
(Gain) loss on investments 1,045 (43,643) 9,346
(Gain) loss on extinguishment of debt (30,214) 11,600 0
Barter and trade income (40,652) (16,276) (10,502)
Equity in loss of nonconsolidated affiliates 11 1,138 379
Other reconciling items, net 692 890 656
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:      
(Increase) decrease in accounts receivable (20,867) (205,200) 77,335
(Increase) decrease in prepaid expenses and other current assets (13,362) 4,746 2,447
Increase in other long-term assets (4,776) (5,505) (1,119)
Increase in accounts payable and accrued expenses 22,671 153,938 52,354
Decrease in accrued interest (3,818) (72) (15,714)
Increase (decrease) in deferred income 2,707 8,229 (21,859)
Increase in other long-term liabilities 7,340 2,382 7,899
Net cash provided by operating activities 420,075 330,573 215,945
Cash flows from investing activities:      
Business combinations 0 (245,462) (62,050)
Proceeds from sale of investments 902 50,757 1,000
Proceeds from disposal of assets 36,830 37,463 2,041
Purchases of property, plant and equipment (160,969) (183,372) (85,205)
Change in other, net (5,989) (6,176) (3,599)
Net cash used for investing activities (129,226) (346,790) (147,813)
Cash flows from financing activities:      
Proceeds from long-term debt and credit facilities 0 0 779,750
Payments on long-term debt and credit facilities (300,135) (352,383) (532,392)
Change in other, net (5,973) 259 (6,178)
Net cash provided by (used for) financing activities (306,108) (352,124) 241,180
Effect of exchange rate changes on cash (634) (292) 257
Net increase (decrease) in cash, cash equivalents and restricted cash (15,893) (368,633) 309,569
Cash, cash equivalents and restricted cash at beginning of period 352,554 721,187 411,618
Cash, cash equivalents and restricted cash at end of period 336,661 352,554 721,187
SUPPLEMENTAL DISCLOSURES:      
Cash paid during the year for interest 342,393 328,101 357,168
Cash paid during the year for taxes $ 35,417 $ 11,130 $ 5,844
v3.22.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2022
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 Group (“Katz Media”), a full-service media representation business, and RCS Sound Software ("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 for purposes of making decisions about allocation of resources to, and assessing performance of, each reportable segment. 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 is correlated to changes in economic conditions. The recovery from COVID-19 positively impacted the Company's revenues in the first half of 2022. However, increasing interest rates and historically high inflation have contributed to a more challenging macroeconomic environment. This challenging environment has led to market uncertainty which impacted the Company's 2022 revenue growth, particularly in the second half of 2022. GDP decreased in the first half of 2022 and increased in the second half of 2022 while there was an increase in GDP in each quarter in 2021. 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.
On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (“CARES Act”) was signed into law. The CARES Act, among other things, includes provisions relating to refundable payroll tax credits, deferment of employer side social security payments, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations and technical corrections to tax depreciation methods for qualified improvement property. The provisions of the CARES Act resulted in an increase to allowable interest deductions of $179.4 million during 2020. In addition, the Company was able to defer the payment of $29.3 million in certain employment taxes during 2020, half of which was due and paid on January 3, 2022 and the other half was due and paid on January 3, 2023. In addition, the Company claimed $12.4 million in refundable payroll tax credits related to the CARES Act provisions, of which $0.7 million was received in 2020, $3.8 million was received in 2021 and $7.9 million was received in 2022.
As of December 31, 2022, the Company had $336.2 million in cash and cash equivalents. While the effects of COVID-19 may continue to negatively impact the results of operations, cash flows and financial position of the Company, the related financial
impact is not expected to be material. 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 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 ("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.
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. Amounts related to insurance and property taxes in lease arrangements when billed on a pass-through basis are allocated to the lease and non-lease components of the lease based on their relative standalone selling prices.
Certain of the Company's leases provide options to extend the terms of the agreements. 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 assured, 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 material residual value guarantees or material 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.
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 dramatic 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 normally performs its annual impairment test for its FCC licenses using a direct valuation technique as prescribed in ASC 805-20-S99. 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. However, as a result of uncertainty related to COVID-19 and its negative impact on the Company's business and the public trading values of its debt and equity, the Company performed an interim impairment test on its indefinite-lived intangible assets as of March 31, 2020. For a complete discussion of our annual impairment tests as well as the interim test performed, see Note 4, Property, Plant and Equipment, Intangible Assets and Goodwill.
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.
The Company tests for possible impairment of other intangible assets whenever events and circumstances indicate that they might be impaired and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amounts of those assets. When specific assets are determined to be unrecoverable, the cost basis of the asset is reduced to reflect the current fair market value.
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 Company's annual impairment test includes a full quantitative assessment, which involves the preparation of a fair value estimate for each reporting unit based on the most recent projected financial results, market and industry factors, including comparison to peer companies and the application of the Company's current estimated WACC. The Company performs its annual impairment test on its goodwill on July 1 of each year. However, as a result of uncertainty related to COVID-19 and its negative impact on the Company's business and the public trading values of its debt and equity, the Company performed an interim impairment test on its goodwill as of March 31, 2020. The Company performed another interim impairment test on goodwill as of January 1, 2021 as a result of the changes in the Company's management structure and its reportable segments effective at the beginning of 2021. For a complete discussion of our annual impairment tests as well as the interim tests performed, see Note 4, Property, Plant and Equipment, Intangible Assets and Goodwill.

Other Investments

We apply Accounting Standards Update ("ASU") 2016-01 Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities ("ASU 2016-01"), 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, 2022 and 2021.
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 were 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 and virtual 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. Certain of the Company’s contracts with customers include options for the customer to acquire additional goods or services for free or at a discount, and management judgment is required to determine whether these options are material rights that are separate performance obligations.
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. The Company has concluded that the contractual prices for the promised goods and services in its standard contracts generally approximate management’s best estimate of standalone selling price as the rates reflect various factors such as the size and characteristics of the target audience, market location and size, and recent market selling prices. 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 $166.1 million, $166.1 million, and $167.2 million for the years ended December 31, 2022 and 2021, and 2020, respectively, which include $138.3 million, 130.1 million, and $133.0 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 judgments, 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' equity, “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 2022 presentation.
New Accounting Pronouncements Recently Adopted
In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of the Interbank Offered Rate Transition on Financial Reporting to provide optional relief from applying generally accepted accounting principles to contracts, hedging relationships and other transactions affected by reference rate reform. In addition, in January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848) – Scope, to clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, to defer the sunset date of the temporary relief in Topic 848 to December 31, 2024. The guidance is effective upon issuance. The adoption of the standard did not have a material impact on the Company's financial position, results of operations, or cash flows.
New Accounting Pronouncements Not Yet Adopted
In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805) - Accounting for Contract Assets and Contract Liabilities from Contracts with Customers which requires an acquirer in a business combination to recognize and measure contract assets and contract liabilities in accordance with Accounting Standards Codification 606. The amendments of ASU 2021-08 are effective for interim and annual periods beginning after December 15, 2022. The Company does not expect the adoption of this standard to have a material impact on its financial position, results of operations, or cash flows.
Restricted Cash 

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the Consolidated Balance Sheets to the total of the amounts reported in the Consolidated Statements of Cash Flows:
(In thousands)December 31,
2022		December 31,
2021
Cash and cash equivalents$336,236 $352,129 
Restricted cash included in:
  Other current assets425 425 
Total cash, cash equivalents and restricted cash in the Statement of Cash Flows$336,661 $352,554 
v3.22.4
REVENUE
 12 Months Ended
Dec. 31, 2022
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 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 reported in the Company’s Audio and Media Services Group segment.
Disaggregation of Revenue
The following table shows revenue streams for the Company for the years ended December 31, 2022, 2021, and 2020:
(In thousands)Multiplatform GroupDigital Audio GroupAudio and Media Services GroupEliminationsConsolidated
Year Ended December 31, 2022
Revenue from contracts with customers:
  Broadcast Radio(1)
$1,887,433 $— $— $— $1,887,433 
  Networks(2)
503,244 — — — 503,244 
  Sponsorship and Events(3)
188,985 — — — 188,985 
  Digital, excluding Podcast(4)
— 663,392 — (5,238)658,154 
  Podcast(5)
— 358,432 — — 358,432 
  Audio & Media Services(6)
— — 304,302 (5,348)298,954 
  Other(7)
16,140 — — (447)15,693 
     Total2,595,802 1,021,824 304,302 (11,033)3,910,895 
Revenue from leases(8)
1,388 — — — 1,388 
Revenue, total$2,597,190 $1,021,824 $304,302 $(11,033)$3,912,283 
Year Ended December 31, 2021
Revenue from contracts with customers:
  Broadcast Radio(1)
$1,812,252 $— $— $— $1,812,252 
  Networks(2)
503,052 — — — 503,052 
  Sponsorship and Events(3)
160,322 — — — 160,322 
  Digital, excluding Podcast(4)
— 581,918 — (5,845)576,073 
  Podcast(5)
— 252,564 — — 252,564 
  Audio & Media Services(6)
— — 247,957 (6,602)241,355 
  Other(7)
11,958 — — (670)11,288 
     Total2,487,584 834,482 247,957 (13,117)3,556,906 
Revenue from leases(8)
1,434 — — — 1,434 
Revenue, total$2,489,018 $834,482 $247,957 $(13,117)$3,558,340 
Year Ended December 31, 2020
Revenue from contracts with customers:
  Broadcast Radio(1)
$1,604,880 $— $— $— $1,604,880 
  Networks(2)
484,950 — — — 484,950 
  Sponsorship and Events(3)
107,654 — — — 107,654 
  Digital, excluding Podcast(4)
— 372,687 — — 372,687 
  Podcast(5)
— 101,684 — — 101,684 
  Audio & Media Services(6)
— — 274,749 (7,086)267,663 
  Other(7)
7,276 — — (670)6,606 
     Total2,204,760 474,371 274,749 (7,756)2,946,124 
Revenue from leases(8)
2,094 — 2,094 
Revenue, total$2,206,854 $474,371 $274,749 $(7,756)$2,948,218 

(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 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 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:
Year Ended December 31,
(In thousands)202220212020
Consolidated:
  Trade and barter revenues$229,009 $175,519 $158,383 
  Trade and barter expenses188,161 149,846 154,715 

The Company recognized barter revenue of $40.7 million, $16.3 million and $10.5 million for the year ended December 31, 2022, 2021, and 2020, respectively, in connection with investments made in companies in exchange for advertising services.

Deferred Revenue
The following tables show the Company’s deferred revenue balance from contracts with customers:
Year Ended December 31,
(In thousands)202220212020
Deferred revenue from contracts with customers:
  Beginning balance(1)
$161,114 $145,493 $162,068 
    Revenue recognized, included in beginning balance(117,947)(93,195)(95,531)
    Additions, net of revenue recognized during period, and other114,743108,81678,956
  Ending balance$157,910 $161,114 $145,493 
(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, 2022, the Company expects to recognize $320.8 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.
Revenue from Leases
As of December 31, 2022, the future lease payments to be received by the Company are as follows:
(In thousands)
2023$959 
2024723 
2025541 
2026425 
2027372 
Thereafter1,259 
  Total minimum future rentals$4,279 
v3.22.4
LEASES
 12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
LEASES LEASES
The following tables provide the components of lease expense included within the Consolidated Statement of Comprehensive Loss for the years ended December 31, 2022, 2021, and 2020:
Year Ended December 31,
(In thousands)202220212020
Operating lease expense$144,592 $153,042 $151,448 
Variable lease expense32,398 31,516 31,451 
Non-cash impairment of ROU assets(1)
8,683 44,311 8,043 

(1)In addition to non-cash impairment of ROU assets, the Company recorded an additional $0.7 million and $13.4 million of non-cash impairments related to leasehold improvements in 2022 and 2021, respectfully. The amounts related to leasehold improvements were immaterial for 2020.
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, 2022:
December 31,
2022
Operating lease weighted average remaining lease term (in years)13.3
Operating lease weighted average discount rate6.7 %
As of December 31, 2022, the Company’s future maturities of operating lease liabilities were as follows:
(In thousands)
2023$127,636 
2024134,136 
2025123,259 
2026112,557 
2027100,569 
Thereafter819,321 
  Total lease payments$1,417,478 
Less: Effect of discounting498,535 
  Total operating lease liability$918,943 

The following table provides supplemental cash flow information related to leases for the years ended December 31, 2022, 2021, and 2020:
Year Ended December 31,
(In thousands)202220212020
Cash paid for amounts included in measurement of operating lease liabilities$141,340 $136,780 $139,507 
Lease liabilities arising from obtaining right-of-use assets(1)
173,23574,745 56,243 
(1) Lease liabilities from obtaining right-of-use assets includes new leases entered into during the years ended December 31, 2022, 2021, and 2020.
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 $87.2 million, $114.5 million, and $103.4 million for the years ended December 31, 2022, 2021, and 2020, respectively.
v3.22.4
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL
 12 Months Ended
Dec. 31, 2022
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
Acquisitions
On March 31, 2021, the Company acquired Triton Digital, a global leader in digital audio and podcast technology and measurement services, from The E.W. Scripps Company for $228.5 million in cash. The assets acquired as part of this transaction consisted of $69.4 million in current and fixed assets, consisting primarily of accounts receivable and technology, and $191.3 million in intangible assets, consisting primarily of customer relationships, along with $168.0 million in goodwill (of which $6.9 million is tax-deductible). The Company also assumed liabilities of $32.2 million, consisting primarily of accounts payable and deferred tax liabilities.
Property, Plant and Equipment
The Company’s property, plant and equipment consisted of the following classes of assets as of December 31, 2022 and 2021, respectively:
(In thousands)December 31,
2022		December 31,
2021
Land, buildings and improvements$340,692 $355,474 
Towers, transmitters and studio equipment215,655 180,571 
Computer equipment and software617,794 521,872 
Furniture and other equipment41,924 35,390 
Construction in progress29,091 64,732 
1,245,156 1,158,039 
Less: accumulated depreciation550,314 375,946 
Property, plant and equipment, net$694,842 $782,093 

Indefinite-lived Intangible Assets
The Company’s indefinite-lived intangible assets consist of FCC broadcast licenses in its Multiplatform Group segment. 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 serious violations of either the Communications Act of 1934 or the FCC’s rules and regulations by the licensee, and there have been no other serious 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.
Annual Impairment Test on Indefinite-lived Intangible Assets
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.
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. The fair value of the indefinite-lived asset is determined using the direct valuation method as prescribed in ASC 805-20-S99. 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.
The current macroeconomic conditions have led to uncertainty, resulting in slowing broadcast revenue growth and declines in margins as inflation and interest rates have risen. These factors negatively impacted the key assumptions used in the discounted cash flow models that we utilized to value our FCC licenses as of July 1, 2022, resulting in a significant decrease in the fair values of certain of our FCC licenses.
The key assumptions used in applying the direct valuation approach include 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, and estimated start-up capital costs. 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 our FCC licenses as of July 1, 2022.
Considerations in developing these assumptions included the extent of the economic downturn, ranges of expected timing of recovery, discount rates and other factors. Based on the Company's testing, the estimated fair value of the FCC licenses was below their carrying values. As a result, in the third quarter of 2022 the Company recognized a non-cash impairment charge of $302.1 million on its FCC licenses.
While the Company believes it has made reasonable estimates and utilized reasonable assumptions to calculate the fair values of its indefinite-lived FCC licenses, it is possible a material change could occur to the estimated fair value of these assets as a result of the uncertainty regarding current economic conditions.

No impairment was required as part of the 2021 annual impairment testing. As a result of the COVID-19 pandemic and the economic downturn starting in March 2020, the Company performed an interim impairment test as of March 31, 2020 on its indefinite-lived FCC licenses, resulting in a non-cash impairment charge of $502.7 million. No further impairment was recognized as a result of the Company's annual impairment test on indefinite-lived intangible assets in 2020.

Other Intangible Assets
Other intangible assets consists of definite-lived intangible assets, which primarily include customer and advertiser relationships, talent and representation contracts, trademarks and tradenames and other contractual rights, all of which are amortized over the shorter of either the respective lives of the agreements or over the period of time that the assets are expected to contribute directly or indirectly to the Company’s future cash flows. The Company periodically reviews the appropriateness of the amortization periods related to its definite-lived intangible assets. These assets are recorded at amortized cost.
The Company tests for possible impairment of other intangible assets whenever events and circumstances indicate that they might be impaired and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amounts of those assets. When specific assets are determined to be unrecoverable, the cost basis of the asset is reduced to reflect the current fair market value.
The following table presents the gross carrying amount and accumulated amortization for each major class of other intangible assets as of December 31, 2022, and December 31, 2021, respectively:
(In thousands)December 31, 2022December 31, 2021
Gross Carrying AmountAccumulated AmortizationGross Carrying AmountAccumulated Amortization
Customer / advertiser relationships$1,652,455 $(633,352)$1,646,402 $(459,620)
Talent and other contracts338,900 (160,500)338,900 (117,337)
Trademarks and tradenames335,862 (122,403)335,862 (88,252)
Other18,443 (9,735)17,794 (7,149)
Total$2,345,660 $(925,990)$2,338,958 $(672,358)
Total amortization expense related to definite-lived intangible assets for the years ended December 31, 2022, 2021, and 2020 was $253.6 million, $280.6 million and $258.9 million, respectively.
As acquisitions and dispositions occur in the future, amortization expense may vary. The following table presents the Company’s estimate of amortization expense for each of the five succeeding fiscal years for definite-lived intangible assets:
(In thousands)
2023$245,900 
2024244,707 
2025213,514 
2026201,512 
2027176,171 

Goodwill

The following tables present the changes in the carrying amount of goodwill:
(In thousands)Multiplatform GroupDigital Audio GroupAudio & Media Services GroupConsolidated
Balance as of January 1, 2021(1)
$1,462,217 $579,319 $104,399 $2,145,935 
Acquisitions1,267 168,031 — 169,298 
Dispositions(1,446)— — (1,446)
Foreign currency— — (206)(206)
Balance as of December 31, 2021$1,462,038 $747,350 $104,193 $2,313,581 
Dispositions(16)— — (16)
Foreign currency— — (162)(162)
Balance as of December 31, 2022$1,462,022 $747,350 $104,031 $2,313,403 
(1) Goodwill balance is presented net of accumulated impairment losses of $1.2 billion related to the Multiplatform Group segment. No impairments were recorded in 2022 or 2021.
Goodwill Impairment
We perform our annual impairment test on our 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.
The goodwill impairment test requires measurement of the fair value of the Company's reporting units, which is compared to the carrying value of the reporting units, including goodwill. Each reporting unit is valued using a discounted cash flow model which requires estimating future cash flows expected to be generated from the reporting unit, discounted to their present value using a risk-adjusted discount rate. Terminal values are also estimated and discounted to their present value. Assessing the recoverability of goodwill requires estimates and assumptions about sales, operating margins, growth rates and discount rates based on budgets, business plans, economic projections, anticipated future cash flows and marketplace data.
As with the impairment testing performed on the Company's FCC licenses described above, the 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 reporting units as of July 1, 2022 as part of the annual impairment test. The deterioration in market conditions and uncertainty in the markets impacted the assumptions used to estimate the discounted future cash flows of our reporting units for purposes of performing the annual goodwill impairment test.
Although the impairment testing resulted in a significant decrease in the fair values of our reporting units, no goodwill impairment was recorded for 2022 as the estimated fair values of our reporting units exceeded the carrying values of the reporting units’ net assets, including goodwill.

While we believe we have made reasonable estimates and utilized reasonable assumptions to calculate the fair values of our reporting units, it is possible a material change could occur to the estimated fair value of the reporting units as a result of the uncertainty regarding current economic conditions.
As a result of the changes in the Company's management structure and its reportable segments effective at the beginning of 2021, the Company performed an interim impairment test on goodwill as of January 1, 2021. No impairment charges were recorded in the first quarter of 2021 in connection with the interim impairment test.
The carrying values of the Company’s reporting units were based on estimated fair values determined upon our Emergence, and the rapid deterioration in economic conditions resulting from the COVID-19 pandemic resulted in lower estimated fair values determined in connection with our interim goodwill impairment testing as of March 31, 2020. The estimated fair value of one of the Company's reporting units was below its carrying value, including goodwill. The macroeconomic factors discussed above had an adverse effect on the Company's estimated cash flows used in the discounted cash flow model. As a result, the Company recognized a non-cash impairment charge of $1.2 billion in the first quarter of 2020 to reduce goodwill.
v3.22.4
INVESTMENTS
 12 Months Ended
Dec. 31, 2022
Schedule of Investments [Abstract]  
INVESTMENTS INVESTMENTS
The following table summarizes the Company's investments in nonconsolidated affiliates and other securities:
(In thousands)Available-for-Sale Debt SecuritiesEquity Method InvestmentsOther InvestmentsMarketable Equity SecuritiesTotal Investments
Balance at December 31, 2020$31,456 $11,065 $26,624 $1,429 $70,574 
Purchases of investments7,263 690 15,368 — 23,321 
Equity in loss— (1,138)— — (1,138)
Disposals (426)— (1,172)— (1,598)
Gain (loss) on investments(62)— (8,680)2,801 (5,941)
Other(4,363)— 5,070 — 707 
Balance at December 31, 2021$33,868 $10,617 $37,210 $4,230 $85,925 
Purchases of investments13,458 2,813 25,102 — 41,373 
Equity in income— (11)— — (11)
Disposals(239)— — (326)(565)
Gain (loss) on investments, net(6,520)— 11,332 (6,433)(1,621)
Other(1,454)— (1,407)2,981 120 
Balance at December 31, 2022$39,113 $13,419 $72,237 $452 $125,221 
Equity method investments in the table above are not consolidated, but are accounted for under the equity method of accounting. The Company records its investments in these entities on the balance sheet within “Other assets.” The Company's interests in the operations of equity method investments are recorded in the statement of comprehensive loss as “Equity in loss of nonconsolidated affiliates.” Other investments includes various investments in companies for which there is no readily determinable market value.
During 2022, the Company recorded $41.4 million for investments made in eleven companies in exchange for advertising services and cash. One of these investments is being accounted for under the equity method of accounting, eight of these investments are being accounted for under the measurement alternative and five of these investments are notes receivable that are convertible into cash or equity.
During 2021, the Company recorded $17.5 million for investments made in seven companies in exchange for advertising services and cash. One of these investments is being accounted for under the equity method of accounting, three of these investments are being accounted for under the measurement alternative and three of these investments are notes receivable that are convertible into cash or equity.
The Company recognized barter revenue of $40.7 million and $16.3 million in the year ended December 31, 2022 and 2021, respectively. The Company recognized non-cash investment impairments totaling $8.7 million on our investments for the year ended December 31, 2021, which was recorded in “Gain (loss) on investments, net.” There were no impairments recorded for the year ended December 31, 2022.
v3.22.4
LONG-TERM DEBT
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
LONG-TERM DEBT LONG-TERM DEBT
Long-term debt outstanding as of December 31, 2022 and 2021 consisted of the following:
(In thousands)December 31,
2022		December 31,
2021
Term Loan Facility due 2026$1,864,032 $1,864,032 
Incremental Term Loan Facility due 2026401,220 401,220 
Asset-based Revolving Credit Facility due 2023— — 
Asset-based Revolving Credit Facility due 2027(1)(2)
— — 
6.375% Senior Secured Notes due 2026
800,000 800,000 
5.25% Senior Secured Notes due 2027
750,000 750,000 
4.75% Senior Secured Notes due 2028
500,000 500,000 
Other secured subsidiary debt(3)
4,462 5,350 
Total consolidated secured debt4,319,714 4,320,602 
8.375% Senior Unsecured Notes due 2027(4)
1,120,366 1,450,000 
Other unsecured subsidiary debt52 90 
Original issue discount(10,569)(13,454)
Long-term debt fees(15,396)(18,370)
Total debt5,414,167 5,738,868 
Less: Current portion664 673 
Total long-term debt$5,413,503 $5,738,195 

(1)On May 17, 2022, we entered into a $450.0 million senior secured asset-based revolving credit facility (the "New ABL Facility"), maturing in 2027, which refinanced and replaced in its entirety the Company's existing asset-based revolving credit facility (the "Existing ABL Facility"). Refer to the 'Asset-based Revolving Credit Facility due 2027' section below for more information.
(2)As of December 31, 2022, the New ABL Facility had a facility size of $450.0 million, no outstanding borrowings and $25.0 million of outstanding letters of credit, resulting in $425.0 million of borrowing base availability.
(3)Other secured subsidiary debt consists of finance lease obligations maturing at various dates from 2023 through 2045.
(4)During the year ended December 31, 2022, we repurchased of $329.6 million aggregate principal amount of iHeartCommunications, Inc.'s 8.375% Senior Unsecured Notes due 2027 for $299.4 million in cash, excluding accrued interest. The repurchased notes were subsequently cancelled and retired, resulting in a gain on extinguishment of debt of $30.2 million.

The Company’s weighted average interest rate was 6.9% and 5.4% as of December 31, 2022 and December 31, 2021, respectively. The aggregate market value of the Company’s debt based on market prices for which quotes were available was approximately $4.8 billion and $5.9 billion as of December 31, 2022 and December 31, 2021, 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, 2022 we were in compliance with all covenants related to the Company's debt agreements.
Asset-based Revolving Credit Facility due 2027
On May 17, 2022, iHeartCommunications, Inc. ("iHeartCommunications"), as borrower, entered into a Credit Agreement (the “New ABL Credit Agreement”) with iHeartMedia Capital I, LLC, the direct parent of iHeartCommunications, Inc., as parent guarantor, certain subsidiaries of iHeartCommunications, Inc. party thereto, Bank of America, N.A., as administrative and collateral agent, and each other lender party thereto from time to time, governing a new $450.0 million New ABL Facility, maturing in 2027, which refinanced and replaced in its entirety the Existing ABL Facility. The New ABL Facility includes a letter of credit sub-facility and a swingline loan sub-facility.
Size and Availability
The New 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. Subject to certain conditions, iHeartCommunications may at any time request one or more increases in the amount of revolving credit commitments, in an amount up to the sum of (x) $150.0 million and (y) the amount by which the borrowing base exceeds the aggregate revolving credit commitments. As of December 31, 2022, iHeartCommunications had no principal amounts outstanding under the New ABL Facility, a facility size of $450.0 million and $25.0 million in outstanding letters of credit, resulting in $425.0 million of borrowing base availability.
Interest Rate and Fees

Borrowings under the New 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 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 New ABL Facility range from 1.25% to 1.75% for both term SOFR and eurocurrency borrowings and from 0.25% to 0.75% for base-rate borrowings, in each case, depending on average excess availability under the New ABL Facility based on the most recent fiscal quarter.

In addition to paying interest on outstanding principal under the New ABL Facility, iHeartCommunications is required to pay a commitment fee to the lenders under the New 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 New 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 New 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 New 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 New ABL Facility.

Guarantees and Security

The New ABL Facility is guaranteed by, subject to certain exceptions, the guarantors of iHeartCommunications’ Term Loan Facility (as defined below). All obligations under the New 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’ Term Loan Facility 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 New 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 New ABL Facility, in each case, for 20 consecutive calendar days, at which time the Trigger Event shall no longer be deemed to be occurring.
Term Loan Facility due 2026

On May 1, 2019 (the "Effective Date"), 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 our term loan credit facility (the "Term Loan Facility"). On the Effective Date, iHeartCommunications issued an aggregate of approximately $3.5 billion principal amount of senior secured term loans under the Term Loan Facility to certain Claimholders pursuant to the Plan of Reorganization. The Term Loan Facility matures on May 1, 2026.

As described below, on August 7, 2019, the proceeds from the issuance of $750.0 million in aggregate principal amount of 5.25% Senior Secured Notes due 2027 were used, together with cash on hand, to prepay at par $740.0 million of borrowings outstanding under the 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 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 Term Loan Facility amendment in February 2020, iHeartCommunications also prepaid at par $150.0 million of borrowings outstanding under the Term Loan Facility with cash on hand.
On July 16, 2020, iHeartCommunications entered into Amendment No. 2 to issue $450.0 million of incremental term loan commitments (the “Incremental Term Loan Facility”), 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 ABL Facility of $235.0 million, with the remaining $190.6 million of the proceeds available for general corporate purposes.
On July 16, 2021, iHeartCommunications, Inc. entered into Amendment No. 3 which reduced the interest rate of its Incremental Term Loan Facility due 2026 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 Term Loan credit facilities with cash on hand, resulting in a reduction of $44.3 million of the existing Incremental Term Loan Facility due 2026 and $205.7 million of the Term Loan Facility due 2026.
Under the terms of the Term Loan Credit Agreement, iHeartCommunications made quarterly principal payments of $6.4 million during the three months ended September 30, 2020, December 31, 2020, March 31, 2021 and June 30, 2021, and previously made payments of $5.25 million during the three months ended March 31, 2020 and June 30, 2020. Following the prepayment of $250.0 million of borrowings outstanding under the Term Loan credit facilities on July 16, 2021, iHeartCommunications is no longer required to make such quarterly payments.

Interest Rate and Fees
Following the amendment made on February 3, 2020, the loans under the Term Loan Facility due 2026 bear interest at a rate per annum equal to LIBOR plus a margin of 3.00%, or the Base Rate plus a margin of 2.00%. Following the amendment made on July 16, 2021, the incremental loans under the Incremental Term Loan Facility due 2026 have an interest rate of LIBOR plus a margin of 3.25% and floor of 0.50% for Eurocurrency Rate Loans and Base Rate plus a margin of 2.25% and floor of 1.50% for Base Rate Loans.

Collateral and Guarantees

The Term Loan Facility is guaranteed by Capital I and each of iHeartCommunications’ existing and future material wholly-owned restricted subsidiaries, subject to certain exceptions. All obligations under the Term Loan Facility, and the guarantees of those obligations, are secured, subject to permitted liens and other exceptions, by a first 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 second priority lien on accounts receivable and related assets securing iHeartCommunications’ ABL Facility.

Prepayments

iHeartCommunications is required to prepay outstanding term loans under the Term Loan Facility, subject to certain exceptions, with:

• 50% (which percentage may be reduced to 25% and to 0% based upon iHeartCommunications’ first lien leverage ratio) of iHeartCommunications’ annual excess cash flow, subject to customary credits, reductions and exclusions;

• 100% (which percentage may be reduced to 50% and 0% based upon iHeartCommunications’ first lien leverage ratio) of the net cash proceeds of sales or other dispositions of the assets of iHeartCommunications or its wholly owned restricted subsidiaries, subject to reinvestment rights and certain other exceptions; and

• 100% of the net cash proceeds of any incurrence of debt, other than debt permitted under the Term Loan Facility.

iHeartCommunications may voluntarily repay outstanding loans under the Term Loan Facility at any time, without prepayment premium or penalty, subject to customary “breakage” costs with respect to eurocurrency loans.

Certain Covenants and Events of Default

The Term Loan Facility does not include any financial covenants. However, the Term Loan Facility includes negative covenants that, subject to significant exceptions, limit Capital I’s ability and the ability of its restricted subsidiaries (including iHeartCommunications) to, among other things:

• incur additional indebtedness;
• create liens on assets;
• engage in mergers, consolidations, liquidations and dissolutions;
• sell assets;
• pay dividends and distributions or repurchase Capital I’s capital stock;
• make investments, loans, or advances;
• prepay certain junior indebtedness;
• engage in certain transactions with affiliates;
• amend material agreements governing certain junior indebtedness; and
• change lines of business.

The Term Loan Facility includes certain customary representations and warranties, affirmative covenants and events of default, including but not limited to, payment defaults, breach of representations and warranties, covenant defaults, cross defaults to certain indebtedness, certain bankruptcy-related events, certain events under ERISA, material judgments and a change of control. If an event of default occurs, the lenders under the Term Loan Facility are entitled to take various actions, including the acceleration of all amounts due under the Term Loan Facility and all actions permitted to be taken under the loan documents relating thereto or applicable law.

6.375% Senior Secured Notes due 2026
On the Effective Date, iHeartCommunications entered into an indenture (the “Senior 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 $800.0 million aggregate principal amount of 6.375% Senior Secured Notes due 2026 that were issued to certain Claimholders pursuant to the Plan of Reorganization. The 6.375% Senior Secured 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.
The 6.375% Senior Secured Notes are guaranteed on a senior secured basis by Capital I and the subsidiaries of iHeartCommunications that guarantee the Term Loan Facility or other credit facilities or capital markets debt securities. The 6.375% Senior 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 6.375% Senior Secured Notes (including the Term Loan Facility, the 5.25% Senior Secured Notes, the 4.75% Senior Secured Notes and the Senior Unsecured Notes), effectively equal with iHeartCommunications’ and the guarantors’ existing and future indebtedness secured by a first priority lien on the collateral securing the 6.375% Senior Secured Notes, effectively subordinated in right of payment 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 6.375% Senior Secured Notes, to the extent of the value of such assets, and structurally subordinated in right of payment to all existing and future indebtedness and other liabilities of any subsidiary of iHeartCommunications that is not a guarantor of the 6.375% Senior Secured Notes.

The 6.375% Senior 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 6.375% Senior Secured Notes at its option, in whole or in part, at the redemption prices set forth in the 6.375% Senior Secured Notes Indenture plus accrued and unpaid interest to the redemption date.

The 6.375% Senior Secured Notes Indenture contains covenants that limit the ability of Capital I and its restricted subsidiaries, including iHeartCommunications, 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.

5.25% Senior Secured Notes due 2027

On August 7, 2019, iHeartCommunications entered into an indenture (the “5.25% Senior 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 $750.0 million aggregate principal amount of 5.25% Senior Secured Notes due 2027 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 5.25% Senior Secured 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.

The 5.25% Senior Secured Notes are guaranteed on a senior secured basis by Capital I and the subsidiaries of iHeartCommunications that guarantee the Term Loan Facility. The 5.25% Senior 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 5.25% Senior Secured Notes (including the Term Loan Facility, the 6.375% Senior Secured Notes, the 4.75% Senior Secured Notes and the Senior Unsecured Notes), effectively equal with iHeartCommunications’ and the guarantors’ existing and future indebtedness secured by a first priority lien on the collateral securing the 5.25% Senior 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 5.25% Senior 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 5.25% Senior Secured Notes.
The 5.25% Senior 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 5.25% Senior Secured Notes at its option, in whole or part, at the redemption prices set forth in the 5.25% Senior Secured Notes Indenture plus accrued and unpaid interest to the redemption date.

The 5.25% Senior 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.

4.75% Senior Secured Notes due 2028

On November 22, 2019, iHeartCommunications entered into an indenture (the “4.75% Senior 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 4.75% Senior Secured Notes due 2028 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 4.75% Senior 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.

The 4.75% Senior Secured Notes are guaranteed on a senior secured basis by Capital I and the subsidiaries of iHeartCommunications that guarantee the Term Loan Facility. The 4.75% Senior 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 4.75% Senior Secured Notes (including the Term Loan Facility, the 6.375% Senior Secured Notes, the 5.25% Senior Secured Notes and the Senior Unsecured Notes), effectively equal with iHeartCommunications’ and the guarantors’ existing and future indebtedness secured by a first priority lien on the collateral securing the 4.75% Senior 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 4.75% Senior 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 4.75% Senior Secured Notes.

The 4.75% Senior 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 4.75% Senior Secured Notes at its option, in whole or part, at any time prior to January 15, 2023, at a price equal to 100% of the principal amount of the 4.75% Senior Secured Notes redeemed, plus a make-whole premium, plus accrued and unpaid interest to the redemption date. iHeartCommunications may redeem the 4.75% Senior Secured Notes, in whole or in part, on or after January 15, 2023, at the redemption prices set forth in the 4.75% Senior Secured Notes Indenture plus accrued and unpaid interest to the redemption date.
The 4.75% Senior 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 the Effective Date, iHeartCommunications entered into an indenture (the “Senior Unsecured Notes Indenture”) with Capital I, as guarantor, the subsidiary guarantors party thereto, and U.S. Bank National Association, as trustee, governing the $1,120.4 million aggregate principal amount of 8.375% Senior Notes due 2027 that were issued to certain Claimholders pursuant to the Plan of Reorganization. The Senior 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.

The Senior Unsecured Notes are guaranteed on a senior unsecured basis by Capital I and the subsidiaries of iHeartCommunications that guarantee the Term Loan Facility or other credit facilities or capital markets debt securities. The Senior Unsecured 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 Senior Unsecured Notes, effectively subordinated to all of iHeartCommunications’ and the guarantors’ existing and future indebtedness that is secured (including the 6.375% Senior Secured Notes, the 5.25% Senior Secured Notes, the 4.75% Senior Secured Notes and borrowings under the ABL Facility and the Term Loan Facility), to the extent of the value of the collateral securing such indebtedness, and structurally subordinated to all existing and future indebtedness and other liabilities of any subsidiary of iHeartCommunications that is not a guarantor of the Senior Unsecured Notes.

iHeartCommunications could redeem the Senior Unsecured Notes at its option, in whole or in part, at any time prior to May 1, 2022, at a price equal to 100% of the principal amount of the Senior Unsecured Notes being redeemed, plus an applicable premium and plus accrued and unpaid interest to the redemption date. iHeartCommunications may redeem the Senior Unsecured Notes at its option, in whole or in part, on or after May 1, 2022, at the redemption prices set forth in the Senior Unsecured Notes Indenture plus accrued and unpaid interest to the redemption date. At any time prior to May 1, 2022, iHeartCommunications could redeem at its option, up to 40% of the aggregate principal amount of the Senior Unsecured Notes at a redemption price equal to 108.375% of the principal amount thereof, plus accrued and unpaid interest to the redemption date, with the proceeds of one or more equity offerings.

The Senior Unsecured Notes Indenture contains covenants that limit the ability of Capital I and its restricted subsidiaries, including iHeartCommunications, 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.

Future Maturities of Long-term Debt
Future maturities of long-term debt at December 31, 2022 are as follows:
(in thousands)
2023$664 
2024401 
2025287 
20263,065,458 
20271,870,467 
Thereafter502,855 
Total (1)
$5,440,132 

(1)Excludes original issue discount of $10.6 million and long-term debt fees of $15.4 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, 2022, iHeartCommunications had outstanding surety bonds, commercial standby letters of credit and bank guarantees of $9.3 million, $25.4 million and $0.2 million, respectively. These surety bonds, letters of credit and bank guarantees relate to various operational matters including insurance, lease and performance bonds as well as other items.
v3.22.4
COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
Commitments and Contingencies
The Company accounts for its rentals that include renewal options, annual rent escalation clauses, minimum franchise payments and maintenance related to displays under the guidance in ASC 842, 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. 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. 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.
The Company leases office space, certain broadcasting facilities and equipment under long-term operating leases. The Company accounts for these leases in accordance with the policies described above.
Rent expense charged to operations for the years ended December 31, 2022, 2021, and 2020 was $188.5 million, $203.5 million, and $198.2 million, respectively.
As of December 31, 2022, the Company's future minimum payments under non-cancelable contracts in excess of one year and employment/talent contracts consist of the following:
(In thousands)
Non-CancelableEmployment/Talent
ContractsContracts
2023$269,252 $80,515 
2024142,675 77,825 
202597,084 64,953 
202657,843 27,250 
20279,473 14,000 
Thereafter2,677 15,000 
Total$579,004 $279,543 

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 Petition for Declaratory Ruling
The Communications Act and FCC regulation prohibit foreign entities and individuals from having direct or indirect ownership or voting rights of more than 25 percent in a corporation controlling the licensee of a radio broadcast station unless the FCC finds greater foreign ownership to be in the public interest. Under the Plan of Reorganization, the Company committed to file a petition for declaratory ruling (the “PDR”) requesting the FCC to permit the Company to be up to 100% foreign-owned.
On November 5, 2020, the FCC issued the 2020 Declaratory Ruling, which granted the relief requested by the PDR, subject to certain conditions, as described further in Note 9, Stockholder's Equity.
On November 9, 2020, the Company notified the holders of Special Warrants of the commencement of an exchange process (the “Exchange Notice”). On January 8, 2021, the Company exchanged a portion of the outstanding Special Warrants into Class A common stock or Class B common stock, in compliance with the Declaratory Ruling, the Communications Act and FCC rules (the “Exchange”). Following the Exchange, the Company’s remaining Special Warrants continue to be exercisable for shares of Class A common stock or Class B common stock. See “Item 1. Business – Regulation of Our Business, Alien Ownership Restrictions” of our Annual Report on Form 10-K for the year ended December 31, 2020 and "Part II, Item 1A. Risk Factors - Regulatory, Legislative and Litigation Risks, Regulations imposed by the Communications Act and the FCC limit the amount of foreign individuals or entities that may invest in our capital stock without FCC approval" in this Quarterly Report on Form 10-Q for additional information.
On March 8, 2021, the Company filed the Remedial PDR with the FCC. The Remedial PDR relates to the acquisition by Global Media & Entertainment Ltd (f/k/a Honeycomb Investments Limited) ("Global Investments") of the Company’s Class A Common Stock. Specifically, on February 5, 2021, Global Investments, The Global Media & Entertainment Investments Trust (the "GMEI Trust"), James Hill (as trustee of the GMEI Trust), Simon Groom (as trustee of the GMEI Trust) and Michael Tabor (as beneficiary of the GMEI Trust) (together with Global Investments and any affiliates or third parties to whom they may assign or transfer any of their rights or interests, the "GMEI Investors") filed a Schedule 13D with the SEC, in which the
GMEI Investors disclosed beneficial ownership of 9,631,329 shares of the Company’s Class A Common Stock, which at that time represented approximately 8.7% of the Company’s outstanding Class A Common Stock. This ownership interest was inconsistent with the FCC’s foreign ownership rules and the 2020 Declaratory Ruling issued by the FCC relating to the Company’s foreign ownership on November 5, 2020, both of which limit a foreign investor in the GMEI Investors’ position to holding no more than 5% of the Company’s voting equity or total equity without prior FCC approval. The Remedial PDR, which was filed pursuant to the rules and regulations of the FCC, sought (a) specific approval for the more than 5% equity and voting interests in the Company presently held by the GMEI Investors and (b) as amended, advance approval for the GMEI Investors to increase their equity and voting interest in the Company up to any non-controlling amount not to exceed 14.99%.
On March 26, 2021, the FCC conditioned the approval of applications by the Company to acquire certain radio stations, which were pending prior to the GMEI Investors’ Schedule 13D filing, on the Company taking certain actions with respect to the GMEI Investors' rights as stockholders of the Company. On that same date, and in order to implement the conditions required by the FCC, the Company’s Board of Directors (the “Board”) resolved to take certain actions to limit the rights of the GMEI Investors, including, but not limited to, suspending all voting rights of GMEI Investors until and unless the FCC releases a declaratory ruling granting specific approval for each of the GMEI Investors to hold more than 5 percent of the equity and/or voting interests of the Company.
On December 22, 2021, the FCC issued the “GMEI Declaratory Ruling" which granted the Remedial PDR. Subject to certain conditions set forth therein, the GMEI Declaratory Ruling (a) grants specific approval for the more than 5% equity and/or voting interests in the Company presently held by the GMEI Investors, (b) grants advance approval for the GMEI Investors to increase their equity and/or voting interests in the Company up to any non-controlling amount not to exceed 14.99%, and (c) restates the terms of the 2020 Declaratory Ruling, including that the Company may have up to 100% of its voting stock and equity owned by non-U.S. individuals and entities. At such time, the actions previously taken by the Board of Directors to implement the conditions required by the FCC during the pendency of the Remedial PDR ceased to apply.
v3.22.4
INCOME TAXES
 12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
Significant components of the provision for income tax benefit (expense) are as follows:
(In thousands)Year Ended December 31,
202220212020
Current – Federal
$(54,934)$(2,169)$(652)
Current – foreign
(4,891)(2,177)(1,674)
Current – state
(19,312)(14,919)1,680 
Total current expense(79,137)(19,265)(646)
Deferred – Federal
65,553 932 172,302 
Deferred – foreign
1,659 976 28 
Deferred – state
7,206 8,966 11,939 
Total deferred benefit74,418 10,874 184,269 
Income tax benefit (expense)$(4,719)$(8,391)$183,623 

The current tax expenses recorded for the years ended December 31, 2022 and 2021 were primarily related to federal, state, and local tax expenses incurred due to taxable income in excess of available net operating losses during those years.
The current tax expense recorded for the year ended December 31, 2020 was primarily related to local country foreign tax expense in certain jurisdictions partially offset by adjustments to the Company’s reserves for unrecognized tax benefits in certain state jurisdictions.
The deferred tax benefits of $74.4 million and $10.9 million recorded in the years ended December 31, 2022 and 2021, respectively, related primarily to the difference of book in excess of tax amortization expense during the years and the disallowance of interest expense deductions under Section 163(j) of the Internal Revenue Code. The 2022 book amortization
expense included the FCC license non-cash impairment charge recorded during the third quarter of 2022 discussed in Note 4, Property, Plant and Equipment, Intangible Assets and Goodwill. These benefits were partially offset by the utilization of net operating loss carryforwards during the current period and the recording of valuation allowance adjustments against certain federal and state deferred tax assets for disallowed interest carryforwards due to the uncertainty of the ability to realize those assets in future years.
The deferred tax benefit of $184.3 million recorded in the year ended December 31, 2020 related primarily to the current period net operating losses and a reduction in deferred tax liabilities recorded in connection with the impairment of our FCC licenses discussed in Note 4, Property, Plant and Equipment, Intangible Assets and Goodwill.
On March 27, 2020, the CARES Act, which included numerous tax provisions, was signed into law. The CARES Act included certain temporary relief provisions with respect to the application of the Section 163(j) interest deduction limitation including the ability to elect to use the Company’s 2019 Adjusted Taxable Income (as defined under Section 163(j)) for purposes of calculating the 2020 interest deduction limitation. This provision of the CARES Act resulted in an increase to allowable interest deductions of $179.4 million during 2020. The other federal income tax provisions within the CARES Act did not materially impact the Company’s financial statements.
On December 27, 2020, the Consolidated Appropriations Act was signed into law in order to provide further stimulus and support to those affected by the COVID-19 pandemic. The tax provisions included within the Consolidated Appropriations Act did not materially impact the Company’s financial statements in the current year.

On August 16, 2022, the Inflation Reduction Act was signed into law. The tax provisions included within the Inflation Reduction Act did not materially impact the Company's financial statements in the current year.

Significant components of the Company's deferred tax liabilities and assets as of December 31, 2022 and 2021 are as follows:
(In thousands)20222021
Deferred tax liabilities:
Intangibles$659,378 $821,449 
Fixed Assets101,934 109,957 
Deferred Income44,261 — 
Operating lease right-of-use assets199,926 187,938 
Total deferred tax liabilities1,005,499 1,119,344 
Deferred tax assets:
Accrued expenses16,665 22,003 
Net operating loss carryforwards141,163 157,095 
Interest expense carryforwards346,354 337,660 
Operating lease liabilities233,003 210,227 
Capital loss carryforwards1,655,534 1,651,413 
Investments10,992 18,956 
Bad debt reserves10,172 13,078 
Other8,997 4,833 
Total gross deferred tax assets2,422,880 2,415,265 
Less: Valuation allowance1,901,191 1,854,143 
Total deferred tax assets521,689 561,122 
Net deferred tax liabilities$483,810 $558,222 

The deferred tax liability related to intangibles primarily relates to the difference in book and tax basis of FCC licenses and other intangible assets that were adjusted for book purposes to estimated fair values as part of the application of fresh start accounting, and were further adjusted in the first quarter of 2020 and the third quarter of 2022 upon recognition of impairments
as discussed in Note 4, Property, Plant and Equipment, Intangible Assets and Goodwill. In accordance with ASC 350-10, the Company does not amortize FCC licenses 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, 2022 and 2021 were $11.5 million and $13.2 million, respectively.
At December 31, 2022, the Company had recorded net operating loss and tax credit carryforwards (tax effected) for federal and state income tax purposes of approximately $141.2 million, expiring in various amounts through 2042 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 (notwithstanding the temporary provisions described above from the enactment of the CARES Act), 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 $346.4 million as of December 31, 2022. In connection with the taxable separation of the Outdoor division as part of the bankruptcy restructuring, the Company realized a $7.2 billion capital loss (gross after attribute reduction calculations). For federal tax purposes the capital loss can be carried forward 5 years and only be used to offset capital gains. For state tax purposes, the capital loss has various carryforward periods. As of December 31, 2022 the tax effected balance of the capital loss carryforwards were $1.7 billion. The Company has recorded a full valuation allowance against the deferred tax asset associated with the federal and state capital loss carryforward as it is not expected to be realized. The Company expects to realize the benefits of a portion of its remaining deferred tax assets based upon expected future taxable income from deferred tax liabilities that reverse in the relevant federal and state jurisdictions and carryforward periods. As of December 31, 2022, the Company had recorded a valuation allowance of $1.9 billion against a portion of these U.S. federal and state deferred tax assets which it does not expect to realize, relating primarily to capital loss carryforwards, disallowed interest carryforwards, and certain state net operating loss carryforwards. The Company's U.S. federal and state deferred tax valuation allowance increased by $47.0 million during the year ended December 31, 2022 primarily due to an increase in valuation allowances against interest limitation carryforwards. Any deferred tax liabilities associated with acquired FCC licenses and tax-deductible goodwill intangible assets are now 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.
At December 31, 2022, net deferred tax liabilities include a deferred tax asset of $6.7 million relating to stock-based compensation expense under ASC 718-10, Compensation—Stock Compensation. Full realization of this deferred tax asset requires stock options to be exercised at a price equal to or exceeding the sum of the grant price plus the fair value of the option at the grant date and restricted stock to vest at a price equaling or exceeding the fair market value at the grant date.  Accordingly, there can be no assurance that the stock price of the Company’s common stock will rise to levels sufficient to realize the entire deferred tax benefit currently reflected in its balance sheet.
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:
Year Ended December 31,
(In thousands)202220212020
AmountPercentAmountPercentAmountPercent
Income tax benefit at statutory rates$54,170 21.0 %$31,500 21.0 %$440,758 21.0 %
State income taxes, net of federal tax effect
(3,548)(1.4)%3,325 2.2 %13,619 0.7 %
Foreign income taxes(1,615)(0.6)%(978)(0.7)%(1,187)(0.1)%
Nondeductible items(7,497)(2.9)%(10,264)(6.8)%(8,928)(0.4)%
Changes in valuation allowance and other estimates
(52,293)(20.3)%(35,093)(23.4)%(30,531)(1.5)%
Impairment charges— — %— — %(257,119)(12.3)%
Tax credits3,848 1.5 %4,831 3.2 %3,353 0.2 %
Other, net2,216 0.9 %(1,712)(1.1)%23,658 1.1 %
Income tax benefit (expense)$(4,719)(1.8)%$(8,391)(5.6)%$183,623 8.7 %

The Company’s effective tax rates for the years ended December 31, 2022 and 2021 were (1.8)% and (5.6)%, respectively. The effective tax rates for both years were primarily impacted the valuation allowance adjustments recorded during the years against certain federal and state deferred tax assets for disallowed interest carryforwards due to the uncertainty of the ability to realize those assets in future periods.
The Company’s effective tax rate for the year ended December 31, 2020 was 8.7%. The effective rate for the year was primarily impacted by the impairment charges to non-deductible goodwill discussed in Note 4, Property, Plant and Equipment, Intangible Assets and Goodwill. In addition, the Company recorded deferred tax adjustments to state net operating losses and federal and state disallowed interest carryforwards as a result of the filing of 2019 tax returns and certain legal entity restructuring completed during the year. These adjustments were partially offset by valuation allowance adjustments recorded during the year against certain federal and state deferred tax assets such as net operating loss carryforwards and disallowed interest carryforwards due to the uncertainty of the ability to realize those assets in future years.
The Company continues to record interest and penalties related to unrecognized tax benefits in current income tax expense. The total amount of interest accrued at December 31, 2022 and 2021 was $4.9 million and $4.2 million, respectively. The total amount of unrecognized tax benefits including accrued interest and penalties at December 31, 2022 and 2021 was $28.7 million and $22.2 million, respectively, of which $27.2 million and $20.7 million is included in “Other long-term liabilities”. In addition, $1.5 million and $1.5 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, 2022 and 2021, respectively. The total amount of unrecognized tax benefits at December 31, 2022 and 2021 that, if recognized, would impact the effective income tax rate is $22.9 million and $15.5 million, respectively.
(In thousands)Years Ended December 31,
Unrecognized Tax Benefits20222021
Balance at beginning of period$18,045 $14,681 
Increases for tax position taken in the current year5,584 1,911 
Increases for tax positions taken in previous years1,593 2,937 
Decreases for tax position taken in previous years— (217)
Decreases due to lapse of statute of limitations(1,399)(1,267)
Balance at end of period$23,823 $18,045 
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 2018 are closed. The majority of all material state, local, and foreign income tax matters have been concluded for years through 2018 with the exception of a current examination in Texas that covers the 2007-2016 tax years.
v3.22.4
STOCKHOLDERS’ EQUITY
 12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
STOCKHOLDERS’ EQUITY STOCKHOLDERS’ EQUITY
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. 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 of Directors 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 or used for reference purposes with respect to which awards may be granted under the 2021 Plan is equal to the sum of (a) 6,000,000 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 will 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 year ended December 31, 2022.
The following assumptions were used to calculate the fair value of the Company's options on the date of grant:
Year Ended December 31,
20212020
Expected volatility56%
44% – 57%
Expected life in years
6.2 – 6.3
6.0 – 6.3
Risk-free interest rate
0.79% – 1.15%
0.35% – 1.41%
Dividend yield—%—%

The following table presents a summary of the Company's stock options outstanding at and stock option activity during the year ended December 31, 2022 ("Price" reflects the weighted average exercise price per share):
(In thousands, except per share data)OptionsPriceWeighted
Average
Remaining
Contractual Term
Outstanding, January 1, 20227,615 $16.14 5.1 years
Granted— 
Exercised(31)15.20 
Forfeited(54)12.67 
Expired(20)18.32 
Outstanding, December, 31, 20227,510 16.16 4.0 years
Exercisable5,180 16.95 3.5 years
Expected to Vest2,330 14.41 5.2 years
A summary of the Company's unvested options and changes during the year ended December 31, 2022 is presented below:
(In thousands, except per share data)OptionsWeighted Average Grant Date Fair Value
Unvested, January 1, 20224,050 $5.43 
Granted— 
Vested (1)
(1,666)5.33 
Forfeited(54)5.28 
Unvested, December 31, 20222,330 5.51 
(1)The total fair value of the options vested during the year ended December 31, 2022 was $8.9 million.
Restricted Stock Units (“RSUs”)
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.
The following table presents a summary of the Company's RSUs outstanding and RSU activity as of and during the year ended December 31, 2022 (“Price” reflects the weighted average share price at the date of grant):
(In thousands, except per share data)AwardsPrice
Outstanding, January 1, 20221,966 $15.20 
Granted3,154 12.03 
Vested (restriction lapsed)(843)15.15 
Forfeited(83)15.54 
Outstanding, December 31, 20224,194 12.82 

Performance-based Restricted Stock Units (“Performance RSUs”)

In August 2020, the Company issued Performance RSUs under the 2019 Plan to certain key employees. Such Performance RSUs vested upon the achievement of critical operational (cost savings) improvements and specific environmental, social and governance initiatives, which were measured over an approximately 15-month period from the date of issuance. In the year ended December 31, 2021, the Company recognized $1.6 million in relation to these Performance RSUs.

On March 28, 2022, the Company issued performance-based restricted stock units ("Q1 2022 Performance RSUs") to certain executives. The Q1 2022 Performance RSUs vest upon the achievement of certain total stockholder return goals and continued service, which are being measured over an approximately 50-month period from the date of issuance. During the year ended December 31, 2022, the Company recognized $2.3 million in relation to these Q1 2022 Performance RSUs.

On May 9, 2022, the Company issued performance-based restricted stock units ("Q2 2022 Performance RSUs") to certain key employees. The Q2 2022 Performance RSUs vest upon the achievement of certain total stockholder return goals, Adjusted EBITDA goals, Diversity, Equity and Inclusion goals, and continued service. The Q2 2022 Performance RSUs are measured over a performance period ending December 31, 2024 and vest on the third anniversary of the date of issuance (to the extent earned). During the year ended December 31, 2022, the Company recognized $3.3 million in relation to these Q2 2022 Performance RSUs.

Expected volatilities were based on historical and implied volatility of peer companies’ stock, including the Company, over the expected life of the awards. The Company does not estimate forfeitures at grant date, but rather has elected to account for forfeitures when they occur. The following table presents a summary of the Company's Performance RSUs outstanding and activity as of and during the year ended December 31, 2022 (“Price” reflects the weighted average share price at the date of grant):

(In thousands, except per share data)AwardsPrice
Outstanding, January 1, 2022556 $8.98 
Granted2,055 13.57 
Vested (restriction lapsed)(556)8.98 
Forfeited— — 
Outstanding, December 31, 20222,055 13.57 
Common Stock and Special Warrants
The following table presents the Company's Class A Common Stock, Class B Common Stock and Special Warrants issued and outstanding as of December 31, 2022:
(In thousands, except share and per share data)December 31,
2022
Class A Common Stock, par value $.001 per share, 1,000,000,000 shares authorized
122,370,425 
Class B Common Stock, par value $.001 per share, 1,000,000,000 shares authorized
21,477,181 
Special Warrants5,111,312 
  Total Class A Common Stock, Class B Common Stock and Special Warrants issued and outstanding148,958,918 

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 is 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, (ii) 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, 2022, 2021, and 2020, 209,613 shares, 7,634,045 shares, and 20,080 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. 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, 2022, stockholders exercised 96,516 and 96,602 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, 2021, stockholders exercised 47,197,139 and 22,337,312 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, 2020, stockholders exercised 6,205,617 and 2,095 Special Warrants for an equivalent number of Class A common stock and Class B common stock, respectively.
January 2021 Exchange Substantially Expanding Class A and Class B Shares Outstanding
On January 8, 2021, the Company completed an exchange of 67,471,123 Special Warrants into 45,133,811 shares of Class A common stock, the Company’s publicly traded equity, and 22,337,312 shares of Class B common stock. The exchange was authorized by a previously issued Declaratory Ruling from the Federal Communications Commission approving an increase in iHeartMedia’s authorized aggregate foreign ownership from 25% to 100%, subject to certain conditions set forth in the Declaratory Ruling. Certain shares of Class B common stock and Special Warrants were not converted into Class A Common Stock due to current regulatory restrictions applicable to certain shareholders. There were 5,111,312 Special Warrants outstanding on February 24, 2023.
Share-Based Compensation Cost

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. Share-based compensation payments are recorded in Selling, general and administrative expenses and were $35.5 million, $23.5 million and $22.9 million for the Company for the years ended December 31, 2022, 2021, and 2020, respectively.
The tax benefit related to the share-based compensation expense for the Company for the years ended December 31, 2022, 2021, and 2020 was $5.2 million, $3.5 million and $3.1 million, respectively.
As of December 31, 2022, there was $46.0 million of unrecognized compensation cost related to unvested share-based compensation arrangements that will vest based on service conditions. This cost is expected to be recognized over a weighted average period of approximately 3.2 years. In addition, as of December 31, 2022, there were unrecognized compensation costs of $10.2 million from the Q1 2022 Performance RSUs and $12.1 million from the Q2 2022 Performance RSUs related to unvested share-based compensation arrangements that will vest based on performance and service conditions. These costs will be recognized over a 50-month period from the date of issuance for the Q1 2022 Performance RSUs and over a 3-year period from the date of issuance for the Q2 2022 Performance RSUs.

Loss per Share
(In thousands, except per share data)Year Ended December 31,
 202220212020
NUMERATOR: 
Net loss attributable to the Company – common shares$(264,663)$(159,199)$(1,914,699)
DENOMINATOR(1):
 
Weighted average common shares outstanding - basic148,058 146,726 145,979 
  Stock options and restricted stock(2):
— — — 
Weighted average common shares outstanding - diluted148,058 146,726 145,979 
Net loss attributable to the Company per common share: 
Basic$(1.79)$(1.09)$(13.12)
Diluted$(1.79)$(1.09)$(13.12)
(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, 2022, December 31, 2021 and December 31, 2020.
(2)Outstanding equity awards representing $11.0 million, $10.5 million and $9.1 million shares of Class A common stock of the Company for the years ended December 31, 2022, December 31, 2021, and December 31, 2020, respectively, were not included in the computation of diluted earnings per share because to do so would have been antidilutive.
Stockholder Rights Plan

On May 5, 2020, the Board approved the adoption of a short-term stockholder rights plan (the “Stockholder Rights Plan”).

Pursuant to the stockholder rights plan, the Board declared a dividend distribution of one right on each outstanding share of Class A common stock, share of Class B common stock and special warrant issued in connection with the Plan of Reorganization. The record date for such dividend distribution was May 18, 2020.

Under the Stockholder Rights Plan, subject to certain exceptions, the rights were generally exercisable only if, in a transaction not approved by the Board, a person or group acquired beneficial ownership of 10% or more of the Company’s Class A common stock (or 20% in the case of certain passive investors), including through such person’s ownership of the convertible Class B common stock and/or special warrants, as further detailed in the Stockholder Rights Plan. In that situation, each holder of a right (other than the acquiring person or group) would have the right to purchase, upon payment of the exercise price, a number of shares of the Company’s Class A common stock, Class B common stock or special warrants, as applicable, having a market value of twice such price. In addition, the Stockholder Rights Plan contained a similar provision if the Company was acquired in a merger or other business combination after an acquiring person acquires beneficial ownership of 10% or more of the Company’s Class A common stock (or 20% in the case of certain passive investors).

The Stockholder Rights Plan expired on May 5, 2021. The adoption of the Stockholder Rights Plan was not a taxable event and did not have any impact on the Company’s financial reporting.
v3.22.4
EMPLOYEE BENEFIT PLANS
 12 Months Ended
Dec. 31, 2022
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 April 2020, the Company announced incremental operating-expense-saving initiatives in response to the economic environment resulting from the COVID-19 pandemic, which included a temporary suspension of the Company's 401(k) matching program that continued through December 31, 2021. Starting January 1, 2022, the Company recommenced its 401(k) matching program. Contributions of $14.9 million, and $4.5 million made to these plans for the years ended December 31, 2022, and 2020, respectively, were expensed.

iHeartCommunications offers a non-qualified deferred compensation plan for a select group of management or highly compensated employees, under which such employees were able to make an annual election to defer up to 50% of their annual salary and up to 80% of their bonus before taxes. iHeartCommunications suspended all salary and bonus deferrals and company matching contributions to the deferred compensation plan on January 1, 2010. iHeartCommunications accounts for the plan in accordance with the provisions of ASC 710-10, Compensation—General. Matching credits on amounts deferred may be made in iHeartCommunications' sole discretion and iHeartCommunications retains ownership of all assets until distributed. Participants in the plan have the opportunity to allocate their deferrals and any iHeartCommunications matching credits among different investment options, the performance of which is used to determine the amounts to be paid to participants under the plan. In accordance with the provisions of ASC 710-10, Compensation—General, the assets and liabilities of the non-qualified deferred compensation plan are presented in “Other assets” and “Other long-term liabilities” in the accompanying consolidated balance sheets, respectively. The asset and liability under the deferred compensation plan at December 31, 2022 was approximately $10.1 million recorded in “Other assets” and $10.1 million recorded in “Other long-term liabilities”, respectively. The asset and liability under the deferred compensation plan at December 31, 2021 was approximately $12.9 million recorded in “Other assets” and $12.9 million recorded in “Other long-term liabilities”, respectively.
v3.22.4
SEGMENT DATA
 12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
SEGMENT DATA SEGMENT DATA
Segment Adjusted EBITDA is the segment profitability metric reported to the Company’s Chief Operating Decision Maker for purposes of decisions about allocation of resources to, and assessing performance of, each reportable segment.

The Company’s primary businesses are included in its Multiplatform Group and Digital Audio Group segments. Revenue and expenses earned and charged between Multiplatform Group, Digital Audio Group, Audio & Media Services Group, and Corporate are eliminated in consolidation. The Multiplatform Group provides media and entertainment services via broadcast delivery and also includes the Company’s events and national syndication businesses. The Digital Audio Group provides media and entertainment services via digital delivery. The Audio & Media Services Group provides other audio and media services, including the Company’s media representation business (Katz Media) and its provider of scheduling and broadcast software (RCS). Corporate includes infrastructure and support, including executive, information technology, human resources, legal, finance and administrative functions for the Company’s businesses. Share-based payments are recorded in Selling, general and administrative expense.

The following tables present the Company's segment results for the years ended December 31, 2022, December 31, 2021, and December 31, 2020 :
Segments
(In thousands)Multiplatform GroupDigital Audio GroupAudio & Media Services GroupCorporate and other reconciling itemsEliminationsConsolidated
Year Ended December 31, 2022
Revenue$2,597,190 $1,021,824 $304,302 $— $(11,033)$3,912,283 
Operating expenses(1)
1,831,491 712,786 191,407 237,343 (11,033)2,961,994 
Segment Adjusted EBITDA(2)
$765,699 $309,038 $112,895 $(237,343)$— $950,289 
Depreciation and amortization(445,664)
Impairment charges(311,489)
Other operating expense, net(24,998)
Restructuring expenses(75,821)
Share-based compensation expense(35,457)
Operating income$56,860 
Segment assets$6,319,790 $1,056,985 $350,388 $612,113 $(3,389)$8,335,887 
Intersegment revenues447 5,239 5,347 — — 11,033 
Capital expenditures 119,624 21,261 8,172 11,912 — 160,969 
Share-based compensation expense— — — 35,457 — 35,457 
Segments
(In thousands)Multiplatform GroupDigital Audio GroupAudio & Media Services GroupCorporate and other reconciling itemsEliminationsConsolidated
Year Ended December 31, 2021
Revenue$2,489,018 $834,482 $247,957 $— $(13,117)$3,558,340 
Operating expenses(1)
1,745,680 573,835 171,766 269,043 (13,117)2,747,207 
Segment Adjusted EBITDA(2)
$743,338 $260,647 $76,191 $(269,043)$— $811,133 
Depreciation and amortization(469,417)
Impairment charges(57,734)
Other operating expense, net(32,320)
Restructuring expenses(73,262)
Share-based compensation expense(23,543)
Operating income$154,857 
Segment assets$6,953,772 $1,088,471 $438,773 $403,898 $(3,605)$8,881,309 
Intersegment revenues670 5,845 6,602 — — 13,117 
Capital expenditures130,894 23,907 14,515 14,056 — 183,372 
Share-based compensation expense— — — 23,543 — 23,543 
Segments
(In thousands)Multiplatform GroupDigital Audio GroupAudio & Media Services GroupCorporate and other reconciling itemsEliminationsConsolidated
Balance at December 31, 2020
Revenue$2,206,854 $474,371 $274,749 $— $(7,756)$2,948,218 
Operating expenses(1)
1,723,449 343,598 180,081 170,173 (7,756)2,409,545 
Segment Adjusted EBITDA(2)
$483,405 $130,773 $94,668 $(170,173)$— $538,673 
Depreciation and amortization(402,929)
Impairment charges(1,738,752)
Other operating expense, net(11,344)
Restructuring expenses(100,410)
Share-based compensation expense(22,862)
Operating loss$(1,737,624)
Segment Assets$7,736,229 $187,051 $473,628 $809,638 $(3,585)$9,202,961 
Intersegment revenues670 — 7,086 — — 7,756 
Capital expenditures51,559 16,086 5,105 12,455 — 85,205 
Share-based compensation expense— — — 22,862 — 22,862 
(1) Consolidated operating expenses consist of Direct operating expenses and Selling, general and administrative expenses and exclude Restructuring expenses, share-based compensation expenses and depreciation and amortization. (2) For a definition of Adjusted EBITDA for the consolidated company and a reconciliation to Operating loss, the most closely comparable GAAP measure, and to Net loss, please see "Reconciliation of Operating Income (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.
v3.22.4
CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS
 12 Months Ended
Dec. 31, 2022
Related Party Transactions [Abstract]  
CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONSTax Matters AgreementOn the Effective Date, the Company entered into the Tax Matters Agreement by and among the Company, iHeartCommunications, iHeart Operations, Clear Channel Holdings, Inc. and Clear Channel Outdoor Holdings, Inc. (the "Outdoor Group") and its subsidiaries, to allocate the responsibility of the Company and its subsidiaries, on the one hand, and the Outdoor Group and its subsidiaries, on the other, for the payment of taxes arising prior and subsequent to, and in connection with, the Company's separation from the Outdoor Group.
v3.22.4
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS
 12 Months Ended
Dec. 31, 2022
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
(In thousands)
DescriptionBalance at Beginning of PeriodCharges to Costs, Expenses and OtherWrite-off of Accounts Receivable
Other (1)
Balance at End of Period
Year ended December 31, 2020
$12,629 $38,273 $(12,738)$613 $38,777 
Year ended December 31, 2021
$38,777 $4,144 $(13,846)$195 $29,270 
Year ended December 31, 2022
$29,270 $14,236 $(14,322)$(13)$29,171 

(1)Primarily foreign currency adjustments and acquisition and/or divestiture activity.

Deferred Tax Asset Valuation Allowance
(In thousands)
DescriptionBalance at Beginning of Period
Charges to Costs, Expenses and Other (1)
Reversal (2)
Adjustments(3)
Balance at End of Period
Year ended December 31, 2020$720,622 $3,047 $(444)$1,094,866 $1,818,091 
Year ended December 31, 2021 $1,818,091 $62,265 $(28,707)$2,494 $1,854,143 
Year ended December 31, 2022$1,854,143 $49,234 $(4,209)$2,023 $1,901,191 

(1)During 2022, 2021, and 2020 the Company recorded a valuation allowance of $49.2 million, $62.3 million and $3.0 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 2021, the Company reversed valuation allowances of $28.7 million related to net operating loss carryforwards and capital loss carryforwards that were utilized as a result of taxable income and capital gains recognized during the period.
(3)During 2020, the Company adjusted the carrying amount of its federal and state capital loss carryforwards due to the filing of its 2019 income tax returns during the quarter ending December 31, 2020. As a result of the increase in the capital loss carryforwards shown on the final tax filings, the Company increased the valuation allowances by $1.1 billion to fully offset those assets as they are not expected to be utilized in future periods.
v3.22.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 31, 2022
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 Group (“Katz Media”), a full-service media representation business, and RCS Sound Software ("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 for purposes of making decisions about allocation of resources to, and assessing performance of, each reportable segment. 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.
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.
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.
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.
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.
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.
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.
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 ("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.
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. Amounts related to insurance and property taxes in lease arrangements when billed on a pass-through basis are allocated to the lease and non-lease components of the lease based on their relative standalone selling prices.
Certain of the Company's leases provide options to extend the terms of the agreements. 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 assured, 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 material residual value guarantees or material 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.
Intangible Assets
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 dramatic 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 normally performs its annual impairment test for its FCC licenses using a direct valuation technique as prescribed in ASC 805-20-S99. 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. However, as a result of uncertainty related to COVID-19 and its negative impact on the Company's business and the public trading values of its debt and equity, the Company performed an interim impairment test on its indefinite-lived intangible assets as of March 31, 2020. For a complete discussion of our annual impairment tests as well as the interim test performed, see Note 4, Property, Plant and Equipment, Intangible Assets and Goodwill.
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.
The Company tests for possible impairment of other intangible assets whenever events and circumstances indicate that they might be impaired and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amounts of those assets. When specific assets are determined to be unrecoverable, the cost basis of the asset is reduced to reflect the current fair market value.
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 Company's annual impairment test includes a full quantitative assessment, which involves the preparation of a fair value estimate for each reporting unit based on the most recent projected financial results, market and industry factors, including comparison to peer companies and the application of the Company's current estimated WACC. The Company performs its annual impairment test on its goodwill on July 1 of each year. However, as a result of uncertainty related to COVID-19 and its negative impact on the Company's business and the public trading values of its debt and equity, the Company performed an interim impairment test on its goodwill as of March 31, 2020. The Company performed another interim impairment test on goodwill as of January 1, 2021 as a result of the changes in the Company's management structure and its reportable segments effective at the beginning of 2021. For a complete discussion of our annual impairment tests as well as the interim tests performed, see Note 4, Property, Plant and Equipment, Intangible Assets and Goodwill.
Other Investments
Other Investments

We apply Accounting Standards Update ("ASU") 2016-01 Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities ("ASU 2016-01"), 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
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, 2022 and 2021.
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 were 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
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 and virtual 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. Certain of the Company’s contracts with customers include options for the customer to acquire additional goods or services for free or at a discount, and management judgment is required to determine whether these options are material rights that are separate performance obligations.
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. The Company has concluded that the contractual prices for the promised goods and services in its standard contracts generally approximate management’s best estimate of standalone selling price as the rates reflect various factors such as the size and characteristics of the target audience, market location and size, and recent market selling prices. 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 Advertising ExpenseThe Company records advertising expense as it is incurred.
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 judgments, such as expected volatility, among other factors.
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' equity, “Accumulated other comprehensive loss”. Foreign currency transaction gains and losses are included in Other expense, net in the Statement of Comprehensive Loss.
Reclassifications ReclassificationsCertain prior period amounts have been reclassified to conform to the 2022 presentation.
New Accounting Pronouncements Recently Adopted and New Accounting Pronouncements Not Yet Adopted
New Accounting Pronouncements Recently Adopted
In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of the Interbank Offered Rate Transition on Financial Reporting to provide optional relief from applying generally accepted accounting principles to contracts, hedging relationships and other transactions affected by reference rate reform. In addition, in January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848) – Scope, to clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, to defer the sunset date of the temporary relief in Topic 848 to December 31, 2024. The guidance is effective upon issuance. The adoption of the standard did not have a material impact on the Company's financial position, results of operations, or cash flows.
New Accounting Pronouncements Not Yet Adopted
In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805) - Accounting for Contract Assets and Contract Liabilities from Contracts with Customers which requires an acquirer in a business combination to recognize and measure contract assets and contract liabilities in accordance with Accounting Standards Codification 606. The amendments of ASU 2021-08 are effective for interim and annual periods beginning after December 15, 2022. The Company does not expect the adoption of this standard to have a material impact on its financial position, results of operations, or cash flows.
v3.22.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2022
Accounting Policies [Abstract]  
Restrictions on Cash and Cash Equivalents
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the Consolidated Balance Sheets to the total of the amounts reported in the Consolidated Statements of Cash Flows:
(In thousands)December 31,
2022		December 31,
2021
Cash and cash equivalents$336,236 $352,129 
Restricted cash included in:
  Other current assets425 425 
Total cash, cash equivalents and restricted cash in the Statement of Cash Flows$336,661 $352,554 
v3.22.4
REVENUE (Tables)
 12 Months Ended
Dec. 31, 2022
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The following table shows revenue streams for the Company for the years ended December 31, 2022, 2021, and 2020:
(In thousands)Multiplatform GroupDigital Audio GroupAudio and Media Services GroupEliminationsConsolidated
Year Ended December 31, 2022
Revenue from contracts with customers:
  Broadcast Radio(1)
$1,887,433 $— $— $— $1,887,433 
  Networks(2)
503,244 — — — 503,244 
  Sponsorship and Events(3)
188,985 — — — 188,985 
  Digital, excluding Podcast(4)
— 663,392 — (5,238)658,154 
  Podcast(5)
— 358,432 — — 358,432 
  Audio & Media Services(6)
— — 304,302 (5,348)298,954 
  Other(7)
16,140 — — (447)15,693 
     Total2,595,802 1,021,824 304,302 (11,033)3,910,895 
Revenue from leases(8)
1,388 — — — 1,388 
Revenue, total$2,597,190 $1,021,824 $304,302 $(11,033)$3,912,283 
Year Ended December 31, 2021
Revenue from contracts with customers:
  Broadcast Radio(1)
$1,812,252 $— $— $— $1,812,252 
  Networks(2)
503,052 — — — 503,052 
  Sponsorship and Events(3)
160,322 — — — 160,322 
  Digital, excluding Podcast(4)
— 581,918 — (5,845)576,073 
  Podcast(5)
— 252,564 — — 252,564 
  Audio & Media Services(6)
— — 247,957 (6,602)241,355 
  Other(7)
11,958 — — (670)11,288 
     Total2,487,584 834,482 247,957 (13,117)3,556,906 
Revenue from leases(8)
1,434 — — — 1,434 
Revenue, total$2,489,018 $834,482 $247,957 $(13,117)$3,558,340 
Year Ended December 31, 2020
Revenue from contracts with customers:
  Broadcast Radio(1)
$1,604,880 $— $— $— $1,604,880 
  Networks(2)
484,950 — — — 484,950 
  Sponsorship and Events(3)
107,654 — — — 107,654 
  Digital, excluding Podcast(4)
— 372,687 — — 372,687 
  Podcast(5)
— 101,684 — — 101,684 
  Audio & Media Services(6)
— — 274,749 (7,086)267,663 
  Other(7)
7,276 — — (670)6,606 
     Total2,204,760 474,371 274,749 (7,756)2,946,124 
Revenue from leases(8)
2,094 — 2,094 
Revenue, total$2,206,854 $474,371 $274,749 $(7,756)$2,948,218 

(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 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.
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:
Year Ended December 31,
(In thousands)202220212020
Consolidated:
  Trade and barter revenues$229,009 $175,519 $158,383 
  Trade and barter expenses188,161 149,846 154,715 
Schedule of Changes in Contract Assets and Liabilities
The following tables show the Company’s deferred revenue balance from contracts with customers:
Year Ended December 31,
(In thousands)202220212020
Deferred revenue from contracts with customers:
  Beginning balance(1)
$161,114 $145,493 $162,068 
    Revenue recognized, included in beginning balance(117,947)(93,195)(95,531)
    Additions, net of revenue recognized during period, and other114,743108,81678,956
  Ending balance$157,910 $161,114 $145,493 
(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.
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity
As of December 31, 2022, the future lease payments to be received by the Company are as follows:
(In thousands)
2023$959 
2024723 
2025541 
2026425 
2027372 
Thereafter1,259 
  Total minimum future rentals$4,279 
v3.22.4
LEASES (Tables)
 12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Components of Lease Expense
The following tables provide the components of lease expense included within the Consolidated Statement of Comprehensive Loss for the years ended December 31, 2022, 2021, and 2020:
Year Ended December 31,
(In thousands)202220212020
Operating lease expense$144,592 $153,042 $151,448 
Variable lease expense32,398 31,516 31,451 
Non-cash impairment of ROU assets(1)
8,683 44,311 8,043 

(1)In addition to non-cash impairment of ROU assets, the Company recorded an additional $0.7 million and $13.4 million of non-cash impairments related to leasehold improvements in 2022 and 2021, respectfully. The amounts related to leasehold improvements were immaterial for 2020.
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, 2022:
December 31,
2022
Operating lease weighted average remaining lease term (in years)13.3
Operating lease weighted average discount rate6.7 %
Lessee, Operating Lease, Liability, Maturity
As of December 31, 2022, the Company’s future maturities of operating lease liabilities were as follows:
(In thousands)
2023$127,636 
2024134,136 
2025123,259 
2026112,557 
2027100,569 
Thereafter819,321 
  Total lease payments$1,417,478 
Less: Effect of discounting498,535 
  Total operating lease liability$918,943 
Schedule of Cash Flow, Supplemental Disclosures
The following table provides supplemental cash flow information related to leases for the years ended December 31, 2022, 2021, and 2020:
Year Ended December 31,
(In thousands)202220212020
Cash paid for amounts included in measurement of operating lease liabilities$141,340 $136,780 $139,507 
Lease liabilities arising from obtaining right-of-use assets(1)
173,23574,745 56,243 
(1) Lease liabilities from obtaining right-of-use assets includes new leases entered into during the years ended December 31, 2022, 2021, and 2020.
v3.22.4
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL (Tables)
 12 Months Ended
Dec. 31, 2022
Property, Plant and Equipment [Abstract]  
Schedule of Property, Plant and Equipment
The Company’s property, plant and equipment consisted of the following classes of assets as of December 31, 2022 and 2021, respectively:
(In thousands)December 31,
2022		December 31,
2021
Land, buildings and improvements$340,692 $355,474 
Towers, transmitters and studio equipment215,655 180,571 
Computer equipment and software617,794 521,872 
Furniture and other equipment41,924 35,390 
Construction in progress29,091 64,732 
1,245,156 1,158,039 
Less: accumulated depreciation550,314 375,946 
Property, plant and equipment, net$694,842 $782,093 
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 as of December 31, 2022, and December 31, 2021, respectively:
(In thousands)December 31, 2022December 31, 2021
Gross Carrying AmountAccumulated AmortizationGross Carrying AmountAccumulated Amortization
Customer / advertiser relationships$1,652,455 $(633,352)$1,646,402 $(459,620)
Talent and other contracts338,900 (160,500)338,900 (117,337)
Trademarks and tradenames335,862 (122,403)335,862 (88,252)
Other18,443 (9,735)17,794 (7,149)
Total$2,345,660 $(925,990)$2,338,958 $(672,358)
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:
(In thousands)
2023$245,900 
2024244,707 
2025213,514 
2026201,512 
2027176,171 
Schedule of Changes in the Carrying Amount of Goodwill
The following tables present the changes in the carrying amount of goodwill:
(In thousands)Multiplatform GroupDigital Audio GroupAudio & Media Services GroupConsolidated
Balance as of January 1, 2021(1)
$1,462,217 $579,319 $104,399 $2,145,935 
Acquisitions1,267 168,031 — 169,298 
Dispositions(1,446)— — (1,446)
Foreign currency— — (206)(206)
Balance as of December 31, 2021$1,462,038 $747,350 $104,193 $2,313,581 
Dispositions(16)— — (16)
Foreign currency— — (162)(162)
Balance as of December 31, 2022$1,462,022 $747,350 $104,031 $2,313,403 
(1) Goodwill balance is presented net of accumulated impairment losses of $1.2 billion related to the Multiplatform Group segment. No impairments were recorded in 2022 or 2021.
v3.22.4
INVESTMENTS (Tables)
 12 Months Ended
Dec. 31, 2022
Schedule of Investments [Abstract]  
Summary of Investments in Nonconsolidated Affiliates and Other Securities
The following table summarizes the Company's investments in nonconsolidated affiliates and other securities:
(In thousands)Available-for-Sale Debt SecuritiesEquity Method InvestmentsOther InvestmentsMarketable Equity SecuritiesTotal Investments
Balance at December 31, 2020$31,456 $11,065 $26,624 $1,429 $70,574 
Purchases of investments7,263 690 15,368 — 23,321 
Equity in loss— (1,138)— — (1,138)
Disposals (426)— (1,172)— (1,598)
Gain (loss) on investments(62)— (8,680)2,801 (5,941)
Other(4,363)— 5,070 — 707 
Balance at December 31, 2021$33,868 $10,617 $37,210 $4,230 $85,925 
Purchases of investments13,458 2,813 25,102 — 41,373 
Equity in income— (11)— — (11)
Disposals(239)— — (326)(565)
Gain (loss) on investments, net(6,520)— 11,332 (6,433)(1,621)
Other(1,454)— (1,407)2,981 120 
Balance at December 31, 2022$39,113 $13,419 $72,237 $452 $125,221 
v3.22.4
LONG-TERM DEBT (Tables)
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt
Long-term debt outstanding as of December 31, 2022 and 2021 consisted of the following:
(In thousands)December 31,
2022		December 31,
2021
Term Loan Facility due 2026$1,864,032 $1,864,032 
Incremental Term Loan Facility due 2026401,220 401,220 
Asset-based Revolving Credit Facility due 2023— — 
Asset-based Revolving Credit Facility due 2027(1)(2)
— — 
6.375% Senior Secured Notes due 2026
800,000 800,000 
5.25% Senior Secured Notes due 2027
750,000 750,000 
4.75% Senior Secured Notes due 2028
500,000 500,000 
Other secured subsidiary debt(3)
4,462 5,350 
Total consolidated secured debt4,319,714 4,320,602 
8.375% Senior Unsecured Notes due 2027(4)
1,120,366 1,450,000 
Other unsecured subsidiary debt52 90 
Original issue discount(10,569)(13,454)
Long-term debt fees(15,396)(18,370)
Total debt5,414,167 5,738,868 
Less: Current portion664 673 
Total long-term debt$5,413,503 $5,738,195 

(1)On May 17, 2022, we entered into a $450.0 million senior secured asset-based revolving credit facility (the "New ABL Facility"), maturing in 2027, which refinanced and replaced in its entirety the Company's existing asset-based revolving credit facility (the "Existing ABL Facility"). Refer to the 'Asset-based Revolving Credit Facility due 2027' section below for more information.
(2)As of December 31, 2022, the New ABL Facility had a facility size of $450.0 million, no outstanding borrowings and $25.0 million of outstanding letters of credit, resulting in $425.0 million of borrowing base availability.
(3)Other secured subsidiary debt consists of finance lease obligations maturing at various dates from 2023 through 2045.
(4)During the year ended December 31, 2022, we repurchased of $329.6 million aggregate principal amount of iHeartCommunications, Inc.'s 8.375% Senior Unsecured Notes due 2027 for $299.4 million in cash, excluding accrued interest. The repurchased notes were subsequently cancelled and retired, resulting in a gain on extinguishment of debt of $30.2 million.
Schedule of Future Maturities of Long-term Debt
Future maturities of long-term debt at December 31, 2022 are as follows:
(in thousands)
2023$664 
2024401 
2025287 
20263,065,458 
20271,870,467 
Thereafter502,855 
Total (1)
$5,440,132 
(1)Excludes original issue discount of $10.6 million and long-term debt fees of $15.4 million, which are amortized through interest expense over the life of the underlying debt obligations..
v3.22.4
COMMITMENTS AND CONTINGENCIES (Tables)
 12 Months Ended
Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]  
Other Commitments
As of December 31, 2022, the Company's future minimum payments under non-cancelable contracts in excess of one year and employment/talent contracts consist of the following:
(In thousands)
Non-CancelableEmployment/Talent
ContractsContracts
2023$269,252 $80,515 
2024142,675 77,825 
202597,084 64,953 
202657,843 27,250 
20279,473 14,000 
Thereafter2,677 15,000 
Total$579,004 $279,543 
v3.22.4
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2022
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:
(In thousands)Year Ended December 31,
202220212020
Current – Federal
$(54,934)$(2,169)$(652)
Current – foreign
(4,891)(2,177)(1,674)
Current – state
(19,312)(14,919)1,680 
Total current expense(79,137)(19,265)(646)
Deferred – Federal
65,553 932 172,302 
Deferred – foreign
1,659 976 28 
Deferred – state
7,206 8,966 11,939 
Total deferred benefit74,418 10,874 184,269 
Income tax benefit (expense)$(4,719)$(8,391)$183,623 
Schedule of Significant Components of Deferred Tax Liabilities and Assets
Significant components of the Company's deferred tax liabilities and assets as of December 31, 2022 and 2021 are as follows:
(In thousands)20222021
Deferred tax liabilities:
Intangibles$659,378 $821,449 
Fixed Assets101,934 109,957 
Deferred Income44,261 — 
Operating lease right-of-use assets199,926 187,938 
Total deferred tax liabilities1,005,499 1,119,344 
Deferred tax assets:
Accrued expenses16,665 22,003 
Net operating loss carryforwards141,163 157,095 
Interest expense carryforwards346,354 337,660 
Operating lease liabilities233,003 210,227 
Capital loss carryforwards1,655,534 1,651,413 
Investments10,992 18,956 
Bad debt reserves10,172 13,078 
Other8,997 4,833 
Total gross deferred tax assets2,422,880 2,415,265 
Less: Valuation allowance1,901,191 1,854,143 
Total deferred tax assets521,689 561,122 
Net deferred tax liabilities$483,810 $558,222 
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:
Year Ended December 31,
(In thousands)202220212020
AmountPercentAmountPercentAmountPercent
Income tax benefit at statutory rates$54,170 21.0 %$31,500 21.0 %$440,758 21.0 %
State income taxes, net of federal tax effect
(3,548)(1.4)%3,325 2.2 %13,619 0.7 %
Foreign income taxes(1,615)(0.6)%(978)(0.7)%(1,187)(0.1)%
Nondeductible items(7,497)(2.9)%(10,264)(6.8)%(8,928)(0.4)%
Changes in valuation allowance and other estimates
(52,293)(20.3)%(35,093)(23.4)%(30,531)(1.5)%
Impairment charges— — %— — %(257,119)(12.3)%
Tax credits3,848 1.5 %4,831 3.2 %3,353 0.2 %
Other, net2,216 0.9 %(1,712)(1.1)%23,658 1.1 %
Income tax benefit (expense)$(4,719)(1.8)%$(8,391)(5.6)%$183,623 8.7 %
Schedule of Unrecognized Tax Benefits
(In thousands)Years Ended December 31,
Unrecognized Tax Benefits20222021
Balance at beginning of period$18,045 $14,681 
Increases for tax position taken in the current year5,584 1,911 
Increases for tax positions taken in previous years1,593 2,937 
Decreases for tax position taken in previous years— (217)
Decreases due to lapse of statute of limitations(1,399)(1,267)
Balance at end of period$23,823 $18,045 
v3.22.4
STOCKHOLDERS' DEFICIT (Tables)
 12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Schedule of Assumptions Used to Calculate Fair Value of Options
The following assumptions were used to calculate the fair value of the Company's options on the date of grant:
Year Ended December 31,
20212020
Expected volatility56%
44% – 57%
Expected life in years
6.2 – 6.3
6.0 – 6.3
Risk-free interest rate
0.79% – 1.15%
0.35% – 1.41%
Dividend yield—%—%
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, 2022 ("Price" reflects the weighted average exercise price per share):
(In thousands, except per share data)OptionsPriceWeighted
Average
Remaining
Contractual Term
Outstanding, January 1, 20227,615 $16.14 5.1 years
Granted— 
Exercised(31)15.20 
Forfeited(54)12.67 
Expired(20)18.32 
Outstanding, December, 31, 20227,510 16.16 4.0 years
Exercisable5,180 16.95 3.5 years
Expected to Vest2,330 14.41 5.2 years
Summary of Unvested Options and Changes
A summary of the Company's unvested options and changes during the year ended December 31, 2022 is presented below:
(In thousands, except per share data)OptionsWeighted Average Grant Date Fair Value
Unvested, January 1, 20224,050 $5.43 
Granted— 
Vested (1)
(1,666)5.33 
Forfeited(54)5.28 
Unvested, December 31, 20222,330 5.51 
(1)The total fair value of the options vested during the year ended December 31, 2022 was $8.9 million.
Summary 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, 2022 (“Price” reflects the weighted average share price at the date of grant):
(In thousands, except per share data)AwardsPrice
Outstanding, January 1, 20221,966 $15.20 
Granted3,154 12.03 
Vested (restriction lapsed)(843)15.15 
Forfeited(83)15.54 
Outstanding, December 31, 20224,194 12.82 
The following table presents a summary of the Company's Performance RSUs outstanding and activity as of and during the year ended December 31, 2022 (“Price” reflects the weighted average share price at the date of grant):
(In thousands, except per share data)AwardsPrice
Outstanding, January 1, 2022556 $8.98 
Granted2,055 13.57 
Vested (restriction lapsed)(556)8.98 
Forfeited— — 
Outstanding, December 31, 20222,055 13.57 
Schedule of Stock by Class
The following table presents the Company's Class A Common Stock, Class B Common Stock and Special Warrants issued and outstanding as of December 31, 2022:
(In thousands, except share and per share data)December 31,
2022
Class A Common Stock, par value $.001 per share, 1,000,000,000 shares authorized
122,370,425 
Class B Common Stock, par value $.001 per share, 1,000,000,000 shares authorized
21,477,181 
Special Warrants5,111,312 
  Total Class A Common Stock, Class B Common Stock and Special Warrants issued and outstanding148,958,918 
Schedule of Loss Per Share
(In thousands, except per share data)Year Ended December 31,
 202220212020
NUMERATOR: 
Net loss attributable to the Company – common shares$(264,663)$(159,199)$(1,914,699)
DENOMINATOR(1):
 
Weighted average common shares outstanding - basic148,058 146,726 145,979 
  Stock options and restricted stock(2):
— — — 
Weighted average common shares outstanding - diluted148,058 146,726 145,979 
Net loss attributable to the Company per common share: 
Basic$(1.79)$(1.09)$(13.12)
Diluted$(1.79)$(1.09)$(13.12)
(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, 2022, December 31, 2021 and December 31, 2020.(2)Outstanding equity awards representing $11.0 million, $10.5 million and $9.1 million shares of Class A common stock of the Company for the years ended December 31, 2022, December 31, 2021, and December 31, 2020, respectively, were not included in the computation of diluted earnings per share because to do so would have been antidilutive.
v3.22.4
SEGMENT DATA (Tables)
 12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
Schedule of Operating Segment Results
The following tables present the Company's segment results for the years ended December 31, 2022, December 31, 2021, and December 31, 2020 :
Segments
(In thousands)Multiplatform GroupDigital Audio GroupAudio & Media Services GroupCorporate and other reconciling itemsEliminationsConsolidated
Year Ended December 31, 2022
Revenue$2,597,190 $1,021,824 $304,302 $— $(11,033)$3,912,283 
Operating expenses(1)
1,831,491 712,786 191,407 237,343 (11,033)2,961,994 
Segment Adjusted EBITDA(2)
$765,699 $309,038 $112,895 $(237,343)$— $950,289 
Depreciation and amortization(445,664)
Impairment charges(311,489)
Other operating expense, net(24,998)
Restructuring expenses(75,821)
Share-based compensation expense(35,457)
Operating income$56,860 
Segment assets$6,319,790 $1,056,985 $350,388 $612,113 $(3,389)$8,335,887 
Intersegment revenues447 5,239 5,347 — — 11,033 
Capital expenditures 119,624 21,261 8,172 11,912 — 160,969 
Share-based compensation expense— — — 35,457 — 35,457 
Segments
(In thousands)Multiplatform GroupDigital Audio GroupAudio & Media Services GroupCorporate and other reconciling itemsEliminationsConsolidated
Year Ended December 31, 2021
Revenue$2,489,018 $834,482 $247,957 $— $(13,117)$3,558,340 
Operating expenses(1)
1,745,680 573,835 171,766 269,043 (13,117)2,747,207 
Segment Adjusted EBITDA(2)
$743,338 $260,647 $76,191 $(269,043)$— $811,133 
Depreciation and amortization(469,417)
Impairment charges(57,734)
Other operating expense, net(32,320)
Restructuring expenses(73,262)
Share-based compensation expense(23,543)
Operating income$154,857 
Segment assets$6,953,772 $1,088,471 $438,773 $403,898 $(3,605)$8,881,309 
Intersegment revenues670 5,845 6,602 — — 13,117 
Capital expenditures130,894 23,907 14,515 14,056 — 183,372 
Share-based compensation expense— — — 23,543 — 23,543 
Segments
(In thousands)Multiplatform GroupDigital Audio GroupAudio & Media Services GroupCorporate and other reconciling itemsEliminationsConsolidated
Balance at December 31, 2020
Revenue$2,206,854 $474,371 $274,749 $— $(7,756)$2,948,218 
Operating expenses(1)
1,723,449 343,598 180,081 170,173 (7,756)2,409,545 
Segment Adjusted EBITDA(2)
$483,405 $130,773 $94,668 $(170,173)$— $538,673 
Depreciation and amortization(402,929)
Impairment charges(1,738,752)
Other operating expense, net(11,344)
Restructuring expenses(100,410)
Share-based compensation expense(22,862)
Operating loss$(1,737,624)
Segment Assets$7,736,229 $187,051 $473,628 $809,638 $(3,585)$9,202,961 
Intersegment revenues670 — 7,086 — — 7,756 
Capital expenditures51,559 16,086 5,105 12,455 — 85,205 
Share-based compensation expense— — — 22,862 — 22,862 
(1) Consolidated operating expenses consist of Direct operating expenses and Selling, general and administrative expenses and exclude Restructuring expenses, share-based compensation expenses and depreciation and amortization. (2) For a definition of Adjusted EBITDA for the consolidated company and a reconciliation to Operating loss, the most closely comparable GAAP measure, and to Net loss, please see "Reconciliation of Operating Income (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.
v3.22.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
USD ($)
segment
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Mar. 27, 2020
USD ($)
Subsequent Event [Line Items]        
Number of reportable segments | segment 3      
Allowable interest deductions, increase (decrease) during period, CARES Act     $ 179,400  
Employer social security payments, deferred payment, CARES Act     29,300  
Refundable payroll tax credit, CARES Act       $ 12,400
Refundable payroll tax credit received, CARES Act $ 7,900 $ 3,800 700  
Cash and cash equivalents $ 336,236 352,129    
Media representation contracts term 10 years      
Advertising expenses $ 166,100 166,100 167,200  
Advertising expense, barter costs $ 138,300 $ 130,100 $ 133,000  
Computer equipment and software        
Subsequent Event [Line Items]        
Estimate useful lives 3 years      
Minimum | Buildings and improvements        
Subsequent Event [Line Items]        
Estimate useful lives 10 years      
Minimum | Towers, transmitters and studio equipment        
Subsequent Event [Line Items]        
Estimate useful lives 5 years      
Minimum | Furniture and other equipment        
Subsequent Event [Line Items]        
Estimate useful lives 5 years      
Maximum | Buildings and improvements        
Subsequent Event [Line Items]        
Estimate useful lives 39 years      
Maximum | Towers, transmitters and studio equipment        
Subsequent Event [Line Items]        
Estimate useful lives 40 years      
Maximum | Furniture and other equipment        
Subsequent Event [Line Items]        
Estimate useful lives 7 years      
v3.22.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Accounting Policies [Abstract]        
Cash and cash equivalents $ 336,236 $ 352,129    
Restricted cash included in:        
Other current assets 425 425    
Total cash, cash equivalents and restricted cash in the Statement of Cash Flows $ 336,661 $ 352,554 $ 721,187 $ 411,618
v3.22.4
REVENUE - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Disaggregation of Revenue [Line Items]      
Revenues $ 3,910,895 $ 3,556,906 $ 2,946,124
Revenue from leases 1,388 1,434 2,094
Revenue, total 3,912,283 3,558,340 2,948,218
Broadcast Radio      
Disaggregation of Revenue [Line Items]      
Revenues 1,887,433 1,812,252 1,604,880
Networks      
Disaggregation of Revenue [Line Items]      
Revenues 503,244 503,052 484,950
Sponsorship and Events      
Disaggregation of Revenue [Line Items]      
Revenues 188,985 160,322 107,654
Digital, excluding Podcast      
Disaggregation of Revenue [Line Items]      
Revenues 658,154 576,073 372,687
Podcast      
Disaggregation of Revenue [Line Items]      
Revenues 358,432 252,564 101,684
Audio & Media Services      
Disaggregation of Revenue [Line Items]      
Revenues 298,954 241,355 267,663
Other      
Disaggregation of Revenue [Line Items]      
Revenues 15,693 11,288 6,606
Operating Segments | Multiplatform Group      
Disaggregation of Revenue [Line Items]      
Revenues 2,595,802 2,487,584 2,204,760
Revenue from leases 1,388 1,434 2,094
Revenue, total 2,597,190 2,489,018 2,206,854
Operating Segments | Multiplatform Group | Broadcast Radio      
Disaggregation of Revenue [Line Items]      
Revenues 1,887,433 1,812,252 1,604,880
Operating Segments | Multiplatform Group | Networks      
Disaggregation of Revenue [Line Items]      
Revenues 503,244 503,052 484,950
Operating Segments | Multiplatform Group | Sponsorship and Events      
Disaggregation of Revenue [Line Items]      
Revenues 188,985 160,322 107,654
Operating Segments | Multiplatform Group | Digital, excluding Podcast      
Disaggregation of Revenue [Line Items]      
Revenues 0 0 0
Operating Segments | Multiplatform Group | Podcast      
Disaggregation of Revenue [Line Items]      
Revenues 0 0 0
Operating Segments | Multiplatform Group | Audio & Media Services      
Disaggregation of Revenue [Line Items]      
Revenues 0 0 0
Operating Segments | Multiplatform Group | Other      
Disaggregation of Revenue [Line Items]      
Revenues 16,140 11,958 7,276
Operating Segments | Digital Audio Group      
Disaggregation of Revenue [Line Items]      
Revenues 1,021,824 834,482 474,371
Revenue from leases 0 0 0
Revenue, total 1,021,824 834,482 474,371
Operating Segments | Digital Audio Group | Broadcast Radio      
Disaggregation of Revenue [Line Items]      
Revenues 0 0 0
Operating Segments | Digital Audio Group | Networks      
Disaggregation of Revenue [Line Items]      
Revenues 0 0 0
Operating Segments | Digital Audio Group | Sponsorship and Events      
Disaggregation of Revenue [Line Items]      
Revenues 0 0 0
Operating Segments | Digital Audio Group | Digital, excluding Podcast      
Disaggregation of Revenue [Line Items]      
Revenues 663,392 581,918 372,687
Operating Segments | Digital Audio Group | Podcast      
Disaggregation of Revenue [Line Items]      
Revenues 358,432 252,564 101,684
Operating Segments | Digital Audio Group | Audio & Media Services      
Disaggregation of Revenue [Line Items]      
Revenues 0 0 0
Operating Segments | Digital Audio Group | Other      
Disaggregation of Revenue [Line Items]      
Revenues 0 0 0
Operating Segments | Audio & Media Services Group      
Disaggregation of Revenue [Line Items]      
Revenues 304,302 247,957 274,749
Revenue from leases 0 0
Revenue, total 304,302 247,957 274,749
Operating Segments | Audio & Media Services Group | Broadcast Radio      
Disaggregation of Revenue [Line Items]      
Revenues 0 0 0
Operating Segments | Audio & Media Services Group | Networks      
Disaggregation of Revenue [Line Items]      
Revenues 0 0 0
Operating Segments | Audio & Media Services Group | Sponsorship and Events      
Disaggregation of Revenue [Line Items]      
Revenues 0 0 0
Operating Segments | Audio & Media Services Group | Digital, excluding Podcast      
Disaggregation of Revenue [Line Items]      
Revenues 0 0 0
Operating Segments | Audio & Media Services Group | Podcast      
Disaggregation of Revenue [Line Items]      
Revenues 0 0 0
Operating Segments | Audio & Media Services Group | Audio & Media Services      
Disaggregation of Revenue [Line Items]      
Revenues 304,302 247,957 274,749
Operating Segments | Audio & Media Services Group | Other      
Disaggregation of Revenue [Line Items]      
Revenues 0 0 0
Consolidation, Eliminations      
Disaggregation of Revenue [Line Items]      
Revenues (11,033) (13,117) (7,756)
Revenue from leases 0 0
Revenue, total (11,033) (13,117) (7,756)
Consolidation, Eliminations | Broadcast Radio      
Disaggregation of Revenue [Line Items]      
Revenues 0 0 0
Consolidation, Eliminations | Networks      
Disaggregation of Revenue [Line Items]      
Revenues 0 0 0
Consolidation, Eliminations | Sponsorship and Events      
Disaggregation of Revenue [Line Items]      
Revenues 0 0 0
Consolidation, Eliminations | Digital, excluding Podcast      
Disaggregation of Revenue [Line Items]      
Revenues (5,238) (5,845) 0
Consolidation, Eliminations | Podcast      
Disaggregation of Revenue [Line Items]      
Revenues 0 0 0
Consolidation, Eliminations | Audio & Media Services      
Disaggregation of Revenue [Line Items]      
Revenues (5,348) (6,602) (7,086)
Consolidation, Eliminations | Other      
Disaggregation of Revenue [Line Items]      
Revenues $ (447) $ (670) $ (670)
v3.22.4
REVENUE - Trade and Barter (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Disaggregation of Revenue [Line Items]      
Trade and barter revenues $ 3,910,895 $ 3,556,906 $ 2,946,124
Investment made in exchange for services 41,400 17,500  
Trade and Barter Transactions      
Disaggregation of Revenue [Line Items]      
Trade and barter revenues 229,009 175,519 158,383
Trade and barter expenses 188,161 149,846 154,715
Investment made in exchange for services $ 40,700 $ 16,300 $ 10,500
v3.22.4
REVENUE - Schedule of Contract Assets and Liabilities (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Contract Liabilities      
Beginning balance $ 161,114 $ 145,493 $ 162,068
Revenue recognized, included in beginning balance (117,947) (93,195) (95,531)
Additions, net of revenue recognized during period, and other 114,743 108,816 78,956
Ending balance $ 157,910 $ 161,114 $ 145,493
v3.22.4
REVENUE - Deferred Revenue, Remaining Performance Obligations (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
$ in Millions
Dec. 31, 2022
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation, amount $ 320.8
Remaining performance obligation, period 5 years
v3.22.4
REVENUE - Revenue From Leases (Details)
$ in Thousands
Dec. 31, 2022
USD ($)
Operating Leases, Future Minimum Payments Receivable [Abstract]  
2023 $ 959
2024 723
2025 541
2026 425
2027 372
Thereafter 1,259
Total minimum future rentals $ 4,279
v3.22.4
LEASES - Components of Lease Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Lessee, Lease, Description [Line Items]      
Operating lease expense $ 144,592 $ 153,042 $ 151,448
Variable lease expense 32,398 31,516 31,451
Non-cash Impairment of ROU Assets 8,683 44,311 8,043
Leasehold Improvements      
Lessee, Lease, Description [Line Items]      
Non-cash Impairment of ROU Assets $ 700 $ 13,400 $ 0
v3.22.4
LEASES - Summary of Weighted Average Lease Term and Discount Rate (Details)
Dec. 31, 2022
Leases [Abstract]  
Operating lease weighted average remaining lease term (in years) 13 years 3 months 18 days
Operating lease weighted average discount rate 6.70%
v3.22.4
LEASES - Schedule of Future Minimum Lease Payments (Details)
$ in Thousands
Dec. 31, 2022
USD ($)
Leases [Abstract]  
2023 $ 127,636
2024 134,136
2025 123,259
2026 112,557
2027 100,569
Thereafter 819,321
Total lease payments 1,417,478
Less: Effect of discounting 498,535
Total operating lease liability $ 918,943
v3.22.4
LEASES - Supplemental Cash Flow Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Leases [Abstract]      
Cash paid for amounts included in measurement of operating lease liabilities $ 141,340 $ 136,780 $ 139,507
Lease liabilities arising from obtaining right-of-use assets 173,235 74,745 56,243
Non-cash operating lease expense $ 87,200 $ 114,500 $ 103,400
v3.22.4
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Narrative (Details) - USD ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2021
Sep. 30, 2022
Mar. 31, 2020
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]            
Goodwill       $ 2,313,403,000 $ 2,313,581,000 $ 2,145,935,000
Indefinite-lived intangible assets impairment test, forecast period       10 years    
Amortization of intangible assets       $ 253,600,000 280,600,000 $ 258,900,000
Goodwill impairment     $ 1,200,000,000 $ 0 $ 0  
Impairment Of Intangible Asset, Indefinite-Lived Excluding Goodwill, Statement Of Income Or Comprehensive Income Extensible Enumeration, Not Disclosed Flag   non-cash impairment charge        
Licensing Agreements            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]            
Non-cash impairment charge   $ 302,100,000 $ 502,700,000      
Triton Digital            
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]            
Amount paid for acquisition $ 228,500,000          
Current and fixed assets acquired 69,400,000          
Intangible assets acquired 191,300,000          
Goodwill 168,000,000          
Tax-deductible goodwill 6,900,000          
Liabilities assumed $ 32,200,000          
v3.22.4
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Schedule Of Property, Plant And Equipment (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 1,245,156 $ 1,158,039
Less: accumulated depreciation 550,314 375,946
Property, plant and equipment, net 694,842 782,093
Land, buildings and improvements    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 340,692 355,474
Towers, transmitters and studio equipment    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 215,655 180,571
Computer equipment and software    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 617,794 521,872
Furniture and other equipment    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 41,924 35,390
Construction in progress    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 29,091 $ 64,732
v3.22.4
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, 2022
Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 2,345,660 $ 2,338,958
Accumulated Amortization (925,990) (672,358)
Customer / advertiser relationships    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 1,652,455 1,646,402
Accumulated Amortization (633,352) (459,620)
Talent and other contracts    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 338,900 338,900
Accumulated Amortization (160,500) (117,337)
Trademarks and tradenames    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 335,862 335,862
Accumulated Amortization (122,403) (88,252)
Other    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 18,443 17,794
Accumulated Amortization $ (9,735) $ (7,149)
v3.22.4
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Schedule of Future Amortization Expense (Details)
$ in Thousands
Dec. 31, 2022
USD ($)
Property, Plant and Equipment [Abstract]  
2023 $ 245,900
2024 244,707
2025 213,514
2026 201,512
2027 $ 176,171
v3.22.4
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Schedule of Goodwill (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Goodwill    
Beginning balance $ 2,313,581 $ 2,145,935
Acquisitions   169,298
Dispositions (16) (1,446)
Foreign currency (162) (206)
Ending balance 2,313,403 2,313,581
Multiplatform Group    
Goodwill    
Beginning balance 1,462,038 1,462,217
Acquisitions   1,267
Dispositions (16) (1,446)
Foreign currency 0 0
Ending balance 1,462,022 1,462,038
Digital Audio Group    
Goodwill    
Beginning balance 747,350 579,319
Acquisitions   168,031
Dispositions 0 0
Foreign currency 0 0
Ending balance 747,350 747,350
Audio & Media Services Group    
Goodwill    
Beginning balance 104,193 104,399
Acquisitions   0
Dispositions 0 0
Foreign currency (162) (206)
Ending balance $ 104,031 $ 104,193
v3.22.4
INVESTMENTS - Summary of Investments in Nonconsolidated Affiliates and Available-for-sale Securities (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Available-for-Sale Debt Securities      
Beginning balance $ 33,868 $ 31,456  
Purchases of investments 13,458 7,263  
Disposals (239) (426)  
Gain (loss) on investments, net (6,520) (62)  
Other (1,454) (4,363)  
Ending balance 39,113 33,868 $ 31,456
Equity Method Investments      
Beginning balance 10,617 11,065  
Purchases of investments 2,813 690  
Equity in income (11) (1,138) (379)
Other 0    
Ending balance 13,419 10,617 11,065
Other Investments      
Beginning balance 37,210 26,624  
Purchases of investments 25,102 15,368  
Disposals   (1,172)  
Gain (loss) on investments, net 11,332 (8,680)  
Other (1,407) 5,070  
Ending balance 72,237 37,210 26,624
Marketable Equity Securities      
Beginning balance 4,230 1,429  
Disposals (326)    
Gain (loss) on investments, net (6,433) 2,801  
Other 2,981    
Ending balance 452 4,230 1,429
Total Investments      
Beginning balance 85,925 70,574  
Purchases of investments 41,373 23,321  
Equity in income (11) (1,138) (379)
Disposals (565) (1,598)  
Gain (loss) on investments, net (1,621) (5,941)  
Other 120 707  
Ending balance $ 125,221 $ 85,925 $ 70,574
v3.22.4
INVESTMENTS - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2022
USD ($)
company
investment
Dec. 31, 2021
USD ($)
investment
company
Dec. 31, 2020
USD ($)
Schedule of Investments [Line Items]      
Investment made in exchange for services | $ $ 41.4 $ 17.5  
Number of investments made in private companies | company 11 7  
Number of investments accounted for under equity method of accounting | investment 1 1  
Number of investments accounted for under cost method | investment 8 3  
Number of investments accounted for as notes receivable convertible into equity | investment 5 3  
Non-cash investment impairments | $ $ 0.0 $ 8.7  
Trade and Barter Transactions      
Schedule of Investments [Line Items]      
Investment made in exchange for services | $ $ 40.7 $ 16.3 $ 10.5
v3.22.4
LONG-TERM DEBT - Schedule of Long-term Debt (Details) - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
May 17, 2022
Jul. 16, 2020
Nov. 22, 2019
Aug. 07, 2019
May 01, 2019
Debt Instrument [Line Items]                
Total debt $ 5,414,167,000 $ 5,738,868,000            
Original issue discount (10,569,000) (13,454,000)            
Long-term debt fees (15,396,000) (18,370,000)            
Less: Current portion 664,000 673,000            
Total long-term debt 5,413,503,000 5,738,195,000            
Gain (loss) on extinguishment of debt 30,214,000 (11,600,000) $ 0          
Secured debt                
Debt Instrument [Line Items]                
Total debt 4,319,714,000 4,320,602,000            
Secured debt | Term Loan Facility due 2026                
Debt Instrument [Line Items]                
Total debt 1,864,032,000 1,864,032,000            
Secured debt | Incremental Term Loan Facility due 2026                
Debt Instrument [Line Items]                
Total debt 401,220,000 401,220,000            
Secured debt | Asset-based Revolving Credit Facility due 2023                
Debt Instrument [Line Items]                
Total debt 0 0            
Secured debt | Asset-based Revolving Credit Facility Due 2027                
Debt Instrument [Line Items]                
Total debt $ 0 0            
Secured debt | 6.375% Senior Secured Notes due 2026                
Debt Instrument [Line Items]                
Stated interest rate (as a percent) 6.375%             6.375%
Total debt $ 800,000,000 800,000,000            
Secured debt | 5.25% Senior Secured Notes due 2027                
Debt Instrument [Line Items]                
Stated interest rate (as a percent) 5.25%           5.25%  
Total debt $ 750,000,000 750,000,000            
Secured debt | 4.75% Senior Secured Notes due 2028                
Debt Instrument [Line Items]                
Stated interest rate (as a percent) 4.75%         4.75%    
Total debt $ 500,000,000 500,000,000       $ 500,000,000    
Secured debt | Other secured subsidiary debt                
Debt Instrument [Line Items]                
Total debt $ 4,462,000 5,350,000            
Unsecured Debt | 8.375% Senior Unsecured Notes due 2027                
Debt Instrument [Line Items]                
Stated interest rate (as a percent) 8.375%             8.375%
Total debt $ 1,120,366,000 1,450,000,000            
Repurchased debt principal amount during period 329,600,000              
Payment for repurchase of debt 299,400,000              
Gain (loss) on extinguishment of debt 30,200,000              
Unsecured Debt | Other unsecured subsidiary debt                
Debt Instrument [Line Items]                
Total debt 52,000 $ 90,000            
Line of Credit | Asset-based Revolving Credit Facility due 2023                
Debt Instrument [Line Items]                
Outstanding borrowings under facility 0              
Line of Credit | Asset-based Revolving Credit Facility due 2023 | Subsidiaries | Revolving Credit Facility                
Debt Instrument [Line Items]                
Borrowing base availability         $ 190,600,000      
Line of Credit | Asset-based Revolving Credit Facility Due 2027 | Subsidiaries | Revolving Credit Facility                
Debt Instrument [Line Items]                
Maximum borrowing capacity 450,000,000     $ 450,000,000        
Letters of credit outstanding 25,000,000              
Borrowing base availability $ 425,000,000              
v3.22.4
LONG-TERM DEBT - Narrative (Details) - USD ($)
$ in Billions
Dec. 31, 2022
Dec. 31, 2021
Debt Disclosure [Abstract]    
Weighted average interest rate 6.90% 5.40%
Aggregate market value of debt $ 4.8 $ 5.9
v3.22.4
LONG-TERM DEBT - Asset-based Revolving Credit Facility due 2027 (Details) - Subsidiaries - Asset-based Revolving Credit Facility Due 2027 - Line of Credit - Revolving credit facility
May 17, 2022
USD ($)
May 01, 2019
USD ($)
d
Jun. 14, 2018
Dec. 31, 2022
USD ($)
Debt Instrument [Line Items]        
Maximum borrowing capacity $ 450,000,000     $ 450,000,000
Line of credit facility, borrowing base terms, percentage of eligible accounts receivable 90.00%      
Line of credit facility, borrowing base terms, percentage of qualified cash 100.00%      
Maximum aggregate increase in credit facility $ 150,000,000      
Letters of credit outstanding       25,000,000
Borrowing base availability       $ 425,000,000
Debt covenant, borrowing capacity threshold   $ 40,000,000    
Debt covenant, percentage of aggregate commitments   10.00%    
Debt covenant, trigger event, number of consecutive business days | d   2    
Debt covenant, minimum fixed charge coverage ratio   1.00    
SOFR        
Debt Instrument [Line Items]        
Basis spread on variable rate 0.10%      
Minimum        
Debt Instrument [Line Items]        
Credit facility unused capacity, commitment fee percentage     0.25%  
Minimum | Eurodollar        
Debt Instrument [Line Items]        
Basis spread on variable rate     1.25%  
Minimum | Base Rate        
Debt Instrument [Line Items]        
Basis spread on variable rate     0.25%  
Maximum        
Debt Instrument [Line Items]        
Credit facility unused capacity, commitment fee percentage     0.375%  
Debt covenant, trigger event, number of consecutive business days | d   20    
Maximum | Eurodollar        
Debt Instrument [Line Items]        
Basis spread on variable rate     1.75%  
Maximum | Base Rate        
Debt Instrument [Line Items]        
Basis spread on variable rate     0.75%  
v3.22.4
LONG-TERM DEBT - Term Loan Facility due 2026 (Details) - USD ($)
 3 Months Ended 12 Months Ended
Jul. 16, 2021
Jul. 16, 2020
Feb. 03, 2020
Feb. 02, 2020
Nov. 22, 2019
Aug. 07, 2019
Jun. 30, 2021
Mar. 31, 2021
Dec. 31, 2020
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
May 01, 2019
Debt Instrument [Line Items]                                
Long-term debt                         $ 5,414,167,000 $ 5,738,868,000    
Payments on credit facilities                         300,135,000 352,383,000 $ 532,392,000  
Secured Debt                                
Debt Instrument [Line Items]                                
Long-term debt                         4,319,714,000 4,320,602,000    
Repayments of secured debt $ 250,000,000                              
Term Loan Facility due 2026 | Secured Debt                                
Debt Instrument [Line Items]                                
Payment for debt extinguishment or debt prepayment cost           $ 740,000,000                    
Long-term debt                         $ 1,864,032,000 1,864,032,000    
Payment of principal         $ 500,000,000                      
Repayments of secured debt 205,700,000                              
Quarterly prepayment requirement             $ 6,400,000 $ 6,400,000 $ 6,400,000 $ 6,400,000 $ 5,250,000 $ 5,250,000        
Debt instrument, prepayment amount $ 250,000,000                              
Prepayment, annual excess cash flow                               50.00%
Prepayment, cash proceeds from sales                               100.00%
Prepayment, cash proceeds from incurrence of debt                               100.00%
Term Loan Facility due 2026 | Secured Debt | Minimum                                
Debt Instrument [Line Items]                                
Prepayment, annual excess cash flow, reduction                               0.00%
Prepayment, cash proceeds from sales , reduction                               0.00%
Term Loan Facility due 2026 | Secured Debt | Maximum                                
Debt Instrument [Line Items]                                
Prepayment, annual excess cash flow, reduction                               25.00%
Prepayment, cash proceeds from sales , reduction                               50.00%
Term Loan Facility due 2026 | Secured Debt | LIBOR                                
Debt Instrument [Line Items]                                
Basis spread on variable rate 3.25%   3.00%                          
Debt instrument, floor rate 0.50%                              
Term Loan Facility due 2026 | Secured Debt | LIBOR | Maximum                                
Debt Instrument [Line Items]                                
Debt instrument, floor rate 1.50%                              
Term Loan Facility due 2026 | Secured Debt | Base Rate                                
Debt Instrument [Line Items]                                
Basis spread on variable rate     2.00%                          
Term Loan Facility due 2026 | Secured Debt | Subsidiaries                                
Debt Instrument [Line Items]                                
Debt instrument, face amount                               $ 3,500,000,000
Payments on credit facilities     $ 150,000,000                          
Term Loan Facility due 2026 | Secured Debt | Subsidiaries | LIBOR                                
Debt Instrument [Line Items]                                
Basis spread on variable rate     3.00% 4.00%                        
Term Loan Facility due 2026 | Secured Debt | Subsidiaries | Base Rate                                
Debt Instrument [Line Items]                                
Basis spread on variable rate 2.25%   2.00% 3.00%                        
5.25% Senior Secured Notes due 2027 | Secured Debt                                
Debt Instrument [Line Items]                                
Debt instrument, face amount           750,000,000                    
Proceeds from issuance of debt           $ 750,000,000                    
Stated interest rate (as a percent)           5.25%             5.25%      
Long-term debt                         $ 750,000,000 750,000,000    
4.75% Senior Secured Notes due 2028 | Secured Debt                                
Debt Instrument [Line Items]                                
Debt instrument, face amount         $ 500,000,000                      
Stated interest rate (as a percent)         4.75%               4.75%      
Long-term debt         $ 500,000,000               $ 500,000,000 500,000,000    
Incremental Term Loan Facility due 2026 | Secured Debt                                
Debt Instrument [Line Items]                                
Proceeds from issuance of debt   $ 425,800,000                            
Long-term debt                         401,220,000 401,220,000    
Repayments of secured debt $ 44,300,000                              
Incremental Term Loan Facility due 2026 | Secured Debt | LIBOR                                
Debt Instrument [Line Items]                                
Basis spread on variable rate 3.25%                              
Debt instrument, floor rate 0.50%                              
Incremental Term Loan Facility due 2026 | Secured Debt | LIBOR | Maximum                                
Debt Instrument [Line Items]                                
Basis spread on variable rate 4.00%                              
Debt instrument, floor rate 0.75%                              
Incremental Term Loan Facility due 2026 | Secured Debt | Base Rate                                
Debt Instrument [Line Items]                                
Basis spread on variable rate 2.25%                              
Debt instrument, floor rate 1.50%                              
Incremental Term Loan Facility due 2026 | Secured Debt | Subsidiaries                                
Debt Instrument [Line Items]                                
Debt instrument, face amount   450,000,000                            
Asset-based Revolving Credit Facility Due 2023 | Secured Debt                                
Debt Instrument [Line Items]                                
Long-term debt                         $ 0 $ 0    
Asset-based Revolving Credit Facility Due 2023 | Line of Credit | Subsidiaries | Revolving Credit Facility                                
Debt Instrument [Line Items]                                
Payments on credit facilities   235,000,000                            
Borrowing base availability   $ 190,600,000                            
v3.22.4
LONG-TERM DEBT - 6.375% Senior Secured Notes due 2026 (Details) - Secured Debt - USD ($)
Nov. 22, 2019
Dec. 31, 2022
Aug. 07, 2019
May 01, 2019
6.375% Senior Secured Notes        
Debt Instrument [Line Items]        
Stated interest rate (as a percent)   6.375%   6.375%
Debt instrument, face amount       $ 800,000,000
5.25% Senior Secured Notes due 2027        
Debt Instrument [Line Items]        
Stated interest rate (as a percent)   5.25% 5.25%  
Debt instrument, face amount     $ 750,000,000  
4.75% Senior Secured Notes due 2028        
Debt Instrument [Line Items]        
Stated interest rate (as a percent) 4.75% 4.75%    
Debt instrument, face amount $ 500,000,000      
Percentage of redeemed price 100.00%      
v3.22.4
LONG-TERM DEBT - 5.25% Senior Secured Notes due 2027 (Details) - Secured Debt - USD ($)
Nov. 22, 2019
Dec. 31, 2022
Aug. 07, 2019
May 01, 2019
5.25% Senior Secured Notes due 2027        
Debt Instrument [Line Items]        
Stated interest rate (as a percent)   5.25% 5.25%  
Debt instrument, face amount     $ 750,000,000  
6.375% Senior Secured Notes        
Debt Instrument [Line Items]        
Stated interest rate (as a percent)   6.375%   6.375%
Debt instrument, face amount       $ 800,000,000
4.75% Senior Secured Notes due 2028        
Debt Instrument [Line Items]        
Stated interest rate (as a percent) 4.75% 4.75%    
Debt instrument, face amount $ 500,000,000      
Percentage of redeemed price 100.00%      
v3.22.4
LONG-TERM DEBT - 4.75% Senior Secured Notes due 2028 (Details) - Secured Debt - USD ($)
Nov. 22, 2019
Dec. 31, 2022
Aug. 07, 2019
May 01, 2019
4.75% Senior Secured Notes due 2028        
Debt Instrument [Line Items]        
Stated interest rate (as a percent) 4.75% 4.75%    
Debt instrument, face amount $ 500,000,000      
Percentage of redeemed price 100.00%      
6.375% Senior Secured Notes due 2026        
Debt Instrument [Line Items]        
Stated interest rate (as a percent)   6.375%   6.375%
Debt instrument, face amount       $ 800,000,000
5.25% Senior Secured Notes due 2027        
Debt Instrument [Line Items]        
Stated interest rate (as a percent)   5.25% 5.25%  
Debt instrument, face amount     $ 750,000,000  
v3.22.4
LONG-TERM DEBT - 8.375% Senior Unsecured Notes due 2027 (Details) - USD ($)
Nov. 22, 2019
May 01, 2019
Dec. 31, 2022
Aug. 07, 2019
8.375% Senior Unsecured Notes due 2027 | Unsecured Debt        
Debt Instrument [Line Items]        
Stated interest rate (as a percent)   8.375% 8.375%  
Debt instrument, face amount   $ 1,120,400,000    
Percentage of redeemed price   100.00%    
Percentage of principal amount redeemed   40.00%    
Redemption price, percentage   108.375%    
6.375% Senior Secured Notes | Secured Debt        
Debt Instrument [Line Items]        
Stated interest rate (as a percent)   6.375% 6.375%  
Debt instrument, face amount   $ 800,000,000    
5.25% Senior Secured Notes due 2027 | Secured Debt        
Debt Instrument [Line Items]        
Stated interest rate (as a percent)     5.25% 5.25%
Debt instrument, face amount       $ 750,000,000
4.75% Senior Secured Notes due 2028 | Secured Debt        
Debt Instrument [Line Items]        
Stated interest rate (as a percent) 4.75%   4.75%  
Debt instrument, face amount $ 500,000,000      
Percentage of redeemed price 100.00%      
v3.22.4
LONG-TERM DEBT - Schedule of Future Maturities of Long-term Debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Debt Disclosure [Abstract]    
2023 $ 664  
2024 401  
2025 287  
2026 3,065,458  
2027 1,870,467  
Thereafter 502,855  
Total 5,440,132  
Original issue discount (10,569) $ (13,454)
Long-term debt fees $ (15,396) $ (18,370)
v3.22.4
LONG-TERM DEBT - Surety Bonds and Letters of Credit (Details)
$ in Millions
Dec. 31, 2022
USD ($)
Surety bonds  
Guarantor Obligations [Line Items]  
Outstanding surety bonds, commercial standby letters of credit and bank guarantees $ 9.3
Commercial standby letters of credit  
Guarantor Obligations [Line Items]  
Outstanding surety bonds, commercial standby letters of credit and bank guarantees 25.4
Financial Guarantee  
Guarantor Obligations [Line Items]  
Outstanding surety bonds, commercial standby letters of credit and bank guarantees $ 0.2
v3.22.4
COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 22, 2021
Mar. 08, 2021
Feb. 05, 2021
Nov. 05, 2020
Jul. 25, 2019
Commitments and Contingencies Disclosure [Abstract]                
Operating lease, expense $ 188.5 $ 203.5 $ 198.2          
FCC petitions for declaratory ruling, percentage of voting stock and equity owned by non-US individuals and entities (up to) 100.00%             25.00%
FCC petitions for declaratory ruling, foreign owned percentage permitted             100.00%  
Beneficial ownership (in shares)           9,631,329    
Beneficial ownership, percentage           8.70%    
FCC petitions for declaratory ruling, percentage of voting equity without prior approval (no more than)       5.00% 5.00%      
FCC petitions for declaratory ruling, percentage of investors noncontrolling amount (not to exceed)       14.99% 14.99%      
v3.22.4
COMMITMENTS AND CONTINGENCIES - Schedule of Future Minimum Rental Commitments (Details)
$ in Thousands
Dec. 31, 2022
USD ($)
Non-Cancelable Contracts  
Other Commitments [Line Items]  
2023 $ 269,252
2024 142,675
2025 97,084
2026 57,843
2027 9,473
Thereafter 2,677
Total 579,004
Employment/Talent Contracts  
Other Commitments [Line Items]  
2023 80,515
2024 77,825
2025 64,953
2026 27,250
2027 14,000
Thereafter 15,000
Total $ 279,543
v3.22.4
INCOME TAXES - Schedule of Significant Components of Provision for Income Tax Benefit (Expense) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Income Tax Disclosure [Abstract]      
Current – Federal $ (54,934) $ (2,169) $ (652)
Current – foreign (4,891) (2,177) (1,674)
Current – state (19,312) (14,919) 1,680
Total current expense (79,137) (19,265) (646)
Deferred – Federal 65,553 932 172,302
Deferred – foreign 1,659 976 28
Deferred – state 7,206 8,966 11,939
Total deferred benefit 74,418 10,874 184,269
Income tax benefit (expense) $ (4,719) $ (8,391) $ 183,623
v3.22.4
INCOME TAXES - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Tax Credit Carryforward [Line Items]      
Deferred tax expense (benefit) $ (74,418) $ (10,874) $ (184,269)
CARES Act, increase in allowable interest deductions     $ 179,400
Net operating loss and tax credit carryforwards 141,200    
Deferred tax asset, interest limitation carryforward 346,400    
Capital loss realized $ 7,200,000    
Capital loss carryforward period 5 years    
Capital loss carryforwards $ 1,655,534 $ 1,651,413  
Increase of deferred tax valuation allowance 47,000    
Deferred tax asset relating to stock-based compensation expense under ASC 718-10 $ 6,700    
Effective tax rate (1.80%) (5.60%) 8.70%
Total amount of interest accrued $ 4,900 $ 4,200  
Unrecognized tax benefits, accrued interest and penalties 28,700 22,200  
Unrecognized tax benefits. net of deferred tax assets for operating losses 1,500 1,500  
Unrecognized tax benefits that would impact effective income tax rate 22,900 15,500  
Other Noncurrent Liabilities      
Tax Credit Carryforward [Line Items]      
Unrecognized tax benefits, accrued interest and penalties 27,200 20,700  
Federal and state      
Tax Credit Carryforward [Line Items]      
Valuation allowance 1,900,000    
Foreign      
Tax Credit Carryforward [Line Items]      
Net foreign deferred tax assets $ 11,500 $ 13,200  
v3.22.4
INCOME TAXES - Schedule of Significant Components of Deferred Tax Liabilities and Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Deferred tax liabilities:    
Operating lease right-of-use assets $ 199,926 $ 187,938
Total deferred tax liabilities 1,005,499 1,119,344
Deferred tax assets:    
Accrued expenses 16,665 22,003
Net operating loss carryforwards 141,163 157,095
Interest expense carryforwards 346,354 337,660
Operating lease liabilities 233,003 210,227
Capital loss carryforwards 1,655,534 1,651,413
Investments 10,992 18,956
Bad debt reserves 10,172 13,078
Other 8,997 4,833
Total gross deferred tax assets 2,422,880 2,415,265
Less: Valuation allowance 1,901,191 1,854,143
Total deferred tax assets 521,689 561,122
Net deferred tax liabilities 483,810 558,222
Deferred Tax Liabilities, Intangible Assets 659,378 821,449
Intangibles 101,934 109,957
Deferred Tax Liabilities, Tax Deferred Income $ 44,261 $ 0
v3.22.4
INCOME TAXES - Reconciliation of Income Tax to Income Tax Benefit (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Amount      
Income tax benefit at statutory rates $ 54,170 $ 31,500 $ 440,758
State income taxes, net of federal tax effect (3,548) 3,325 13,619
Foreign income taxes (1,615) (978) (1,187)
Nondeductible items (7,497) (10,264) (8,928)
Changes in valuation allowance and other estimates (52,293) (35,093) (30,531)
Impairment charges 0 0 (257,119)
Tax credits 3,848 4,831 3,353
Other, net 2,216 (1,712) 23,658
Income tax benefit (expense) $ (4,719) $ (8,391) $ 183,623
Percent      
Income tax benefit at statutory rates 21.00% 21.00% 21.00%
State income taxes, net of federal tax effect (1.40%) 2.20% 0.70%
Foreign income taxes (0.60%) (0.70%) (0.10%)
Nondeductible items (2.90%) (6.80%) (0.40%)
Changes in valuation allowance and other estimates (20.30%) (23.40%) (1.50%)
Impairment charges 0.00% 0.00% (12.30%)
Tax credits 1.50% 3.20% 0.20%
Other, net 0.90% (1.10%) 1.10%
Income tax benefit (expense) (1.80%) (5.60%) 8.70%
v3.22.4
INCOME TAXES - Schedule of Unrecognized Tax Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Unrecognized Tax Benefits    
Balance at beginning of period $ 18,045 $ 14,681
Increases for tax position taken in the current year 5,584 1,911
Increases for tax positions taken in previous years 1,593 2,937
Decreases for tax position taken in previous years 0 (217)
Decreases due to lapse of statute of limitations (1,399) (1,267)
Balance at end of period $ 23,823 $ 18,045
v3.22.4
STOCKHOLDERS’ EQUITY - Narrative (Details)
$ / shares in Units, $ in Thousands
 1 Months Ended 12 Months Ended
May 09, 2022
USD ($)
Mar. 28, 2022
USD ($)
Jan. 08, 2021
shares
May 05, 2020
right
May 01, 2019
$ / shares
shares
Aug. 31, 2020
Dec. 31, 2022
USD ($)
vote
shares
Dec. 31, 2021
USD ($)
shares
Dec. 31, 2020
USD ($)
shares
Feb. 24, 2023
shares
Nov. 05, 2020
Dec. 31, 2019
shares
Class of Stock [Line Items]                        
Stock options granted (in shares)             0          
Share-based compensation expense | $             $ 35,457 $ 23,543 $ 22,862      
Common stock, conversion ratio             1          
Number of shares called by each warrant         1              
FCC petitions for declaratory ruling, foreign owned percentage permitted                     100.00%  
Tax benefit related to share-based compensation expense | $             $ 5,200 3,500 3,100      
Dividend distribution, number of rights declared | right       1                
Beneficial ownership acquired (as a percent)       10.00%                
Beneficial ownership acquired, passive investor (as a percent)       20.00%                
Minimum                        
Class of Stock [Line Items]                        
FCC petitions for declaratory ruling, foreign owned percentage permitted     25.00%                  
Maximum                        
Class of Stock [Line Items]                        
FCC petitions for declaratory ruling, foreign owned percentage permitted     100.00%                  
Selling, general and administrative expenses                        
Class of Stock [Line Items]                        
Share-based compensation expense | $             $ 35,500 23,500 $ 22,900      
Stock options                        
Class of Stock [Line Items]                        
Stock options granted (in shares)             0          
Unrecognized compensation cost related to arrangements that will vest based on service conditions | $             $ 46,000          
Weighted average period for recognition             3 years 2 months 12 days          
Restricted stock units                        
Class of Stock [Line Items]                        
Award dividend equivalent, number of common stock (in shares)             1          
Vesting period of options           15 months            
Share-based compensation expense | $               $ 1,600        
Q1 2022 Performance RSUs                        
Class of Stock [Line Items]                        
Vesting period of options   50 months                    
Share-based compensation expense | $   $ 2,300                    
Unrecognized compensation cost related to arrangements that will vest based on service conditions | $             $ 10,200          
Weighted average period for recognition             50 months          
Q2 2022 Performance RSUs                        
Class of Stock [Line Items]                        
Share-based compensation expense | $ $ 3,300                      
Unrecognized compensation cost related to arrangements that will vest based on service conditions | $             $ 12,100          
Weighted average period for recognition             3 years          
2021 Plan                        
Class of Stock [Line Items]                        
Stock options granted (in shares)             0          
2021 Plan | Stock options                        
Class of Stock [Line Items]                        
Term of options granted             10 years          
2021 Plan | Restricted stock units                        
Class of Stock [Line Items]                        
Award dividend equivalent, number of common stock (in shares)             1          
2021 Plan | Awards granted upon emergence                        
Class of Stock [Line Items]                        
Term of options granted             6 years          
2021 Plan | All other options                        
Class of Stock [Line Items]                        
Term of options granted             10 years          
2019 Plan                        
Class of Stock [Line Items]                        
Stock options granted (in shares)             0          
2019 Plan | Restricted stock units                        
Class of Stock [Line Items]                        
Award dividend equivalent, number of common stock (in shares)             1          
Class A Shares                        
Class of Stock [Line Items]                        
Common stock, vote per share | vote             1          
Class A Shares | Common Stock                        
Class of Stock [Line Items]                        
Conversion of Class B Shares to Class A Shares (in shares) [1]             209,613 7,634,045 20,080      
Conversion of Special Warrants and Class B Shares to Class A Shares (in shares)     45,133,811       96,516 [1] 47,197,139 [1] 6,205,617 [1]      
Shares outstanding (in shares) [1]             122,370,425 120,633,937 64,726,864     57,776,204
Class A Shares | 2021 Plan                        
Class of Stock [Line Items]                        
Number of shares authorized (in shares)         6,000,000              
Class A Shares | 2019 Plan                        
Class of Stock [Line Items]                        
Number of shares authorized (in shares)         10,743,222              
Class B Shares                        
Class of Stock [Line Items]                        
Common stock, vote per share | vote             1          
Class B Shares | Common Stock                        
Class of Stock [Line Items]                        
Conversion of Class B Shares to Class A Shares (in shares) [1]             209,613 7,634,045 20,080      
Conversion of Special Warrants and Class B Shares to Class A Shares (in shares)     22,337,312       96,602 [1] 22,337,312 [1] 2,095 [1]      
Shares outstanding (in shares) [1]             21,477,181 21,590,192 6,886,925     6,904,910
Special Warrants                        
Class of Stock [Line Items]                        
Exercise price of warrants or rights (in dollars per share) | $ / shares         $ 0.001              
Conversion terms, ownership of common stock, percent         4.99%              
Conversion terms, ownership of capital stock or voting interests, percent         22.50%              
Special Warrants | Subsequent Event                        
Class of Stock [Line Items]                        
Shares outstanding (in shares)                   5,111,312    
Special Warrants | Common Stock                        
Class of Stock [Line Items]                        
Conversion of Special Warrants and Class B Shares to Class A Shares (in shares)     67,471,123       193,118 [1] 69,534,451 [1] 6,207,712 [1]      
Shares outstanding (in shares) [1]             5,111,312 5,304,430 74,835,899     81,046,593
[1] The Company's Preferred Stock is not presented in the data above as there were no shares issued and outstanding in 2022, 2021, 2020, or 2019, respectively.
v3.22.4
STOCKHOLDERS’ EQUITY - Schedule of Assumptions Used to Calculate Fair Value of Options (Details)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected volatility (as a percent)   56.00%  
Expected volatility, minimum (as a percent)   44.00%  
Expected volatility, maximum (as a percent)   57.00%  
Risk-free interest rate, minimum 0.79% 0.35%  
Risk-free interest rate, maximum 1.15% 1.41%  
Dividend yield (as a percent)   0.00% 0.00%
Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected life (in years) 6 years 2 months 12 days 6 years  
Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected life (in years) 6 years 3 months 18 days 6 years 3 months 18 days  
v3.22.4
STOCKHOLDERS’ EQUITY - Schedule of Stock Options Outstanding and Stock Option Activity (Details) - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Options    
Outstanding at beginning of period (in shares) 7,615  
Granted (in shares) 0  
Exercised (in shares) (31)  
Forfeited (in shares) (54)  
Expired (in shares) (20)  
Outstanding at end of period (in shares) 7,510 7,615
Exercisable (in shares) 5,180  
Expected to Vest (in shares) 2,330  
Price    
Outstanding at beginning of period (in dollars per share) $ 16.14  
Granted (in dollars per share)  
Exercised (in dollars per share) 15.20  
Forfeited (in dollars per share) 12.67  
Expired (in dollars per share) 18.32  
Outstanding at end of period (in dollars per share) 16.16 $ 16.14
Exercisable (in dollars per share) 16.95  
Expected to Vest (in dollars per share) $ 14.41  
Weighted Average Remaining Contractual Term    
Outstanding 4 years 5 years 1 month 6 days
Exercisable 3 years 6 months  
Expected to Vest 5 years 2 months 12 days  
v3.22.4
STOCKHOLDERS’ EQUITY - Summary of Unvested Options and Changes (Details)
$ / shares in Units, shares in Thousands, $ in Millions
 12 Months Ended
Dec. 31, 2022
USD ($)
$ / shares
shares
Options  
Granted (in shares) 0
Weighted Average Grant Date Fair Value  
Total fair value of options vested | $ $ 8.9
Stock Options  
Options  
Unvested at beginning of period (in shares) 4,050
Granted (in shares) 0
Vested (in shares) (1,666)
Forfeited (in shares) (54)
Unvested at end of period (in shares) 2,330
Weighted Average Grant Date Fair Value  
Unvested at beginning of period (in dollars per share) | $ / shares $ 5.43
Granted (in dollars per share) | $ / shares
Vested (in dollars per share) | $ / shares 5.33
Forfeited (in dollars per share) | $ / shares 5.28
Unvested at end of period (in dollars per share) | $ / shares $ 5.51
v3.22.4
STOCKHOLDERS’ EQUITY - Schedule of Restricted Stock Outstanding and Restricted Stock Activity (Details)
shares in Thousands
 12 Months Ended
Dec. 31, 2022
$ / shares
shares
Restricted stock units  
Awards  
Outstanding at beginning of period (in shares) | shares 1,966
Granted (in shares) | shares 3,154
Vested (restriction lapsed) (in shares) | shares (843)
Forfeited (in shares) | shares (83)
Outstanding at end of period (in shares) | shares 4,194
Price  
Outstanding at beginning of period (in dollars per share) | $ / shares $ 15.20
Granted (in dollars per share) | $ / shares 12.03
Vested (restriction lapsed) (in dollars per share) | $ / shares 15.15
Forfeited (in dollars per share) | $ / shares 15.54
Outstanding at end of period (in dollars per share) | $ / shares $ 12.82
Performance Restricted Stock Units  
Awards  
Outstanding at beginning of period (in shares) | shares 556
Granted (in shares) | shares 2,055
Vested (restriction lapsed) (in shares) | shares (556)
Forfeited (in shares) | shares 0
Outstanding at end of period (in shares) | shares 2,055
Price  
Outstanding at beginning of period (in dollars per share) | $ / shares $ 8.98
Granted (in dollars per share) | $ / shares 13.57
Vested (restriction lapsed) (in dollars per share) | $ / shares 8.98
Forfeited (in dollars per share) | $ / shares 0
Outstanding at end of period (in dollars per share) | $ / shares $ 13.57
v3.22.4
STOCKHOLDERS’ EQUITY - Schedule of Common Stock and Special Warrants (Details) - $ / shares
Dec. 31, 2022
Dec. 31, 2021
Class of Stock [Line Items]    
Common stock, shares issued (in shares) 148,958,918  
Common stock, shares outstanding (in shares) 148,958,918  
Class A Shares    
Class of Stock [Line Items]    
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares) 1,000,000,000 1,000,000,000
Common stock, shares issued (in shares) 122,370,425 120,633,937
Common stock, shares outstanding (in shares) 122,370,425 120,633,937
Class B Shares    
Class of Stock [Line Items]    
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares) 1,000,000,000 1,000,000,000
Common stock, shares issued (in shares) 21,477,181 21,590,192
Common stock, shares outstanding (in shares) 21,477,181 21,590,192
Special Warrants    
Class of Stock [Line Items]    
Common stock, shares issued (in shares) 5,111,312 5,304,430
Common stock, shares outstanding (in shares) 5,111,312 5,304,430
v3.22.4
STOCKHOLDERS’ EQUITY - Computation of loss per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
NUMERATOR:      
Net income loss attributable to the Company – common shares, basic $ (264,663) $ (159,199) $ (1,914,699)
Net income loss attributable to the Company – common shares, diluted $ (264,663) $ (159,199) $ (1,914,699)
DENOMINATOR      
Weighted average common shares outstanding - basic (in shares) 148,058 146,726 145,979
Stock options and restricted stock: (in shares) 0 0 0
Weighted average common shares outstanding - diluted (in shares) 148,058 146,726 145,979
Net loss attributable to the Company per common share:      
Basic (in dollars per share) $ (1.79) $ (1.09) $ (13.12)
Diluted (in dollars per share) $ (1.79) $ (1.09) $ (13.12)
Stock options and restricted shares not included in computation of diluted earnings per share (in shares) 11,000 10,500 9,100
v3.22.4
EMPLOYEE BENEFIT PLANS (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2020
Dec. 31, 2021
Retirement Benefits [Abstract]      
Contributions expensed $ 14.9 $ 4.5  
Maximum election to defer annual salary (as a percent) 50.00%    
Maximum election to defer bonus before taxes (as a percent) 80.00%    
Non-qualified plan assets $ 10.1   $ 12.9
Liability under deferred compensation plan $ 10.1   $ 12.9
v3.22.4
SEGMENT DATA (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Segment Reporting Information [Line Items]      
Revenue $ 3,912,283 $ 3,558,340 $ 2,948,218
Operating expenses 2,961,994 2,747,207 2,409,545
Segment Adjusted EBITDA 950,289 811,133 538,673
Depreciation and amortization (445,664) (469,417) (402,929)
Impairment charges (311,489) (57,734) (1,738,752)
Other operating expense, net (24,998) (32,320) (11,344)
Restructuring expenses (75,821) (73,262) (100,410)
Share-based compensation expense (35,457) (23,543) (22,862)
Operating income (loss) 56,860 154,857 (1,737,624)
Segment assets 8,335,887 8,881,309 9,202,961
Capital expenditures 160,969 183,372 85,205
Corporate and other reconciling items      
Segment Reporting Information [Line Items]      
Revenue 0 0 0
Operating expenses 237,343 269,043 170,173
Segment Adjusted EBITDA (237,343) (269,043) (170,173)
Share-based compensation expense (35,457) (23,543) (22,862)
Segment assets 612,113 403,898 809,638
Capital expenditures 11,912 14,056 12,455
Eliminations      
Segment Reporting Information [Line Items]      
Revenue (11,033) (13,117) (7,756)
Operating expenses (11,033) (13,117) (7,756)
Segment Adjusted EBITDA 0 0 0
Share-based compensation expense 0 0 0
Segment assets (3,389) (3,605) (3,585)
Capital expenditures 0 0 0
Intersegment revenues      
Segment Reporting Information [Line Items]      
Revenue 11,033 13,117 7,756
Multiplatform Group | Operating Segments      
Segment Reporting Information [Line Items]      
Revenue 2,597,190 2,489,018 2,206,854
Operating expenses 1,831,491 1,745,680 1,723,449
Segment Adjusted EBITDA 765,699 743,338 483,405
Share-based compensation expense 0 0 0
Segment assets 6,319,790 6,953,772 7,736,229
Capital expenditures 119,624 130,894 51,559
Multiplatform Group | Intersegment revenues      
Segment Reporting Information [Line Items]      
Revenue 447 670 670
Digital Audio Group | Operating Segments      
Segment Reporting Information [Line Items]      
Revenue 1,021,824 834,482 474,371
Operating expenses 712,786 573,835 343,598
Segment Adjusted EBITDA 309,038 260,647 130,773
Share-based compensation expense 0 0 0
Segment assets 1,056,985 1,088,471 187,051
Capital expenditures 21,261 23,907 16,086
Digital Audio Group | Intersegment revenues      
Segment Reporting Information [Line Items]      
Revenue 5,239 5,845 0
Audio & Media Services Group | Operating Segments      
Segment Reporting Information [Line Items]      
Revenue 304,302 247,957 274,749
Operating expenses 191,407 171,766 180,081
Segment Adjusted EBITDA 112,895 76,191 94,668
Share-based compensation expense 0 0 0
Segment assets 350,388 438,773 473,628
Capital expenditures 8,172 14,515 5,105
Audio & Media Services Group | Intersegment revenues      
Segment Reporting Information [Line Items]      
Revenue $ 5,347 $ 6,602 $ 7,086
v3.22.4
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS - Allowance for Doubtful Accounts (Details) - Allowance for Doubtful Accounts - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Movement in Valuation Allowances and Reserves      
Balance at Beginning of Period $ 29,270 $ 38,777 $ 12,629
Charges to Costs, Expenses and Other 14,236 4,144 38,273
Reversal (14,322) (13,846) (12,738)
Other (13) 195 613
Balance at End of Period $ 29,171 $ 29,270 $ 38,777
v3.22.4
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS - Deferred Tax Asset Valuation Allowance (Details) - Deferred Tax Asset Valuation Allowance - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2020
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Movement in Valuation Allowances and Reserves        
Balance at Beginning of Period   $ 1,854,143 $ 1,818,091 $ 720,622
Charges to Costs, Expenses and Other   49,234 62,265 3,047
Reversal   (4,209) (28,707) (444)
Adjustments $ 1,100,000 2,023 2,494 1,094,866
Balance at End of Period $ 1,818,091 $ 1,901,191 $ 1,854,143 $ 1,818,091
v3.22.4
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS - Narrative (Details) - Deferred Tax Asset Valuation Allowance - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2020
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]        
Adjustments $ 1,100,000 $ 2,023 $ 2,494 $ 1,094,866
Federal and state        
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]        
Valuation allowances released   $ 49,200 62,300 $ 3,000
Adjustments     $ 28,700