IHEARTMEDIA, INC., 10-K filed on 2/29/2024
Annual Report
v3.24.0.1
Cover - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Feb. 26, 2024
Jun. 30, 2023
Document Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2023    
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 No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Bankruptcy Proceedings, Reporting Current true    
Entity Public Float     $ 290.0
Documents Incorporated by Reference
Portions of the registrant’s Definitive Proxy Statement for the registrant’s 2024 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, 2023 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 2023    
Document Fiscal Period Focus FY    
Common Class A      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   123,400,032  
Common Class B      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   21,346,613  
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Audit Information
 12 Months Ended
Dec. 31, 2023
Audit Information [Abstract]  
Auditor Firm ID 42
Auditor Name Ernst & Young LLP
Auditor Location San Antonio, Texas
v3.24.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
CURRENT ASSETS    
Cash and cash equivalents $ 346,382 $ 336,236
Accounts receivable, net of allowance of $38,055 in 2023 and $29,171 in 2022 1,041,214 1,037,827
Prepaid expenses 93,131 79,098
Other current assets 26,189 19,618
Total Current Assets 1,506,916 1,472,779
PROPERTY, PLANT AND EQUIPMENT    
Property, plant and equipment, net 558,865 694,842
INTANGIBLE ASSETS AND GOODWILL    
Indefinite-lived intangibles - licenses 1,113,979 1,476,319
Other intangibles, net 1,173,210 1,419,670
Goodwill 1,721,483 2,313,403
OTHER ASSETS    
Operating lease right-of-use assets 704,992 788,280
Other assets 173,166 170,594
Total Assets 6,952,611 8,335,887
CURRENT LIABILITIES    
Accounts payable 236,162 240,454
Current operating lease liabilities 73,832 70,024
Accrued expenses 317,575 325,427
Accrued interest 61,987 64,165
Deferred revenue 158,540 131,084
Current portion of long-term debt 340 664
Total Current Liabilities 848,436 831,818
Long-term debt 5,214,810 5,413,503
Noncurrent operating lease liabilities 762,820 848,918
Deferred income taxes 339,768 483,810
Other long-term liabilities 171,535 73,332
Commitments and contingent liabilities (Note 7)
STOCKHOLDERS’ EQUITY (DEFICIT)    
Noncontrolling interest 9,397 9,609
Preferred stock, par value $.001 per share, 100,000,000 shares authorized, no shares issued and outstanding 0 0
Additional paid-in capital 2,947,096 2,912,500
Accumulated deficit (3,330,142) (2,227,482)
Accumulated other comprehensive loss (1,128) (1,331)
Cost of shares (983,589 in 2023 and 597,482 in 2022) held in treasury (10,127) (8,934)
Total Stockholders' Equity (Deficit) (384,758) 684,506
Total Liabilities and Stockholders' Equity (Deficit) 6,952,611 8,335,887
Common Class A    
STOCKHOLDERS’ EQUITY (DEFICIT)    
Common Stock 125 123
Common Class B    
STOCKHOLDERS’ EQUITY (DEFICIT)    
Common Stock 21 21
Special Warrants    
STOCKHOLDERS’ EQUITY (DEFICIT)    
Common Stock $ 0 $ 0
v3.24.0.1
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Class of Stock [Line Items]    
Accounts receivable, allowance for credit loss $ 38,055 $ 29,171
Preferred stock, par value (in dollars per share) $ 0.001 $ 0.001
Preferred stock, shares authorized (in shares) 100,000,000 100,000,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common stock, shares issued (in shares) 150,748,521  
Common stock, shares outstanding (in shares) 150,748,521  
Cost of shares (in shares) 983,589,000 597,482,000
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) 124,299,288 122,370,425
Common stock, shares outstanding (in shares) 124,299,288 122,370,425
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) 21,347,363 21,477,181
Common stock, shares outstanding (in shares) 21,347,363 21,477,181
Special Warrants    
Class of Stock [Line Items]    
Common stock, shares issued (in shares) 5,101,870 5,111,312
Common stock, shares outstanding (in shares) 5,101,870 5,111,312
v3.24.0.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Statement [Abstract]      
Revenue $ 3,751,025 $ 3,912,283 $ 3,558,340
Operating expenses:      
Direct operating expenses (excludes depreciation and amortization) 1,494,234 1,480,326 1,324,657
Selling, general and administrative expenses (excludes depreciation and amortization) 1,656,171 1,592,946 1,519,355
Depreciation and amortization 428,483 445,664 469,417
Impairment charges 965,087 311,489 57,734
Other operating expense, net 4,361 24,998 32,320
Operating income (loss) (797,311) 56,860 154,857
Interest expense, net 389,775 341,674 332,384
Gain (loss) on investments, net (28,130) (1,045) 43,643
Equity in loss of nonconsolidated affiliates (3,530) (11) (1,138)
Gain (loss) on extinguishment of debt 56,724 30,214 (11,600)
Other expense, net (655) (2,295) (3,376)
Loss before income taxes (1,162,677) (257,951) (149,998)
Income tax benefit (expense) 62,338 (4,719) (8,391)
Net loss (1,100,339) (262,670) (158,389)
Less amount attributable to noncontrolling interest 2,321 1,993 810
Net loss attributable to the Company (1,102,660) (264,663) (159,199)
Other comprehensive income (loss) net of tax:      
Foreign currency translation adjustments 203 (1,074) (451)
Other Comprehensive income (loss) 203 (1,074) (451)
Comprehensive loss (1,102,457) (265,737) (159,650)
Less amount attributable to noncontrolling interest 0 0 0
Comprehensive loss attributable to the Company $ (1,102,457) $ (265,737) $ (159,650)
Net loss attributable to the Company per common share:      
Basic (in dollars per share) $ (7.39) $ (1.79) $ (1.09)
Weighted average common shares outstanding - Basic (in shares) 149,255 148,058 146,726
Diluted (in dollars per share) $ (7.39) $ (1.79) $ (1.09)
Weighted average common shares outstanding - Diluted (in shares) 149,255 148,058 146,726
v3.24.0.1
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) - USD ($)
$ in Thousands
Total
Class A Shares
Class B Shares
Special Warrants
Common Stock
Common Stock
Class A Shares
Common Stock
Class B Shares
Common Stock
Special Warrants
Non- controlling Interest
Additional Paid-in Capital
Accumulated Deficit
Accumulated Other Comprehensive Income (Loss)
Treasury Stock
Beginning balance (in shares) at Dec. 31, 2020 [1]           64,726,864 6,886,925 74,835,899          
Beginning 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 income (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 (loss) income (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 income (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 (loss) income (1,074)                     (1,074)  
Ending balance (in shares) at Dec. 31, 2022   122,370,425 21,477,181 5,111,312   122,370,425 [1] 21,477,181 [1] 5,111,312 [1]          
Ending balance at Dec. 31, 2022 684,506       144       9,609 2,912,500 (2,227,482) (1,331) (8,934)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                          
Net income (loss) (1,100,339)               2,321   (1,102,660)    
Vesting of restricted stock and other (in shares) [1]           1,789,603              
Vesting of restricted stock and other (1,193)       2         (2)     (1,193)
Share-based compensation 34,598                 34,598      
Conversion of Special Warrants to Class A and Class B Shares (in shares) [1]           9,383 59 (9,442)          
Conversion of Class B Shares to Class A Shares (in shares) [1]           129,877 129,877            
Other (2,533)               (2,533)        
Other comprehensive (loss) income $ 203                     203  
Ending balance (in shares) at Dec. 31, 2023 150,748,521 124,299,288 21,347,363 5,101,870   124,299,288 [1] 21,347,363 [1] 5,101,870 [1]          
Ending balance at Dec. 31, 2023 $ (384,758)       $ 146       $ 9,397 $ 2,947,096 $ (3,330,142) $ (1,128) $ (10,127)
[1] The Company's Preferred Stock is not presented in the data above as there were no shares issued and outstanding in 2023, 2022, 2021, or 2020, respectively.
v3.24.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net loss $ (1,100,339) $ (262,670) $ (158,389)
Reconciling items:      
Impairment charges 965,087 311,489 57,734
Depreciation and amortization 428,483 445,664 469,417
Deferred taxes (144,588) (74,418) (10,874)
Provision for doubtful accounts 29,488 14,236 4,144
Amortization of deferred financing charges and note discounts, net 6,739 6,234 5,930
Share-based compensation 34,598 35,457 23,543
Loss on disposal of operating and other assets 2,290 23,306 26,841
(Gain) loss on investments 28,130 1,045 (43,643)
(Gain) loss on extinguishment of debt (56,724) (30,214) 11,600
Barter and trade income (33,315) (40,652) (16,276)
Equity in loss of nonconsolidated affiliates 3,530 11 1,138
Other reconciling items, net 347 692 890
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:      
Increase in accounts receivable (31,091) (20,867) (205,200)
(Increase) decrease in prepaid expenses and other current assets (26,485) (13,362) 4,746
(Increase) decrease in other long-term assets 7,269 (4,776) (5,505)
Increase in accounts payable and accrued expenses 28,217 22,671 153,938
Decrease in accrued interest (2,177) (3,818) (72)
Increase in deferred revenue 18,495 2,707 8,229
Increase in other long-term liabilities 55,108 7,340 2,382
Net cash provided by operating activities 213,062 420,075 330,573
Cash flows from investing activities:      
Business combinations (4,939) 0 (245,462)
Proceeds from sale of investments 3,864 902 50,757
Proceeds from disposal of assets 56,956 36,830 37,463
Purchases of property, plant and equipment (102,670) (160,969) (183,372)
Change in other, net (4,545) (5,989) (6,176)
Net cash used for investing activities (51,334) (129,226) (346,790)
Cash flows from financing activities:      
Payments on long-term debt and credit facilities (148,433) (300,135) (352,383)
Change in other, net (3,725) (5,973) 259
Net cash used for financing activities (152,158) (306,108) (352,124)
Effect of exchange rate changes on cash 151 (634) (292)
Net increase (decrease) in cash, cash equivalents and restricted cash 9,721 (15,893) (368,633)
Cash, cash equivalents and restricted cash at beginning of period 336,661 352,554 721,187
Cash, cash equivalents and restricted cash at end of period 346,382 336,661 352,554
SUPPLEMENTAL DISCLOSURES:      
Cash paid during the year for interest 392,687 342,393 328,101
Cash paid during the year for income taxes $ 14,006 $ 35,417 $ 11,130
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Nature of Business
iHeartMedia, Inc. (the “Company,” "iHeartMedia," "we" or "us") was formed in May 2007 for the purpose of acquiring the business of iHeartCommunications, Inc., a Texas company (“iHeartCommunications”), which occurred on July 30, 2008. Prior to the consummation of the acquisition of iHeartCommunications, iHeartMedia had not conducted any activities, other than activities incident to its formation in connection with the acquisition, and did not have any assets or liabilities, other than those related to the acquisition. In 2018, the Company filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code, and in 2019, the Company emerged from Chapter 11 through a series of transactions that resulted in a decrease in the Company's debt ("Emergence").
The Company reports based on three reportable segments:
•the Multiplatform Group, which includes the Company's Broadcast radio, Networks and Sponsorships and Events businesses;

•the Digital Audio Group, which includes all of the Company's Digital businesses, including Podcasting; and

•the Audio & Media Services Group, which includes Katz Media, a full-service media representation business, and RCS, a provider of scheduling and broadcast software and services.

These reporting segments reflect how senior management operates the Company. This structure provides visibility into the underlying performances, results, and margin profiles of our distinct businesses and enables senior management to monitor trends at the operational level and address opportunities or issues as they arise via regular review of segment-level results and forecasts with operational leaders.

The Company's segment profitability metric is Segment Adjusted EBITDA which is reported to the Company's Chief Operating Decision Maker 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, cash flows, and cost of capital are impacted by changes in economic conditions. Higher interest rates and high inflation have contributed to a challenging macroeconomic environment since 2022. This challenging environment has led to broader market uncertainty which has impacted the Company's revenues and cash flows. The current market uncertainty and macroeconomic conditions, a recession, or a downturn in the U.S. economy could have a significant impact on the Company's ability to generate revenue and cash flows.
On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (“CARES Act”) was signed into law. The CARES Act, among other things, includes provisions relating to refundable payroll tax credits, deferment of employer side social security payments, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations and technical corrections to tax depreciation methods for qualified improvement property. The Company was able to defer the payment of $29.3 million in certain employment taxes during 2020, half of which was due and paid on January 3, 2022 and the other half 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.
Economic uncertainty due to inflation and higher interest rates since 2022 has resulted in, among other things, lower advertising spending by businesses. This challenging economic environment has led to broader market uncertainty, has delayed our expected recovery, and has had an adverse impact on the Company's revenues, cash flows, and trading values of the Company's debt and equity securities which indicated a need for the Company to perform an interim impairment test as of June 30, 2023 on the goodwill recorded in its reporting units, as well as its indefinite-lived Federal Communication Commission ("FCC") licenses. The June 30, 2023 testing resulted in non-cash impairment charges of $595.5 million and $363.6 million to reduce the goodwill and FCC license balances, respectively. No impairment was required as a result of the 2023 annual impairment testing.

As of December 31, 2023, the Company had $346.4 million in cash and cash equivalents, and the $450.0 million senior secured asset-based revolving credit facility entered into on May 17, 2022 (the "ABL Facility") had a facility size of $450.0 million, no outstanding borrowings and $24.3 million of outstanding letters of credit, resulting in $425.7 million of borrowing base availability. The Company's total available liquidity as of December 31, 2023 was approximately $772.1 million. Based on current available liquidity, the Company expects to be able to meet its obligations as they become due over the coming year.
Use of Estimates
The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates, judgments, and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes including, but not limited to, legal, tax and insurance accruals. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from those estimates.
Principles of Consolidation
The consolidated financial statements include the accounts of the Company and its subsidiaries. Also included in the consolidated financial statements are entities for which the Company has a controlling financial interest or is the primary beneficiary. Investments in companies in which the Company owns 20% to 50% of the voting common stock or otherwise exercises significant influence over operating and financial policies of the Company are accounted for using the equity method of accounting. All significant intercompany accounts have been eliminated in consolidation.
Cash and Cash Equivalents
Cash and cash equivalents include all highly liquid investments with an original maturity of three months or less.
Accounts Receivable
Accounts receivable are recorded when the Company has an unconditional right to payment, either because it has satisfied a performance obligation prior to receiving payment from the customer or has a non-cancelable contract that has been billed in advance in accordance with the Company’s normal billing terms.
Accounts receivable are recorded at the invoiced amount, net of reserves for sales allowances and allowances for credit losses. The Company evaluates the collectability of its accounts receivable based on a combination of factors. In circumstances where it is aware of a specific customer’s inability to meet its financial obligations, it records a specific reserve to reduce the amounts recorded to what it believes will be collected. For all other customers, it recognizes reserves for bad debt based on historical experience of bad debts as a percent of accounts receivable for each business unit, adjusted for relative improvement or deterioration in the agings and changes in current economic conditions. The Company believes its concentration of credit risk is limited due to the large number of its customers.
Business Combinations
The Company accounts for its business combinations under the acquisition method of accounting. The total cost of an acquisition is allocated to the underlying identifiable net assets, based on their respective estimated fair values. The excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. Determining the fair value of assets acquired and liabilities assumed requires management's judgment and often involves the use of significant estimates and assumptions, including assumptions with respect to future cash inflows and outflows, discount rates, asset lives and market multiples, among other items. Various acquisition agreements may include contingent purchase consideration based on performance requirements of the investee. The Company accounts for these payments in conformity with the provisions of ASC 805-20-30, which establish the requirements related to recognition of certain assets and liabilities arising from contingencies.
Property, Plant and Equipment
Property, plant and equipment are stated at cost. Depreciation is computed using the straight-line method at rates that, in the opinion of management, are adequate to allocate the cost of such assets over their estimated useful lives, which are as follows:
Buildings and improvements – 10 to 39 years
Towers, transmitters and studio equipment – 5 to 40 years
Computer equipment and software - 3 years
Furniture and other equipment – 5 to 7 years
Leasehold improvements – shorter of economic life or lease term assuming renewal periods, if appropriate
For assets associated with a lease or contract, the assets are depreciated at the shorter of the economic life or the lease or contract term, assuming renewal periods, if appropriate. Expenditures for maintenance and repairs are charged to operations as incurred, whereas expenditures for renewal and betterments are capitalized.
The Company tests for possible impairment of property, plant, and equipment whenever events and circumstances indicate that depreciable assets might be impaired and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amounts of those assets. When specific assets are determined to be unrecoverable, the cost basis of the asset is reduced to reflect the current fair market value. 
Assets and businesses are classified as held for sale if their carrying amount will be recovered or settled principally through a sale transaction rather than through continuing use. The asset or business must be available for immediate sale and the sale must be highly probable within one year.
Leases
The Company enters into operating lease contracts for land, buildings, structures and other equipment. Arrangements are evaluated at inception to determine whether such arrangements contain a lease. Operating leases primarily include land and building lease contracts 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. The Company considers renewal periods in determining its lease terms if at inception of the lease there is reasonable assurance the lease will be renewed. Generally, renewal periods are excluded from minimum lease payments when calculating the lease liabilities as, for most leases, the Company does not consider exercise of such options to be reasonably certain. As a result, unless a renewal option is considered reasonably certain, the optional terms and related payments are not included within the lease liability. For those leases for which renewal periods are included in calculating minimum lease liabilities, any adjustments resulting from changes in circumstances which result in the renewal options no longer being reasonably certain are accounted for as changes in estimates. The Company's lease agreements do not contain any residual value guarantees or restrictive covenants.
The implicit rate within the Company's lease agreements is generally not determinable. As such, the Company uses the incremental borrowing rate ("IBR") to determine the present value of lease payments at the commencement of the lease. The IBR, as defined in ASC 842, is "the rate of interest that a lessee would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment." The Company elected to use the practical expedient to not separate non-lease components from the associated lease component for all classes of the Company's assets.
When the Company decides to abandon a leased property before the expiration of the lease term, management assesses whether such property will be subleased. If it is determined that subleasing the property for the remaining lease term is reasonable, management estimates the fair value of the sublease payments to be received and compares the estimated fair value to the ROU asset. To the extent the estimated fair value is less than the net book value of the ROU asset, the Company records a non-cash impairment charge for the difference, and the remaining ROU asset is recorded ratably over the remaining lease term. If it is determined that subleasing the property for the remaining lease term is not reasonable (e.g. the remaining lease term is too short to reasonably expect the property to be subleased), amortization of the net book value of the ROU asset is accelerated and recognized as expense ratably from the decision date to the date the Company ceases use of the property.
Indefinite-lived Intangible Assets
The Company’s indefinite-lived intangible assets consist of FCC broadcast licenses in its Multiplatform Group segment. The Company’s indefinite-lived intangible assets are not subject to amortization, but are tested for impairment at least annually. The Company tests for possible impairment of indefinite-lived intangible assets whenever events or changes in circumstances, such as a significant reduction in operating cash flow or a 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 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, and performs interim impairment tests whenever events and circumstances indicate that the FCC licenses might be impaired.
The impairment tests for indefinite-lived intangible assets consist of a comparison between the fair value of the indefinite-lived intangible asset at the market level with its carrying amount. If the carrying amount of the indefinite-lived intangible asset exceeds its fair value, an impairment loss is recognized equal to that excess. After an impairment loss is recognized, the adjusted carrying amount of the indefinite-lived asset is its new accounting basis. 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 Company's key assumptions using the direct valuation method are market revenue growth rates, profit margin, and the risk-adjusted discount rate as well as other assumptions including market share, duration and profile of the build-up period, estimated start-up costs and capital expenditures. This data is populated using industry normalized information representing an average asset within a market. The Company obtained recent broadcast radio industry revenue projections which it considered along with various other sources of data in developing the assumptions used for purposes of performing impairment testing on our FCC licenses.
Other Intangible Assets
Other intangible assets include definite-lived intangible assets. The Company’s definite-lived intangible assets primarily include customer and advertiser relationships, talent and representation contracts, trademarks and tradenames and other contractual rights, all of which are amortized over the shorter of either the respective lives of the agreements or over the period of time the assets are expected to contribute directly or indirectly to the Company’s future cash flows. The Company periodically reviews the appropriateness of the amortization periods related to its definite-lived intangible assets. These assets are recorded at amortized cost.
In accordance with ASC 360, we assess the recoverability of definite-lived intangible assets whenever events and circumstances indicate that they might be impaired and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amounts of those assets. When specific assets are determined to be unrecoverable, the cost basis of the asset is reduced to reflect the current fair market value.
Goodwill
At least annually, the Company performs its impairment test for each reporting unit’s goodwill. The Company also tests goodwill at interim dates if events or changes in circumstances indicate that goodwill might be impaired.
The Company identified its reporting units in accordance with ASC 350-20-55. The goodwill impairment test requires measurement of the fair value of the Company's reporting units, which is compared to the carrying value of the reporting units, including goodwill. Each reporting unit is valued using a discounted cash flow model which requires estimating future cash flows expected to be generated from the reporting unit, discounted to their present value using a risk-adjusted discount rate. Terminal values are also estimated and discounted to their present value. Assessing the recoverability of goodwill requires estimates and assumptions about sales, operating margins, growth rates and discount rates based on budgets, business plans, economic projections, anticipated future cash flows and marketplace data.

The Company performs its annual impairment test on its goodwill on July 1 of each year. For a complete discussion of our annual impairment tests and interim tests performed, see Note 4, Property, Plant and Equipment, Intangible Assets and Goodwill.

Other Investments

We apply ASC 321, Investments - Equity Securities, which requires us to measure all equity investments that do not result in consolidation and are not accounted for under the equity method at fair value and recognize any changes in earnings. For equity securities without readily determinable fair values, we have elected the measurement alternative under which we measure these investments at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer.

Investments in notes receivable are evaluated for credit losses in accordance with ASC 326, Financial Instruments-Credit Losses, on a quarterly basis or when indicators of credit loss exist.
Financial Instruments
Due to their short maturity, the carrying amounts of accounts and notes receivable, accounts payable, accrued liabilities, and short-term borrowings approximated their fair values at December 31, 2023 and 2022.
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.
For revenue arrangements that contain multiple distinct goods or services, the Company allocates the transaction price to these performance obligations in proportion to their relative standalone selling prices or the best estimate of their fair values. However, where the Company provides customers with free or discounted services as part of contract negotiations, management uses judgment to determine how much of the transaction price to allocate to these performance obligations. These free or discounted services are typically provided in the same performance period.
Contract Costs
Incremental costs of obtaining a contract primarily relate to sales commissions, which are included in selling, general and administrative expenses and are generally commensurate with sales. These costs are generally expensed when incurred because the period of benefit is one year or less.
Advertising Expense
The Company records advertising expense as it is incurred. Advertising expenses were $233.9 million, $166.1 million, and $166.1 million for the years ended December 31, 2023, 2022, and 2021, respectively, which include $210.2 million, $138.3 million, and $130.1 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 2023 presentation.
Restricted Cash 

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the Consolidated Balance Sheets to the total of the amounts reported in the Consolidated Statements of Cash Flows:
(In thousands)December 31,
2023		December 31,
2022
Cash and cash equivalents$346,382 $336,236 
Restricted cash included in:
  Other current assets— 425 
Total cash, cash equivalents and restricted cash in the Statement of Cash Flows$346,382 $336,661 

Subsequent Events 

On February 8, 2024, the sale of Broadcast Music, Inc. ("BMI") to a shareholder group led by New Mountain Capital, LLC, was completed. Based on the Company's equity interest in BMI, the sale resulted in cash proceeds of $101.4 million. The Company plans to use the proceeds for general corporate purposes, which may include the repayment of debt.

New Accounting Pronouncements Recently Adopted

In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805) - Accounting for Contract Assets and Contract Liabilities from Contracts with Customers which requires an acquirer in a business combination to recognize and measure contract assets and contract liabilities in accordance with Accounting Standards Codification 606. The Company adopted this guidance during the first quarter of 2023. The adoption did not have a material impact on the Company’s financial position, results of operations or cash flows.    
                                    
New Accounting Pronouncements Not Yet Adopted

In November 2023, the FASB issued Update 2023-07—Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures which requires disclosure of the title and position of the Chief Operating Decision Maker ("CODM"), an explanation of how the CODM uses the reported measure of segment profit or loss in assessing segment performance and deciding how to allocate resources, and disclosure of significant expenses regularly provided to the CODM that are included within the reported measure of segment profit or loss. The amendments of ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted, and should be applied retrospectively to all periods presented. We are currently evaluating the impact of this standard, including timing of adoption.

In December 2023, the FASB issued Update 2023-09—Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances the disclosure requirements for income tax rate reconciliation, domestic and foreign income taxes paid, and unrecognized tax benefits. The amendments of ASU 2023-09 are effective for annual periods beginning after December 15, 2024. Early adoption is permitted, and should be applied prospectively. We are currently evaluating the impact of this standard, including timing of adoption.
v3.24.0.1
REVENUE
 12 Months Ended
Dec. 31, 2023
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:
(In thousands)Multiplatform GroupDigital Audio GroupAudio and Media Services GroupEliminationsConsolidated
Year Ended December 31, 2023
Revenue from contracts with customers:
  Broadcast Radio(1)
$1,752,166 $— $— $— $1,752,166 
  Networks(2)
466,404 — — — 466,404 
  Sponsorship and Events(3)
191,434 — — — 191,434 
  Digital, excluding Podcast(4)
— 661,319 — (4,800)656,519 
  Podcast(5)
— 407,848 — — 407,848 
  Audio & Media Services(6)
— — 256,702 (5,412)251,290 
  Other(7)
23,351 — — — 23,351 
     Total2,433,355 1,069,167 256,702 (10,212)3,749,012 
Revenue from leases(8)
2,013 — — — 2,013 
Revenue, total$2,435,368 $1,069,167 $256,702 $(10,212)$3,751,025 
Year Ended December 31, 2022
Revenue from contracts with customers:
  Broadcast Radio(1)
$1,883,324 $— $— $— $1,883,324 
  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)
20,249 — — (447)19,802 
     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)
$1,807,985 $— $— $— $1,807,985 
  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)
16,225 — — (670)15,555 
     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 

(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 or delivered to the customer. Trade and barter revenues and expenses, which are included in consolidated revenue and selling, general and administrative expenses, respectively, were as follows:
Year Ended December 31,
(In thousands)202320222021
Consolidated:
  Trade and barter revenues$255,603 $188,357 $159,243 
  Trade and barter expenses234,984 188,161 149,846 

In addition to the trade and barter revenue in the table above, the Company recognized barter revenue of $33.3 million, $40.7 million, and $16.3 million for the years ended December 31, 2023, 2022, and 2021, 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)202320222021
Deferred revenue from contracts with customers:
  Beginning balance(1)
$157,910 $161,114 $145,493 
    Revenue recognized, included in beginning balance(112,224)(117,947)(93,195)
    Additions, net of revenue recognized during period, and other136,213114,743108,816
  Ending balance$181,899 $157,910 $161,114 
(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, 2023, the Company expects to recognize $296.1 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, 2023, the future lease payments to be received by the Company are as follows:
(In thousands)
2024$232 
2025132 
202672 
202730 
202815 
Thereafter— 
  Total minimum future rentals$481 
v3.24.0.1
LEASES
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
LEASES LEASES
In September 2023, the Company completed the sale of 122 of our broadcast tower sites and related assets for $45.3 million and entered into operating leases for the use of space on 121 of the broadcast tower sites and related assets sold. The Company realized a net loss of $3.2 million on the sale, which was recorded in Other operating expense, net in the statement of comprehensive loss. The leases are for an initial term of ten years and include four optional five-year renewal periods. In connection with the transaction, the Company recorded ROU assets and lease liabilities with aggregate values of $26.3 million related to these leases.

The following tables provide the components of lease expense included within the consolidated statement of comprehensive loss for the years ended December 31, 2023, 2022, and 2021:
Year Ended December 31,
(In thousands)202320222021
Operating lease expense$132,059 $144,592 $153,042 
Variable lease expense25,114 32,398 31,516 
Non-cash impairment of ROU assets(1)
6,058 8,683 44,311 

(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, respectively. In 2023 there were no non-cash impairment charges related to leasehold improvements.
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, 2023:

Year Ended December 31,
(In thousands)20232022
Operating lease weighted average remaining lease term (in years)12.813.3
Operating lease weighted average discount rate9.1 %6.7 %
As of December 31, 2023, the Company’s future maturities of operating lease liabilities were as follows:
(In thousands)
2024$140,152 
2025134,855 
2026123,780 
2027111,633 
2028104,551 
Thereafter902,308 
  Total lease payments$1,517,279 
Less: Effect of discounting680,626 
  Total operating lease liability$836,653 

The following table provides supplemental cash flow information related to leases:
Year Ended December 31,
(In thousands)202320222021
Cash paid for amounts included in measurement of operating lease liabilities$141,869 $141,340 $136,780 
Lease liabilities arising from obtaining right-of-use assets(1)
47,430173,235 74,745 
(1) Lease liabilities from obtaining right-of-use assets includes new leases entered into during the years ended December 31, 2023, 2022, and 2021.
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 $67.1 million, $87.2 million, and $114.5 million for the years ended December 31, 2023, 2022, and 2021, respectively.
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PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL
Property, Plant and Equipment
The Company’s property, plant and equipment consisted of the following classes of assets:
(In thousands)December 31,
2023		December 31,
2022
Land, buildings and improvements$316,655 $340,692 
Towers, transmitters and studio equipment195,609 215,655 
Computer equipment and software685,417 617,794 
Furniture and other equipment47,684 41,924 
Construction in progress16,473 29,091 
1,261,838 1,245,156 
Less: accumulated depreciation702,973 550,314 
Property, plant and equipment, net$558,865 $694,842 
In September 2023, the Company completed a sale-leaseback of 122 of our broadcast tower sites and related assets for $45.3 million, and entered into operating leases for the use of space on 121 of the broadcast tower sites and related assets sold. The Company realized a net loss of $3.2 million on the sale, which was recorded in Other operating expense, net in the statement of comprehensive loss.
Indefinite-lived Intangible Assets
The Company’s indefinite-lived intangible assets consist of FCC broadcast licenses in its Multiplatform Group segment and were $1.1 billion and $1.5 billion at December 31, 2023 and 2022, respectively. FCC broadcast licenses are granted to radio stations for up to eight years under the Telecommunications Act of 1996 (the “Act”). The Act requires the FCC to renew a broadcast license if the FCC finds that the station has served the public interest, convenience and necessity, there have been no 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.
Indefinite-lived Intangible Assets Impairment
The Company performs its annual impairment test on indefinite-lived intangible assets, including FCC licenses, as of July 1 of each year. In addition, the Company tests for impairment of indefinite-lived intangible assets whenever events and circumstances indicate that such assets might be impaired.
As discussed in Note 1, Basis of Presentation, economic uncertainty due to inflation and higher interest rates since 2022 has resulted in, among other things, lower advertising spending by businesses. This economic uncertainty has had an adverse impact on the Company's revenues and cash flows. In addition, the economic uncertainty has had a significant impact on the trading values of the Company's debt and equity securities for a sustained period. As a result, the Company performed an interim impairment test as of June 30, 2023 on its FCC licenses, which resulted in a non-cash impairment charge of $363.6 million to the FCC licenses balance in the second quarter of 2023. No impairment was identified related to our FCC licenses as part of the 2023 annual impairment test performed during the third quarter.

The Company recognized a non-cash impairment charge of $302.1 million on its FCC licenses as part of the 2022 annual impairment testing. No impairment was required as part of the 2021 annual impairment testing.

Since our emergence from Fresh Start in 2019, we have recorded $1.2 billion of cumulative impairment charges to our FCC licenses.

Other Intangible Assets
The following table presents the gross carrying amount and accumulated amortization for each major class of other intangible assets:
(In thousands)December 31, 2023December 31, 2022
Gross Carrying AmountAccumulated AmortizationGross Carrying AmountAccumulated Amortization
Customer / advertiser relationships$1,652,623 $(800,377)$1,652,455 $(633,352)
Talent and other contracts338,900 (203,479)338,900 (160,500)
Trademarks and tradenames335,912 (156,468)335,862 (122,403)
Other18,003 (11,904)18,443 (9,735)
Total$2,345,438 $(1,172,228)$2,345,660 $(925,990)
Total amortization expense related to definite-lived intangible assets for the years ended December 31, 2023, 2022, and 2021 was $246.7 million, $253.6 million and $280.6 million, respectively.
As acquisitions and dispositions occur in the future, amortization expense may vary. The following table presents the Company’s estimate of amortization expense for each of the five succeeding fiscal years for definite-lived intangible assets:
(In thousands)
2024$245,032 
2025213,758 
2026201,512 
2027176,171 
2028160,395 

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 December 31, 20211
$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 
Impairment(121,563)(439,383)(34,515)(595,461)
Acquisitions— 3,375 — 3,375 
Foreign currency— 84 82 166 
Balance as of December 31, 2023
$1,340,459 $311,426 $69,598 $1,721,483 
1 Beginning goodwill balance is presented net of prior accumulated impairment losses of $1.2 billion related to the Multiplatform Group segment. Refer to the table above for impairments recorded in 2023.
Goodwill Impairment
The Company performs its 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 impairment testing performed as of June 30, 2023 indicated that carrying values of the Company's Multiplatform, Digital, and RCS reporting units exceeded their fair values. The fair value of our Katz reporting unit exceeded its carrying value.
As discussed above, economic uncertainty has had a significant impact on the Company's revenue and cash flows, as well as the trading values of the Company's debt and equity securities for a sustained period. The interim impairment test resulted in a $595.5 million impairment of goodwill. In determining the fair value of our reporting units, the Company considered industry and market factors including trading multiples of similar businesses and the trading prices of its debt and equity securities. There were no significant changes to assumptions used for the 2023 annual impairment test. No impairment was identified related to our goodwill balance as a result of the 2023 annual impairment test performed during the third quarter.
No goodwill impairment was recorded for 2022 or 2021.
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL
Property, Plant and Equipment
The Company’s property, plant and equipment consisted of the following classes of assets:
(In thousands)December 31,
2023		December 31,
2022
Land, buildings and improvements$316,655 $340,692 
Towers, transmitters and studio equipment195,609 215,655 
Computer equipment and software685,417 617,794 
Furniture and other equipment47,684 41,924 
Construction in progress16,473 29,091 
1,261,838 1,245,156 
Less: accumulated depreciation702,973 550,314 
Property, plant and equipment, net$558,865 $694,842 
In September 2023, the Company completed a sale-leaseback of 122 of our broadcast tower sites and related assets for $45.3 million, and entered into operating leases for the use of space on 121 of the broadcast tower sites and related assets sold. The Company realized a net loss of $3.2 million on the sale, which was recorded in Other operating expense, net in the statement of comprehensive loss.
Indefinite-lived Intangible Assets
The Company’s indefinite-lived intangible assets consist of FCC broadcast licenses in its Multiplatform Group segment and were $1.1 billion and $1.5 billion at December 31, 2023 and 2022, respectively. FCC broadcast licenses are granted to radio stations for up to eight years under the Telecommunications Act of 1996 (the “Act”). The Act requires the FCC to renew a broadcast license if the FCC finds that the station has served the public interest, convenience and necessity, there have been no 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.
Indefinite-lived Intangible Assets Impairment
The Company performs its annual impairment test on indefinite-lived intangible assets, including FCC licenses, as of July 1 of each year. In addition, the Company tests for impairment of indefinite-lived intangible assets whenever events and circumstances indicate that such assets might be impaired.
As discussed in Note 1, Basis of Presentation, economic uncertainty due to inflation and higher interest rates since 2022 has resulted in, among other things, lower advertising spending by businesses. This economic uncertainty has had an adverse impact on the Company's revenues and cash flows. In addition, the economic uncertainty has had a significant impact on the trading values of the Company's debt and equity securities for a sustained period. As a result, the Company performed an interim impairment test as of June 30, 2023 on its FCC licenses, which resulted in a non-cash impairment charge of $363.6 million to the FCC licenses balance in the second quarter of 2023. No impairment was identified related to our FCC licenses as part of the 2023 annual impairment test performed during the third quarter.

The Company recognized a non-cash impairment charge of $302.1 million on its FCC licenses as part of the 2022 annual impairment testing. No impairment was required as part of the 2021 annual impairment testing.

Since our emergence from Fresh Start in 2019, we have recorded $1.2 billion of cumulative impairment charges to our FCC licenses.

Other Intangible Assets
The following table presents the gross carrying amount and accumulated amortization for each major class of other intangible assets:
(In thousands)December 31, 2023December 31, 2022
Gross Carrying AmountAccumulated AmortizationGross Carrying AmountAccumulated Amortization
Customer / advertiser relationships$1,652,623 $(800,377)$1,652,455 $(633,352)
Talent and other contracts338,900 (203,479)338,900 (160,500)
Trademarks and tradenames335,912 (156,468)335,862 (122,403)
Other18,003 (11,904)18,443 (9,735)
Total$2,345,438 $(1,172,228)$2,345,660 $(925,990)
Total amortization expense related to definite-lived intangible assets for the years ended December 31, 2023, 2022, and 2021 was $246.7 million, $253.6 million and $280.6 million, respectively.
As acquisitions and dispositions occur in the future, amortization expense may vary. The following table presents the Company’s estimate of amortization expense for each of the five succeeding fiscal years for definite-lived intangible assets:
(In thousands)
2024$245,032 
2025213,758 
2026201,512 
2027176,171 
2028160,395 

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 December 31, 20211
$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 
Impairment(121,563)(439,383)(34,515)(595,461)
Acquisitions— 3,375 — 3,375 
Foreign currency— 84 82 166 
Balance as of December 31, 2023
$1,340,459 $311,426 $69,598 $1,721,483 
1 Beginning goodwill balance is presented net of prior accumulated impairment losses of $1.2 billion related to the Multiplatform Group segment. Refer to the table above for impairments recorded in 2023.
Goodwill Impairment
The Company performs its 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 impairment testing performed as of June 30, 2023 indicated that carrying values of the Company's Multiplatform, Digital, and RCS reporting units exceeded their fair values. The fair value of our Katz reporting unit exceeded its carrying value.
As discussed above, economic uncertainty has had a significant impact on the Company's revenue and cash flows, as well as the trading values of the Company's debt and equity securities for a sustained period. The interim impairment test resulted in a $595.5 million impairment of goodwill. In determining the fair value of our reporting units, the Company considered industry and market factors including trading multiples of similar businesses and the trading prices of its debt and equity securities. There were no significant changes to assumptions used for the 2023 annual impairment test. No impairment was identified related to our goodwill balance as a result of the 2023 annual impairment test performed during the third quarter.
No goodwill impairment was recorded for 2022 or 2021.
v3.24.0.1
INVESTMENTS
 12 Months Ended
Dec. 31, 2023
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, 2021$33,868 $10,617 $37,210 $4,230 $85,925 
Purchases of investments13,458 2,813 25,102 — 41,373 
Equity in loss of nonconsolidated affiliates— (11)— — (11)
Disposals (239)— — (326)(565)
Gain (loss) on investments(6,520)— 11,332 (6,433)(1,621)
Conversions and other(1,454)— (1,407)2,981 120 
Balance at December 31, 2022$39,113 $13,419 $72,237 $452 $125,221 
Purchases of investments39,775 796 1,937 341 42,849 
Equity in loss of nonconsolidated affiliates— (3,530)— — (3,530)
Disposals— — — (3,864)(3,864)
Loss on investments, net(15,591)— (7,167)(5,372)(28,130)
Conversions and other(15,474)— 7,146 10,000 1,672 
Balance at December 31, 2023$47,823 $10,685 $74,153 $1,557 $134,218 
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. The Company enters into these investments in exchange for advertising services and
v3.24.0.1
LONG-TERM DEBT
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
LONG-TERM DEBT LONG-TERM DEBT
Long-term debt outstanding consisted of the following:
(In thousands)December 31,
2023		December 31,
2022
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 2027(1)
— — 
6.375% Senior Secured Notes due 2026
800,000 800,000 
5.25% Senior Secured Notes due 2027
750,000 750,000 
4.75% Senior Secured Notes due 2028
500,000 500,000 
Other secured subsidiary debt(2)
3,367 4,462 
Total consolidated secured debt4,318,619 4,319,714 
8.375% Senior Unsecured Notes due 2027(3)
916,357 1,120,366 
Other unsecured subsidiary debt— 52 
Original issue discount(7,558)(10,569)
Long-term debt fees(12,268)(15,396)
Total debt5,215,150 5,414,167 
Less: Current portion340 664 
Total long-term debt$5,214,810 $5,413,503 

(1)As of December 31, 2023, the ABL Facility had a facility size of $450.0 million, no outstanding borrowings and $24.3 million of outstanding letters of credit, resulting in $425.7 million of borrowing base availability.
(2)Other secured subsidiary debt consists of finance lease obligations maturing at various dates from 2024 through 2045.
(3)During the year ended December 31, 2023, we repurchased of $204.0 million aggregate principal amount of iHeartCommunications, Inc.'s 8.375% Senior Unsecured Notes due 2027 for $147.3 million in cash, excluding accrued interest. The repurchased notes were subsequently cancelled and retired, resulting in a gain on extinguishment of debt of $56.7 million.

The Company’s weighted average interest rate was 7.3% and 6.9% as of December 31, 2023 and December 31, 2022, respectively. The aggregate market value of the Company’s debt based on market prices for which quotes were available was approximately $4.2 billion and $4.8 billion as of December 31, 2023 and December 31, 2022, 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, 2023, 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 “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 ABL Facility, maturing in 2027, which refinanced and replaced in its entirety the prior ABL Facility. The ABL Facility includes a letter of credit sub-facility and a swingline loan sub-facility.
Size and Availability
The ABL Facility provides for a senior secured asset-based revolving credit facility in the aggregate principal amount of up to $450.0 million, with amounts available from time to time (including in respect of letters of credit) equal to the lesser of (A) the borrowing base, which equals the sum of (i) 90.0% of the eligible accounts receivable of iHeartCommunications and the subsidiary guarantors and (ii) 100% of qualified cash, each subject to customary reserves and eligibility criteria, and (B) the
aggregate revolving credit commitments. 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, 2023, iHeartCommunications had no principal amounts outstanding under the ABL Facility, a facility size of $450.0 million and $24.3 million in outstanding letters of credit, resulting in $425.7 million of borrowing base availability.
Interest Rate and Fees

Borrowings under the ABL Facility bear interest at a rate per annum equal to the applicable rate plus, at iHeartCommunications’ option, either (1) a base rate, (2) a term Secured Overnight Financing Rate (“SOFR”) rate (which includes a credit spread adjustment of 10 basis points), or (3) for certain foreign currencies, a eurocurrency rate. The applicable margin for borrowings under the ABL Facility range from 1.25% 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 ABL Facility based on the most recent fiscal quarter.

In addition to paying interest on outstanding principal under the ABL Facility, iHeartCommunications is required to pay a commitment fee to the lenders under the ABL Facility in respect of the unutilized commitments thereunder. The commitment fee rate ranges from 0.25% to 0.375% per annum dependent upon average unused commitments during the prior quarter. iHeartCommunications may also pay customary letter of credit fees.

Maturity

Borrowings under the ABL Facility will mature, and lending commitments thereunder will terminate on May 17, 2027.

Prepayments

If at any time, the sum of the outstanding amounts under the ABL Facility exceeds the lesser of (i) the borrowing base and (ii) the aggregate commitments under the facility (such lesser amount, the “line cap”), iHeartCommunications is required to repay outstanding loans and cash collateralize letters of credit in an aggregate amount equal to such excess. iHeartCommunications may voluntarily repay outstanding loans under the ABL Facility at any time without premium or penalty, other than customary “breakage” costs with respect to eurocurrency rate loans. Any voluntary prepayments made by iHeartCommunications will not reduce iHeartCommunications’ commitments under the ABL Facility.

Guarantees and Security

The ABL Facility is guaranteed by, subject to certain exceptions, the guarantors of iHeartCommunications’ Term Loan Facility (as defined below). All obligations under the ABL Facility, and the guarantees of those obligations, are secured by a perfected security interest in the accounts receivable and related assets of iHeartCommunications’ and the guarantors’ accounts receivable, qualified cash and related assets and proceeds thereof that is senior to the security interest of iHeartCommunications’ 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 ABL Facility, in each case, for two consecutive business days (a “Trigger Event”), iHeartCommunications will be required to comply with a minimum fixed charge coverage ratio of at least 1.00 to 1.00, and must continue to comply with this minimum fixed charge coverage ratio for fiscal quarters ending after the occurrence of the Trigger Event until borrowing availability exceeds the greater of (x) $40.0 million and (y) 10% of the aggregate commitments under the ABL Facility, in each case, for 20 consecutive calendar days, at which time the Trigger Event shall no longer be deemed to be occurring.
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 holders of claims against the Company (“Claimholders”) in connection with the Company's voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code (“Chapter 11 Cases”) pursuant to the series of transactions that reduced iHeartCommunications' debt and allowed the Company to emerge from Chapter 11 bankruptcy (the “Plan of Reorganization”). The 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
On June 15, 2023, iHeartCommunications entered into Amendment No. 4 to the Term Loan Facility. The amendment replaces the prior Eurocurrency interest rate, based upon LIBOR, with the SOFR successor rate plus a SOFR adjustment as specified in the credit agreement. The Term Loan Facility margins remain the same with the Term Loan Facility due 2026 containing margins of 3.00% for Term SOFR Loans (as defined in the credit agreement) and 2.00% for Base Rate Loans (as defined in the credit agreement), and the incremental Term Loan Facility due 2026 containing margins of 3.25% for Term SOFR Loans with a floor of 0.50% and 2.25% for Base Rate Loans with a floor of 1.50%.

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 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 8.375% Senior Notes due 2027 that were issued to certain Claimholders pursuant to the Plan of Reorganization, of which $916.4 million aggregate principal amount was outstanding at December 31, 2023. 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 may redeem the Senior Unsecured Notes at its option, in whole or in part, at the redemption prices set forth in the Senior Unsecured Notes Indenture plus accrued and unpaid interest to the redemption date.

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, 2023 are as follows:
(in thousands)
2024$340 
2025250 
20263,065,420 
20271,666,466 
2028500,051 
Thereafter2,449 
Total (1)
$5,234,976 

(1)Excludes original issue discount of $7.6 million and long-term debt fees of $12.3 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, 2023, iHeartCommunications had outstanding surety bonds and commercial standby letters of credit of $9.6 million and $24.3 million respectively. These surety bonds and letters of credit relate to various operational matters including insurance, lease and performance bonds as well as other items.
v3.24.0.1
COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
The Company leases office space, certain broadcasting facilities and equipment under long-term operating leases. The Company accounts for annual rent escalation clauses included in the lease term on a straight-line basis under the guidance in ASC 842, Leases. Expenditures for maintenance are charged to operations as incurred, whereas expenditures for renewal and betterments are capitalized. Non-cancelable contracts that provide the lessor with a right to fulfill the arrangement with property, plant and equipment not specified within the contract are not a lease and have been included within non-cancelable contracts within the table below.
Rent expense charged to operations for the years ended December 31, 2023, 2022, and 2021 was $178.3 million, $188.5 million, and $203.5 million, respectively.
As of December 31, 2023, 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
2024$273,163 $86,219 
2025165,905 83,673 
202693,775 64,350 
202723,725 47,754 
20289,363 15,000 
Thereafter335 — 
Total$566,266 $296,996 

The Company and its subsidiaries are involved in certain legal proceedings arising in the ordinary course of business and, as required, have accrued an estimate of the probable costs for the resolution of those claims for which the occurrence of loss is probable and the amount can be reasonably estimated. These estimates have been developed in consultation with counsel and are based upon an analysis of potential results, assuming a combination of litigation and settlement strategies. It is possible,
however, that future results of operations for any particular period could be materially affected by changes in the Company’s assumptions or the effectiveness of its strategies related to these proceedings. Additionally, due to the inherent uncertainty of litigation, there can be no assurance that the resolution of any particular claim or proceeding would not have a material adverse effect on the Company’s financial condition or results of operations.
Although the Company is involved in a variety of legal proceedings in the ordinary course of business, a large portion of its litigation arises in the following contexts: commercial disputes; defamation matters; employment and benefits related claims; governmental fines; intellectual property claims; and tax disputes.
Alien Ownership Restrictions and FCC Declaratory Ruling
The Communications Act and FCC regulation prohibit foreign entities and individuals from having direct or indirect ownership or voting rights of more than 25 percent in a corporation controlling the licensee of a radio broadcast station unless the FCC finds greater foreign ownership to be in the public interest. On November 5, 2020, the FCC issued a declaratory ruling, permitting the Company to be up to 100% foreign-owned, subject to certain conditions (the “2020 Declaratory Ruling”).
v3.24.0.1
INCOME TAXES
 12 Months Ended
Dec. 31, 2023
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,
202320222021
Current – Federal
$(67,856)$(54,934)$(2,169)
Current – foreign
(3,001)(4,891)(2,177)
Current – state
(11,393)(19,312)(14,919)
Total current expense(82,250)(79,137)(19,265)
Deferred – Federal
91,658 65,553 932 
Deferred – foreign
1,714 1,659 976 
Deferred – state
51,216 7,206 8,966 
Total deferred benefit144,588 74,418 10,874 
Income tax benefit (expense)$62,338 $(4,719)$(8,391)

The current tax expenses recorded for the years ended December 31, 2023, 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 deferred tax benefits of $144.6 million and $74.4 million recorded in the years ended December 31, 2023 and 2022, 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 2023 book amortization expense included the FCC license non-cash impairment charge recorded during the second quarter of 2023 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.
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 are as follows:
December 31,
(In thousands)20232022
Deferred tax liabilities:
Intangibles$548,872 $659,378 
Fixed Assets57,800 101,934 
Deferred Income22,163 44,261 
Operating lease right-of-use assets178,173 199,926 
Total deferred tax liabilities807,008 1,005,499 
Deferred tax assets:
Accrued expenses12,141 16,665 
Net operating loss carryforwards124,388 141,163 
Interest expense carryforwards389,236 346,354 
Operating lease liabilities211,412 233,003 
Capital loss carryforwards1,653,021 1,655,534 
Investments17,284 10,992 
Bad debt reserves12,452 10,172 
Other3,539 8,997 
Total gross deferred tax assets2,423,473 2,422,880 
Less: Valuation allowance1,956,233 1,901,191 
Total deferred tax assets467,240 521,689 
Net deferred tax liabilities$339,768 $483,810 

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, the third quarter of 2022 and the second quarter of 2023 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, 2023 and 2022 were $10.3 million and $11.5 million, respectively.
At December 31, 2023, the Company had recorded net operating loss and tax credit carryforwards (tax effected) for federal and state income tax purposes of approximately $124.4 million, expiring in various amounts through 2043 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 $389.2 million as of December 31, 2023. Included in this balance is $89.7 million of deferred tax assets that offsets uncertain tax position liabilities recorded in the Company's other long term liability account. 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, 2023 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, 2023, the Company had
recorded a valuation allowance of $2.0 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 $55.0 million during the year ended December 31, 2023 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 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, 2023, net deferred tax liabilities include a deferred tax asset of $7.0 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)202320222021
AmountPercentAmountPercentAmountPercent
Income tax benefit at statutory rates$244,162 21.0 %$54,170 21.0 %$31,500 21.0 %
State income taxes, net of federal tax effect16,349 1.4 %(3,548)(1.4)%3,325 2.2 %
Foreign income taxes(583)(0.1)%(1,615)(0.6)%(978)(0.7)%
Nondeductible items(10,425)(0.9)%(7,497)(2.9)%(10,264)(6.8)%
Changes in valuation allowance and other estimates(69,722)(6.0)%(52,293)(20.3)%(35,093)(23.4)%
Impairment charges(125,047)(10.7)%— — %— — %
Tax credits4,592 0.4 %3,848 1.5 %4,831 3.2 %
Other, net3,012 0.3 %2,216 0.9 %(1,712)(1.1)%
Income tax benefit (expense)$62,338 5.4 %$(4,719)(1.8)%$(8,391)(5.6)%

The Company’s effective tax rates for the years ended December 31, 2023 and 2022 were 5.4% and (1.8)%, 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. In addition, in 2023 the Company recorded a GAAP impairment charge to our non-deductible goodwill as discussed in Note 4, Property, Plant and Equipment, Intangible Assets and Goodwill.
The Company’s effective tax rate for the year ended December 31, 2021 was (5.6)%. The effective rate for the year was primarily impacted by the valuation allowance adjustments recorded during the year 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 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, 2023 and 2022 was $9.3 million and $4.9 million, respectively. The total amount of unrecognized tax benefits including accrued interest and penalties at December 31, 2023 and 2022 was $133.1 million and $28.7 million, respectively, of which $132.6 million and $27.2 million is included in “Other long-term liabilities”. In addition, $0.5 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, 2023 and 2022, respectively. The total amount of unrecognized tax benefits at December 31, 2023 and 2022 that, if recognized, would impact the effective income tax rate is $32.6 million and $22.9 million, respectively.
(In thousands)Year Ended December 31,
Unrecognized Tax Benefits20232022
Balance at beginning of period$23,823 $18,045 
Increases for tax position taken in the current year52,856 5,584 
Increases for tax positions taken in previous years48,194 1,593 
Decreases for tax position taken in previous years— — 
Decreases due to lapse of statute of limitations(1,051)(1,399)
Balance at end of period$123,822 $23,823 

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 2019 are closed. The majority of all material state, local, and foreign income tax matters have been concluded for years through 2019 with the exception of a current examination in Texas that covers the 2007-2016 tax years. During 2023, the Company recorded unrecognized tax benefit reserves for federal and state purposes related to the filing of 2020 amended tax returns reflecting additional deductible interest expense in those years that resulted in additional net operating losses being carried forward and utilized in later years. The amount of unrecognized tax benefit reserves recorded during 2023 related to the amended returns was $97.1 million, inclusive of interest.
v3.24.0.1
STOCKHOLDERS’ EQUITY (DEFICIT)
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
STOCKHOLDERS’ EQUITY (DEFICIT) STOCKHOLDERS’ EQUITY (DEFICIT)
Pursuant to the Company's 2019 Equity Incentive Plan ("2019 Plan"), the Company historically granted restricted stock units and options to purchase shares of the Company's Class A common stock to certain key individuals. On April 21, 2021, our 2021 Long-Term Incentive Award Plan ("2021 Plan") was approved by stockholders and replaced the 2019 Plan. At our 2023 Annual Meeting of Stockholders, an increase to the shares authorized for issuance under the 2021 Plan was approved. Pursuant to our 2021 Plan, we will continue to grant equity awards covering shares of the Company's Class A common stock to certain key individuals.
The 2019 Plan and 2021 Plan are designed to provide an incentive to certain key members of management and service providers of the Company or any of its subsidiaries and non-employee members of the Board 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) 19,000,000 shares of Class A common stock plus (b) shares of Class A common stock which are subject to outstanding awards under the 2019 Plan, and become available for issuance under the 2021 Plan. 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 years ended December 31, 2023 and 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,
2021
Expected volatility56%
Expected life in years
6.2 – 6.3
Risk-free interest rate
0.79% – 1.15%
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, 2023 ("Price" reflects the weighted average exercise price per share):
(In thousands, except per share data)OptionsPriceWeighted
Average
Remaining
Contractual Term
Outstanding, January 1, 20237,510 $16.16 4.0 years
Granted— 
Exercised— 
Forfeited(120)13.23 
Expired(202)15.99 
Outstanding, December, 31, 20237,188 16.22 3.0 years
Exercisable6,549 16.70 2.7 years
Expected to Vest639 11.30 6.7 years
A summary of the Company's unvested options and changes during the year ended December 31, 2023 is presented below:
(In thousands, except per share data)OptionsWeighted Average Grant Date Fair Value
Unvested, January 1, 20232,330 $5.51 
Granted— 
Vested (1)
(1,571)5.34 
Forfeited(120)5.16 
Unvested, December 31, 2023639 5.99 
(1)The total fair value of the options vested during the year ended December 31, 2023 was $8.4 million.
Restricted Stock Units (“RSUs”)
RSUs and Performance RSUs (representing one share of the Company's Class A common stock) may be issued under the 2019 Plan and 2021 Plan.
Each RSU awarded to a participant, both under the 2019 Plan and the 2021 Plan will be credited with dividends paid in respect of one share of common stock (“Dividend Equivalents”). Dividend Equivalents will be withheld by the Company for the participant’s account, and interest may be credited on the amount of cash Dividend Equivalents withheld at a rate and subject to such terms as determined by the Committee. Dividend Equivalents credited to a participant’s account and attributable to any particular RSU (and earnings thereon, if applicable) shall be distributed to the participant upon settlement of such RSU and, if such RSU is forfeited, the participant shall have no right to such Dividend Equivalents. RSUs vest solely due to continued service over time.
Performance RSUs generally vest upon the achievement of certain total stockholder return goals, Adjusted EBITDA goals, Social Responsibility goals, and continued service. The majority of these awards are being measured over an approximately 3-year period from the date of issuance, while certain Performance RSUs are measured over a 50-month period from the date of issuance.
The following table presents a summary of the Company's RSUs outstanding and RSU activity as of and during the year ended December 31, 2023 (“Price” reflects the weighted average share price at the date of grant):
(In thousands, except per share data)AwardsPrice
Outstanding, January 1, 20236,249 $13.06 
Granted7,458 2.84 
Vested (restriction lapsed)(1,790)13.39 
Forfeited(306)11.69 
Outstanding, December 31, 202311,611 6.48 

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:
(In thousands, except share and per share data)December 31,
2023
Class A Common Stock, par value $.001 per share, 1,000,000,000 shares authorized
124,299,288 
Class B Common Stock, par value $.001 per share, 1,000,000,000 shares authorized
21,347,363 
Special Warrants5,101,870 
  Total Class A Common Stock, Class B Common Stock and Special Warrants issued and outstanding150,748,521 

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, 2023, 2022, and 2021, 129,877 shares, 209,613 shares, and 7,634,045 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, 2023, stockholders exercised 9,383 and 59 Special Warrants for an equivalent number of shares of Class A common stock and Class B common stock, respectively. 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.
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 2020 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 2020 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.
Share-Based Compensation Cost

The following table presents the Company's total share based compensation expense by award type for the years ended 2023, 2022, and 2021:

(In thousands)Year Ended December 31,
202320222021
RSUs$21,709 $21,048 $13,182 
Performance RSUs8,857 5,589 1,617 
Options5,059 8,820 8,744 
Total Share Based Compensation Expense$35,625 $35,457 $23,543 

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.
The tax benefit related to the share-based compensation expense for the Company for the years ended December 31, 2023, 2022, and 2021 was $4.7 million, $5.2 million and $3.5 million, respectively.
As of December 31, 2023, there was $50.8 million of unrecognized compensation cost related to share-based compensation arrangements. This cost is expected to be recognized over a weighted average period of approximately 1.9 years and assumes Performance RSUs will be fully earned.

Loss per Share
(In thousands, except per share data)Year Ended December 31,
 202320222021
NUMERATOR: 
Net loss attributable to the Company – common shares$(1,102,660)$(264,663)$(159,199)
DENOMINATOR(1):
 
Weighted average common shares outstanding - basic149,255 148,058 146,726 
  Stock options and restricted stock(2):
— — — 
Weighted average common shares outstanding - diluted149,255 148,058 146,726 
Net loss attributable to the Company per common share: 
Basic$(7.39)$(1.79)$(1.09)
Diluted$(7.39)$(1.79)$(1.09)

(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, 2023, December 31, 2022 and December 31, 2021.
(2)Outstanding equity awards representing 13.6 million, 11.0 million and 10.5 million shares of Class A common stock of the Company for the years ended December 31, 2023, December 31, 2022, and December 31, 2021, respectively, were not included in the computation of diluted earnings per share because to do so would have been antidilutive.
v3.24.0.1
EMPLOYEE BENEFIT PLANS
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
EMPLOYEE BENEFIT PLANS EMPLOYEE BENEFIT PLANS
iHeartCommunications has various 401(k) savings and other plans for the purpose of providing retirement benefits for substantially all employees. Under these plans, an employee can make pre-tax contributions and iHeartCommunications will match a portion of such an employee’s contribution. Employees vest in these iHeartCommunications matching contributions based upon their years of service to iHeartCommunications. In response to the challenging macroeconomic environment, beginning in March 2023, the Company temporarily suspended its 401(k) matching program as an incremental operating-expense-saving initiative. Contributions of $4.4 million and $14.9 million made to these plans for the years ended December 31, 2023, and 2022, respectively, were expensed. The Company did not make any matching contributions in 2021.

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, 2023 was approximately $11.5 million recorded in “Other assets” and $11.5 million recorded in “Other long-term liabilities”, 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.
v3.24.0.1
SEGMENT DATA
 12 Months Ended
Dec. 31, 2023
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:
Segments
(In thousands)Multiplatform GroupDigital Audio GroupAudio & Media Services GroupCorporate and other reconciling itemsEliminationsConsolidated
Year Ended December 31, 2023
Revenue$2,435,368 $1,069,167 $256,702 $— $(10,212)$3,751,025 
Operating expenses(1)
1,881,934 720,298 185,241 277,166 (10,212)3,054,427 
Segment Adjusted EBITDA(2)
$553,434 $348,869 $71,461 $(277,166)$— $696,598 
Depreciation and amortization(428,483)
Impairment charges(965,087)
Other operating expense, net(4,361)
Restructuring expenses(60,353)
Share-based compensation expense(35,625)
Operating loss$(797,311)
Segment assets$5,443,207 $626,004 $310,909 $576,426 $(3,935)$6,952,611 
Intersegment revenues— 4,800 5,412 — — 10,212 
Capital expenditures 58,033 23,179 7,348 14,110 — 102,670 
Share-based compensation expense— — — 35,625 — 35,625 

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 expenditures119,624 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 

(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.
v3.24.0.1
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS
 12 Months Ended
Dec. 31, 2023
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, 2021
$38,777 $4,144 $(13,846)$195 $29,270 
Year ended December 31, 2022
$29,270 $14,236 $(14,322)$(13)$29,171 
Year ended December 31, 2023
$29,171 $29,488 $(20,613)$9 $38,055 

(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, 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 
Year ended December 31, 2023$1,901,191 $114,061 $(59,249)$230 $1,956,233 

(1)During 2023, 2022, and 2021 the Company recorded a valuation allowance of $114.1 million, $49.2 million and $62.3 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 2023 the Company reversed valuation allowances of $59.2 million related to 2022 state tax return true ups and capital loss carryforwards that were utilized as a result of capital gains during the period. During 2021, the Company reversed valuation allowances of $28.7 million related to net operating loss carryforwards and capital loss carryforwards that were utilized as a result of taxable income and capital gains recognized during the period.
v3.24.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Pay vs Performance Disclosure      
Net loss attributable to the Company $ (1,102,660) $ (264,663) $ (159,199)
v3.24.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2023
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Segment Reporting
The Company reports based on three reportable segments:
•the Multiplatform Group, which includes the Company's Broadcast radio, Networks and Sponsorships and Events businesses;

•the Digital Audio Group, which includes all of the Company's Digital businesses, including Podcasting; and

•the Audio & Media Services Group, which includes Katz Media, a full-service media representation business, and RCS, a provider of scheduling and broadcast software and services.

These reporting segments reflect how senior management operates the Company. This structure provides visibility into the underlying performances, results, and margin profiles of our distinct businesses and enables senior management to monitor trends at the operational level and address opportunities or issues as they arise via regular review of segment-level results and forecasts with operational leaders.
The Company's segment profitability metric is Segment Adjusted EBITDA which is reported to the Company's Chief Operating Decision Maker 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. The Company considers renewal periods in determining its lease terms if at inception of the lease there is reasonable assurance the lease will be renewed. Generally, renewal periods are excluded from minimum lease payments when calculating the lease liabilities as, for most leases, the Company does not consider exercise of such options to be reasonably certain. As a result, unless a renewal option is considered reasonably certain, the optional terms and related payments are not included within the lease liability. For those leases for which renewal periods are included in calculating minimum lease liabilities, any adjustments resulting from changes in circumstances which result in the renewal options no longer being reasonably certain are accounted for as changes in estimates. The Company's lease agreements do not contain any residual value guarantees or restrictive covenants.
The implicit rate within the Company's lease agreements is generally not determinable. As such, the Company uses the incremental borrowing rate ("IBR") to determine the present value of lease payments at the commencement of the lease. The IBR, as defined in ASC 842, is "the rate of interest that a lessee would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment." The Company elected to use the practical expedient to not separate non-lease components from the associated lease component for all classes of the Company's assets.
When the Company decides to abandon a leased property before the expiration of the lease term, management assesses whether such property will be subleased. If it is determined that subleasing the property for the remaining lease term is reasonable, management estimates the fair value of the sublease payments to be received and compares the estimated fair value to the ROU asset. To the extent the estimated fair value is less than the net book value of the ROU asset, the Company records a non-cash impairment charge for the difference, and the remaining ROU asset is recorded ratably over the remaining lease term. If it is determined that subleasing the property for the remaining lease term is not reasonable (e.g. the remaining lease term is too short to reasonably expect the property to be subleased), amortization of the net book value of the ROU asset is accelerated and recognized as expense ratably from the decision date to the date the Company ceases use of the property.
Indefinite-lived Intangible Assets
Indefinite-lived Intangible Assets
The Company’s indefinite-lived intangible assets consist of FCC broadcast licenses in its Multiplatform Group segment. The Company’s indefinite-lived intangible assets are not subject to amortization, but are tested for impairment at least annually. The Company tests for possible impairment of indefinite-lived intangible assets whenever events or changes in circumstances, such as a significant reduction in operating cash flow or a 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 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, and performs interim impairment tests whenever events and circumstances indicate that the FCC licenses might be impaired.
The impairment tests for indefinite-lived intangible assets consist of a comparison between the fair value of the indefinite-lived intangible asset at the market level with its carrying amount. If the carrying amount of the indefinite-lived intangible asset exceeds its fair value, an impairment loss is recognized equal to that excess. After an impairment loss is recognized, the adjusted carrying amount of the indefinite-lived asset is its new accounting basis. 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 Company's key assumptions using the direct valuation method are market revenue growth rates, profit margin, and the risk-adjusted discount rate as well as other assumptions including market share, duration and profile of the build-up period, estimated start-up costs and capital expenditures. This data is populated using industry normalized information representing an average asset within a market. The Company obtained recent broadcast radio industry revenue projections which it considered along with various other sources of data in developing the assumptions used for purposes of performing impairment testing on our FCC licenses.
Other Intangible Assets
Other intangible assets include definite-lived intangible assets. The Company’s definite-lived intangible assets primarily include customer and advertiser relationships, talent and representation contracts, trademarks and tradenames and other contractual rights, all of which are amortized over the shorter of either the respective lives of the agreements or over the period of time the assets are expected to contribute directly or indirectly to the Company’s future cash flows. The Company periodically reviews the appropriateness of the amortization periods related to its definite-lived intangible assets. These assets are recorded at amortized cost.
In accordance with ASC 360, we assess the recoverability of definite-lived intangible assets whenever events and circumstances indicate that they might be impaired and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amounts of those assets. When specific assets are determined to be unrecoverable, the cost basis of the asset is reduced to reflect the current fair market value.
Goodwill
Goodwill
At least annually, the Company performs its impairment test for each reporting unit’s goodwill. The Company also tests goodwill at interim dates if events or changes in circumstances indicate that goodwill might be impaired.
The Company identified its reporting units in accordance with ASC 350-20-55. The goodwill impairment test requires measurement of the fair value of the Company's reporting units, which is compared to the carrying value of the reporting units, including goodwill. Each reporting unit is valued using a discounted cash flow model which requires estimating future cash flows expected to be generated from the reporting unit, discounted to their present value using a risk-adjusted discount rate. Terminal values are also estimated and discounted to their present value. Assessing the recoverability of goodwill requires estimates and assumptions about sales, operating margins, growth rates and discount rates based on budgets, business plans, economic projections, anticipated future cash flows and marketplace data.

The Company performs its annual impairment test on its goodwill on July 1 of each year. For a complete discussion of our annual impairment tests and interim tests performed, see Note 4, Property, Plant and Equipment, Intangible Assets and Goodwill.
Other Investments
Other Investments

We apply ASC 321, Investments - Equity Securities, which requires us to measure all equity investments that do not result in consolidation and are not accounted for under the equity method at fair value and recognize any changes in earnings. For equity securities without readily determinable fair values, we have elected the measurement alternative under which we measure these investments at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer.

Investments in notes receivable are evaluated for credit losses in accordance with ASC 326, Financial Instruments-Credit Losses, on a quarterly basis or when indicators of credit loss exist.
Financial Instruments
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, 2023 and 2022.
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.
For revenue arrangements that contain multiple distinct goods or services, the Company allocates the transaction price to these performance obligations in proportion to their relative standalone selling prices or the best estimate of their fair values. However, where the Company provides customers with free or discounted services as part of contract negotiations, management uses judgment to determine how much of the transaction price to allocate to these performance obligations. These free or discounted services are typically provided in the same performance period.
Contract Costs
Incremental costs of obtaining a contract primarily relate to sales commissions, which are included in selling, general and administrative expenses and are generally commensurate with sales. These costs are generally expensed when incurred because the period of benefit is one year or less.
Advertising Expense
Advertising Expense
The 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
Reclassifications
Certain prior period amounts have been reclassified to conform to the 2023 presentation.
New Accounting Pronouncements Recently Adopted and New Accounting Pronouncements Not Yet Adopted
New Accounting Pronouncements Recently Adopted

In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805) - Accounting for Contract Assets and Contract Liabilities from Contracts with Customers which requires an acquirer in a business combination to recognize and measure contract assets and contract liabilities in accordance with Accounting Standards Codification 606. The Company adopted this guidance during the first quarter of 2023. The adoption did not have a material impact on the Company’s financial position, results of operations or cash flows.    
                                    
New Accounting Pronouncements Not Yet Adopted

In November 2023, the FASB issued Update 2023-07—Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures which requires disclosure of the title and position of the Chief Operating Decision Maker ("CODM"), an explanation of how the CODM uses the reported measure of segment profit or loss in assessing segment performance and deciding how to allocate resources, and disclosure of significant expenses regularly provided to the CODM that are included within the reported measure of segment profit or loss. The amendments of ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted, and should be applied retrospectively to all periods presented. We are currently evaluating the impact of this standard, including timing of adoption.

In December 2023, the FASB issued Update 2023-09—Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances the disclosure requirements for income tax rate reconciliation, domestic and foreign income taxes paid, and unrecognized tax benefits. The amendments of ASU 2023-09 are effective for annual periods beginning after December 15, 2024. Early adoption is permitted, and should be applied prospectively. We are currently evaluating the impact of this standard, including timing of adoption.
v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Schedule of 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,
2023		December 31,
2022
Cash and cash equivalents$346,382 $336,236 
Restricted cash included in:
  Other current assets— 425 
Total cash, cash equivalents and restricted cash in the Statement of Cash Flows$346,382 $336,661 
v3.24.0.1
REVENUE (Tables)
 12 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
The following table shows revenue streams for the Company:
(In thousands)Multiplatform GroupDigital Audio GroupAudio and Media Services GroupEliminationsConsolidated
Year Ended December 31, 2023
Revenue from contracts with customers:
  Broadcast Radio(1)
$1,752,166 $— $— $— $1,752,166 
  Networks(2)
466,404 — — — 466,404 
  Sponsorship and Events(3)
191,434 — — — 191,434 
  Digital, excluding Podcast(4)
— 661,319 — (4,800)656,519 
  Podcast(5)
— 407,848 — — 407,848 
  Audio & Media Services(6)
— — 256,702 (5,412)251,290 
  Other(7)
23,351 — — — 23,351 
     Total2,433,355 1,069,167 256,702 (10,212)3,749,012 
Revenue from leases(8)
2,013 — — — 2,013 
Revenue, total$2,435,368 $1,069,167 $256,702 $(10,212)$3,751,025 
Year Ended December 31, 2022
Revenue from contracts with customers:
  Broadcast Radio(1)
$1,883,324 $— $— $— $1,883,324 
  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)
20,249 — — (447)19,802 
     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)
$1,807,985 $— $— $— $1,807,985 
  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)
16,225 — — (670)15,555 
     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 

(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.
Schedule of Barter and Trade Revenues and Expenses Trade and barter revenues and expenses, which are included in consolidated revenue and selling, general and administrative expenses, respectively, were as follows:
Year Ended December 31,
(In thousands)202320222021
Consolidated:
  Trade and barter revenues$255,603 $188,357 $159,243 
  Trade and barter expenses234,984 188,161 149,846 
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)202320222021
Deferred revenue from contracts with customers:
  Beginning balance(1)
$157,910 $161,114 $145,493 
    Revenue recognized, included in beginning balance(112,224)(117,947)(93,195)
    Additions, net of revenue recognized during period, and other136,213114,743108,816
  Ending balance$181,899 $157,910 $161,114 
(1)Deferred revenue from contracts with customers, which excludes other sources of deferred revenue that are not related to contracts with customers, is included within deferred revenue and other long-term liabilities on the Consolidated Balance Sheets, depending upon when revenue is expected to be recognized.
Schedule of Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity
As of December 31, 2023, the future lease payments to be received by the Company are as follows:
(In thousands)
2024$232 
2025132 
202672 
202730 
202815 
Thereafter— 
  Total minimum future rentals$481 
v3.24.0.1
LEASES (Tables)
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Schedule of 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, 2023, 2022, and 2021:
Year Ended December 31,
(In thousands)202320222021
Operating lease expense$132,059 $144,592 $153,042 
Variable lease expense25,114 32,398 31,516 
Non-cash impairment of ROU assets(1)
6,058 8,683 44,311 

(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, respectively. In 2023 there were no non-cash impairment charges related to leasehold improvements.
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, 2023:

Year Ended December 31,
(In thousands)20232022
Operating lease weighted average remaining lease term (in years)12.813.3
Operating lease weighted average discount rate9.1 %6.7 %
Schedule of Lessee, Operating Lease, Liability, Maturity
As of December 31, 2023, the Company’s future maturities of operating lease liabilities were as follows:
(In thousands)
2024$140,152 
2025134,855 
2026123,780 
2027111,633 
2028104,551 
Thereafter902,308 
  Total lease payments$1,517,279 
Less: Effect of discounting680,626 
  Total operating lease liability$836,653 
Schedule of Cash Flow, Supplemental Disclosures
The following table provides supplemental cash flow information related to leases:
Year Ended December 31,
(In thousands)202320222021
Cash paid for amounts included in measurement of operating lease liabilities$141,869 $141,340 $136,780 
Lease liabilities arising from obtaining right-of-use assets(1)
47,430173,235 74,745 
(1) Lease liabilities from obtaining right-of-use assets includes new leases entered into during the years ended December 31, 2023, 2022, and 2021.
v3.24.0.1
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL (Tables)
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
Schedule of Property, Plant and Equipment
The Company’s property, plant and equipment consisted of the following classes of assets:
(In thousands)December 31,
2023		December 31,
2022
Land, buildings and improvements$316,655 $340,692 
Towers, transmitters and studio equipment195,609 215,655 
Computer equipment and software685,417 617,794 
Furniture and other equipment47,684 41,924 
Construction in progress16,473 29,091 
1,261,838 1,245,156 
Less: accumulated depreciation702,973 550,314 
Property, plant and equipment, net$558,865 $694,842 
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:
(In thousands)December 31, 2023December 31, 2022
Gross Carrying AmountAccumulated AmortizationGross Carrying AmountAccumulated Amortization
Customer / advertiser relationships$1,652,623 $(800,377)$1,652,455 $(633,352)
Talent and other contracts338,900 (203,479)338,900 (160,500)
Trademarks and tradenames335,912 (156,468)335,862 (122,403)
Other18,003 (11,904)18,443 (9,735)
Total$2,345,438 $(1,172,228)$2,345,660 $(925,990)
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)
2024$245,032 
2025213,758 
2026201,512 
2027176,171 
2028160,395 
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 December 31, 20211
$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 
Impairment(121,563)(439,383)(34,515)(595,461)
Acquisitions— 3,375 — 3,375 
Foreign currency— 84 82 166 
Balance as of December 31, 2023
$1,340,459 $311,426 $69,598 $1,721,483 
1 Beginning goodwill balance is presented net of prior accumulated impairment losses of $1.2 billion related to the Multiplatform Group segment. Refer to the table above for impairments recorded in 2023.
v3.24.0.1
INVESTMENTS (Tables)
 12 Months Ended
Dec. 31, 2023
Schedule of Investments [Abstract]  
Schedule of Investments in Nonconsolidated Affiliates and Other Securities
The following table summarizes the Company's investments in nonconsolidated affiliates and other securities:
(In thousands)Available-for-Sale Debt SecuritiesEquity Method InvestmentsOther InvestmentsMarketable Equity SecuritiesTotal Investments
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 loss of nonconsolidated affiliates— (11)— — (11)
Disposals (239)— — (326)(565)
Gain (loss) on investments(6,520)— 11,332 (6,433)(1,621)
Conversions and other(1,454)— (1,407)2,981 120 
Balance at December 31, 2022$39,113 $13,419 $72,237 $452 $125,221 
Purchases of investments39,775 796 1,937 341 42,849 
Equity in loss of nonconsolidated affiliates— (3,530)— — (3,530)
Disposals— — — (3,864)(3,864)
Loss on investments, net(15,591)— (7,167)(5,372)(28,130)
Conversions and other(15,474)— 7,146 10,000 1,672 
Balance at December 31, 2023$47,823 $10,685 $74,153 $1,557 $134,218 
v3.24.0.1
LONG-TERM DEBT (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt
Long-term debt outstanding consisted of the following:
(In thousands)December 31,
2023		December 31,
2022
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 2027(1)
— — 
6.375% Senior Secured Notes due 2026
800,000 800,000 
5.25% Senior Secured Notes due 2027
750,000 750,000 
4.75% Senior Secured Notes due 2028
500,000 500,000 
Other secured subsidiary debt(2)
3,367 4,462 
Total consolidated secured debt4,318,619 4,319,714 
8.375% Senior Unsecured Notes due 2027(3)
916,357 1,120,366 
Other unsecured subsidiary debt— 52 
Original issue discount(7,558)(10,569)
Long-term debt fees(12,268)(15,396)
Total debt5,215,150 5,414,167 
Less: Current portion340 664 
Total long-term debt$5,214,810 $5,413,503 

(1)As of December 31, 2023, the ABL Facility had a facility size of $450.0 million, no outstanding borrowings and $24.3 million of outstanding letters of credit, resulting in $425.7 million of borrowing base availability.
(2)Other secured subsidiary debt consists of finance lease obligations maturing at various dates from 2024 through 2045.
(3)During the year ended December 31, 2023, we repurchased of $204.0 million aggregate principal amount of iHeartCommunications, Inc.'s 8.375% Senior Unsecured Notes due 2027 for $147.3 million in cash, excluding accrued interest. The repurchased notes were subsequently cancelled and retired, resulting in a gain on extinguishment of debt of $56.7 million.
Schedule of Future Maturities of Long-term Debt
Future maturities of long-term debt at December 31, 2023 are as follows:
(in thousands)
2024$340 
2025250 
20263,065,420 
20271,666,466 
2028500,051 
Thereafter2,449 
Total (1)
$5,234,976 

(1)Excludes original issue discount of $7.6 million and long-term debt fees of $12.3 million, which are amortized through interest expense over the life of the underlying debt obligations.
v3.24.0.1
COMMITMENTS AND CONTINGENCIES (Tables)
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Other Commitments
As of December 31, 2023, 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
2024$273,163 $86,219 
2025165,905 83,673 
202693,775 64,350 
202723,725 47,754 
20289,363 15,000 
Thereafter335 — 
Total$566,266 $296,996 
v3.24.0.1
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2023
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,
202320222021
Current – Federal
$(67,856)$(54,934)$(2,169)
Current – foreign
(3,001)(4,891)(2,177)
Current – state
(11,393)(19,312)(14,919)
Total current expense(82,250)(79,137)(19,265)
Deferred – Federal
91,658 65,553 932 
Deferred – foreign
1,714 1,659 976 
Deferred – state
51,216 7,206 8,966 
Total deferred benefit144,588 74,418 10,874 
Income tax benefit (expense)$62,338 $(4,719)$(8,391)
Schedule of Significant Components of Deferred Tax Liabilities and Assets
Significant components of the Company's deferred tax liabilities and assets are as follows:
December 31,
(In thousands)20232022
Deferred tax liabilities:
Intangibles$548,872 $659,378 
Fixed Assets57,800 101,934 
Deferred Income22,163 44,261 
Operating lease right-of-use assets178,173 199,926 
Total deferred tax liabilities807,008 1,005,499 
Deferred tax assets:
Accrued expenses12,141 16,665 
Net operating loss carryforwards124,388 141,163 
Interest expense carryforwards389,236 346,354 
Operating lease liabilities211,412 233,003 
Capital loss carryforwards1,653,021 1,655,534 
Investments17,284 10,992 
Bad debt reserves12,452 10,172 
Other3,539 8,997 
Total gross deferred tax assets2,423,473 2,422,880 
Less: Valuation allowance1,956,233 1,901,191 
Total deferred tax assets467,240 521,689 
Net deferred tax liabilities$339,768 $483,810 
Schedule of Reconciliation of Income Tax to Income Tax Benefit (Expense)
The reconciliations of income tax on income (loss) computed at the U.S. federal statutory tax rates to the recorded income tax benefit (expense) for the Company are:
Year Ended December 31,
(In thousands)202320222021
AmountPercentAmountPercentAmountPercent
Income tax benefit at statutory rates$244,162 21.0 %$54,170 21.0 %$31,500 21.0 %
State income taxes, net of federal tax effect16,349 1.4 %(3,548)(1.4)%3,325 2.2 %
Foreign income taxes(583)(0.1)%(1,615)(0.6)%(978)(0.7)%
Nondeductible items(10,425)(0.9)%(7,497)(2.9)%(10,264)(6.8)%
Changes in valuation allowance and other estimates(69,722)(6.0)%(52,293)(20.3)%(35,093)(23.4)%
Impairment charges(125,047)(10.7)%— — %— — %
Tax credits4,592 0.4 %3,848 1.5 %4,831 3.2 %
Other, net3,012 0.3 %2,216 0.9 %(1,712)(1.1)%
Income tax benefit (expense)$62,338 5.4 %$(4,719)(1.8)%$(8,391)(5.6)%
Schedule of Unrecognized Tax Benefits
(In thousands)Year Ended December 31,
Unrecognized Tax Benefits20232022
Balance at beginning of period$23,823 $18,045 
Increases for tax position taken in the current year52,856 5,584 
Increases for tax positions taken in previous years48,194 1,593 
Decreases for tax position taken in previous years— — 
Decreases due to lapse of statute of limitations(1,051)(1,399)
Balance at end of period$123,822 $23,823 
v3.24.0.1
STOCKHOLDERS’ EQUITY (DEFICIT) (Tables)
 12 Months Ended
Dec. 31, 2023
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,
2021
Expected volatility56%
Expected life in years
6.2 – 6.3
Risk-free interest rate
0.79% – 1.15%
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, 2023 ("Price" reflects the weighted average exercise price per share):
(In thousands, except per share data)OptionsPriceWeighted
Average
Remaining
Contractual Term
Outstanding, January 1, 20237,510 $16.16 4.0 years
Granted— 
Exercised— 
Forfeited(120)13.23 
Expired(202)15.99 
Outstanding, December, 31, 20237,188 16.22 3.0 years
Exercisable6,549 16.70 2.7 years
Expected to Vest639 11.30 6.7 years
Summary of Unvested Options and Changes
A summary of the Company's unvested options and changes during the year ended December 31, 2023 is presented below:
(In thousands, except per share data)OptionsWeighted Average Grant Date Fair Value
Unvested, January 1, 20232,330 $5.51 
Granted— 
Vested (1)
(1,571)5.34 
Forfeited(120)5.16 
Unvested, December 31, 2023639 5.99 
(1)The total fair value of the options vested during the year ended December 31, 2023 was $8.4 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, 2023 (“Price” reflects the weighted average share price at the date of grant):
(In thousands, except per share data)AwardsPrice
Outstanding, January 1, 20236,249 $13.06 
Granted7,458 2.84 
Vested (restriction lapsed)(1,790)13.39 
Forfeited(306)11.69 
Outstanding, December 31, 202311,611 6.48 
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:
(In thousands, except share and per share data)December 31,
2023
Class A Common Stock, par value $.001 per share, 1,000,000,000 shares authorized
124,299,288 
Class B Common Stock, par value $.001 per share, 1,000,000,000 shares authorized
21,347,363 
Special Warrants5,101,870 
  Total Class A Common Stock, Class B Common Stock and Special Warrants issued and outstanding150,748,521 
Schedule of Share-Based Payment Arrangement, Cost by Plan
The following table presents the Company's total share based compensation expense by award type for the years ended 2023, 2022, and 2021:

(In thousands)Year Ended December 31,
202320222021
RSUs$21,709 $21,048 $13,182 
Performance RSUs8,857 5,589 1,617 
Options5,059 8,820 8,744 
Total Share Based Compensation Expense$35,625 $35,457 $23,543 
Schedule of Loss Per Share
(In thousands, except per share data)Year Ended December 31,
 202320222021
NUMERATOR: 
Net loss attributable to the Company – common shares$(1,102,660)$(264,663)$(159,199)
DENOMINATOR(1):
 
Weighted average common shares outstanding - basic149,255 148,058 146,726 
  Stock options and restricted stock(2):
— — — 
Weighted average common shares outstanding - diluted149,255 148,058 146,726 
Net loss attributable to the Company per common share: 
Basic$(7.39)$(1.79)$(1.09)
Diluted$(7.39)$(1.79)$(1.09)

(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, 2023, December 31, 2022 and December 31, 2021.
(2)Outstanding equity awards representing 13.6 million, 11.0 million and 10.5 million shares of Class A common stock of the Company for the years ended December 31, 2023, December 31, 2022, and December 31, 2021, respectively, were not included in the computation of diluted earnings per share because to do so would have been antidilutive.
v3.24.0.1
SEGMENT DATA (Tables)
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Schedule of Operating Segment Results
The following tables present the Company's segment results:
Segments
(In thousands)Multiplatform GroupDigital Audio GroupAudio & Media Services GroupCorporate and other reconciling itemsEliminationsConsolidated
Year Ended December 31, 2023
Revenue$2,435,368 $1,069,167 $256,702 $— $(10,212)$3,751,025 
Operating expenses(1)
1,881,934 720,298 185,241 277,166 (10,212)3,054,427 
Segment Adjusted EBITDA(2)
$553,434 $348,869 $71,461 $(277,166)$— $696,598 
Depreciation and amortization(428,483)
Impairment charges(965,087)
Other operating expense, net(4,361)
Restructuring expenses(60,353)
Share-based compensation expense(35,625)
Operating loss$(797,311)
Segment assets$5,443,207 $626,004 $310,909 $576,426 $(3,935)$6,952,611 
Intersegment revenues— 4,800 5,412 — — 10,212 
Capital expenditures 58,033 23,179 7,348 14,110 — 102,670 
Share-based compensation expense— — — 35,625 — 35,625 

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 expenditures119,624 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 

(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.
v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)
 3 Months Ended 6 Months Ended 12 Months Ended 60 Months Ended
Feb. 08, 2024
USD ($)
Sep. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
Jun. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
segment
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2023
USD ($)
May 17, 2022
USD ($)
Mar. 27, 2020
USD ($)
Subsequent Event [Line Items]                      
Number of reportable segments | segment         3            
Employer social security payments, deferred payment, CARES Act               $ 29,300,000      
Refundable payroll tax credit, CARES Act                     $ 12,400,000
Refundable payroll tax credit received, CARES Act           $ 7,900,000 $ 3,800,000 $ 700,000      
Goodwill impairment     $ 0 $ 595,500,000 $ 595,461,000 0 0        
Cash and cash equivalents     346,382,000   346,382,000 336,236,000     $ 346,382,000    
Total available liquidity amount     $ 772,100,000   $ 772,100,000       $ 772,100,000    
Indefinite-lived intangible asset, direct valuation method, period         10 years            
Media representation contracts term         10 years            
Advertising expenses         $ 233,900,000 166,100,000 166,100,000        
Advertising expense, barter costs         $ 210,200,000 138,300,000 130,100,000        
Subsequent Event | BMI                      
Subsequent Event [Line Items]                      
Cash proceeds from sale of equity interest $ 101,400,000                    
Computer equipment and software                      
Subsequent Event [Line Items]                      
Estimate useful lives     3 years   3 years       3 years    
Minimum | Buildings and improvements                      
Subsequent Event [Line Items]                      
Estimate useful lives     10 years   10 years       10 years    
Minimum | Towers, transmitters and studio equipment                      
Subsequent Event [Line Items]                      
Estimate useful lives     5 years   5 years       5 years    
Minimum | Furniture and other equipment                      
Subsequent Event [Line Items]                      
Estimate useful lives     5 years   5 years       5 years    
Maximum | Buildings and improvements                      
Subsequent Event [Line Items]                      
Estimate useful lives     39 years   39 years       39 years    
Maximum | Towers, transmitters and studio equipment                      
Subsequent Event [Line Items]                      
Estimate useful lives     40 years   40 years       40 years    
Maximum | Furniture and other equipment                      
Subsequent Event [Line Items]                      
Estimate useful lives     7 years   7 years       7 years    
Subsidiaries | Revolving Credit Facility | Asset-based Revolving Credit Facility Due 2027 | Line of Credit                      
Subsequent Event [Line Items]                      
Debt instrument, face amount     $ 450,000,000   $ 450,000,000       $ 450,000,000    
Maximum borrowing capacity     450,000,000   450,000,000       450,000,000 $ 450,000,000  
Outstanding borrowings under facility     0   0       0    
Letters of credit outstanding     24,300,000   24,300,000       24,300,000    
Borrowing base availability     425,700,000   $ 425,700,000       425,700,000    
Licensing Agreements                      
Subsequent Event [Line Items]                      
Goodwill impairment   $ 0         $ 0        
Non-cash impairment charge of intangible assets     $ 0 $ 363,600,000   $ 302,100,000     $ 1,200,000,000    
v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Accounting Policies [Abstract]        
Cash and cash equivalents $ 346,382 $ 336,236    
Restricted cash included in:        
Other current assets 0 425    
Total cash, cash equivalents and restricted cash in the Statement of Cash Flows $ 346,382 $ 336,661 $ 352,554 $ 721,187
v3.24.0.1
REVENUE - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Disaggregation of Revenue [Line Items]      
Revenues $ 3,749,012 $ 3,910,895 $ 3,556,906
Revenue from leases 2,013 1,388 1,434
Revenue, total 3,751,025 3,912,283 3,558,340
Broadcast Radio      
Disaggregation of Revenue [Line Items]      
Revenues 1,752,166 1,883,324 1,807,985
Networks      
Disaggregation of Revenue [Line Items]      
Revenues 466,404 503,244 503,052
Sponsorship and Events      
Disaggregation of Revenue [Line Items]      
Revenues 191,434 188,985 160,322
Digital, excluding Podcast      
Disaggregation of Revenue [Line Items]      
Revenues 656,519 658,154 576,073
Podcast      
Disaggregation of Revenue [Line Items]      
Revenues 407,848 358,432 252,564
Audio & Media Services      
Disaggregation of Revenue [Line Items]      
Revenues 251,290 298,954 241,355
Other      
Disaggregation of Revenue [Line Items]      
Revenues 23,351 19,802 15,555
Operating Segments | Multiplatform Group      
Disaggregation of Revenue [Line Items]      
Revenues 2,433,355 2,595,802 2,487,584
Revenue from leases 2,013 1,388 1,434
Revenue, total 2,435,368 2,597,190 2,489,018
Operating Segments | Multiplatform Group | Broadcast Radio      
Disaggregation of Revenue [Line Items]      
Revenues 1,752,166 1,883,324 1,807,985
Operating Segments | Multiplatform Group | Networks      
Disaggregation of Revenue [Line Items]      
Revenues 466,404 503,244 503,052
Operating Segments | Multiplatform Group | Sponsorship and Events      
Disaggregation of Revenue [Line Items]      
Revenues 191,434 188,985 160,322
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 23,351 20,249 16,225
Operating Segments | Digital Audio Group      
Disaggregation of Revenue [Line Items]      
Revenues 1,069,167 1,021,824 834,482
Revenue from leases 0 0 0
Revenue, total 1,069,167 1,021,824 834,482
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 661,319 663,392 581,918
Operating Segments | Digital Audio Group | Podcast      
Disaggregation of Revenue [Line Items]      
Revenues 407,848 358,432 252,564
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 256,702 304,302 247,957
Revenue from leases 0 0 0
Revenue, total 256,702 304,302 247,957
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 256,702 304,302 247,957
Operating Segments | Audio & Media Services Group | Other      
Disaggregation of Revenue [Line Items]      
Revenues 0 0 0
Consolidation, Eliminations      
Disaggregation of Revenue [Line Items]      
Revenues (10,212) (11,033) (13,117)
Revenue from leases 0 0 0
Revenue, total (10,212) (11,033) (13,117)
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 (4,800) (5,238) (5,845)
Consolidation, Eliminations | Podcast      
Disaggregation of Revenue [Line Items]      
Revenues 0 0 0
Consolidation, Eliminations | Audio & Media Services      
Disaggregation of Revenue [Line Items]      
Revenues (5,412) (5,348) (6,602)
Consolidation, Eliminations | Other      
Disaggregation of Revenue [Line Items]      
Revenues $ 0 $ (447) $ (670)
v3.24.0.1
REVENUE - Trade and Barter (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Disaggregation of Revenue [Line Items]      
Trade and barter revenues $ 3,749,012 $ 3,910,895 $ 3,556,906
Trade and Barter Transactions      
Disaggregation of Revenue [Line Items]      
Trade and barter revenues 255,603 188,357 159,243
Trade and barter expenses 234,984 188,161 149,846
Advertising Trade and Barter Transactions      
Disaggregation of Revenue [Line Items]      
Trade and barter revenues $ 33,300 $ 40,700 $ 16,300
v3.24.0.1
REVENUE - Schedule of Contract Assets and Liabilities (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Contract Liabilities      
Beginning balance $ 157,910 $ 161,114 $ 145,493
Revenue recognized, included in beginning balance (112,224) (117,947) (93,195)
Additions, net of revenue recognized during period, and other 136,213 114,743 108,816
Ending balance $ 181,899 $ 157,910 $ 161,114
v3.24.0.1
REVENUE - Deferred Revenue, Remaining Performance Obligations (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
$ in Millions
Dec. 31, 2023
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation, amount $ 296.1
Remaining performance obligation, period 5 years
v3.24.0.1
REVENUE - Revenue From Leases (Details)
$ in Thousands
Dec. 31, 2023
USD ($)
Operating Leases, Future Minimum Payments Receivable [Abstract]  
2024 $ 232
2025 132
2026 72
2027 30
2028 15
Thereafter 0
Total minimum future rentals $ 481
v3.24.0.1
LEASES - Narrative (Details)
$ in Thousands
 1 Months Ended 12 Months Ended
Sep. 30, 2023
USD ($)
option
broadcast_tower_site
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Leases [Abstract]        
Number of broadcast tower sites sold | broadcast_tower_site 122      
Sale leaseback assets $ 45,300      
Number of broadcast tower sites entered into operating leases for use | broadcast_tower_site 121      
Sale and leaseback realized loss $ 3,200      
Lease initial term 10 years      
Number of optional renewal | option 4      
Renewal periods 5 years      
Operating lease right-of-use assets $ 26,300 $ 704,992 $ 788,280  
Total operating lease liability $ 26,300 836,653    
Non-cash operating lease expense   $ 67,100 $ 87,200 $ 114,500
v3.24.0.1
LEASES - Components of Lease Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Lessee, Lease, Description [Line Items]      
Operating lease expense $ 132,059 $ 144,592 $ 153,042
Variable lease expense 25,114 32,398 31,516
Non-cash Impairment of ROU Assets 6,058 8,683 44,311
Leasehold Improvements      
Lessee, Lease, Description [Line Items]      
Non-cash Impairment of ROU Assets $ 0 $ 700 $ 13,400
v3.24.0.1
LEASES - Summary of Weighted Average Lease Term and Discount Rate (Details)
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]    
Operating lease weighted average remaining lease term (in years) 12 years 9 months 18 days 13 years 3 months 18 days
Operating lease weighted average discount rate 9.10% 6.70%
v3.24.0.1
LEASES - Schedule of Future Minimum Lease Payments (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Sep. 30, 2023
Leases [Abstract]    
2024 $ 140,152  
2025 134,855  
2026 123,780  
2027 111,633  
2028 104,551  
Thereafter 902,308  
Total lease payments 1,517,279  
Less: Effect of discounting 680,626  
Total operating lease liability $ 836,653 $ 26,300
v3.24.0.1
LEASES - Supplemental Cash Flow Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Leases [Abstract]      
Cash paid for amounts included in measurement of operating lease liabilities $ 141,869 $ 141,340 $ 136,780
Lease liabilities arising from obtaining right-of-use assets $ 47,430 $ 173,235 $ 74,745
v3.24.0.1
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Schedule Of Property, Plant And Equipment (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 1,261,838 $ 1,245,156
Less: accumulated depreciation 702,973 550,314
Property, plant and equipment, net 558,865 694,842
Land, buildings and improvements    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 316,655 340,692
Towers, transmitters and studio equipment    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 195,609 215,655
Computer equipment and software    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 685,417 617,794
Furniture and other equipment    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 47,684 41,924
Construction in progress    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 16,473 $ 29,091
v3.24.0.1
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Narrative (Details)
 1 Months Ended 3 Months Ended 6 Months Ended 12 Months Ended 60 Months Ended
Sep. 30, 2023
USD ($)
broadcast_tower_site
Sep. 30, 2023
USD ($)
broadcast_tower_site
Dec. 31, 2023
USD ($)
Jun. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2023
USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                
Number of broadcast tower sites sold | broadcast_tower_site 122 122            
Sale leaseback assets $ 45,300,000 $ 45,300,000            
Number of broadcast tower sites entered into operating leases for use | broadcast_tower_site 121 121            
Sale and leaseback realized loss $ 3,200,000              
Indefinite-lived intangibles - licenses     $ 1,113,979,000   $ 1,113,979,000 $ 1,476,319,000   $ 1,113,979,000
Goodwill impairment     0 $ 595,500,000 595,461,000 $ 0 $ 0  
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration]           Impairment charges    
Amortization of intangible assets         $ 246,700,000 $ 253,600,000 280,600,000  
Licensing Agreements                
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                
Non-cash impairment charge of intangible assets     $ 0 $ 363,600,000   $ 302,100,000   $ 1,200,000,000
Goodwill impairment   $ 0         $ 0  
v3.24.0.1
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, 2023
Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 2,345,438 $ 2,345,660
Accumulated Amortization (1,172,228) (925,990)
Customer / advertiser relationships    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 1,652,623 1,652,455
Accumulated Amortization (800,377) (633,352)
Talent and other contracts    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 338,900 338,900
Accumulated Amortization (203,479) (160,500)
Trademarks and tradenames    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 335,912 335,862
Accumulated Amortization (156,468) (122,403)
Other    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 18,003 18,443
Accumulated Amortization $ (11,904) $ (9,735)
v3.24.0.1
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Schedule of Future Amortization Expense (Details)
$ in Thousands
Dec. 31, 2023
USD ($)
Property, Plant and Equipment [Abstract]  
2024 $ 245,032
2025 213,758
2026 201,512
2027 176,171
2028 $ 160,395
v3.24.0.1
PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS AND GOODWILL - Schedule of Goodwill (Details) - USD ($)
 6 Months Ended 12 Months Ended
Dec. 31, 2023
Jun. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Goodwill          
Beginning balance   $ 2,313,403,000 $ 2,313,403,000 $ 2,313,581,000  
Impairment $ 0 (595,500,000) (595,461,000) 0 $ 0
Acquisitions     3,375,000    
Dispositions       (16,000)  
Foreign currency     166,000 (162,000)  
Ending balance 1,721,483,000   1,721,483,000 2,313,403,000 2,313,581,000
Multiplatform Group          
Goodwill          
Beginning balance   1,462,022,000 1,462,022,000 1,462,038,000  
Impairment     (121,563,000)    
Acquisitions     0    
Dispositions       (16,000)  
Foreign currency     0 0  
Ending balance 1,340,459,000   1,340,459,000 1,462,022,000 1,462,038,000
Goodwill, accumulated impairment loss         1,200,000,000
Digital Audio Group          
Goodwill          
Beginning balance   747,350,000 747,350,000 747,350,000  
Impairment     (439,383,000)    
Acquisitions     3,375,000    
Dispositions       0  
Foreign currency     84,000 0  
Ending balance 311,426,000   311,426,000 747,350,000 747,350,000
Audio & Media Services Group          
Goodwill          
Beginning balance   $ 104,031,000 104,031,000 104,193,000  
Impairment     (34,515,000)    
Acquisitions     0    
Dispositions       0  
Foreign currency     82,000 (162,000)  
Ending balance $ 69,598,000   $ 69,598,000 $ 104,031,000 $ 104,193,000
v3.24.0.1
INVESTMENTS (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Available-for-Sale Debt Securities      
Beginning balance $ 39,113 $ 33,868  
Purchases of investments 39,775 13,458  
Disposals   (239)  
Loss on investments, net (15,591) (6,520)  
Conversions and other (15,474) (1,454)  
Ending balance 47,823 39,113 $ 33,868
Equity Method Investments      
Beginning balance 13,419 10,617  
Purchases of investments 796 2,813  
Equity in loss of nonconsolidated affiliates (3,530) (11) (1,138)
Ending balance 10,685 13,419 10,617
Other Investments      
Beginning balance 72,237 37,210  
Purchases of investments 1,937 25,102  
Loss on investments, net (7,167) 11,332  
Conversions and other 7,146 (1,407)  
Ending balance 74,153 72,237 37,210
Marketable Equity Securities      
Beginning balance 452 4,230  
Purchases of investments 341    
Disposals (3,864) (326)  
Loss on investments, net (5,372) (6,433)  
Conversions and other 10,000 2,981  
Ending balance 1,557 452 4,230
Total Investments      
Beginning balance 125,221 85,925  
Purchases of investments 42,849 41,373  
Equity in loss of nonconsolidated affiliates (3,530) (11) (1,138)
Disposals (3,864) (565)  
Loss on investments, net (28,130) (1,621)  
Conversions and other 1,672 120  
Ending balance $ 134,218 $ 125,221 $ 85,925
v3.24.0.1
LONG-TERM DEBT - Schedule of Long-term Debt (Details) - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
May 17, 2022
Nov. 22, 2019
Aug. 07, 2019
May 01, 2019
Debt Instrument [Line Items]              
Total debt $ 5,215,150,000 $ 5,414,167,000          
Original issue discount (7,558,000) (10,569,000)          
Long-term debt fees (12,268,000) (15,396,000)          
Less: Current portion 340,000 664,000          
Total long-term debt 5,214,810,000 5,413,503,000          
Gain (loss) on extinguishment of debt 56,724,000 30,214,000 $ (11,600,000)        
Secured debt              
Debt Instrument [Line Items]              
Total debt 4,318,619,000 4,319,714,000          
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 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 $ 3,367,000 4,462,000          
Unsecured Debt | 8.375% Senior Unsecured Notes due 2027              
Debt Instrument [Line Items]              
Stated interest rate (as a percent) 8.375%           8.375%
Total debt $ 916,357,000 1,120,366,000          
Repurchased debt principal amount during period 204,000,000            
Payment for repurchase of debt 147,300,000            
Gain (loss) on extinguishment of debt 56,700,000            
Unsecured Debt | Other unsecured subsidiary debt              
Debt Instrument [Line Items]              
Total debt 0 $ 52,000          
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      
Outstanding borrowings under facility 0            
Letters of credit outstanding 24,300,000            
Borrowing base availability $ 425,700,000            
v3.24.0.1
LONG-TERM DEBT - Narrative (Details) - USD ($)
$ in Billions
Dec. 31, 2023
Dec. 31, 2022
Debt Disclosure [Abstract]    
Weighted average interest rate 7.30% 6.90%
Aggregate market value of debt $ 4.2 $ 4.8
v3.24.0.1
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 ($)
d
Dec. 31, 2023
USD ($)
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   24,300,000
Borrowing base availability   $ 425,700,000
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%  
v3.24.0.1
LONG-TERM DEBT - Term Loan Facility due 2026 (Details) - USD ($)
 3 Months Ended 12 Months Ended
Jun. 15, 2023
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, 2023
Dec. 31, 2022
Dec. 31, 2021
May 01, 2019
Debt Instrument [Line Items]                                  
Long-term debt                           $ 5,215,150,000 $ 5,414,167,000    
Payments on credit facilities                           148,433,000 300,135,000 $ 352,383,000  
Secured Debt                                  
Debt Instrument [Line Items]                                  
Long-term debt                           4,318,619,000 4,319,714,000    
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 | 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 | 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 | Base Rate                                  
Debt Instrument [Line Items]                                  
Basis spread on variable rate 2.00%                                
Term Loan Facility due 2026 | Secured Debt | Secured Overnight Financing Rate                                  
Debt Instrument [Line Items]                                  
Basis spread on variable rate 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% 2.25%                              
Debt instrument, floor rate 1.50% 1.50%                              
Incremental Term Loan Facility due 2026 | Secured Debt | Secured Overnight Financing Rate                                  
Debt Instrument [Line Items]                                  
Basis spread on variable rate 3.25%                                
Debt instrument, floor rate 0.50%                                
Subsidiaries | Term Loan Facility due 2026 | Secured Debt                                  
Debt Instrument [Line Items]                                  
Debt instrument, face amount                                 $ 3,500,000,000
Payments on credit facilities       $ 150,000,000                          
Subsidiaries | Term Loan Facility due 2026 | Secured Debt | LIBOR                                  
Debt Instrument [Line Items]                                  
Basis spread on variable rate       3.00% 4.00%                        
Subsidiaries | Term Loan Facility due 2026 | Secured Debt | Base Rate                                  
Debt Instrument [Line Items]                                  
Basis spread on variable rate       2.00% 3.00%                        
Subsidiaries | Incremental Term Loan Facility due 2026 | Secured Debt                                  
Debt Instrument [Line Items]                                  
Debt instrument, face amount     450,000,000                            
Subsidiaries | Asset-based Revolving Credit Facility Due 2023 | Line of Credit | Revolving Credit Facility                                  
Debt Instrument [Line Items]                                  
Payments on credit facilities     235,000,000                            
Borrowing base availability     $ 190,600,000                            
v3.24.0.1
LONG-TERM DEBT - 6.375% Senior Secured Notes due 2026 (Details) - Secured Debt
Dec. 31, 2023
Nov. 22, 2019
Aug. 07, 2019
May 01, 2019
6.375% Senior Secured Notes due 2026        
Debt Instrument [Line Items]        
Stated interest rate (as a percent) 6.375%     6.375%
5.25% Senior Secured Notes due 2027        
Debt Instrument [Line Items]        
Stated interest rate (as a percent) 5.25%   5.25%  
4.75% Senior Secured Notes due 2028        
Debt Instrument [Line Items]        
Stated interest rate (as a percent) 4.75% 4.75%    
v3.24.0.1
LONG-TERM DEBT - 5.25% Senior Secured Notes due 2027 (Details) - Secured Debt - USD ($)
Dec. 31, 2023
Nov. 22, 2019
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 due 2026        
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    
v3.24.0.1
LONG-TERM DEBT - 4.75% Senior Secured Notes due 2028 (Details) - Secured Debt - USD ($)
Dec. 31, 2023
Nov. 22, 2019
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    
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  
v3.24.0.1
LONG-TERM DEBT - 8.375% Senior Unsecured Notes due 2027 (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Nov. 22, 2019
Aug. 07, 2019
May 01, 2019
Debt Instrument [Line Items]          
Long-term debt $ 5,215,150 $ 5,414,167      
Secured Debt          
Debt Instrument [Line Items]          
Long-term debt $ 4,318,619 4,319,714      
8.375% Senior Unsecured Notes due 2027 | Unsecured Debt          
Debt Instrument [Line Items]          
Stated interest rate (as a percent) 8.375%       8.375%
Long-term debt $ 916,357 1,120,366      
6.375% Senior Secured Notes due 2026 | Secured Debt          
Debt Instrument [Line Items]          
Stated interest rate (as a percent) 6.375%       6.375%
Long-term debt $ 800,000 800,000      
5.25% Senior Secured Notes due 2027 | Secured Debt          
Debt Instrument [Line Items]          
Stated interest rate (as a percent) 5.25%     5.25%  
Long-term debt $ 750,000 750,000      
4.75% Senior Secured Notes due 2028 | Secured Debt          
Debt Instrument [Line Items]          
Stated interest rate (as a percent) 4.75%   4.75%    
Long-term debt $ 500,000 $ 500,000 $ 500,000    
v3.24.0.1
LONG-TERM DEBT - Schedule of Future Maturities of Long-term Debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Debt Disclosure [Abstract]    
2024 $ 340  
2025 250  
2026 3,065,420  
2027 1,666,466  
2028 500,051  
Thereafter 2,449  
Total 5,234,976  
Original issue discount 7,558 $ 10,569
Long-term debt fees $ 12,268 $ 15,396
v3.24.0.1
LONG-TERM DEBT - Surety Bonds and Letters of Credit (Details)
$ in Millions
Dec. 31, 2023
USD ($)
Surety bonds  
Guarantor Obligations [Line Items]  
Outstanding surety bonds, commercial standby letters of credit and bank guarantees $ 9.6
Commercial standby letters of credit  
Guarantor Obligations [Line Items]  
Outstanding surety bonds, commercial standby letters of credit and bank guarantees $ 24.3
v3.24.0.1
COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Nov. 05, 2020
Jul. 25, 2019
Commitments and Contingencies Disclosure [Abstract]          
Operating lease, expense $ 178.3 $ 188.5 $ 203.5    
FCC petitions for declaratory ruling, percentage of voting stock and equity owned by non-US individuals and entities (up to)         25.00%
FCC petitions for declaratory ruling, foreign-owned percentage permitted (up to)       100.00%  
v3.24.0.1
COMMITMENTS AND CONTINGENCIES - Schedule of Future Minimum Rental Commitments (Details)
$ in Thousands
Dec. 31, 2023
USD ($)
Non-Cancelable Contracts  
Other Commitments [Line Items]  
2024 $ 273,163
2025 165,905
2026 93,775
2027 23,725
2028 9,363
Thereafter 335
Total 566,266
Employment/Talent Contracts  
Other Commitments [Line Items]  
2024 86,219
2025 83,673
2026 64,350
2027 47,754
2028 15,000
Thereafter 0
Total $ 296,996
v3.24.0.1
INCOME TAXES - Schedule of Significant Components of Provision for Income Tax Benefit (Expense) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Tax Disclosure [Abstract]      
Current – Federal $ (67,856) $ (54,934) $ (2,169)
Current – foreign (3,001) (4,891) (2,177)
Current – state (11,393) (19,312) (14,919)
Total current expense (82,250) (79,137) (19,265)
Deferred – Federal 91,658 65,553 932
Deferred – foreign 1,714 1,659 976
Deferred – state 51,216 7,206 8,966
Total deferred benefit 144,588 74,418 10,874
Income tax benefit (expense) $ 62,338 $ (4,719) $ (8,391)
v3.24.0.1
INCOME TAXES - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Tax Credit Carryforward [Line Items]      
Deferred tax benefits $ 144,588 $ 74,418 $ 10,874
Deferred tax liabilities 339,768 483,810  
Net operating loss carryforwards 124,388 141,163  
Interest expense carryforwards 389,236 346,354  
Deferred tax assets, offsets uncertain tax position liabilities 89,700    
Capital loss realized $ 7,200,000    
Capital loss carryforward period 5 years    
Capital loss carryforwards $ 1,653,021 $ 1,655,534  
Increase of deferred tax valuation allowance 55,000    
Deferred tax asset relating to stock-based compensation expense under ASC 718-10 $ 7,000    
Effective tax rate 5.40% (1.80%) (5.60%)
Total amount of interest accrued $ 9,300 $ 4,900  
Unrecognized tax benefits, accrued interest and penalties 133,100 28,700  
Unrecognized tax benefits. net of deferred tax assets for operating losses 500 1,500  
Unrecognized tax benefits that would impact effective income tax rate 32,600 22,900  
Unrecognized tax benefits reserves 97,100    
Other Noncurrent Liabilities      
Tax Credit Carryforward [Line Items]      
Unrecognized tax benefits, accrued interest and penalties 132,600 27,200  
Federal and state      
Tax Credit Carryforward [Line Items]      
Valuation allowance 2,000,000    
Foreign      
Tax Credit Carryforward [Line Items]      
Deferred tax liabilities $ 10,300 $ 11,500  
v3.24.0.1
INCOME TAXES - Schedule of Significant Components of Deferred Tax Liabilities and Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Deferred tax liabilities:    
Intangibles $ 548,872 $ 659,378
Fixed Assets 57,800 101,934
Deferred Income 22,163 44,261
Operating lease right-of-use assets 178,173 199,926
Total deferred tax liabilities 807,008 1,005,499
Deferred tax assets:    
Accrued expenses 12,141 16,665
Net operating loss carryforwards 124,388 141,163
Interest expense carryforwards 389,236 346,354
Operating lease liabilities 211,412 233,003
Capital loss carryforwards 1,653,021 1,655,534
Investments 17,284 10,992
Bad debt reserves 12,452 10,172
Other 3,539 8,997
Total gross deferred tax assets 2,423,473 2,422,880
Less: Valuation allowance 1,956,233 1,901,191
Total deferred tax assets 467,240 521,689
Net deferred tax liabilities $ 339,768 $ 483,810
v3.24.0.1
INCOME TAXES - Reconciliation of Income Tax to Income Tax Benefit (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Amount      
Income tax benefit at statutory rates $ 244,162 $ 54,170 $ 31,500
State income taxes, net of federal tax effect 16,349 (3,548) 3,325
Foreign income taxes (583) (1,615) (978)
Nondeductible items (10,425) (7,497) (10,264)
Changes in valuation allowance and other estimates (69,722) (52,293) (35,093)
Impairment charges (125,047) 0 0
Tax credits 4,592 3,848 4,831
Other, net 3,012 2,216 (1,712)
Income tax benefit (expense) $ 62,338 $ (4,719) $ (8,391)
Percent      
Income tax benefit at statutory rates 21.00% 21.00% 21.00%
State income taxes, net of federal tax effect 1.40% (1.40%) 2.20%
Foreign income taxes (0.10%) (0.60%) (0.70%)
Nondeductible items (0.90%) (2.90%) (6.80%)
Changes in valuation allowance and other estimates (6.00%) (20.30%) (23.40%)
Impairment charges (10.70%) 0.00% 0.00%
Tax credits 0.40% 1.50% 3.20%
Other, net 0.30% 0.90% (1.10%)
Income tax benefit (expense) 5.40% (1.80%) (5.60%)
v3.24.0.1
INCOME TAXES - Schedule of Unrecognized Tax Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Unrecognized Tax Benefits    
Balance at beginning of period $ 23,823 $ 18,045
Increases for tax position taken in the current year 52,856 5,584
Increases for tax positions taken in previous years 48,194 1,593
Decreases for tax position taken in previous years 0 0
Decreases due to lapse of statute of limitations (1,051) (1,399)
Balance at end of period $ 123,822 $ 23,823
v3.24.0.1
STOCKHOLDERS’ EQUITY (DEFICIT) - Narrative (Details)
$ / shares in Units, $ in Thousands
 12 Months Ended
Jan. 08, 2021
shares
May 01, 2019
$ / shares
shares
Dec. 31, 2023
USD ($)
vote
shares
Dec. 31, 2022
USD ($)
shares
Dec. 31, 2021
USD ($)
shares
Nov. 05, 2020
Class of Stock [Line Items]            
Stock options granted (in shares)     0 0    
Vesting period of options     3 years      
Common stock, conversion ratio     1      
Number of shares called by each warrant (in shares)   1        
FCC petitions for declaratory ruling, foreign-owned percentage permitted (up to)           100.00%
Share-based compensation expense | $     $ 35,625 $ 35,457 $ 23,543  
Tax benefit related to share-based compensation expense | $     $ 4,700 5,200 3,500  
Minimum            
Class of Stock [Line Items]            
FCC petitions for declaratory ruling, foreign-owned percentage permitted (up to) 25.00%          
Maximum            
Class of Stock [Line Items]            
FCC petitions for declaratory ruling, foreign-owned percentage permitted (up to) 100.00%          
Stock Options            
Class of Stock [Line Items]            
Stock options granted (in shares)     0      
Share-based compensation expense | $     $ 5,059 8,820 8,744  
Unrecognized compensation cost related to arrangements that will vest based on service conditions | $     $ 50,800      
Weighted average period for recognition     1 year 10 months 24 days      
Restricted stock units            
Class of Stock [Line Items]            
Award dividend equivalent, number of common stock (in shares)     1      
Share-based compensation expense | $     $ 21,709 21,048 13,182  
Performance RSUs            
Class of Stock [Line Items]            
Vesting period of options     50 months      
Share-based compensation expense | $     $ 8,857 $ 5,589 $ 1,617  
Common Class A            
Class of Stock [Line Items]            
Common stock, vote per share | vote     1      
Common Class A | Common Stock            
Class of Stock [Line Items]            
Conversion of Class B Shares to Class A Shares (in shares) [1]     129,877 209,613 7,634,045  
Conversion of Special Warrants to Class A and Class B Shares (in shares) 45,133,811   9,383 [1] 96,516 [1] 47,197,139 [1]  
Common Class B            
Class of Stock [Line Items]            
Common stock, vote per share | vote     1      
Common Class B | Common Stock            
Class of Stock [Line Items]            
Conversion of Class B Shares to Class A Shares (in shares) [1]     129,877 209,613 7,634,045  
Conversion of Special Warrants to Class A and Class B Shares (in shares) 22,337,312   59 [1] 96,602 [1] 22,337,312 [1]  
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 | Common Stock            
Class of Stock [Line Items]            
Conversion of Special Warrants to Class A and Class B Shares (in shares) 67,471,123   (9,442) [1] (193,118) [1] (69,534,451) [1]  
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 | 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      
2021 Plan | Restricted stock units            
Class of Stock [Line Items]            
Award dividend equivalent, number of common stock (in shares)     1      
2021 Plan | Performance RSUs            
Class of Stock [Line Items]            
Award dividend equivalent, number of common stock (in shares)     1      
2021 Plan | Common Class A            
Class of Stock [Line Items]            
Number of shares authorized (in shares)   19,000,000        
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      
2019 Plan | Performance RSUs            
Class of Stock [Line Items]            
Award dividend equivalent, number of common stock (in shares)     1      
[1] The Company's Preferred Stock is not presented in the data above as there were no shares issued and outstanding in 2023, 2022, 2021, or 2020, respectively.
v3.24.0.1
STOCKHOLDERS’ EQUITY (DEFICIT) - Schedule of Assumptions Used to Calculate Fair Value of Options (Details)
 12 Months Ended
Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Expected volatility (as a percent) 56.00%
Risk-free interest rate, minimum 0.79%
Risk-free interest rate, maximum 1.15%
Dividend yield (as a percent) 0.00%
Minimum  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Expected life (in years) 6 years 2 months 12 days
Maximum  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Expected life (in years) 6 years 3 months 18 days
v3.24.0.1
STOCKHOLDERS’ EQUITY (DEFICIT) - Schedule of Stock Options Outstanding and Stock Option Activity (Details) - $ / shares
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Options    
Outstanding at beginning of period (in shares) 7,510,000  
Granted (in shares) 0 0
Exercised (in shares) 0  
Forfeited (in shares) (120,000)  
Expired (in shares) (202,000)  
Outstanding at end of period (in shares) 7,188,000 7,510,000
Exercisable (in shares) 6,549,000  
Expected to Vest (in shares) 639,000  
Price    
Outstanding at beginning of period (in dollars per share) $ 16.16  
Granted (in dollars per share)  
Exercised (in dollars per share)  
Forfeited (in dollars per share) 13.23  
Expired (in dollars per share) 15.99  
Outstanding at end of period (in dollars per share) 16.22 $ 16.16
Exercisable (in dollars per share) 16.70  
Expected to Vest (in dollars per share) $ 11.30  
Weighted Average Remaining Contractual Term    
Outstanding 3 years 4 years
Exercisable 2 years 8 months 12 days  
Expected to Vest 6 years 8 months 12 days  
v3.24.0.1
STOCKHOLDERS’ EQUITY (DEFICIT) - Summary of Unvested Options and Changes (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Options    
Granted (in shares) 0 0
Weighted Average Grant Date Fair Value    
Total fair value of options vested $ 8.4  
Stock Options    
Options    
Unvested at beginning of period (in shares) 2,330,000  
Granted (in shares) 0  
Vested (in shares) (1,571,000)  
Forfeited (in shares) (120,000)  
Unvested at end of period (in shares) 639,000 2,330,000
Weighted Average Grant Date Fair Value    
Unvested at beginning of period (in dollars per share) $ 5.51  
Granted (in dollars per share)  
Vested (in dollars per share) 5.34  
Forfeited (in dollars per share) 5.16  
Unvested at end of period (in dollars per share) $ 5.99 $ 5.51
v3.24.0.1
STOCKHOLDERS’ EQUITY (DEFICIT) - Schedule of Restricted Stock Outstanding and Restricted Stock Activity (Details) - Restricted stock units
shares in Thousands
 12 Months Ended
Dec. 31, 2023
$ / shares
shares
Awards  
Outstanding at beginning of period (in shares) | shares 6,249
Granted (in shares) | shares 7,458
Vested (restriction lapsed) (in shares) | shares (1,790)
Forfeited (in shares) | shares (306)
Outstanding at end of period (in shares) | shares 11,611
Price  
Outstanding at beginning of period (in dollars per share) | $ / shares $ 13.06
Granted (in dollars per share) | $ / shares 2.84
Vested (restriction lapsed) (in dollars per share) | $ / shares 13.39
Forfeited (in dollars per share) | $ / shares 11.69
Outstanding at end of period (in dollars per share) | $ / shares $ 6.48
v3.24.0.1
STOCKHOLDERS’ EQUITY (DEFICIT) - Schedule of Common Stock and Special Warrants (Details) - $ / shares
Dec. 31, 2023
Dec. 31, 2022
Class of Stock [Line Items]    
Common stock, shares issued (in shares) 150,748,521  
Common stock, shares outstanding (in shares) 150,748,521  
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) 124,299,288 122,370,425
Common stock, shares outstanding (in shares) 124,299,288 122,370,425
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) 21,347,363 21,477,181
Common stock, shares outstanding (in shares) 21,347,363 21,477,181
Special Warrants    
Class of Stock [Line Items]    
Common stock, shares issued (in shares) 5,101,870 5,111,312
Common stock, shares outstanding (in shares) 5,101,870 5,111,312
v3.24.0.1
STOCKHOLDERS’ EQUITY (DEFICIT) - Share Based Compensation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total Share Based Compensation Expense $ 35,625 $ 35,457 $ 23,543
RSUs      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total Share Based Compensation Expense 21,709 21,048 13,182
Performance RSUs      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total Share Based Compensation Expense 8,857 5,589 1,617
Options      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total Share Based Compensation Expense $ 5,059 $ 8,820 $ 8,744
v3.24.0.1
STOCKHOLDERS’ EQUITY (DEFICIT) - Computation of loss per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
NUMERATOR:      
Net income loss attributable to the Company – common shares, basic $ (1,102,660) $ (264,663) $ (159,199)
Net income loss attributable to the Company – common shares, diluted $ (1,102,660) $ (264,663) $ (159,199)
DENOMINATOR      
Weighted average common shares outstanding - basic (in shares) 149,255 148,058 146,726
Stock options and restricted stock: (in shares) 0 0 0
Weighted average common shares outstanding - diluted (in shares) 149,255 148,058 146,726
Net loss attributable to the Company per common share:      
Basic (in dollars per share) $ (7.39) $ (1.79) $ (1.09)
Diluted (in dollars per share) $ (7.39) $ (1.79) $ (1.09)
Stock options and restricted shares not included in computation of diluted earnings per share (in shares) 13,600 11,000 10,500
v3.24.0.1
EMPLOYEE BENEFIT PLANS (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Retirement Benefits [Abstract]      
Contributions expensed $ 4.4 $ 14.9 $ 0.0
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 $ 11.5 10.1  
Liability under deferred compensation plan $ 11.5 $ 10.1  
v3.24.0.1
SEGMENT DATA (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Segment Reporting Information [Line Items]      
Revenue $ 3,751,025 $ 3,912,283 $ 3,558,340
Operating expenses 3,054,427 2,961,994 2,747,207
Segment Adjusted EBITDA 696,598 950,289 811,133
Depreciation and amortization (428,483) (445,664) (469,417)
Impairment charges (965,087) (311,489) (57,734)
Other operating expense, net (4,361) (24,998) (32,320)
Restructuring expenses (60,353) (75,821) (73,262)
Share-based compensation expense (35,625) (35,457) (23,543)
Operating (loss) income (797,311) 56,860 154,857
Segment assets 6,952,611 8,335,887 8,881,309
Capital expenditures 102,670 160,969 183,372
Corporate and other reconciling items      
Segment Reporting Information [Line Items]      
Revenue 0 0 0
Operating expenses 277,166 237,343 269,043
Segment Adjusted EBITDA (277,166) (237,343) (269,043)
Share-based compensation expense (35,625) (35,457) (23,543)
Segment assets 576,426 612,113 403,898
Capital expenditures 14,110 11,912 14,056
Eliminations      
Segment Reporting Information [Line Items]      
Revenue (10,212) (11,033) (13,117)
Operating expenses (10,212) (11,033) (13,117)
Segment Adjusted EBITDA 0 0 0
Share-based compensation expense 0 0 0
Segment assets (3,935) (3,389) (3,605)
Capital expenditures 0 0 0
Intersegment revenues      
Segment Reporting Information [Line Items]      
Revenue 10,212 11,033 13,117
Multiplatform Group | Operating Segments      
Segment Reporting Information [Line Items]      
Revenue 2,435,368 2,597,190 2,489,018
Operating expenses 1,881,934 1,831,491 1,745,680
Segment Adjusted EBITDA 553,434 765,699 743,338
Share-based compensation expense 0 0 0
Segment assets 5,443,207 6,319,790 6,953,772
Capital expenditures 58,033 119,624 130,894
Multiplatform Group | Intersegment revenues      
Segment Reporting Information [Line Items]      
Revenue 0 447 670
Digital Audio Group | Operating Segments      
Segment Reporting Information [Line Items]      
Revenue 1,069,167 1,021,824 834,482
Operating expenses 720,298 712,786 573,835
Segment Adjusted EBITDA 348,869 309,038 260,647
Share-based compensation expense 0 0 0
Segment assets 626,004 1,056,985 1,088,471
Capital expenditures 23,179 21,261 23,907
Digital Audio Group | Intersegment revenues      
Segment Reporting Information [Line Items]      
Revenue 4,800 5,239 5,845
Audio & Media Services Group | Operating Segments      
Segment Reporting Information [Line Items]      
Revenue 256,702 304,302 247,957
Operating expenses 185,241 191,407 171,766
Segment Adjusted EBITDA 71,461 112,895 76,191
Share-based compensation expense 0 0 0
Segment assets 310,909 350,388 438,773
Capital expenditures 7,348 8,172 14,515
Audio & Media Services Group | Intersegment revenues      
Segment Reporting Information [Line Items]      
Revenue $ 5,412 $ 5,347 $ 6,602
v3.24.0.1
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS - Allowance for Doubtful Accounts (Details) - Allowance for Doubtful Accounts - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Movement in Valuation Allowances and Reserves      
Balance at Beginning of Period $ 29,171 $ 29,270 $ 38,777
Charges to Costs, Expenses and Other 29,488 14,236 4,144
Reversal (20,613) (14,322) (13,846)
Other 9 (13) 195
Balance at End of Period $ 38,055 $ 29,171 $ 29,270
v3.24.0.1
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS - Deferred Tax Asset Valuation Allowance (Details) - Deferred Tax Asset Valuation Allowance - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Movement in Valuation Allowances and Reserves      
Balance at Beginning of Period $ 1,901,191 $ 1,854,143 $ 1,818,091
Charges to Costs, Expenses and Other 114,061 49,234 62,265
Reversal (59,249) (4,209) (28,707)
Adjustments 230 2,023 2,494
Balance at End of Period 1,956,233 1,901,191 1,854,143
Reversal of valuation allowances 59,249 4,209 28,707
Federal and state      
Movement in Valuation Allowances and Reserves      
Adjustments     28,700
Valuation allowances released $ 114,100 49,200 $ 62,300
State and Local Jurisdiction      
Movement in Valuation Allowances and Reserves      
Reversal   (59,200)  
Reversal of valuation allowances   $ 59,200