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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.