SEGMENT DATA

The Company’s primary business is included in its Audio segment. Revenue and expenses earned and charged between Audio, Corporate and the Company's Audio & Media Services businesses are eliminated in consolidation. The Audio segment provides media and entertainment services via broadcast and digital delivery and also includes the Company’s events and national syndication businesses. The Audio & Media Services business 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 compensation is recorded within Corporate expenses.

In connection with the Separation and the Reorganization, the Company revised its segment reporting, as discussed in Note 1 and all prior periods have been restated to conform to this presentation.

The following table presents the Company's segment results for the Successor Company for the period from May 2, 2019 through December 31, 2019:



Successor Company
(In thousands)	Audio		Audio and Media Services		Corporate and other reconciling items			Eliminations			Consolidated
Period from May 2, 2019 through December 31, 2019
Revenue	$	2,447,800	$	167,292	$	—		$	(5,036	)	$	2,610,056
Direct operating expenses	787,050		21,106		—			(747		)	807,409
Selling, general and administrative expenses	852,203		88,860		—			(4,257		)	936,806
Corporate expenses	—		—		168,614			(32		)	168,582
Depreciation and amortization	229,404		14,776		5,443			—			249,623
Other operating expense, net	—		—		(8,000		)	—			(8,000		)
Operating income (loss)	$	579,143	$	42,550	$	(182,057	)	$	—		$	439,636
Segment assets	$	10,035,720	$	372,955	$	616,202		$	(3,778	)	$	11,021,099
Intersegment revenues	$	447	$	4,589	$	—		$	—		$	5,036
Capital expenditures	$	62,016	$	3,980	$	9,997		$	—		$	75,993
Share-based compensation expense	$	—	$	—	$	26,411		$	—		$	26,411

The following table presents the Company's segment results for the Predecessor Company for the periods indicated. The presentation of prior period amounts has been restated to conform to the presentation of the Successor period.



Predecessor Company
(In thousands)	Audio		Audio and Media Services		Corporate and other reconciling items			Eliminations			Consolidated
Period from January 1, 2019 through May 1, 2019
Revenue	$	1,006,677	$	69,362	$	—		$	(2,568	)	$	1,073,471
Direct operating expenses	350,501		9,559		—			(364		)	359,696
Selling, general and administrative expenses	396,032		42,497		—			(2,184		)	436,345
Corporate expenses					66,040			(20		)	66,020
Depreciation and amortization	40,982		5,266		6,586			—			52,834
Impairment charges	—		—		91,382			—			91,382
Other operating expense, net	—		—		(154		)	—			(154		)
Operating income (loss)	$	219,162	$	12,040	$	(164,162	)	$	—		$	67,040
Intersegment revenues	$	243	$	2,325	$	—		$	—		$	2,568
Capital expenditures	$	31,177	$	1,263	$	3,757		$	—		$	36,197
Share-based compensation expense	$	—	$	—	$	498		$	—		$	498

Year Ended December 31, 2018
Revenue	$	3,353,770	$	264,061	$	—		$	(6,508	)	$	3,611,323
Direct operating expenses	1,034,224		28,360		—			(211		)	1,062,373
Selling, general and administrative expenses	1,248,671		134,490		—			(6,230		)	1,376,931
Corporate expenses	—		—		227,575			(67		)	227,508
Depreciation and amortization	172,991		18,286		20,674			—			211,951
Impairment charges	—		—		33,150			—			33,150
Other operating expense, net	—		—		(9,266		)	—			(9,266		)
Operating income (loss)	$	897,884	$	82,925	$	(290,665	)	$	—		$	690,144
Segment assets⁽¹⁾	$	7,081,172	$	443,548	$	377,731		$	(206	)	$	7,902,245
Intersegment revenues	$	—	$	6,508	$	—		$	—		$	6,508
Capital expenditures	$	72,392	$	5,965	$	6,888		$	—		$	85,245
Share-based compensation expense	$	—	$	—	$	2,066		$	—		$	2,066

Year Ended December 31, 2017
Revenue	$	3,357,207	$	235,951	$	—		$	(6,511	)	$	3,586,647
Direct operating expenses	1,031,203		28,233		—			(313		)	1,059,123
Selling, general and administrative expenses	1,221,597		130,664		—			(6,198		)	1,346,063
Corporate expenses	—		—		208,648			—			208,648
Depreciation and amortization	228,591		20,133		26,580			—			275,304
Impairment charges	—		—		6,040			—			6,040
Other operating income, net	—		—		9,313			—			9,313
Operating income (loss)	$	875,816	$	56,921	$	(231,955	)	$	—		$	700,782
Segment assets⁽¹⁾	$	7,084,134	$	402,300	$	315,427		$	(222	)	$	7,801,639
Intersegment revenues	$	—	$	6,511	$	—		$	—		$	6,511
Capital expenditures	$	55,691	$	3,256	$	8,781		$	—		$	67,728
Share-based compensation expense	$	—	$	—	$	2,488		$	—		$	2,488

⁽¹⁾The Predecessor Company's Segment assets exclude $4,367.3 million and $4,458.8 million of assets related to discontinued operations as of December 31, 2018 and 2017, respectively.