iHeartMedia, Inc.IHRT
iHeartMedia, Inc. Goodwill & Intangibles Disclosure
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, 2025 | December 31, 2024 | |||||||||
| Land, buildings and improvements | $ | 304,437 | $ | 335,502 | |||||||
| Towers, transmitters and studio equipment | 215,697 | 207,349 | |||||||||
| Computer equipment and software | 749,083 | 741,259 | |||||||||
| Furniture and other equipment | 54,129 | 54,108 | |||||||||
| Construction in progress | 11,895 | 12,186 | |||||||||
| 1,335,241 | 1,350,404 | ||||||||||
| Less: accumulated depreciation | 937,001 | 860,561 | |||||||||
| Property, plant and equipment, net | $ | 398,240 | $ | 489,843 | |||||||
Indefinite-lived Intangible Assets
The Company’s indefinite-lived intangible assets consist of FCC broadcast licenses in its Multiplatform Group segment and were $601.4 million and $809.9 million at December 31, 2025 and 2024, 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 violations of either the Communications Act of 1934 or the FCC’s rules and regulations by the licensee, and there have been no other 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, macroeconomic uncertainty, including persistent inflation and elevated interest rates, has contributed to slowing broadcast revenue growth and declines in margins. These factors have negatively impacted the key assumptions used in the discounted cash flow models which are utilized to value our FCC licenses, particularly the industry profit margins used in estimating the market profitability. Based on the Company's testing, the estimated fair values of its FCC licenses were below their carrying values. As a result, the Company recorded a non-cash impairment charge of $208.5 million to the FCC licenses balance as part of the 2025 annual impairment test in the third quarter of 2025.
The Company recognized a non-cash impairment charge of $304.1 million on its FCC licenses as a result of the interim impairment assessment performed in the second quarter of 2024. No impairment was identified related to our FCC licenses as part of the 2024 annual impairment test performed during the third quarter.
The Company recognized a of $363.6 million on its FCC licenses as part of the interim impairment testing performed 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.
Since our emergence from bankruptcy in 2019, we have recorded $1.7 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, 2025 | December 31, 2024 | |||||||||||||||||||||
| Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | ||||||||||||||||||||
| Customer / advertiser relationships | $ | 1,652,388 | $ | (1,103,895) | $ | 1,652,623 | $ | (967,377) | |||||||||||||||
| Talent and other contracts | 338,900 | (287,167) | 338,900 | (245,909) | |||||||||||||||||||
| Trademarks and tradenames | 335,936 | (224,426) | 335,912 | (190,450) | |||||||||||||||||||
| Other | 18,003 | (15,962) | 18,003 | (14,120) | |||||||||||||||||||
| Total | $ | 2,345,227 | $ | (1,631,450) | $ | 2,345,438 | $ | (1,417,856) | |||||||||||||||
Total amortization expense related to definite-lived intangible assets for the years ended December 31, 2025, 2024, and 2023 was $213.6 million, $245.3 million, and $246.7 million, respectively.
The following table presents the Company’s estimate of amortization expense for each of the five succeeding fiscal years for definite-lived intangible assets:
| (In thousands) | |||||
| 2026 | $ | 201,525 | |||
| 2027 | 176,172 | ||||
| 2028 | 160,397 | ||||
| 2029 | 121,624 | ||||
| 2030 | 16,432 | ||||
Goodwill
The following tables present the changes in the carrying amount of goodwill:
| (In thousands) | Multiplatform Group | Digital Audio Group | Audio & Media Services Group | Consolidated | |||||||||||||||||||
Balance as of December 31, 2023(1) | $ | 1,340,459 | $ | 311,426 | $ | 69,598 | $ | 1,721,483 | |||||||||||||||
| (608,958) | — | (7,127) | (616,085) | ||||||||||||||||||||
| Foreign currency | — | (73) | (169) | (242) | |||||||||||||||||||
Balance as of December 31, 2024 | $ | 731,501 | $ | 311,353 | $ | 62,302 | $ | 1,105,156 | |||||||||||||||
| Foreign currency | — | — | 340 | 340 | |||||||||||||||||||
Balance as of December 31, 2025 | $ | 731,501 | $ | 311,353 | $ | 62,642 | $ | 1,105,496 | |||||||||||||||
(1)Beginning goodwill balance is presented net of prior accumulated impairment losses of $1.3 billion related to the Multiplatform Group, $439.4 million related to the Digital Audio Group and $34.5 million related to the Audio & Media Services Group.
Goodwill Impairment
The Company performs its annual impairment test of 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.
In determining the fair value of the 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. Based on the Company's impairment test as of July 1, 2025, it determined that the estimated fair values of all of its reporting units exceeded their carrying values, including goodwill. Therefore, no impairment of goodwill was recorded.
During the year ended December 31, 2024, the Company performed an interim impairment test as of June 30, 2024, which resulted in the recognition of a non-cash goodwill impairment charge of $616.1 million. There were no significant changes to assumptions used for the 2024 annual impairment test. No impairment was identified related to the goodwill balance as a result of the 2024 annual impairment test performed during the third quarter.
The Company also recognized non-cash impairment of $595.5 million as a result of its interim impairment test performed as of June 30, 2023. No impairment was identified related to the goodwill balance as a result of the 2023 annual impairment test performed during the third quarter of 2023.
While the Company believes it has made reasonable estimates and utilized reasonable assumptions to calculate the fair values of its indefinite-lived FCC licenses and reporting units, it is possible a material change could occur to the estimated fair value of these assets as a result of the uncertainty regarding the magnitude of the impact of current market conditions, as well as the timing of any recovery. If the Company's actual results are not consistent with its estimates, the Company could be exposed to future impairment losses that could be material to its results of operations.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 2, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Feb 28, 2023 | |
| 2021 | Feb 23, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 27, 2020 | |
| 2018 | Mar 5, 2019 | |
| 2017 | May 3, 2018 | |
| 2016 | Feb 23, 2017 | |
| 2015 | Feb 25, 2016 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.