SEGMENT DATA The Companys primary business is included in its Audio segment. Revenue and expenses earned and charged between Audio, Corporate and the Company's Audio &amp; Media Services businesses are eliminated in consolidation. The Audio segment provides media and entertainment services via broadcast and digital delivery and also includes the Companys events and national syndication businesses. The Audio &amp; Media Services business provides other audio and media services, including the Companys 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 Companys businesses. Share-based payments are recorded in corporate expense. 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 with this presentation. The following table presents the Company's segment results for the Successor Company for the three months ended September 30, 2019 and the period from May 2, 2019 through September 30, 2019 : Successor Company (In thousands) Audio Audio &amp; Media Services Corporate and other reconciling items Eliminations Consolidated Three Months Ended September 30, 2019 Revenue $ 890,364 $ 59,873 $  $ (1,899 ) $ 948,338 Direct operating expenses 283,984 7,281  (294 ) 290,971 Selling, general and administrative expenses 310,337 32,609  (1,593 ) 341,353 Corporate expenses   70,056 (12 ) 70,044 Depreciation and amortization 87,442 5,971 1,855  95,268 Other operating expense, net   (9,880 )  (9,880 ) Operating income (loss) $ 208,601 $ 14,012 $ (81,791 ) $  $ 140,822 Intersegment revenues $ 168 $ 1,731 $  $  $ 1,899 Capital expenditures $ 23,705 $ 1,994 $ 3,171 $  $ 28,870 Share-based compensation expense $  $  $ 17,112 $  $ 17,112 Period from May 2, 2019 through September 30, 2019 Revenue $ 1,486,594 $ 100,410 $  $ (3,020 ) $ 1,583,984 Direct operating expenses 463,455 12,153  (346 ) 475,262 Selling, general and administrative expenses 516,343 54,804  (2,654 ) 568,493 Corporate expenses   104,454 (20 ) 104,434 Depreciation and amortization 142,019 9,590 3,042  154,651 Other operating expense, net   (6,634 )  (6,634 ) Operating income (loss) $ 364,777 $ 23,863 $ (114,130 ) $  $ 274,510 Intersegment revenues $ 280 $ 2,740 $  $  $ 3,020 Capital expenditures $ 37,259 $ 2,824 $ 6,222 $  $ 46,305 Share-based compensation expense $  $  $ 20,151 $  $ 20,151 Predecessor Company (In thousands) Audio Audio and Media Services Corporate and other reconciling items Eliminations Consolidated Three Months Ended September 30, 2018 Revenue $ 852,280 $ 69,823 $  $ (1,611 ) $ 920,492 Direct operating expenses 261,645 7,052  (91 ) 268,606 Selling, general and administrative expenses 297,851 33,105  (1,520 ) 329,436 Corporate expenses   56,699  56,699 Depreciation and amortization 33,754 4,350 5,191  43,295 Impairment charges   33,150  33,150 Other operating expense, net   (2,462 )  (2,462 ) Operating income (loss) $ 259,030 $ 25,316 $ (97,502 ) $  $ 186,844 Intersegment revenues $  $ 1,611 $  $  $ 1,611 Capital expenditures $ 16,951 $ 1,695 $ 1,496 $  $ 20,142 Share-based compensation expense $  $  $ 456 $  $ 456 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 Nine Months Ended September 30, 2018 Revenue $ 2,409,330 $ 180,582 $  $ (4,884 ) $ 2,585,028 Direct operating expenses 752,447 21,160  (183 ) 773,424 Selling, general and administrative expenses 912,412 96,003  (4,687 ) 1,003,728 Corporate expenses   162,089 (14 ) 162,075 Depreciation and amortization 146,048 13,908 15,590  175,546 Impairment charges   33,150  33,150 Other operating expense, net   (6,912 )  (6,912 ) Operating income (loss) $ 598,423 $ 49,511 $ (217,741 ) $  $ 430,193 Intersegment revenues $  $ 4,884 $  $  $ 4,884 Capital expenditures $ 40,836 $ 2,458 $ 4,154 $  $ 47,448 Share-based compensation expense $  $  $ 1,628 $  $ 1,628