In the interim, we are confident that our strengthened liquidity position will continue to support our business ”
In terms of Clear Channel’s own spending, direct operating expenses were down to $604.8m, while selling, general and administrative costs were also cut 13.3% to $223.4m.
In the third quarter, we are beginning to see a rebound in mobility and traffic levels in many markets both in Europe and the US”
Operating loss stood at $68.6m, compared to an $82.5m profit last year, while loss before income tax reached $161.8m, higher than $40.5m in 2019. Net loss for Q2 was $137.2m, much wider than $10.9m last year.