It's worth noting that the out-of-home industry has consistently accounted for 5% to 6% of global advertising spend, and was one of the only growing traditional mediums pre-COVID.
Longer term, the digital out-of-home sector is projected to grow at 13% compound annual growth rate from 2022 to 2025, according to data published by MAGNA Global in December 2020.
We hope to capture a significant share of this growth, and we believe the actions we've taken during the past 12 months from strengthening our liquidity and implementing cost restructuring efforts, to the adjustments we've made to our sales approaches, to the continued expansion of our digital platform and data analytics product, put us in a stronger position to return to revenue growth as the recovery ultimately takes hold.
This includes the recent refinancing of a portion of our debt through the issuance of $1 billion senior notes, which extended our maturity profile and reduced our cash interest expense going forward.
We delivered consolidated revenue of $541 million, down 27% compared to the prior year.
Excluding China and FX, the decline would have been 25% in the fourth quarter, an improvement over the third quarter.
We believe this reflects both the premium locations of our roadside inventory, as well as the success of our digital screens which generated close to 70% of our fourth quarter revenue in the UK.
Based on the information we have as of today, we expect Americas segment revenue to be down in the high 20 percentage range as compared to the prior year.
Due to this, for the first quarter of 2021, with the Europe segment revenue to be down in the mid 30% range, as compared to prior year.
In the Americas segment, while year-over-year revenue was down 25%, we continue to show a sequential improvement, which was better than expected.
As a reminder, in 2019 National revenue was up 9%.
We've built a robust set of SSP partners and a rich network of more than 20 DSPs, providing avenues to sell our inventory alongside other digital media.
Europe's fourth quarter revenue, adjusted for foreign exchange, was down 23%.
During the quarter, we continued to benefit from our strategic focus on roadside locations, which accounted for about two-thirds of our total European revenue and are far less affected by COVID-19 driven restriction than the transit environment which has historically accounted for just over 10% of our European revenues.
As I mentioned, we expect the Americas to be down in the high 20 percentage range as compared to the prior year.
As a reminder, in last year's first quarter, Americas segment revenue was up 8.5% on 2019.
We added seventeen new digital billboards in the fourth quarter for a total of 74 new digital billboards in 2020, giving us a total of more than 1,400 digital billboards across the United States.
So advertisers can now understand how each of our display impacts more than 100 B2B audience segment, making targeting the B2B customer more accessible and measurable.
The brand reported that the campaign was responsible for 65% of website traffic and achieved a take through rate that was twice the industry average.
As we noted last quarter, the 12 year deal is the largest airport advertising contracts in the US, panning JFK, LaGuardia in Europe, and Stewart Airports.
As I noted earlier, we expect Europe revenues to be down in the mid 30 percentage range as compared to 2020.
The Disney Plus campaign is for the many theories one division and targeted in 18 to 45-year-old demographics with interest in comic, cinema and video games.
And the CaixaBank campaign was for their Young ID products and targeted 14 to 30-year-old with interest in music, museums and other cultural locations in Barcelona.
We're also rolling out a programmatic offering in Europe, similar to the Americas, our programmatic offering will build over time, simplifying the buying process, providing us with additional revenue stream and a growing avenue to leverage our scale and technology to target new advertising partners.
We added 545 digital displays in the fourth quarter and 1,244 in 2020 for a total of over 16,000 screens now live.
In the fourth quarter, consolidated revenue decreased 27.4% to $541 million.
Adjusting for foreign exchange, revenue was down 29.3%.
If you exclude China and adjust for currency, the decline in revenue was 24.5%.
Consolidated net loss in the fourth quarter was $33 million compared to net income of $32 million in the fourth quarter of 2019.
Consolidated adjusted EBITDA was $101 million, down 51.1%.
Excluding FX, consolidated adjusted EBITDA was down 52.1% compared to the fourth quarter of 2019.
For the full year consolidated revenue decreased 30.9% to $1.9 billion, excluding foreign currency exchange impact, consolidated revenue for 2020 declined 31.4%.
Consolidated net loss for the full year was $600 million compared to $362 million in 2019.
And consolidated adjusted EBITDA for 2020 was $120 million, down 80.8% compared to 2019.
Excluding FX, adjusted EBITDA was down 82% for the full year.
The Americas segment revenue was $258 million in the fourth quarter, down 25.3% compared to $345 million last year.
Total digital revenue which accounted for 32% of total revenue was down 29.6%.
Digital revenue from billboards and street furniture was down 15.4%.
Digital revenue as compared to the prior year improved sequentially over the third quarter, which was down 34.8% and print continues to perform a bit better than digital due to our [indecipherable] inventory.
National was down 27% and accounted for 37% of total revenue, with local down slightly less at 24%, accounting for 63% of revenue.
Direct operating and SG&A expenses were down 16.8%, due in part to lower site lease expenses related to lower revenue and renegotiated fixed-site lease expense, as well as lower compensation costs from lower revenue and operating cost savings initiatives.
Adjusted EBITDA was $94 million, down 34 -- 35.4% compared to the fourth quarter of last year with an adjusted EBITDA margin of 36.5%.
Europe revenue of $268 million was down 17.9% and excluded -- excluding foreign exchange, revenue was down 23% in the fourth quarter.
The level of restrictions varied by country, with seven of our top 10 European markets posting sequential revenue improvements in the quarter, with the majority showing topline declines, less than half of what we saw at the outset of the pandemic and last year's second quarter.
Digital accounted for 34% of total revenue and was down 18.8% excluding the impact of foreign exchange.
Adjusted direct operating and SG&A expenses were down 17% compared to the fourth quarter of last year, excluding the impact of foreign exchange.
And adjusted EBITDA was $35 million, down 46.9% from $65 million in the year ago period, excluding the impact of foreign exchange.
As discussed above, Europe and CCIBV revenue decreased $59 million during the fourth quarter of 2020 compared to the same period of 2019 of $268 million.
After adjusting for $16.5 million impact from movements in foreign exchange rates, Europe and CCIBV revenue decreased $75 million during the fourth quarter of 2020 compared to the same period of 2019.
CCIBV operating income was $0.8 million in the fourth quarter of 2020 compared to operating income of $38 million in the same period of 2019.
Latin American revenue was $15 million in the fourth quarter, down $11 million compared to the same period last year.
Direct operating expense and SG&A from our Latin American business were $15 million, down $4 million compared to the fourth quarter in the prior year due in part to lower revenue, as well as cost savings initiatives.
Latin America adjusted EBITDA was $1 million, down $6 million compared to the fourth quarter in the prior year due to the impact on revenue from COVID 19, partially offset by cost savings initiatives.
CapEx totaled $31 million in the fourth quarter, a decline of $62 million compared to the prior year period as we continued to focus on preserving liquidity, given the current operating conditions.
For the full year, total CapEx was $124 million, down $108 million compared to the full year 2019.
Clear Channel Outdoor's consolidated cash and cash equivalents totaled $785 million as of December 31st, 2020.
Our debt was $5.6 billion, an increase of just over $500 million during the year as a result of our drawing on the cash flow revolver at the end of March and issuing the CCIBV notes in August.
Cash paid for interest on debt was $22 million during the fourth quarter and $324 million during the full year ended December 31st, 2020.
Our weighted average cost of debt was reduced from 6.8% in 2019 to 6.1% in 2020.
In our Americas segments we completed our restructuring plans in the fourth quarter and we expect annualized pre-tax cost savings of approximately $7 million to begin in 2021.
In conjunction with and in addition to these plans, we expect an additional annualized pre-tax cost savings of approximately $5 million in our corporate operations.
Additionally, as I mentioned in my remarks on both the Americas and Europe segments, we continue to work on negotiating fixed-site lease savings and have achieved $28 million in rent abatements in the fourth quarter for a total of $78 million year-to-date.
Also, we received European government support in wage subsidies in response to COVID 19 of $1 million in the fourth quarter and $16 million year-to-date.
Moving onto our financial flexibility initiatives, earlier this month we successfully completed an offering of $1 billion of 7.75% senior notes due 2028.
Proceeds from the offering will be used to redeem $940 million of our 9.25% senior notes due 2024, as well as to pay transaction fees and expenses including associated call premium and accrued interest.
In addition, we've de-risked our maturity profile by refinancing approximately half of our 9.25% notes which were unsecured and represent our next nearest material maturity.
Our weighted average maturity is now 5.6 years, up from 4.9 years with a run rate cash interest savings of approximately $10 million per year, due to lower coupon rate.
As William mentioned, Americas first quarter 2021 segment revenue is expected to be down in the high 20% range as compared to the prior year.
With the first quarter of 2020 when revenue increased 8.5% over the prior year, as well as the continued impact of COVID 19.
In our Europe segment we expect revenue to be down in the mid 30% range in the first quarter, historically the first quarter of the year is the smallest quarter for revenue.
Latin America bookings continued to be severely constrained.
Additionally, we expect cash interest payments in 2021 of $362 million and $335 million in 2022.
As we exit the first quarter and the environment continues to improve, we remain committed to executing against our growth strategy and delivering year-on-year growth in 2021.

Summary:
Based on the information we have as of today, we expect Americas segment revenue to be down in the high 20 percentage range as compared to the prior year.
Due to this, for the first quarter of 2021, with the Europe segment revenue to be down in the mid 30% range, as compared to prior year.
We've built a robust set of SSP partners and a rich network of more than 20 DSPs, providing avenues to sell our inventory alongside other digital media.
As I mentioned, we expect the Americas to be down in the high 20 percentage range as compared to the prior year.
As I noted earlier, we expect Europe revenues to be down in the mid 30 percentage range as compared to 2020.
We're also rolling out a programmatic offering in Europe, similar to the Americas, our programmatic offering will build over time, simplifying the buying process, providing us with additional revenue stream and a growing avenue to leverage our scale and technology to target new advertising partners.
In the fourth quarter, consolidated revenue decreased 27.4% to $541 million.
As William mentioned, Americas first quarter 2021 segment revenue is expected to be down in the high 20% range as compared to the prior year.
In our Europe segment we expect revenue to be down in the mid 30% range in the first quarter, historically the first quarter of the year is the smallest quarter for revenue.
Latin America bookings continued to be severely constrained.
As we exit the first quarter and the environment continues to improve, we remain committed to executing against our growth strategy and delivering year-on-year growth in 2021.