We delivered better than expected consolidated revenue in the third quarter with reported revenue down 32% compared to the prior year, a substantial improvement compared to the 55% decline we reported in the second quarter.
Excluding China and FX, the decline would have been 27% better than the low 30% decline guidance we have provided in early August.
The recent mobility restrictions in our European markets, most notably in the UK and France in the past 10 days have created volatility in customer booking activity significantly limiting our visibility.
So please turn to Page 4.
In the Americas segment, year-over-year revenue was down 32% in the quarter, which is an improvement compared to the 39% decline reported in the second quarter.
Our Americas business is centered around the top 20 markets, which contributed to the significant growth we were delivering up to and including the first quarter of this year prior to COVID-19.
However, even though our audience levels are returning to normal, the largest markets in the top 20 are those most impacted by advertisers pulling back on our out-of-home spending, especially on the East and West Coast, where national advertisers are most likely to be focused.
Please turn to Page 5.
Europe supported revenue was down 13% against prior year and excluding foreign exchange adjustment was down 18%, which as I noted at the beginning of my remarks is a substantial improvement compared to the 62% decline we saw in the second quarter.
The improvement in digital, which accounts for approximately 30% of European revenue and declined 17% excluding FX impact was even larger due to the speed at which advertisers were able to launch campaigns as business quickly returned once lockdowns were eased.
We also benefited from our strategic focus on roadside locations, which historically account for about two-thirds of our total European revenue and are far less affected by COVID-19 driven restrictions than the transit environment which account for approximately 10% of our European revenue.
Our UK business was a great example of this, where about 80% of revenue is historically from roadside inventory.
Moving on to Page 6, and the Americas business.
Moving on to Page 7 for a review of the Americas technology initiatives and new contracts.
We added 19 new digital billboards this quarter for a total of 57 new digital billboards this year, giving us a total of more than 1,400 digital billboards.
The contract is for 12 years and is contingent upon execution by both parties, which we expect to occur in mid-November.
Moving on to Page 8.
Turning to our European technology investments on Page 9.
We continue to expand our digital footprint this year, adding 383 digital displays in the third quarter and 699 year-to-date for a total of over 15,000 screens now live.
Please turn to Page 10.
Consolidated revenue for the quarter decreased 31.5% from last year to $448 million.
Adjusting for foreign exchange, it was down 33.1%.
If you exclude China and adjusted for foreign exchange, the decline in revenue was 27%, which was better than the low 30% decline we had projected in early August.
Consolidated net loss declined $77 million to $136 million in the third quarter of 2020 as compared to $212 million in the third quarter of 2019.
Adjusted EBITDA was $31 million in the quarter, down 78.4% and excluding FX, was down 78.9%.
Now on to Page 11 to discuss the Americas results.
The Americas revenue was down 31.8% during the third quarter from $328 million in 2019 to $224 million.
As William mentioned, this is an improvement over the second quarter results, which were down 39%.
Local, which accounted for 64% of revenue was down 27.6%, and national, which accounted for 36% of revenue was down 38.2%.
Digital accounted for 30% of revenue and was down 34.8%.
This compares to a 53.7% decline in the second quarter.
Both direct expenses and SG&A were down 19% in the quarter, primarily due to lower site lease expenses and lower compensation costs, as a result of the decline in revenue and cost reduction initiatives.
Adjusted EBITDA was $71 million, down 48% from the prior year.
Please move on to Page 12 to review Europe.
Europe revenue was down 13.4%.
Excluding foreign exchange revenue, was down 17.9% in the third quarter.
This is a substantial improvement from the 62% decline reported in the second quarter, with all markets contributing to the improvement.
Digital revenue accounted for 30% of total revenue that was down 16.6%, excluding FX, slightly less than the overall decline.
Adjusted direct operating expenses and SG&A expenses were down 8.9%.
Adjusted EBITDA was a loss of $8 million, due to the decline in revenue and high fixed cost base.
As I just discussed, Europe and CCI B.V. revenue decreased $34 million during the third quarter of 2020, compared to the same period of 2019, $217 million.
After adjusting for an $11 million impact from movements in foreign exchange rates, Europe and CCI B.V. revenue decreased $45 million.
CCI B.V. operating loss was $38 million in the third quarter of 2020, compared to operating loss of $16 million in the same period of 2019.
On to Page 13 for a quick review of other.
Latin America revenue was $7 million in the third quarter, down $15 million from the prior year.
Direct operating expenses and SG&A were $13 million in the third quarter, down $4 million from the prior year.
Now on to Page 14 to discuss capex.
Capital expenditures totaled $26 million in the third quarter, down $34 million from the prior year, as we proactively reduced our capital spend to preserve liquidity and sold our stake in Clear Media.
Even with this substantial reduction, we did continue to invest in digital in key locations with 19 new digital billboards in the US, and 383 new digital displays in Europe.
Please move to Page 15.
Clear Channel Outdoor's consolidated cash and cash equivalents, as of September 30, 2020, totaled $845 million, including $417 million of cash held outside the US by our subsidiaries.
Our debt was $5.6 billion, an increase of just over $500 million during the year, as a result of our drawing on our cash flow revolver at the end of March, and issuing the CCI B.V. notes in August.
Cash paid for interest on the debt during the third quarter was $147 million, up slightly from the prior year, due to the timing of interest payments, partially offset by lower interest rates.
The company anticipates having approximately $21 million of cash interest payments in the fourth quarter of 2020, and $350 million in 2021, including the interest on the new CCI B.V. secure notes, with the first interest payment in April of 2021.
Moving on to Page 16.
Plans are expected to generate annualized pre-tax savings of approximately $32 million upon completion, with total charges for the plans in the range of $23 million to $26 million to achieve these savings.
Additionally, during the third quarter, as previously discussed, we issued $375 million in senior secured notes in August through our indirect wholly owned subsidiary CCI B.V.
We generated rent abatements of $24 million during the third quarter and $53 million year-to-date.
We obtained European government support and wage subsidies of $7 million in the third quarter and $15 million year-to-date.
From a liquidity standpoint given what we know today, we believe that we have sufficient liquidity, including the $845 million of cash at the quarter end, to fund the needs of the business as the economy and our business recover.
Please move to Page 17.

Summary:
We delivered better than expected consolidated revenue in the third quarter with reported revenue down 32% compared to the prior year, a substantial improvement compared to the 55% decline we reported in the second quarter.
In the Americas segment, year-over-year revenue was down 32% in the quarter, which is an improvement compared to the 39% decline reported in the second quarter.
The Americas revenue was down 31.8% during the third quarter from $328 million in 2019 to $224 million.
Plans are expected to generate annualized pre-tax savings of approximately $32 million upon completion, with total charges for the plans in the range of $23 million to $26 million to achieve these savings.