A chinese out of home firm is laying off 10% of its workforce in response to the coronavirus.  Deal Street Asia reports that Xinchao Media, which places ads in and near elevators and escalators, laid off 500 workers.  When people aren’t commuting to work they aren’t seeing ads.  The company’s founder says: “to survive from the epidemic, we will have to slam on the brakes, retrench cashflows and reduce costs.”

Insider’s take: The coronavirus is not good news for Clear Channel Outdoor, whose Clear Media subsidiary has the largest bus shelter ad network in mainland China. Insider estimates that China accounted for 8% of Clear Channel Outdoor revenues for the 6 months ended June 2019.  Here’s what Clear Channel Outdoor stock has done over the past month.

[wpforms id=”9787″]

Paid Advertisement