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In his results analysis, Berenberg analyst Nick Anderson commented favorably on management’s self-help strategy of investing in its brands, rather than short-term margin protection.

It couldn’t be determined which region Subianto was referring to in his comments.

The Los Angeles division president of iHeart Media referred The Times’ query to the firm’s New York corporate office, which did not immediately comment.

The judge presiding over the case said she didn’t necessarily believe the clerk, but said all 12 jurors who testified said any comments she made did not directly influence their decision to find Alex guilty.

With this comment, the chancellor has also signalled that spending cuts could be a consideration.