Ares Discloses 14.6M-Share Sale of Clear Channel (CCO), Lists Fund-Level Holdings
Rhea-AI Filing Summary
Ares Management and related entities reported sales of Clear Channel Outdoor Holdings, Inc. (CCO) common stock on September 9 and 10, 2025. The filing shows an aggregate sale of 14,631,555 shares: 1,631,555 shares sold on 09/09/2025 at a weighted price of $1.386 and 13,000,000 shares sold on 09/10/2025 at a weighted average price of $1.1316. Following the reported transactions, the Ares Entities collectively report beneficial ownership of 41,197,491 shares. The filing explains that those shares are held indirectly across multiple Ares-managed funds and provides a breakdown of shares by fund, including 8,722,544 shares held by ASSF IV AIV B Holdings and 19,332,427 shares held by ASOF Holdings I, among others. The report is signed by authorized signatories for the Ares entities.
Positive
- Timely and detailed disclosure of transaction dates, volumes, and weighted average prices for the sales
- Clear identification of the indirect ownership structure and a fund-level breakdown of shares
- Willingness to provide full transaction-level pricing on request (per the filers statement)
Negative
- Large disposition of 14,631,555 CCO shares over two days, reducing reported beneficial ownership from 54,197,491 to 41,197,491 shares
- Weighted-average pricing only disclosed in the main table; individual trade prices are not listed without a separate request
Insights
TL;DR: Ares Entities executed substantial sales totaling 14.6M CCO shares over two days, reducing reported beneficial ownership materially.
The disclosed sales of 14,631,555 shares over 09/09/2025–09/10/2025 reduced aggregate reported holdings from 54,197,491 to 41,197,491 shares. The price information is presented as weighted averages, and the filer offers to provide transaction-level pricing on request. From an investor-data perspective, this is a material insider disposition showing a significant reduction in indirect holdings by related funds managed by Ares.
TL;DR: Multiple Ares-managed entities disclosed coordinated sales and clearly described the ownership chain and signatories.
The filing identifies the chain of control among Ares entities and lists specific fund-level share counts, which aids transparency about who holds beneficially owned shares. Multiple authorized signatories executed the filing, and the remarks note separate filings for related entities due to system limits. The disclosure meets Form 4 content requirements by specifying dates, volumes, weighted prices, and the allocation of holdings across funds.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Stock | 13,000,000 | $1.1316 | $14.71M |
| Sale | Common Stock | 1,631,555 | $1.386 | $2.26M |
Footnotes (1)
- Following the transactions reported herein, includes: (i) 8,722,544 shares held by ASSF IV AIV B Holdings III, L.P. ("ASSF IV AIV B Holdings"), (ii) 984,295 shares held by ASSF IV AIV B, L.P. ("ASSF IV AIV B"), (iii) 19,332,427 shares held by ASOF Holdings I, L.P. ("ASOF I"), (iv) 5,095,692 shares held by ASOF II Holdings I, L.P. ("ASOF II Holdings I"), (v) 918,342 shares held by ASOF II A (DE) Holdings I, L.P. ("ASOF II A (DE) Holdings I"), and (vi) 6,144,191 shares held by ACOF VI Holdings, L.P. ("ACOF VI"). Ares Partners Holdco LLC ("Ares Partners") is the sole member of each of Ares Voting LLC and Ares Management GP LLC, which are respectively the holders of the Class B and Class C common stock of Ares Management Corporation ("Ares Management"), which common stock allows them, collectively, to generally have the majority of the votes on any matter submitted to the stockholders of Ares Management if certain conditions are met. Ares Management is the sole member of Ares Holdco LLC, which is the general partner of Ares Management Holdings L.P., which is the sole member of Ares Management LLC, which is: (i) the general partner of ASSF Operating Manager IV, L.P., which is the manager of ASSF IV AIV B Holdings and ASSF IV AIV B; (ii) the sole member of ASOF Investment Management LLC, which is the manager of ASOF I, ASOF II Holdings I and ASOF II A (DE) Holdings I; and (iii) the sole member of ACOF Investment Management LLC, which is the manager of ACOF VI. We refer to all of the foregoing entities collectively as the Ares Entities. Each of the Ares Entities may be deemed to share beneficial ownership of the securities reported herein, but each disclaims any such beneficial ownership of securities not held of record by them. Ares Partners is managed by a board of managers, which is composed of Michael J Arougheti, R. Kipp deVeer, David B. Kaplan, Antony P. Ressler and Bennett Rosenthal (collectively, the "Board Members"). Mr. Ressler generally has veto authority over Board Members' decisions. Each of these individuals disclaims beneficial ownership of the securities that may be deemed to be beneficially owned by Ares Partners. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $1.12 to $1.2714, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth herein.
