[Form 4] Clear Channel Outdoor Holdings, Inc. Insider Trading Activity

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

Financial Analyst

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.

Corporate Governance Expert

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.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

X

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

ARES MANAGEMENT LLC

(Last) (First) (Middle)

C/O ARES MANAGEMENT LLC

1800 AVENUE OF THE STARS, SUITE 1400

(Street)

LOS ANGELES CA 90067

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Clear Channel Outdoor Holdings, Inc. [ CCO ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/09/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/09/2025		S		1,631,555	D	$1.386	54,197,491	I	See footnotes(1)(2)(3)
Common Stock	09/10/2025		S		13,000,000	D	$1.1316(4)	41,197,491	I	See footnotes(1)(2)(3)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

ARES MANAGEMENT LLC

(Last) (First) (Middle)

C/O ARES MANAGEMENT LLC

1800 AVENUE OF THE STARS, SUITE 1400

(Street)

LOS ANGELES CA 90067

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

ASSF IV AIV B Holdings III, L.P.

(Last) (First) (Middle)

C/O ARES MANAGEMENT LLC

1800 AVENUE OF THE STARS, SUITE 1400

(Street)

LOS ANGELES CA 90067

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

ASSF IV AIV B, L.P.

(Last) (First) (Middle)

C/O ARES MANAGEMENT LLC

1800 AVENUE OF THE STARS, SUITE 1400

(Street)

LOS ANGELES CA 90067

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

ASSF Operating Manager IV, L.P.

(Last) (First) (Middle)

C/O ARES MANAGEMENT LLC

1800 AVENUE OF THE STARS, SUITE 1400

(Street)

LOS ANGELES CA 90067

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

ASOF Holdings I, L.P.

(Last) (First) (Middle)

C/O ARES MANAGEMENT LLC

1800 AVENUE OF THE STARS, SUITE 1400

(Street)

LOS ANGELES CA 90067

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

ASOF II Holdings I, L.P.

(Last) (First) (Middle)

C/O ARES MANAGEMENT LLC

1800 AVENUE OF THE STARS, SUITE 1400

(Street)

LOS ANGELES CA 90067

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

ASOF II A (DE) Holdings I, L.P.

(Last) (First) (Middle)

C/O ARES MANAGEMENT LLC

1800 AVENUE OF THE STARS, SUITE 1400

(Street)

LOS ANGELES CA 90067

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

ASOF Investment Management LLC

(Last) (First) (Middle)

C/O ARES MANAGEMENT LLC

1800 AVENUE OF THE STARS, SUITE 1400

(Street)

LOS ANGELES CA 90067

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

ACOF VI Holdings, L.P.

(Last) (First) (Middle)

C/O ARES MANAGEMENT LLC

1800 AVENUE OF THE STARS, SUITE 1400

(Street)

LOS ANGELES CA 90067

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

ACOF Investment Management LLC

(Last) (First) (Middle)

C/O ARES MANAGEMENT LLC

1800 AVENUE OF THE STARS, SUITE 1400

(Street)

LOS ANGELES CA 90067

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

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").

2. 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.

3. 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.

4. 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.

Remarks:

Due to the limitations of the electronic filing system, each of Ares Partners Holdco LLC, Ares Voting LLC, Ares Management GP LLC, Ares Management Corp, Ares Holdco LLC, and Ares Management Holdings L.P. are filing a separate Form 4.

	Ares Management LLC, By: /s/ Anton Feingold, Authorized Signatory	09/11/2025
	ASSF IV AIV B Holdings III, L.P., By: ASSF Operating Manager IV, L.P., its manager, By: /s/ Evan Hoole, Authorized Signatory	09/11/2025
	ASSF IV AIV B, L.P., By: ASSF Operating Manager IV, L.P., its manager, By: /s/ Evan Hoole, Authorized Signatory	09/11/2025
	ASSF Operating Manager IV, L.P., By: /s/ Evan Hoole, Authorized Signatory	09/11/2025
	ASOF Holdings I, L.P., By: ASOF Investment Management LLC, its manager, By: /s/ Evan Hoole, Authorized Signatory	09/11/2025
	ASOF II Holdings I, L.P., By: ASOF Investment Management LLC, its manager, By: /s/ Evan Hoole, Authorized Signatory	09/11/2025
	ASOF II A (DE) HOLDINGS I, L.P., By: ASOF Investment Management LLC, its manager, By: /s/ Evan Hoole, Authorized Signatory	09/11/2025
	ASOF Investment Management LLC, By: /s/ Evan Hoole, Authorized Signatory	09/11/2025
	ACOF VI Holdings, L.P., By: ACOF Investment Management LLC, its manager, By: /s/ Evan Hoole, Authorized Signatory	09/11/2025
	ACOF Investment Management LLC, By: /s/ Evan Hoole, Authorized Signatory	09/11/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transactions did Ares report for CCO on Form 4?

Ares reported sales of 1,631,555 shares on 09/09/2025 at a weighted price of $1.386 and 13,000,000 shares on 09/10/2025 at a weighted average price of $1.1316.

How many CCO shares do the Ares Entities report owning after the sales?

The filing reports aggregate beneficial ownership of 41,197,491 shares following the reported transactions.

Which Ares-managed funds hold CCO shares and how many does each hold?

The footnotes disclose holdings by fund: ASSF IV AIV B Holdings 8,722,544; ASSF IV AIV B 984,295; ASOF Holdings I 19,332,427; ASOF II Holdings I 5,095,692; ASOF II A (DE) Holdings I 918,342; ACOF VI 6,144,191.

Are the prices shown the exact trade prices for each sale?

The filing shows weighted-average prices and states trades occurred across prices from $1.12 to $1.2714 for the 09/10/2025 sales; the filer will provide per-trade details upon request.

Who signed the Form 4 for the Ares reporting entities?

The filing was signed by authorized signatories, including Anton Feingold for Ares Management LLC and Evan Hoole for multiple Ares-affiliated entities, dated 09/11/2025.