Legion entities trim Clear Channel Outdoor (NYSE: CCO) stake with 2.8M-share sale
Rhea-AI Filing Summary
Clear Channel Outdoor Holdings director-affiliated entities reported sizable open-market sales of the company’s common stock. Funds and entities associated with Legion Partners Asset Management sold a total of 2,804,171 shares at prices around $2.40 per share. One reporting account shows 91,003 shares remaining directly after a 303,271-share sale, while the Legion Partnership entities and a holdings vehicle report zero shares after their respective sales.
The filing notes that Legion-related entities, not the individual directors, directly owned the securities and that the parties generally disclaim beneficial ownership except to the extent of any pecuniary interest. The prices are disclosed as weighted averages across multiple individual trades.
Positive
- None.
Negative
- None.
Insights
Legion-linked vehicles executed large open-market sales near $2.40, largely exiting positions.
Entities tied to Legion Partners Asset Management sold 2,804,171 shares of Clear Channel Outdoor common stock in open-market transactions around $2.40 per share. These include Legion Partners I, Legion Partners II, a special opportunities fund, and a holdings LLC.
Post-transaction, the funds and holdings vehicle report zero shares, while one direct account retains 91,003 shares. Footnotes emphasize that the funds directly owned the stock and that the various reporting persons, including directors, generally disclaim beneficial ownership beyond any pecuniary interest. The filing does not indicate trading under a pre-set Rule 10b5-1 plan.
Because the document does not state Clear Channel’s total shares outstanding, the scale of these sales relative to the company remains unclear from this information alone. Subsequent company filings may help investors place these disposals in fuller ownership context.
Insider Trade Summary
Net Seller: 2,804,171 shares
Net Sell
5 txns
Insider
White Raymond T., Legion Partners Asset Management, LLC, Legion Partners, L.P. I, Legion Partners, L.P. II, Legion Partners Special Opportunities, L.P. XVI, Legion Partners, LLC, Legion Partners Holdings, LLC, Kiper Christopher S
Role
Director | Director | Director | Director | Director | Director | Director | Director
Sold
2,804,171 shs ($6.72M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Stock | 2,107,996 | $2.3954 | $5.05M |
| Sale | Common Stock | 187,371 | $2.3954 | $449K |
| Sale | Common Stock | 204,633 | $2.3954 | $490K |
| Sale | Common Stock | 900 | $2.40 | $2K |
| Sale | Common Stock | 303,271 | $2.395 | $726K |
Holdings After Transaction:
Common Stock — 0 shares (Indirect, By: Legion Partners, L.P. I);
Common Stock — 0 shares (Indirect, By: Legion Partners, L.P. II);
Common Stock — 0 shares (Indirect, By: Legion Partners Special Opportunities, L.P. XVI);
Common Stock — 0 shares (Indirect, By: Legion Partners Holdings, LLC);
Common Stock — 91,003 shares (Direct)
Footnotes (8)
- F1. This Form 4 is filed jointly by Legion Partners, L.P. I ("Legion Partners I"), Legion Partners, L.P. II ("Legion Partners II"), Legion Partners Special Opportunities, L.P. XVI ("Legion Partners Special Opportunities"), Legion Partners, LLC ("General Partner"), Legion Partners Asset Management, LLC ("Legion Partners Asset Management"), Legion Partners Holdings, LLC ("Legion Partners Holdings"), Raymond T. White and Christopher S. Kiper (collectively, the "Reporting Persons"). Each Reporting Person disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein, and this report shall not be deemed to be an admission that any Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.
- F2. The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $2.3950 to $2.4000, inclusive. The Reporting Persons undertake 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 in this footnote.
- F3. Mr. White serves on the Board of the Issuer as a representative of Legion Partners Asset Management and its affiliates. Mr. White does not have a right to any economic interest in securities of the Issuer granted to him by the Issuer in respect of his Board position, except to the extent of his role as a Managing Director of Legion Partners Asset Management. Legion Partners Asset Management is entitled to receive all of the economic interest in securities granted to Mr. White by the Issuer in respect of Mr. White's Board position. Mr. White disclaims beneficial ownership of the Issuer's securities to which this report relates and at no time has Mr. White had any economic interest in such securities except any indirect economic interest through Legion Partners Asset Management and its affiliates, entities in which Mr. White has a controlling interest and investment control.
- F4. The securities described in footnotes (3) and (4) represent securities in which Legion Partners Asset Management has all of the direct economic interest. Legion Partners Holdings is the sole member of Legion Partners Asset Management and each of Messrs. Kiper and White are Managing Directors of Legion Partners Asset Management. As a result of these relationships, Legion Partners Holdings and Messrs. Kiper and White may be deemed to beneficially own the securities owned directly by Legion Partners Asset Management.
- F5. The securities reported herein were owned directly by Legion Partners I. General Partner is the general partner of Legion Partners I, Legion Partners Asset Management is the investment advisor of Legion Partners I, Legion Partners Holdings is the sole member of Legion Partners Asset Management and managing member of General Partner, and each of Messrs. White and Kiper are managing directors of Legion Partners Asset Management and managing members of Legion Partners Holdings. As a result of these relationships, General Partner, Legion Partners Asset Management, Legion Partners Holdings and Messrs. White and Kiper may be deemed to beneficially own the securities owned directly by Legion Partners I.
- F6. The securities reported herein were owned directly by Legion Partners II. General Partner is the general partner of Legion Partners II, Legion Partners Asset Management is the investment advisor of Legion Partners II, Legion Partners Holdings is the sole member of Legion Partners Asset Management and managing member of General Partner, and each of Messrs. White and Kiper are managing directors of Legion Partners Asset Management and managing members of Legion Partners Holdings. As a result of these relationships, General Partner, Legion Partners Asset Management, Legion Partners Holdings and Messrs. White and Kiper may be deemed to beneficially own the securities owned directly by Legion Partners II.
- F7. The securities reported herein were owned directly by Legion Partners Special Opportunities. General Partner is the general partner of Legion Partners Special Opportunities, Legion Partners Asset Management is the investment advisor of Legion Partners Special Opportunities, Legion Partners Holdings is the sole member of Legion Partners Asset Management and managing member of General Partner, and each of Messrs. White and Kiper are managing directors of Legion Partners Asset Management and managing members of Legion Partners Holdings. As a result of these relationships, General Partner, Legion Partners Asset Management, Legion Partners Holdings and Messrs. White and Kiper may be deemed to beneficially own the securities owned directly by Legion Partners Special Opportunities.
- F8. The securities reported herein were owned directly by Legion Partners Holdings. As managing members of Legion Partners Holdings, Messrs. White and Kiper may be deemed to beneficially own the securities owned directly by Legion Partners Holdings.
Key Figures
Total shares sold: 2,804,171 shares
Direct sale block: 303,271 shares
Shares remaining direct: 91,003 shares
+4 more
7 metrics
Total shares sold
2,804,171 shares
Combined open-market sales reported for 2026-06-15
Direct sale block
303,271 shares
Common stock sold directly in one account on 2026-06-15
Shares remaining direct
91,003 shares
Direct holding after 303,271-share sale
Legion Partners L.P. I sale
2,107,996 shares
Indirect sale by Legion Partners, L.P. I
Legion Partners L.P. II sale
187,371 shares
Indirect sale by Legion Partners, L.P. II
Special Opportunities fund sale
204,633 shares
Indirect sale by Legion Partners Special Opportunities, L.P. XVI
Representative sale prices
$2.3950–$2.4000 per share
Weighted-average price range across multiple trades
Key Terms
beneficial ownership, pecuniary interest, weighted average price, investment advisor, +1 more
5 terms
beneficial ownership financial
"Each Reporting Person disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein"
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
pecuniary interest financial
"disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein"
weighted average price financial
"The price reported in column 4 is a weighted average price."
Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.
investment advisor financial
"Legion Partners Asset Management is the investment advisor of Legion Partners I"
An investment advisor is a person or firm that provides personalized guidance on buying, selling and managing investments and often oversees client portfolios for a fee. For investors this matters because the advisor shapes risk, costs and long-term returns, and is typically required by law to act in the client’s best interests — think of them as a financial coach or GPS that helps navigate choices and avoid costly detours.
Section 16 regulatory
"beneficial owner of such securities for purposes of Section 16 or for any other purpose."
Section 16 is a U.S. securities law rule that governs the trading and disclosure obligations of company insiders — typically officers, directors and large shareholders — to promote transparency and deter unfair profit-taking. It requires insiders to publicly report their stock trades and allows companies or the issuer to reclaim quick, short-term profits from certain insider trades, like a scoreboard and a refund policy that help investors see and limit possible insider advantage.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What did the Legion Partners entities report in this Clear Channel Outdoor (CCO) Form 4?
Legion Partners–affiliated entities reported open-market sales totaling 2,804,171 Clear Channel Outdoor common shares. The transactions occurred at prices around $2.40 per share, and several Legion funds and a holdings vehicle reported having no remaining shares after these sales.
Are Raymond T. White and Christopher S. Kiper personally selling Clear Channel Outdoor (CCO) shares?
The filing states that the securities were owned directly by Legion entities, not the individuals. It explains that White and Kiper may be deemed to beneficially own securities through their roles but disclaim beneficial ownership beyond any pecuniary interest they have in those entities.
Were these Clear Channel Outdoor (CCO) insider sales under a Rule 10b5-1 trading plan?
The disclosure describes the transactions simply as open-market sales at weighted average prices. It does not state that the trades were made pursuant to a Rule 10b5-1 trading plan or any other pre-arranged trading arrangement in the provided text.