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

Rhea-AI Filing Summary

Ares Management and related Ares Entities disclosed sales of Clear Channel Outdoor Holdings, Inc. (CCO) common stock on September 9-10, 2025. The filings show an aggregate sale of 14,631,555 shares: 1,631,555 shares sold on 09/09/2025 at $1.386 (weighted) and 13,000,000 shares sold on 09/10/2025 at a weighted average price of $1.1316. Beneficial ownership reported after the 09/09 transaction was 54,197,491 shares and after the 09/10 transaction was 41,197,491 shares. The report lists the specific Ares entities that hold shares and explains their ownership chain and shared beneficial ownership disclaimers. The Form 4s are signed by an authorized Ares signatory on 09/11/2025.

Positive

• None.

Negative

• Reported reduction in beneficial ownership of CCO by 13,000,000 shares following the 09/10/2025 sale, lowering holdings from 54,197,491 to 41,197,491.
• Aggregate disposition of 14,631,555 CCO shares across two dates (09/09/2025 and 09/10/2025) indicating substantial selling activity by Ares Entities.

Insights

Securities Analyst

TL;DR: Ares Entities executed significant open-market dispositions totaling 14.63M CCO shares, reducing reported beneficial ownership materially.

The filings document definitive sales on 09/09/2025 and 09/10/2025 totaling 14,631,555 CCO shares at weighted average prices of $1.386 and $1.1316 respectively. Beneficial ownership reported fell from 54,197,491 to 41,197,491 shares following the larger sale. The disclosure aggregates holdings across multiple Ares-managed funds and entities and includes the required footnote explaining the organizational chain and disclaimers. For investors, the key fact is a sizable, contemporaneous reduction in Ares-reported holdings disclosed via Section 16 filings.

Corporate Governance Expert

TL;DR: Multiple Ares-related reporting persons filed coordinated Form 4s detailing shared beneficial ownership and substantial sales.

The paperwork clearly attributes the shares to a set of funds and management entities and provides the organizational relationships and voting structure. Filings are signed and include the standard disclaimers that individual board members disclaim beneficial ownership of the reported securities. The disclosure meets Form 4 requirements by reporting transaction dates, codes, quantities, weighted average price range, and post-transaction beneficial ownership levels.

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

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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^*

Ares Partners Holdco 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^*

Ares Voting 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^*

Ares Management GP 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^*

Ares Management Corp

(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^*

Ares Holdco 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^*

Ares Management 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)

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 ASSF IV AIV B Holdings III, L.P., ASSF IV AIV B, L.P., ASSF Operating Manager IV, L.P., ASOF Holdings I, L.P., ASOF II Holdings I, L.P., ASOF II A (DE) Holdings I, L.P., ASOF Investment Management LLC, ACOF VI Holdings, L.P. and ACOF Investment Management LLC are filing a separate Form 4.

	Ares Management LLC, By: /s/ Anton Feingold, Authorized Signatory	09/11/2025
	Ares Partners Holdco LLC, By: /s/ Anton Feingold, Authorized Signatory	09/11/2025
	Ares Voting LLC, By: Ares Partners Holdco LLC, its sole member, By: /s/ Anton Feingold, Authorized Signatory	09/11/2025
	Ares Management GP LLC, By: /s/ Anton Feingold, Authorized Signatory	09/11/2025
	Ares Management Corporation, By: /s/ Anton Feingold, Authorized Signatory	09/11/2025
	Ares Holdco LLC, By: /s/ Anton Feingold, Authorized Signatory	09/11/2025
	Ares Management Holdings L.P., By: Ares Holdco LLC, its general partner, By: /s/ Anton Feingold, 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 transactions did Ares report on Form 4 for CCO?

The Form 4s report 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 did these transactions change Ares' beneficial ownership of CCO?

Beneficial ownership reported was 54,197,491 shares after the 09/09 sale and 41,197,491 shares after the 09/10 sale.

Which Ares entities are listed as reporting persons on the filings?

Reporting persons include Ares Management LLC, Ares Partners Holdco LLC, Ares Voting LLC, Ares Management GP LLC, Ares Management Corporation, Ares Holdco LLC, and Ares Management Holdings L.P.

Do the filings explain how the Ares entities are related?

Yes. Footnotes describe the ownership and management chain connecting Ares Partners, Ares Voting, Ares Management GP, Ares Holdco, and multiple fund entities that hold the CCO shares.

When were the Form 4s signed?

The Form 4s are signed by an authorized Ares signatory on 09/11/2025.