Legion Partners funds trim Clear Channel Outdoor (NYSE: CCO) stake with 23.4M-share sale
Rhea-AI Filing Summary
Clear Channel Outdoor Holdings, Inc. director-affiliated entities reported large open-market sales of common stock. Investment funds associated with Legion Partners sold a combined 23,435,796 shares at an average price of $2.4006 per share.
After the transactions, Legion Partners, L.P. I held 2,107,996 shares, Legion Partners, L.P. II held 187,371 shares, and Legion Partners Special Opportunities, L.P. XVI held 204,633 shares. Raymond T. White also reported 394,274 shares held directly and 900 shares held indirectly through Legion Partners Holdings, LLC, with complex relationships disclosed in the footnotes and each reporting person disclaiming beneficial ownership beyond their pecuniary interest.
Positive
- None.
Negative
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Insights
Legion-affiliated funds executed sizable open-market sales but retained meaningful positions.
Investment funds associated with Legion Partners reported net open-market sales of 23,435,796 shares of Clear Channel Outdoor common stock at $2.4006 per share. The sales were executed by Legion Partners, L.P. I, Legion Partners, L.P. II and Legion Partners Special Opportunities, L.P. XVI, not by the individual directors personally.
Notably, the funds still hold multi-million-share positions, including 2,107,996 shares at Legion Partners, L.P. I, suggesting continued exposure. Footnotes emphasize that entities such as Legion Partners Asset Management act as investment advisor and that individuals Raymond T. White and Christopher S. Kiper may be deemed beneficial owners only to the extent of their pecuniary interests.
The filing highlights the layered ownership structure typical of activist or concentrated shareholders, with economic interests held primarily through partnerships and LLCs. Subsequent filings may further update these positions if additional trades occur.
Insider Trade Summary
Net Seller: 23,435,796 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
23,435,796 shs ($56.26M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Stock | 19,761,023 | $2.4006 | $47.44M |
| Sale | Common Stock | 1,756,473 | $2.4006 | $4.22M |
| Sale | Common Stock | 1,918,300 | $2.4006 | $4.61M |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Common Stock — 2,107,996 shares (Indirect, By: Legion Partners, L.P. I);
Common Stock — 187,371 shares (Indirect, By: Legion Partners, L.P. II);
Common Stock — 204,633 shares (Indirect, By: Legion Partners Special Opportunities, L.P. XVI);
Common Stock — 900 shares (Indirect, By: Legion Partners Holdings, LLC);
Common Stock — 394,274 shares (Direct)
Footnotes (7)
- 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. 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.
- F3. The securities described in footnotes (2) and (3) 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.
- F4. Securities 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.
- F5. Securities 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.
- F6. Securities 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.
- F7. Securities 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
Shares sold (total): 23,435,796 shares
Average sale price: $2.4006 per share
Legion Partners, L.P. I holdings: 2,107,996 shares
+4 more
7 metrics
Shares sold (total)
23,435,796 shares
Open-market sales of common stock
Average sale price
$2.4006 per share
Price for all reported sales
Legion Partners, L.P. I holdings
2,107,996 shares
Common stock after sale
Legion Partners, L.P. II holdings
187,371 shares
Common stock after sale
Legion Partners Special Opportunities holdings
204,633 shares
Common stock after sale
Raymond T. White direct holdings
394,274 shares
Common stock reported as direct
Indirect holdings via Legion Partners Holdings
900 shares
Attributed to Raymond T. White
Key Terms
open-market sale, beneficial ownership, pecuniary interest, investment advisor, +1 more
5 terms
open-market sale financial
"transaction_action: "open-market sale" for common stock"
An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.
beneficial ownership financial
"Each Reporting Person disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest"
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"
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.
managing member financial
"Legion Partners Holdings is the sole member of Legion Partners Asset Management and managing member of General Partner"
AI-generated analysis. How Rhea-AI works. Not financial advice.
