[SCHEDULE 13D/A] Clear Channel Outdoor Holdings, Inc. SEC Filing

Rhea-AI Filing Summary

Ares and affiliated entities report beneficial ownership of 41,197,491 shares of Clear Channel Outdoor Holdings, Inc. (Common Stock), representing 8.3% of the class based on 497,012,805 shares outstanding as of July 31, 2025. The Schedule 13D/A states the holdings are for investment purposes and that the Reporting Persons will continue to review their investment and may engage with management, other securityholders or third parties about strategic alternatives. The filing discloses that on September 9-10, 2025 the Reporting Persons disposed of an aggregate 14,631,555 shares (1,631,555 shares on September 9 at $1.386 and 13,000,000 shares on September 10 at a weighted average price of $1.1316). The statement lists the specific holdings by affiliated funds and describes the reporting group structure and voting relationships within the Ares organization.

Positive

• Maintains a substantial position: Reporting Persons hold 41,197,491 shares, equal to 8.3% of outstanding common stock based on the issuer's July 31, 2025 share count.
• Transparent disclosure of intentions: The Reporting Persons state an investment purpose and explicitly disclose potential engagement with management or other parties and willingness to consider strategic alternatives.

Negative

• Material disposition disclosed: The Reporting Persons sold an aggregate 14,631,555 shares on September 9-10, 2025 (1,631,555 shares at $1.386 on Sept 9; 13,000,000 shares at a weighted average $1.1316 on Sept 10).
• Potential for further change: The Reporting Persons reserve the right to pursue transactions that could materially alter the company's capital structure or leadership, creating uncertainty for other shareholders.

Insights

Financial Analyst

TL;DR: Ares reports an 8.3% stake in CCO and sold 14.6M shares across September 9-10, 2025, while retaining substantial shared voting power.

The filing confirms that Ares and multiple affiliated funds collectively own 41,197,491 shares, or 8.3% of Clear Channel Outdoor's outstanding common stock based on the Issuer's July 31, 2025 share count. The disclosed sale of 14,631,555 shares over two days is a material disposition in absolute terms and reduces economic exposure, though the filing does not state pre-sale holdings so the net change versus prior public disclosures cannot be computed from this document alone. The Reporting Persons explicitly describe an investment purpose and reserve the right to engage in strategic discussions or transactions. For investors, the key data points are the current reported share count, the explicit sale amounts and prices, and the stated continuing review of options by Ares.

Corporate Governance Expert

TL;DR: The Schedule 13D/A details Ares' group ownership structure and potential engagement with the issuer but states no current plans to change board control.

The amendment clarifies the chain of management and voting relationships across Ares entities and identifies Board Members and veto authority within Ares' governance. The filing highlights that the Reporting Persons may initiate or encourage discussions around corporate actions, including mergers or board composition changes, but affirmatively state no present plans to effect such actions. This is a routine governance disclosure that informs stakeholders of who holds shared voting power and the possibility of future engagement, without committing to specific governance moves in this filing.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 9)

Clear Channel Outdoor Holdings, Inc.

(Name of Issuer)

Common Stock, $0.01 par value

(Title of Class of Securities)

18453H106

(CUSIP Number)

Naseem Sagati Aghili
1800 Avenue of the Stars, Suite 1400
Los Angeles, CA, 90067
(310) 201-4100

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

09/10/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 18453H106

1

Name of reporting person

Ares Management LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 41,197,491.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 41,197,491.00

11

Aggregate amount beneficially owned by each reporting person

41,197,491.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

8.3 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Limited Liability Company

SCHEDULE 13D

CUSIP No. 18453H106

1

Name of reporting person

ASSF IV AIV B Holdings III, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 8,722,544.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 8,722,544.00

11

Aggregate amount beneficially owned by each reporting person

8,722,544.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

1.8 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP No. 18453H106

1

Name of reporting person

ASSF IV AIV B, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 984,295.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 984,295.00

11

Aggregate amount beneficially owned by each reporting person

984,295.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.2 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP No. 18453H106

1

Name of reporting person

ASSF Operating Manager IV, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 9,706,839.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 9,706,839.00

11

Aggregate amount beneficially owned by each reporting person

9,706,839.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

2.0 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP No. 18453H106

1

Name of reporting person

ASOF Holdings I, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 19,332,427.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 19,332,427.00

11

Aggregate amount beneficially owned by each reporting person

19,332,427.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

3.9 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP No. 18453H106

1

Name of reporting person

ASOF II HOLDINGS I, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 5,095,692.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 5,095,692.00

11

Aggregate amount beneficially owned by each reporting person

5,095,692.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

1.0 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP No. 18453H106

1

Name of reporting person

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

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 918,342.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 918,342.00

11

Aggregate amount beneficially owned by each reporting person

918,342.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.2 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP No. 18453H106

1

Name of reporting person

ASOF Investment Management LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 25,346,461.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 25,346,461.00

11

Aggregate amount beneficially owned by each reporting person

25,346,461.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

5.1 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Limited Liability Company

SCHEDULE 13D

CUSIP No. 18453H106

1

Name of reporting person

ACOF VI Holdings, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 6,144,191.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 6,144,191.00

11

Aggregate amount beneficially owned by each reporting person

6,144,191.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

1.2 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP No. 18453H106

1

Name of reporting person

ACOF Investment Management LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 6,144,191.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 6,144,191.00

11

Aggregate amount beneficially owned by each reporting person

6,144,191.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

1.2 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Limited Liability Company

SCHEDULE 13D

CUSIP No. 18453H106

1

Name of reporting person

Ares Management Holdings L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 41,197,491.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 41,197,491.00

11

Aggregate amount beneficially owned by each reporting person

41,197,491.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

8.3 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP No. 18453H106

1

Name of reporting person

Ares Holdco LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 41,197,491.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 41,197,491.00

11

Aggregate amount beneficially owned by each reporting person

41,197,491.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

8.3 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Limited Liability Company

SCHEDULE 13D

CUSIP No. 18453H106

1

Name of reporting person

Ares Management Corporation

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 41,197,491.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 41,197,491.00

11

Aggregate amount beneficially owned by each reporting person

41,197,491.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

8.3 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP No. 18453H106

1

Name of reporting person

Ares Voting LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 41,197,491.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 41,197,491.00

11

Aggregate amount beneficially owned by each reporting person

41,197,491.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

8.3 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Limited Liability Company

SCHEDULE 13D

CUSIP No. 18453H106

1

Name of reporting person

Ares Management GP LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 41,197,491.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 41,197,491.00

11

Aggregate amount beneficially owned by each reporting person

41,197,491.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

8.3 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Limited Liability Company

SCHEDULE 13D

CUSIP No. 18453H106

1

Name of reporting person

Ares Partners Holdco LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 41,197,491.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 41,197,491.00

11

Aggregate amount beneficially owned by each reporting person

41,197,491.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

8.3 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Limited Liability Company

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, $0.01 par value
(b)	Name of Issuer: Clear Channel Outdoor Holdings, Inc.
(c)	Address of Issuer's Principal Executive Offices: 4830 North Loop 1604 West, Suite 111, San Antonio, TEXAS , 78249.
Item 1 Comment: This Amendment No. 9 to Schedule 13D (this "Amendment No. 9") amends and supplements the statement on Schedule 13D filed with the United States Securities and Exchange Commission on May 22, 2020 (as amended to date, the "Schedule 13D"), relating to the common stock, par value $0.01 per share (the "Common Stock"), of Clear Channel Outdoor Holdings, Inc., a Delaware corporation (the "Issuer"). Capitalized terms used herein without definition shall have the meaning set forth in the Schedule 13D.
Item 2.	Identity and Background
(c)	Item 2(c) of the Schedule 13D is hereby amended and restated in its entirety as follows: The Reporting Persons are either holding companies without operations, or are principally engaged in the business of investment management or making, purchasing, selling and holding investments. 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, 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 memberof 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.Accordingly, each of the foregoing entities may be deemed to share beneficial ownership of the securities reportedherein, 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.
Item 4.	Purpose of Transaction
	General The Reporting Persons acquired the securities described in this Schedule 13D for investment purposes and they intend to review their investments in the Issuer on a continuing basis. Any actions the Reporting Persons might undertake will be dependent upon the Reporting Persons' review of numerous factors, including, but not limited to: an ongoing evaluation of the Issuer's business, financial condition, operations and prospects; price levels of the Issuer's securities; general market, industry and economic conditions; the relative attractiveness of alternative business and investment opportunities; and other future developments. The Reporting Persons may retain or sell all or a portion of the securities then held, in the open market or in privately negotiated transactions. In addition, the Reporting Persons may engage in discussions with management, the board of directors of the Issuer, other securityholders of the Issuer, and other relevant parties or encourage, cause or seek to cause the Issuer or such persons to consider or explore extraordinary corporate transactions, such as: a merger, reorganization or take-private transaction that could result in the de-listing or de-registration of the Common Stock; security offerings and/or stock repurchases by the Issuer; sales or acquisitions of assets or businesses; changes to the capitalization or dividend policy of the Issuer; or other material changes to the Issuer's business or corporate structure, including changes in management or the composition of the Board. To facilitate their consideration of such matters, the Reporting Persons may retain consultants and advisors and may enter into discussions with potential sources of capital and other third parties. The Reporting Persons may exchange information with any such persons pursuant to appropriate confidentiality or similar agreements. The Reporting Persons will likely take some or all of the foregoing steps at preliminary stages in their consideration of various possible courses of action before forming any intention to pursue any particular plan or direction. Other than as described above, the Reporting Persons do not currently have any plans or proposals that relate to, or would result in, any of the matters listed in Items 4(a)-(j) of Schedule 13D, although, depending on the factors discussed herein, the Reporting Persons may change their purpose or formulate different plans or proposals with respect thereto at any time.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5 of the Schedule 13D is hereby amended and restated in its entirety as follows: The information contained on the cover pages is incorporated by reference to this Item 5. The percentages on the cover pages are based on 497,012,805 shares of Common Stock outstanding as of July 31, 2025, as disclosed in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 5, 2025.
(b)	The information contained on the cover pages is incorporated by reference to this Item 5. The amounts reported herein include: (i) 8,722,544 shares held by ASSF IV AIV B Holdings, (ii) 984,295 shares held by ASSF IV AIV B, (iii) 19,332,427 shares held by ASOF I, (iv) 5,095,692 shares held by ASOF II Holdings I, (v) 918,342 shares held by ASOF II A (DE) Holdings I, and (vi) 6,144,191 shares held by ACOF VI. 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, 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. Each of the foregoing 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.
(c)	On September 9, 2025 and September 10, 2025, the Reporting Persons disposed of an aggregate of 14,631,555 shares of Common Stock in a series of transactions. Details by date, listing the number of shares of Common Stock disposed of and the price per share, are provided below. The Reporting Persons undertake to provide, upon request by the staff of the SEC or the Issuer, full information regarding the number of shares sold at each separate price for each transaction. September 9, 2025 - Shares Disposed of: 1,631,555 - Price: $1.386 September 10, 2025 - Shares Disposed of: 13,000,000 - Weighted Average Price: $1.1316
(d)	None.
(e)	Not applicable.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Ares Management LLC

Signature:	/s/ Anton Feingold
Name/Title:	Anton Feingold, Authorized Signatory
Date:	09/12/2025

ASSF IV AIV B Holdings III, L.P.

Signature:	By: ASSF Operating Manager IV, L.P., its manager, By: /s/ Evan Hoole
Name/Title:	Evan Hoole, Authorized Signatory
Date:	09/12/2025

ASSF IV AIV B, L.P.

Signature:	By: ASSF Operating Manager IV, L.P., its manager, By: /s/ Evan Hoole
Name/Title:	Evan Hoole, Authorized Signatory
Date:	09/12/2025

ASSF Operating Manager IV, L.P.

Signature:	/s/ Evan Hoole
Name/Title:	Evan Hoole, Authorized Signatory
Date:	09/12/2025

ASOF Holdings I, L.P.

Signature:	By: ASOF Investment Management LLC, its manager, By: /s/ Evan Hoole
Name/Title:	Evan Hoole, Authorized Signatory
Date:	09/12/2025

ASOF II HOLDINGS I, L.P.

Signature:	By: ASOF Investment Management LLC, its manager, By: /s/ Evan Hoole
Name/Title:	Evan Hoole, Authorized Signatory
Date:	09/12/2025

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

Signature:	By: ASOF Investment Management LLC, its manager, By: /s/ Evan Hoole
Name/Title:	Evan Hoole, Authorized Signatory
Date:	09/12/2025

ASOF Investment Management LLC

Signature:	/s/ Evan Hoole
Name/Title:	Evan Hoole, Authorized Signatory
Date:	09/12/2025

ACOF VI Holdings, L.P.

Signature:	By: ACOF Investment Management LLC, its manager, By: /s/ Evan Hoole
Name/Title:	Evan Hoole, Authorized Signatory
Date:	09/12/2025

ACOF Investment Management LLC

Signature:	/s/ Evan Hoole
Name/Title:	Evan Hoole, Authorized Signatory
Date:	09/12/2025

Ares Management Holdings L.P.

Signature:	By: Ares Holdco LLC, its general partner, By: /s/ Anton Feingold
Name/Title:	Anton Feingold, Authorized Signatory
Date:	09/12/2025

Ares Holdco LLC

Signature:	/s/ Anton Feingold
Name/Title:	Anton Feingold, Authorized Signatory
Date:	09/12/2025

Ares Management Corporation

Signature:	/s/ Anton Feingold
Name/Title:	Anton Feingold, Authorized Signatory
Date:	09/12/2025

Ares Voting LLC

Signature:	By: Ares Partners Holdco LLC, its sole member, By: /s/ Anton Feingold
Name/Title:	Anton Feingold, Authorized Signatory
Date:	09/12/2025

Ares Management GP LLC

Signature:	/s/ Anton Feingold
Name/Title:	Anton Feingold, Authorized Signatory
Date:	09/12/2025

Ares Partners Holdco LLC

Signature:	/s/ Anton Feingold
Name/Title:	Anton Feingold, Authorized Signatory
Date:	09/12/2025

FAQ

How many Clear Channel (CCO) shares do Ares and its affiliates report owning?

The Reporting Persons report beneficial ownership of 41,197,491 shares, representing 8.3% of the class based on 497,012,805 shares outstanding as of July 31, 2025.

Did Ares sell Clear Channel shares recently and how many?

Yes. The filing discloses an aggregate disposal of 14,631,555 shares on September 9-10, 2025: 1,631,555 shares on Sept 9 at $1.386 and 13,000,000 shares on Sept 10 at a weighted average price of $1.1316.

What is the stated purpose for Ares' holdings in CCO?

The Reporting Persons state the securities were acquired for investment purposes and they will continue to review the investment and may engage with management, the board, other securityholders or third parties.

Does the Schedule 13D/A indicate Ares plans to take control of Clear Channel?

No. The filing says the Reporting Persons may encourage or explore extraordinary transactions but states they do not currently have any plans or proposals to effect items listed in Items 4(a)-(j) of Schedule 13D.

On what basis is the 8.3% ownership percentage calculated?

The percentage is based on 497,012,805 shares outstanding as disclosed in the Issuer's quarterly report filed with the SEC on August 5, 2025.

Which affiliated funds hold the shares reported in the filing?

The filing attributes holdings to specific entities including ASSF IV AIV B Holdings (8,722,544 shares), ASSF IV AIV B (984,295), ASOF I (19,332,427), ASOF II Holdings I (5,095,692), ASOF II A (DE) Holdings I (918,342), and ACOF VI (6,144,191).