STOCK TITAN

Legion Partners (CCO) discloses sub-5% Clear Channel Outdoor stake and RSU economics

(Moderate)
(Neutral)
Form Type
SCHEDULE 13D/A

Rhea-AI Filing Summary

Legion Partners and its affiliates filed an amended Schedule 13D for Clear Channel Outdoor Holdings, Inc. reporting a much smaller ownership stake. The group now reports beneficial ownership of up to approximately 0.6% of Clear Channel Outdoor’s common stock through various funds and entities, including Legion Partners I, Legion Partners II, Legion Partners Special Opportunities XVI, Legion Partners Asset Management and Legion Partners Holdings, along with Christopher S. Kiper and Raymond T. White.

The percentages are based on 508,983,506 shares outstanding as of May 1, 2026. The filing also explains that 394,274 restricted stock units granted to director Raymond T. White, including 312,685 that have vested or vest within 60 days, are economically attributed to Legion Partners Asset Management because White serves on the board as its representative. As of June 9, 2026, the reporting persons state they no longer beneficially own more than 5% of Clear Channel Outdoor’s outstanding shares.

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Insights

Legion Partners’ Clear Channel Outdoor stake has fallen below the 5% reporting threshold, signaling a smaller activist foothold.

The amended Schedule 13D shows Legion Partners and its affiliates now collectively report about 0.6% beneficial ownership of Clear Channel Outdoor common stock, based on 508,983,506 shares outstanding as of May 1, 2026. This is a relatively modest position for an activist investor.

The filing also clarifies that 0.6% includes 312,685 shares tied to restricted stock units granted to director Raymond T. White, for which Legion Partners Asset Management holds the economic benefit. As of June 9, 2026, the group confirms it no longer exceeds the 5% ownership threshold, which typically reduces reporting obligations and may lessen perceived activist influence, although any strategic intentions are not detailed here.

Legion Partners I shares 2,107,996 shares Beneficially owned directly; ~0.4% of class
Legion Partners II shares 187,371 shares Beneficially owned directly; ~0.04% of class
Legion Special XVI shares 204,633 shares Beneficially owned directly; ~0.04% of class
Legion Asset Management beneficial stake 2,812,685 shares Includes 312,685 RSU-related shares; ~0.6% of class
Total shares outstanding 508,983,506 shares Clear Channel Outdoor common stock as of May 1, 2026
RSUs granted to Raymond T. White 394,274 RSUs Director awards; economic interest to Legion Partners Asset Management
RSUs vesting within 60 days 312,685 RSUs Portion of White’s awards vesting or vested within 60 days
Legion Partners I purchase price $2,322,598 Aggregate cost for 2,107,996 shares including commissions
beneficially owned financial
"As of the date hereof, Legion Partners I beneficially owned directly 2,107,996 Shares"
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
Schedule 13D regulatory
"If the filing person has previously filed a statement on Schedule 13G to report the acquisition"
A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.
restricted stock units financial
"Mr. White has been awarded an aggregate of 394,274 restricted stock units ("RSUs")"
Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.
brokerage commissions financial
"aggregate purchase price of the 2,107,996 Shares ... is approximately $2,322,598, including brokerage commissions"
Brokerage commissions are fees charged by a broker for executing buy or sell orders of stocks, bonds, or other securities on an investor’s behalf. Think of them as a service or ticket fee paid each time you use a broker to make a trade; they reduce your net returns and can influence how often you trade, so investors weigh their size and structure when deciding where and how actively to invest.
open market financial
"all of such transactions were effected in the open market"
An open market is a system where buying and selling of goods, services, or financial assets happen freely without restrictions or special controls. For investors, it means they can trade assets easily and quickly, which helps determine fair prices based on supply and demand. This environment encourages transparency and competition, making it easier to buy or sell with confidence.
percent of class financial
"Percent of class represented by amount in Row (11) 0.6 %"
Percent of class is the portion of a specific category of securities—such as a company’s common shares, preferred shares, or a bond series—that takes part in or approves a corporate action (vote, consent, tender, etc.). Investors watch this number because it reveals how much support or opposition exists within that particular shareholder group; like counting how many members of a club back a proposal, it can determine whether a plan passes or how influence is distributed.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

What stake does Legion Partners report in Clear Channel Outdoor (CCO) now?

Legion Partners and its affiliates report beneficial ownership of approximately 0.6% of Clear Channel Outdoor common stock. This percentage is calculated using 508,983,506 shares outstanding as of May 1, 2026, as disclosed in Clear Channel Outdoor’s Form 10-Q.

How many Clear Channel Outdoor shares does Legion Partners I own?

Legion Partners I directly owns 2,107,996 Clear Channel Outdoor shares. Based on 508,983,506 shares outstanding as of May 1, 2026, this position represents about 0.4% of the company’s common stock, according to the amended Schedule 13D filing.

Why are Raymond T. White’s RSUs attributed to Legion Partners Asset Management?

Raymond T. White serves on Clear Channel Outdoor’s board as a representative of Legion Partners Asset Management. The filing states he has no economic right to RSUs granted for his board role, so Legion Partners Asset Management is entitled to the economic interests in 394,274 RSUs granted to him.

When did Legion Partners fall below 5% ownership of Clear Channel Outdoor?

The filing states that as of June 9, 2026, the reporting persons ceased to beneficially own more than 5% of Clear Channel Outdoor’s outstanding shares. This marks the point at which their ownership dropped below the key 5% reporting threshold.

How many CCO shares are outstanding according to this filing?

The amended Schedule 13D bases all percentage calculations on 508,983,506 Clear Channel Outdoor common shares outstanding as of May 1, 2026. This share count is taken from the company’s Form 10-Q filed on May 6, 2026.

What was the purchase cost of Legion Partners I’s Clear Channel Outdoor shares?

Legion Partners I paid an aggregate purchase price of approximately $2,322,598 for its 2,107,996 Clear Channel Outdoor shares. This amount includes brokerage commissions, as specified in the amended Schedule 13D’s description of source and amount of funds.





18453H106

(CUSIP Number)
CHRISTOPHER S. KIPER
LEGION PARTNERS ASSET MANAGEMENT, LLC, 12121 Wilshire Blvd, Suite 1240
Los Angeles, CA, 90025
424-253-1773


RYAN NEBEL
OLSHAN FROME WOLOSKY LLP, 1325 Avenue of the Americas
New York, NY, 10019
212-451-2300

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
06/09/2026

(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).




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SCHEDULE 13D






SCHEDULE 13D






SCHEDULE 13D






SCHEDULE 13D






SCHEDULE 13D






SCHEDULE 13D






SCHEDULE 13D






SCHEDULE 13D






SCHEDULE 13D


Legion Partners, L.P. I
Signature:/s/ Christopher S. Kiper
Name/Title:Christopher S. Kiper, Managing Director of Legion Partners Asset Management, LLC, its Investment Advisor
Date:06/11/2026
Legion Partners, L.P. II
Signature:/s/ Christopher S. Kiper
Name/Title:Christopher S. Kiper, Managing Director of Legion Partners Asset Management, LLC, its Investment Advisor
Date:06/11/2026
Legion Partners Special Opportunities, L.P. XVI
Signature:/s/ Christopher S. Kiper
Name/Title:Christopher S. Kiper, Managing Director of Legion Partners Asset Management, LLC, its Investment Advisor
Date:06/11/2026
Legion Partners, LLC
Signature:/s/ Christopher S. Kiper
Name/Title:Christopher S. Kiper, Managing Member of Legion Partners Holdings, LLC, its Managing Member
Date:06/11/2026
Legion Partners Asset Management, LLC
Signature:/s/ Christopher S. Kiper
Name/Title:Christopher S. Kiper, Managing Director
Date:06/11/2026
Legion Partners Holdings, LLC
Signature:/s/ Christopher S. Kiper
Name/Title:Christopher S. Kiper, Managing Member
Date:06/11/2026
Kiper Christopher S
Signature:/s/ Christopher S. Kiper
Name/Title:Christopher S. Kiper
Date:06/11/2026
White Raymond T.
Signature:/s/ Raymond White
Name/Title:Raymond White
Date:06/11/2026