SCHEDULE: Ares Management Cuts Clear Channel Outdoor Stake to 8.3%

Ares Management and its affiliates have significantly reduced their beneficial ownership in Clear Channel Outdoor Holdings, Inc. by disposing of over 14.6 million shares.

Summary

• Ares Management and its affiliates filed an Amendment No. 9 to their Schedule 13D regarding Clear Channel Outdoor Holdings, Inc.
• The reporting persons disposed of an aggregate of 14,631,555 shares of Common Stock on September 9 and September 10, 2025.
• On September 9, 2025, 1,631,555 shares were sold at $1.386 per share.
• On September 10, 2025, 13,000,000 shares were sold at a weighted average price of $1.1316 per share.
• Following these transactions, Ares Management LLC and its related entities beneficially own 41,197,491 shares, representing 8.3% of Clear Channel Outdoor's common stock.
• The percentages are based on 497,012,805 shares outstanding as of July 31, 2025.

Sentiment

Score: 3

Explanation: The significant reduction in stake by a major institutional investor like Ares Management, coupled with the stated intent to review investments and potentially explore extraordinary corporate transactions, suggests a cautious or potentially negative outlook from the investor's perspective, which could be perceived negatively by the market.

Negatives

• Ares Management and its affiliates significantly reduced their stake in Clear Channel Outdoor by disposing of over 14.6 million shares.
• The disposition occurred at prices ranging from $1.1316 to $1.386 per share, potentially indicating a lack of conviction at higher price points or a strategic exit by a major institutional investor.

Risks

• The reporting persons may sell all or a portion of their remaining securities, which could put downward pressure on the stock price.
• Ares Management may encourage or seek to cause Clear Channel Outdoor to consider extraordinary corporate transactions, including mergers, reorganizations, take-private transactions, security offerings, stock repurchases, asset sales, changes to capitalization or dividend policy, or changes in management or board composition, which could introduce uncertainty.

Future Outlook

Ares Management intends to continuously review its investment in Clear Channel Outdoor and may consider various strategic actions, including further sales of securities, engaging in discussions with management or the board, or exploring extraordinary corporate transactions such as mergers, reorganizations, take-private deals, security offerings, stock repurchases, asset sales, changes to capitalization or dividend policy, or changes in management or board composition.

Management Comments

• 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 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.

Industry Context

This filing primarily reflects a change in a significant institutional investor's position in Clear Channel Outdoor. While not directly addressing broader industry trends, a major investor reducing its stake could signal concerns about the outdoor advertising sector's outlook or the company's specific performance relative to alternative investment opportunities.

Stakeholder Impact

• Shareholders: The disposition by a major institutional investor could lead to increased selling pressure and potentially a decrease in share price. The possibility of Ares pushing for 'extraordinary corporate transactions' introduces uncertainty but also potential for strategic shifts.
• Management/Board: Ares Management's stated intent to engage in discussions and potentially influence strategic decisions could impact the company's future direction and management's autonomy.

Next Steps

• Ares Management will continue to review its investment in Clear Channel Outdoor.
• Ares Management may engage in discussions with Clear Channel Outdoor's management, board, or other securityholders.
• Ares Management may encourage or seek to cause Clear Channel Outdoor to consider extraordinary corporate transactions.
• Ares Management may retain consultants and advisors and discuss with potential sources of capital and other third parties regarding its investment.

Key Dates

Recommendation

The significant reduction in stake by a sophisticated institutional investor like Ares Management, disposing of over 14.6 million shares, signals a potential lack of confidence or a strategic reallocation away from Clear Channel Outdoor. While the filing states investment purposes, a large-scale sell-off by a major holder often precedes or reflects underlying concerns, making a 'sell' recommendation prudent for investors seeking to avoid potential downside pressure or re-evaluate their own positions in light of this institutional exit. The stated intent to review and potentially push for 'extraordinary corporate transactions' also introduces a level of uncertainty that could deter new investment.

Keywords

Clear Channel Outdoor, CCOH, Ares Management, Schedule 13D, beneficial ownership, stock disposition, institutional investor, outdoor advertising, media