Legion Partners Sells Over 23 Million Shares of Clear Channel Outdoor, Reducing Stake to 0.6%

On June 11, 2026, Legion Partners Asset Management, LLC filed a Schedule 13D/A reporting a significant reduction in its position in Clear Channel Outdoor Holdings, Inc. (CCO). Following a series of open-market sales on June 9, 2026, the reporting persons collectively sold over 23 million shares at a price of approximately $2.40 per share. Specifically, Legion Partners, L.P. I sold 19,761,023 shares, Legion Partners, L.P. II sold 1,756,473 shares, and Legion Partners Special Opportunities, L.P. XVI sold 1,918,300 shares. As a result of these transactions, the reporting persons' aggregate beneficial ownership dropped to approximately 2,812,685 shares, or 0.6% of the outstanding common stock. This marks a major exit as the group officially ceased to beneficially own more than 5% of the issuer. The remaining holdings include shares and restricted stock units (RSUs) associated with Raymond T. White's service on the Issuer's Board of Directors, for which Legion Partners Asset Management retains the economic interest.