Legion Partners, L.P. II 4
4 · Clear Channel Outdoor Holdings, Inc. · Filed Jun 11, 2026
Research Summary
AI-generated summary of this filing
Clear Channel (CCO) Director Raymond T. White Sells Shares
What Happened
Raymond T. White, a director of Clear Channel Outdoor Holdings, sold a total of 23,435,796 shares on June 9, 2026 in transactions reported on a Form 4 filed June 11, 2026. The sales were reported at $2.40 per share and generated approximately $56,259,972 in proceeds, broken out as: 19,761,023 shares for $47,438,312; 1,756,473 shares for $4,216,589; and 1,918,300 shares for $4,605,071. The Form 4 describes these as open‑market or private sales (transaction code S).
Key Details
- Transaction date: 2026-06-09; Filing date: 2026-06-11 (timely under Section 16’s two-business-day rule).
- Price: $2.40 per share. Total shares sold: 23,435,796. Total proceeds: ~$56.26M.
- Shares owned after transaction: Not specified in the excerpt of the filing.
- Transaction code: S = Sale.
- Notable footnotes: This is a joint filing by multiple Legion Partners entities (Legion Partners I & II, Legion Partners Special Opportunities, Legion Partners Asset Management, Legion Partners Holdings, Legion Partners LLC) and Messrs. Raymond T. White and Christopher S. Kiper. Footnotes clarify that Mr. White serves on the Board as a representative of Legion Partners Asset Management and disclaims direct beneficial ownership of the reported securities except to the extent of any indirect economic interest through Legion Partners and its affiliates. Related entities may be deemed beneficial owners of the securities held by the funds.
Context
These are sales associated with Legion Partners-related entities rather than clearly identified personal purchases by Mr. White; the footnotes indicate the activity reflects fund/institutional interests and that Mr. White may not hold direct economic ownership. Sales are generally less informative than purchases about manager conviction; here they appear to be fund-level dispositions. The filing appears timely and does not indicate a 10b5-1 plan, tax withholding, or late filing in the provided excerpt.
Insider Transaction Report
Form 4
White Raymond T.
Director
Transactions
- Sale
Common Stock
[F1][F4]2026-06-09$2.40/sh−19,761,023$47,438,312→ 2,107,996 total(indirect: By: Legion Partners, L.P. I) - Sale
Common Stock
[F1][F5]2026-06-09$2.40/sh−1,756,473$4,216,589→ 187,371 total(indirect: By: Legion Partners, L.P. II) - Sale
Common Stock
[F1][F6]2026-06-09$2.40/sh−1,918,300$4,605,071→ 204,633 total(indirect: By: Legion Partners Special Opportunities, L.P. XVI)
Holdings
- 900(indirect: By LLC)
Common Stock
[F1][F7] - 394,274
Common Stock
[F1][F2][F3]
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.