Legion Partners, L.P. II 4
4 · Clear Channel Outdoor Holdings, Inc. · Filed Jun 17, 2026
Research Summary
AI-generated summary of this filing
Clear Channel (CCO) Director Raymond White Sells 2.8M Shares
What Happened
Raymond T. White, a director of Clear Channel Outdoor Holdings, Inc. (CCO) and a managing director at Legion Partners Asset Management, is listed on a Form 4 reporting open-market sales totaling 2,804,171 shares on June 15, 2026. The sales were executed at a weighted average price of $2.40 (prices ranged from $2.3950 to $2.4000), producing total reported proceeds of approximately $6.72 million. The transactions were reported jointly by Legion Partners entities and related reporting persons.
Key Details
- Transaction date: June 15, 2026 (filed on Form 4 dated June 17, 2026) — appears to be filed within the standard two‑business‑day window.
- Type: Sale (S) — open market/private sale (reported as open market sales in the footnotes).
- Shares sold (by line items on the filing): 2,107,996; 187,371; 204,633; 900; 303,271 — total 2,804,171 shares.
- Price: Weighted avg $2.40; reported price range $2.3950–$2.4000 (footnote offers to provide per‑price breakdown on request).
- Reported proceeds: ~$6.72 million (sum of amounts shown on the filing).
- Shares owned after transaction: Not specified in the excerpt provided.
- Notable footnotes: Joint filing by Legion Partners entities and related persons (F1); sales attributable to Legion Partners funds/holdings and White acts as Legion’s board representative and disclaims direct beneficial ownership except to the extent of any indirect interest through Legion Partners (F2–F8).
- Transaction code: S = Sale.
Context
These sales were reported by Legion Partners-affiliated entities with Mr. White identified as the firm's board representative. Footnotes make clear the shares were held directly by Legion Partners funds and related entities, and Mr. White disclaims direct beneficial ownership aside from indirect interests through those entities. This appears to be institutional selling rather than a personal buy signal; Form 4 sales are factual disclosures and do not by themselves explain the seller’s motivations.
Insider Transaction Report
Form 4
White Raymond T.
Director
Transactions
- Sale
Common Stock
[F1][F2][F5]2026-06-15$2.40/sh−2,107,996$5,049,494→ 0 total(indirect: By: Legion Partners, L.P. I) - Sale
Common Stock
[F1][F2][F6]2026-06-15$2.40/sh−187,371$448,828→ 0 total(indirect: By: Legion Partners, L.P. II) - Sale
Common Stock
[F1][F2][F7]2026-06-15$2.40/sh−204,633$490,178→ 0 total(indirect: By: Legion Partners Special Opportunities, L.P. XVI) - Sale
Common Stock
[F1][F8]2026-06-15$2.40/sh−900$2,160→ 0 total(indirect: By LLC) - Sale
Common Stock
[F1][F3][F4]2026-06-15$2.40/sh−303,271$726,334→ 91,003 total
Footnotes (8)
- [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]The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $2.3950 to $2.4000, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
- [F3]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.
- [F4]The securities described in footnotes (3) and (4) 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.
- [F5]The securities reported herein were 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.
- [F6]The securities reported herein were 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.
- [F7]The securities reported herein were 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.
- [F8]The securities reported herein were 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.