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SCHEDULE 13D/A 0001104659-20-065355 0001259313 XXXXXXXX LIVE 9 Common Stock, $0.01 par value 09/10/2025 false 0001334978 18453H106 Clear Channel Outdoor Holdings, Inc. 4830 North Loop 1604 West, Suite 111 San Antonio TX 78249 Naseem Sagati Aghili (310) 201-4100 1800 Avenue of the Stars Suite 1400 Los Angeles CA 90067 0001259313 N Ares Management LLC b OO N DE 0.00 41197491.00 0.00 41197491.00 41197491.00 N 8.3 OO Limited Liability Company 0001757327 N ASSF IV AIV B Holdings III, L.P. b OO N DE 0.00 8722544.00 0.00 8722544.00 8722544.00 N 1.8 PN 0001862592 N ASSF IV AIV B, L.P. b OO N DE 0.00 984295.00 0.00 984295.00 984295.00 N 0.2 PN 0001683967 N ASSF Operating Manager IV, L.P. b OO N DE 0.00 9706839.00 0.00 9706839.00 9706839.00 N 2.0 PN 0001793549 N ASOF Holdings I, L.P. b OO N DE 0.00 19332427.00 0.00 19332427.00 19332427.00 N 3.9 PN 0001933113 N ASOF II HOLDINGS I, L.P. b OO N DE 0.00 5095692.00 0.00 5095692.00 5095692.00 N 1.0 PN 0001933136 N ASOF II A (DE) HOLDINGS I, L.P. b OO N DE 0.00 918342.00 0.00 918342.00 918342.00 N 0.2 PN 0001793548 N ASOF Investment Management LLC b OO N DE 0.00 25346461.00 0.00 25346461.00 25346461.00 N 5.1 OO Limited Liability Company 0001947935 N ACOF VI Holdings, L.P. b OO N DE 0.00 6144191.00 0.00 6144191.00 6144191.00 N 1.2 PN 0001684171 N ACOF Investment Management LLC b OO N DE 0.00 6144191.00 0.00 6144191.00 6144191.00 N 1.2 OO Limited Liability Company 0001536937 N Ares Management Holdings L.P. b OO N DE 0.00 41197491.00 0.00 41197491.00 41197491.00 N 8.3 PN 0001669983 N Ares Holdco LLC b OO N DE 0.00 41197491.00 0.00 41197491.00 41197491.00 N 8.3 OO Limited Liability Company 0001176948 N Ares Management Corporation b OO N DE 0.00 41197491.00 0.00 41197491.00 41197491.00 N 8.3 CO 0001761656 N Ares Voting LLC b OO N DE 0.00 41197491.00 0.00 41197491.00 41197491.00 N 8.3 OO Limited Liability Company 0001620264 N Ares Management GP LLC b OO N DE 0.00 41197491.00 0.00 41197491.00 41197491.00 N 8.3 OO Limited Liability Company 0001620263 N Ares Partners Holdco LLC b OO N DE 0.00 41197491.00 0.00 41197491.00 41197491.00 N 8.3 OO Limited Liability Company Common Stock, $0.01 par value Clear Channel Outdoor Holdings, Inc. 4830 North Loop 1604 West, Suite 111 San Antonio TX 78249 This Amendment No. 9 to Schedule 13D (this "Amendment No. 9") amends and supplements the statement on Schedule 13D filed with the United States Securities and Exchange Commission on May 22, 2020 (as amended to date, the "Schedule 13D"), relating to the common stock, par value $0.01 per share (the "Common Stock"), of Clear Channel Outdoor Holdings, Inc., a Delaware corporation (the "Issuer"). Capitalized terms used herein without definition shall have the meaning set forth in the Schedule 13D. Item 2(c) of the Schedule 13D is hereby amended and restated in its entirety as follows: The Reporting Persons are either holding companies without operations, or are principally engaged in the business of investment management or making, purchasing, selling and holding investments. Ares Partners is the sole member of each of Ares Voting LLC and Ares Management GP LLC, which are respectively the holders of the Class B and Class C common stock of Ares Management, which common stock allows them, collectively, to generally have the majority of the votes on any matter submitted to the stockholders of Ares Management if certain conditions are met. Ares Management is the sole member of Ares Holdco LLC, which is the general partner of Ares Management Holdings L.P., which is the sole member of Ares Management LLC, which is: (i) the general partner of ASSF Operating Manager IV, L.P., which is the manager of ASSF IV AIV B Holdings and ASSF IV AIV B; (ii) the sole memberof ASOF Investment Management LLC, which is the manager of ASOF I, ASOF II Holdings I and ASOF II A (DE) Holdings I; and (iii) the sole member of ACOF Investment Management LLC, which is the manager of ACOF VI.Accordingly, each of the foregoing entities may be deemed to share beneficial ownership of the securities reportedherein, but each disclaims any such beneficial ownership of securities not held of record by them. Ares Partners is managed by a board of managers,which is composed of Michael J Arougheti, R. Kipp deVeer, David B. Kaplan, Antony P. Ressler and Bennett Rosenthal (collectively, the "Board Members"). Mr. Ressler generally has veto authority over Board Members' decisions. Each of these individuals disclaims beneficial ownership of the securities that may be deemed to be beneficially owned by Ares Partners. General 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, but not limited to: 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. The Reporting Persons may retain or sell all or a portion of the securities then held, in the open market or in privately negotiated transactions. In addition, the Reporting Persons may engage in discussions with management, the board of directors of the Issuer, other securityholders of the Issuer, and other relevant parties or encourage, cause or seek to cause the Issuer or such persons to consider or explore extraordinary corporate transactions, such as: a merger, reorganization or take-private transaction that could result in the de-listing or de-registration of the Common Stock; security offerings and/or stock repurchases by the Issuer; sales or acquisitions of assets or businesses; changes to the capitalization or dividend policy of the Issuer; or other material changes to the Issuer's business or corporate structure, including changes in management or the composition of the Board. To facilitate their consideration of such matters, the Reporting Persons may retain consultants and advisors and may enter into discussions with potential sources of capital and other third parties. The Reporting Persons may exchange information with any such persons pursuant to appropriate confidentiality or similar agreements. The Reporting Persons will likely take some or all of the foregoing steps at preliminary stages in their consideration of various possible courses of action before forming any intention to pursue any particular plan or direction. Other than as described above, the Reporting Persons do not currently have any plans or proposals that relate to, or would result in, any of the matters listed in Items 4(a)-(j) of Schedule 13D, although, depending on the factors discussed herein, the Reporting Persons may change their purpose or formulate different plans or proposals with respect thereto at any time. Item 5 of the Schedule 13D is hereby amended and restated in its entirety as follows: The information contained on the cover pages is incorporated by reference to this Item 5. The percentages on the cover pages are based on 497,012,805 shares of Common Stock outstanding as of July 31, 2025, as disclosed in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 5, 2025. The information contained on the cover pages is incorporated by reference to this Item 5. The amounts reported herein include: (i) 8,722,544 shares held by ASSF IV AIV B Holdings, (ii) 984,295 shares held by ASSF IV AIV B, (iii) 19,332,427 shares held by ASOF I, (iv) 5,095,692 shares held by ASOF II Holdings I, (v) 918,342 shares held by ASOF II A (DE) Holdings I, and (vi) 6,144,191 shares held by ACOF VI. Ares Partners is the sole member of each of Ares Voting LLC and Ares Management GP LLC, which are respectively the holders of the Class B and Class C common stock of Ares Management, which common stock allows them, collectively, to generally have the majority of the votes on any matter submitted to the stockholders of Ares Management if certain conditions are met. Ares Management is the sole member of Ares Holdco LLC, which is the general partner of Ares Management Holdings L.P., which is the sole member of Ares Management LLC, which is: (i) the general partner of ASSF Operating Manager IV, L.P., which is the manager of ASSF IV AIV B Holdings and ASSF IV AIV B; (ii) the sole member of ASOF Investment Management LLC, which is the manager of ASOF I, ASOF II Holdings I and ASOF II A (DE) Holdings I; and (iii) the sole member of ACOF Investment Management LLC, which is the manager of ACOF VI. Each of the foregoing entities may be deemed to share beneficial ownership of the securities reported herein, but each disclaims any such beneficial ownership of securities not held of record by them. Ares Partners is managed by a board of managers, which is composed of Michael J Arougheti, R. Kipp deVeer, David B. Kaplan, Antony P. Ressler and Bennett Rosenthal (collectively, the "Board Members"). Mr. Ressler generally has veto authority over Board Members' decisions. Each of these individuals disclaims beneficial ownership of the securities that may be deemed to be beneficially owned by Ares Partners. On September 9, 2025 and September 10, 2025, the Reporting Persons disposed of an aggregate of 14,631,555 shares of Common Stock in a series of transactions. Details by date, listing the number of shares of Common Stock disposed of and the price per share, are provided below. The Reporting Persons undertake to provide, upon request by the staff of the SEC or the Issuer, full information regarding the number of shares sold at each separate price for each transaction. September 9, 2025 - Shares Disposed of: 1,631,555 - Price: $1.386 September 10, 2025 - Shares Disposed of: 13,000,000 - Weighted Average Price: $1.1316 None. Not applicable. Ares Management LLC /s/ Anton Feingold Anton Feingold, Authorized Signatory 09/12/2025 ASSF IV AIV B Holdings III, L.P. By: ASSF Operating Manager IV, L.P., its manager, By: /s/ Evan Hoole Evan Hoole, Authorized Signatory 09/12/2025 ASSF IV AIV B, L.P. By: ASSF Operating Manager IV, L.P., its manager, By: /s/ Evan Hoole Evan Hoole, Authorized Signatory 09/12/2025 ASSF Operating Manager IV, L.P. /s/ Evan Hoole Evan Hoole, Authorized Signatory 09/12/2025 ASOF Holdings I, L.P. By: ASOF Investment Management LLC, its manager, By: /s/ Evan Hoole Evan Hoole, Authorized Signatory 09/12/2025 ASOF II HOLDINGS I, L.P. By: ASOF Investment Management LLC, its manager, By: /s/ Evan Hoole Evan Hoole, Authorized Signatory 09/12/2025 ASOF II A (DE) HOLDINGS I, L.P. By: ASOF Investment Management LLC, its manager, By: /s/ Evan Hoole Evan Hoole, Authorized Signatory 09/12/2025 ASOF Investment Management LLC /s/ Evan Hoole Evan Hoole, Authorized Signatory 09/12/2025 ACOF VI Holdings, L.P. By: ACOF Investment Management LLC, its manager, By: /s/ Evan Hoole Evan Hoole, Authorized Signatory 09/12/2025 ACOF Investment Management LLC /s/ Evan Hoole Evan Hoole, Authorized Signatory 09/12/2025 Ares Management Holdings L.P. By: Ares Holdco LLC, its general partner, By: /s/ Anton Feingold Anton Feingold, Authorized Signatory 09/12/2025 Ares Holdco LLC /s/ Anton Feingold Anton Feingold, Authorized Signatory 09/12/2025 Ares Management Corporation /s/ Anton Feingold Anton Feingold, Authorized Signatory 09/12/2025 Ares Voting LLC By: Ares Partners Holdco LLC, its sole member, By: /s/ Anton Feingold Anton Feingold, Authorized Signatory 09/12/2025 Ares Management GP LLC /s/ Anton Feingold Anton Feingold, Authorized Signatory 09/12/2025 Ares Partners Holdco LLC /s/ Anton Feingold Anton Feingold, Authorized Signatory 09/12/2025