Statement of Changes in Beneficial Ownership (Form 4)

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person * ARES MANAGEMENT LLC 2. Issuer Name and Ticker or Trading Symbol Clear Channel Outdoor Holdings, Inc. [CCO] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director __X__ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) C/O ARES MANAGEMENT LLC, 1800 AVENUE OF THE STARS, SUITE 1400 3. Date of Earliest Transaction (Month/Day/Year) 09/09/2025 (Street) LOS ANGELES, CA 90067 4. If Amendment, Date Original Filed (Month/Day/Year) 6. Individual or Joint/Group Filing (Check Applicable Line) ___ Form filed by One Reporting Person _X_ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 09/09/2025 S 1,631,555 D $1.386 54,197,491 I See footnotes(1)(2)(3) Common Stock 09/10/2025 S 13,000,000 D $1.1316(4) 41,197,491 I See footnotes(1)(2)(3)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
ARES MANAGEMENT LLC C/O ARES MANAGEMENT LLC 1800 AVENUE OF THE STARS, SUITE 1400 LOS ANGELES, CA 90067		X
Ares Partners Holdco LLC C/O ARES MANAGEMENT LLC 1800 AVENUE OF THE STARS, SUITE 1400 LOS ANGELES, CA 90067		X
Ares Voting LLC C/O ARES MANAGEMENT LLC 1800 AVENUE OF THE STARS, SUITE 1400 LOS ANGELES, CA 90067		X
Ares Management GP LLC C/O ARES MANAGEMENT LLC 1800 AVENUE OF THE STARS, SUITE 1400 LOS ANGELES, CA 90067		X
Ares Management Corp C/O ARES MANAGEMENT LLC 1800 AVENUE OF THE STARS, SUITE 1400 LOS ANGELES, CA 90067		X
Ares Holdco LLC C/O ARES MANAGEMENT LLC 1800 AVENUE OF THE STARS, SUITE 1400 LOS ANGELES, CA 90067		X
Ares Management Holdings L.P. C/O ARES MANAGEMENT LLC 1800 AVENUE OF THE STARS, SUITE 1400 LOS ANGELES, CA 90067		X

Signatures

Ares Management LLC, By: /s/ Anton Feingold, Authorized Signatory		09/11/2025
**Signature of Reporting Person		Date
Ares Partners Holdco LLC, By: /s/ Anton Feingold, Authorized Signatory		09/11/2025
**Signature of Reporting Person		Date
Ares Voting LLC, By: Ares Partners Holdco LLC, its sole member, By: /s/ Anton Feingold, Authorized Signatory		09/11/2025
**Signature of Reporting Person		Date
Ares Management GP LLC, By: /s/ Anton Feingold, Authorized Signatory		09/11/2025
**Signature of Reporting Person		Date
Ares Management Corporation, By: /s/ Anton Feingold, Authorized Signatory		09/11/2025
**Signature of Reporting Person		Date
Ares Holdco LLC, By: /s/ Anton Feingold, Authorized Signatory		09/11/2025
**Signature of Reporting Person		Date
Ares Management Holdings L.P., By: Ares Holdco LLC, its general partner, By: /s/ Anton Feingold, Authorized Signatory		09/11/2025
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	Following the transactions reported herein, includes: (i) 8,722,544 shares held by ASSF IV AIV B Holdings III, L.P. ("ASSF IV AIV B Holdings"), (ii) 984,295 shares held by ASSF IV AIV B, L.P. ("ASSF IV AIV B"), (iii) 19,332,427 shares held by ASOF Holdings I, L.P. ("ASOF I"), (iv) 5,095,692 shares held by ASOF II Holdings I, L.P. ("ASOF II Holdings I"), (v) 918,342 shares held by ASOF II A (DE) Holdings I, L.P. ("ASOF II A (DE) Holdings I"), and (vi) 6,144,191 shares held by ACOF VI Holdings, L.P. ("ACOF VI").
(2)	Ares Partners Holdco LLC ("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 Corporation ("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.
(3)	We refer to all of the foregoing entities collectively as the Ares Entities. Each of the Ares 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.
(4)	The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $1.12 to $1.2714, inclusive. The reporting person undertakes 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 herein.
Remarks: Due to the limitations of the electronic filing system, each of ASSF IV AIV B Holdings III, L.P., ASSF IV AIV B, L.P., ASSF Operating Manager IV, L.P., ASOF Holdings I, L.P., ASOF II Holdings I, L.P., ASOF II A (DE) Holdings I, L.P., ASOF Investment Management LLC, ACOF VI Holdings, L.P. and ACOF Investment Management LLC are filing a separate Form 4.

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