Business: Clear Channel Outdoor is an out-of-home advertising company that offers a variety of advertising services, including through billboards, street furniture displays, transit displays and airport displays. Activist Commentary: Legion is an activist investor whose managing directors are Chris Kiper, previously of Shamrock Activist Value Fund, and Ted White, previously of European activist fund Knight Vinke. Clear Channel effectively has two business lines – Americas and Europe, each with very different business models and valuations. Moreover, since this strategic review of Europe began in December 2021, Clear Channel has announced the sales of businesses in Italy, Spain and Switzerland. CCO first announced its strategic review of the European business in December 2021 and very little has come to fruition.

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Persons: Chris Kiper, Ted White, Knight Vinke, Legion, CCO, CCO's underperformance, Ken Squire Organizations: Clear, Value Fund, Legion Partners, Europe, Legion, 13D Locations: U.S, Europe, Americas, iHeartMedia, Italy, Spain, Switzerland, America