Clear Channel Outdoor Holdings (CCO) has released an update to notify the public and investors about an entry into a material definitive agreement.
Clear Channel Outdoor Holdings, Inc. entered into a Cooperation Agreement with Legion Partners Holdings, LLC on January 31, 2024, to change the Board’s composition and handle related issues. Raymond T. White will join the Board and the Audit Committee and be recommended for election at the 2024 Annual Meeting. Additionally, the Board will appoint a new director with industry experience by September 30, 2024, and the Board size will be capped at 10 members during the Cooperation Period. The agreement also contains voting, standstill, confidentiality, and non-disparagement provisions effective until just before the Company’s 2025 annual meeting nomination deadline or the first anniversary of the 2024 Annual Meeting, whichever comes first.
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For a comprehensive understanding of the announcement, you can read the full document here.
