abrams_cc-sch13gfeb2013.htm
 
               UNITED STATES
                   SECURITIES AND EXCHANGE COMMISSION
               Washington, D.C. 20549
 
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SCHEDULE 13G
 
Under the Securities Exchange Act of 1934
 
(Amendment No. 5)*
 

CLEAR CHANNEL OUTDOOR HOLDINGS, INC.
(Name of Issuer)

CLASS A COMMON STOCK, $0.01 PAR VALUE
(Title of Class of Securities)

 
18451C109
  
(CUSIP Number)

December 31, 2012
(Date of Event which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
 
 [  ]           Rule 13d-1(b)
 
 [x]           Rule 13d-1(c)
 
 [  ]           Rule 13d-1(d)
 
*           The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.  Beneficial ownership information contained herein is given as of the date listed above.
 
The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
 
 
 
 

1
Names of Reporting Persons.
 
Abrams Capital Partners II, L.P.
Abrams Capital, LLC
Abrams Capital Management, LLC
Abrams Capital Management, L.P.
David Abrams
 
2
Check the Appropriate Box if a Member of a Group (See Instructions)
 
(a)           [ ]
 
(b)           [ ]
3
SEC Use Only
4
Citizenship or Place of Organization.
 
Abrams Capital Partners II, L.P. – Delaware
Abrams Capital, LLC – Delaware
Abrams Capital Management, LLC – Delaware
Abrams Capital Management, L.P. – Delaware
David Abrams -- United States
 
 
 
 
 
 
 
 
 
 
Number
of Shares
Beneficially
Owned by
Each
Reporting
Person With
5    Sole Voting Power
        Abrams Capital Partners II, L.P.  - 0 shares
Abrams Capital, LLC – 0 shares
Abrams Capital Management, LLC – 0 shares
Abrams Capital Management, L.P. – 0 shares
David Abrams – 0 shares
6    Shared Voting Power
        Abrams Capital Partners II, L.P.  - 2,632,366 shares
Abrams Capital, LLC – 3,149,503 shares
Abrams Capital Management, LLC – 3,354,390 shares
Abrams Capital Management, L.P. – 3,354,390 shares
David Abrams – 3,354,390 shares
 
Refer to Item 4 below.
7    Sole Dispositive Power
        Abrams Capital Partners II, L.P.  - 0 shares
Abrams Capital, LLC – 0 shares
Abrams Capital Management, LLC – 0 shares
Abrams Capital Management, L.P. – 0 shares
David Abrams – 0 shares
8    Shared Dispositive Power
        Abrams Capital Partners II, L.P.  - 2,632,366 shares
Abrams Capital, LLC – 3,149,503 shares
Abrams Capital Management, LLC – 3,354,390 shares
Abrams Capital Management, L.P. – 3,354,390 shares
David Abrams – 3,354,390 shares
 
Refer to Item 4 below.
9
Aggregate Amount Beneficially Owned by Each Reporting Person
 
Abrams Capital Partners II, L.P.  - 2,632,366 shares
Abrams Capital, LLC – 3,149,503 shares
Abrams Capital Management, LLC – 3,354,390 shares
Abrams Capital Management, L.P. – 3,354,390 shares
David Abrams – 3,354,390 shares
 
Refer to Item 4 below.
10
Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)     [ ]
11
Percent of Class Represented by Amount in Row (9)
 
Abrams Capital Partners II, L.P.  - 6.23%
Abrams Capital, LLC – 7.46%
Abrams Capital Management, LLC – 7.94%
Abrams Capital Management, L.P. – 7.94%
David Abrams – 7.94%
 
Refer to Item 4 below.
12
Type of Reporting Person (See Instructions)
Abrams Capital Partners II, L.P. – OO (Limited Partnership)
Abrams Capital, LLC  – OO (Limited Liability Company)
Abrams Capital Management, LLC  – OO (Limited Liability Company)
Abrams Capital Management, L.P.  – OO (Limited Partnership)
David Abrams – IN
 
 
 

SCHEDULE 13G
 
Item 1
  

(a)
Name of Issuer
 
Clear Channel Outdoor Holdings, Inc.
(b)
Address of Issuer’s Principal Executive Offices
 
200 East Basse Road, San Antonio, Texas  78209

Item 2
  

(a)
Name of Person Filing
 
Abrams Capital Partners II, L.P.
Abrams Capital, LLC
Abrams Capital Management, LLC
Abrams Capital Management, L.P.
David Abrams
 
(b)
Address of Principal Business Office or, if none, Residence
 
Abrams Capital Partners II, L.P.
Abrams Capital, LLC
Abrams Capital Management, LLC
Abrams Capital Management, L.P.
David Abrams
c/o Abrams Capital Management, L.P.
222 Berkeley Street, 22nd Floor
Boston, MA 02116
 
(c)
Citizenship
 
Abrams Capital Partners II, L.P.  - Delaware
Abrams Capital, LLC  - Delaware
Abrams Capital Management, LLC  - Delaware
Abrams Capital Management, L.P.  - Delaware
David Abrams  - United States
 
(d)
Title of Class of Securities
 
Class A Common Stock, par value $0.01
(e)
CUSIP Number
 
18451C109

Item 3
If this statement is filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:

(a)
[ ]
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
[ ]
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
[ ]
Insurance Company as defined in Section 3(a)(19) of the Act;
(d)
[ ]
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C 80a-8);
(e)
[ ]
An investment adviser in accordance with §240.13d-1(b)(1)(ii)(E);
(f)
[ ]
An employee benefit plan or endowment fund in accordance with §240.13d-1(b)(1)(ii)(F);
(g)
[ ]
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
[ ]
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
[ ]
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
[ ]
A non-U.S. institution in accordance with §240.13d–1(b)(1)(ii)(J);
(k)
[ ]
Group, in accordance with §240.13d-1(b)(1)(ii)(K).
 
If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
 
Item 4
Ownership:

 
 
 
Item 4(a)
Amount Beneficially Owned**
 
Abrams Capital Partners II, L.P.  - 2,632,366 shares
Abrams Capital, LLC – 3,149,503 shares
Abrams Capital Management, LLC – 3,354,390 shares
Abrams Capital Management, L.P. – 3,354,390 shares
David Abrams – 3,354,390 shares
 
Item 4(b)
Percent of Class
 
Abrams Capital Partners II, L.P.  - 6.23%
Abrams Capital, LLC – 7.46%
Abrams Capital Management, LLC – 7.94%
Abrams Capital Management, L.P. – 7.94%
David Abrams – 7.94%
 
Item 4(c)
Number of shares as to which each such person has voting and dispositive power:
(i)
sole power to vote or to direct the vote
 
Abrams Capital Partners II, L.P.  - 0 shares
Abrams Capital, LLC – 0 shares
Abrams Capital Management, LLC – 0 shares
Abrams Capital Management, L.P. – 0 shares
David Abrams – 0 shares
 
(ii)
shared power to vote or to direct the vote
 
Abrams Capital Partners II, L.P.  - 2,632,366 shares
Abrams Capital, LLC – 3,149,503 shares
Abrams Capital Management, LLC – 3,354,390 shares
Abrams Capital Management, L.P. – 3,354,390 shares
David Abrams – 3,354,390 shares
 
(iii)
sole power to dispose or to direct the disposition of
 
Abrams Capital Partners II, L.P.  - 0 shares
Abrams Capital, LLC – 0 shares
Abrams Capital Management, LLC – 0 shares
Abrams Capital Management, L.P. – 0 shares
David Abrams – 0 shares
 
(iv)
shared power to dispose or to direct the disposition of
 
Abrams Capital Partners II, L.P.  - 2,632,366 shares
Abrams Capital, LLC – 3,149,503 shares
Abrams Capital Management, LLC – 3,354,390 shares
Abrams Capital Management, L.P. – 3,354,390 shares
David Abrams – 3,354,390 shares

** Shares reported herein for Abrams Capital Partners II, L.P. (“ACP II”) represent shares beneficially owned by ACP II. Shares reported herein for Abrams Capital, LLC (“Abrams Capital”) represent shares beneficially owned by ACP II and other private investment funds for which Abrams Capital serves as general partner.  Shares reported herein for Abrams Capital Management, L.P. (“Abrams CM LP”) and Abrams Capital Management, LLC (“Abrams CM LLC”) represent the above-referenced shares beneficially owned by Abrams Capital and shares beneficially owned by another private investment fund for which Abrams CM LP serves as investment manager.  Abrams Capital Management, LLC is the general partner of Abrams CM LP.  Shares reported herein for Mr. Abrams represent the above referenced shares reported for Abrams Capital and Abrams CM LLC.  Mr. Abrams is the managing member of Abrams Capital and Abrams CM LLC.  Each of the Reporting Persons disclaims beneficial ownership of the shares reported herein except to the extent of its or his pecuniary interest therein.

Item 5
Ownership of Five Percent or Less of a Class
 
If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following [   ].
 
Not applicable.
 
Item 6
Ownership of More than Five Percent on Behalf of Another Person
 
Not applicable.
 
Item 7
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company
 
Not applicable.
 
Item 8
Identification and Classification of Members of the Group
 
Not applicable.
 
Item 9
Notice of Dissolution of Group
 
Not applicable.
 
Item 10
Certification
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.
 
Exhibits
Exhibit
99.1
Joint Filing Agreement by and among the Reporting Persons, incorporated by reference to Exhibit 99.1 to the Schedule 13G filed by the Reporting Persons with the Securities and Exchange Commission on February 11, 2011.
 
 
 

 
SIGNATURE
 
    After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
 
Date: February 13, 2013


 
ABRAMS CAPITAL PARTNERS II, L.P.
   
 
By: Abrams Capital, LLC
 
its General Partner
   
 
By: /s/ David Abrams
 
David Abrams, Managing Member
   
   
 
ABRAMS CAPITAL, LLC
   
 
By: /s/ David Abrams
 
David Abrams, Managing Member
   
   
 
ABRAMS CAPITAL MANAGEMENT, L.P.
   
 
By: Abrams Capital Management, LLC,
 
its General Partner
   
 
By: /s/ David Abrams
 
David Abrams, Managing Member
   
   
 
ABRAMS CAPITAL MANAGEMENT, LLC
   
 
By: /s/ David Abrams
 
David Abrams, Managing Member
   
   
 
DAVID ABRAMS
   
 
By: /s/ David Abrams
 
David Abrams, individually