Shareholder Arnhold and S. Bleichroeder Advisers, LLC Communicates Belief that CCO Shares are Undervalued (Business Wire via Yahoo! Finance)

NEW YORK----Arnhold and S. Bleichroeder Advisers, LLC today announced that it has sent the following letter to the Board of Directors of Clear Channel Outdoor Holdings, Inc. : November 16, 2006 The Board of Directors Clear Channel Outdoor Holdings, Inc. 200 East Basse Road San Antonio, TX 78209

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