SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                  SCHEDULE 13G

                   UNDER THE SECURITIES EXCHANGE ACT OF 1934*

                      Clear Channel Outdoor Holdings, Inc.
--------------------------------------------------------------------------------
                                (Name of Issuer)

                      Class A Common Stock, $.01 par value
--------------------------------------------------------------------------------
                         (Title of Class of Securities)

                                    18451C109
--------------------------------------------------------------------------------
                                 (CUSIP Number)

                                 August 7, 2009
--------------------------------------------------------------------------------
             (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.

The information required on 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).


                               Page 1 of 11 Pages


----------------------------
CUSIP No. 18451C109
--------------------------------------------------------------------------------

    1       NAME OF REPORTING PERSONS

            Mason Capital Management LLC, in its capacity as investment manager
            for certain investment funds and managed accounts
--------------------------------------------------------------------------------
    2       CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
            (See Instructions)                                           (a) [ ]
                                                                         (b) [X]
--------------------------------------------------------------------------------
    3       SEC USE ONLY
--------------------------------------------------------------------------------
    4       CITIZENSHIP OR PLACE OF ORGANIZATION

            Delaware
--------------------------------------------------------------------------------
    NUMBER OF           5      SOLE VOTING POWER
     SHARES
  BENEFICIALLY                       2,838,223
    OWNED BY         -----------------------------------------------------------
      EACH              6      SHARED VOTING POWER
    REPORTING
   PERSON WITH                       -0-
                     -----------------------------------------------------------
                        7      SOLE DISPOSITIVE POWER

                                    2,838,223
                     -----------------------------------------------------------
                        8      SHARED DISPOSITIVE POWER

                                       -0-
--------------------------------------------------------------------------------
    9       AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                     2,838,223 shares of Class A Common Stock
--------------------------------------------------------------------------------
    10      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES            [ ]

            CERTAIN SHARES (See Instructions)
--------------------------------------------------------------------------------
    11      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

                     7.0%
--------------------------------------------------------------------------------
    12      TYPE OF REPORTING PERSON (See Instructions)

                     OO
--------------------------------------------------------------------------------


                               Page 2 of 11 Pages


----------------------------
CUSIP No. 18451C109
--------------------------------------------------------------------------------

    1       NAME OF REPORTING PERSONS

            Kenneth M. Garschina
--------------------------------------------------------------------------------
    2       CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
            (See Instructions)                                           (a) [ ]
                                                                         (b) [X]
--------------------------------------------------------------------------------
    3       SEC USE ONLY
--------------------------------------------------------------------------------
    4       CITIZENSHIP OR PLACE OF ORGANIZATION

            United States
--------------------------------------------------------------------------------
    NUMBER OF           5      SOLE VOTING POWER
     SHARES
  BENEFICIALLY                       -0-
    OWNED BY         -----------------------------------------------------------
      EACH              6      SHARED VOTING POWER
    REPORTING
   PERSON WITH                       2,838,223
                     -----------------------------------------------------------
                        7      SOLE DISPOSITIVE POWER

                                       -0-
                     -----------------------------------------------------------
                        8      SHARED DISPOSITIVE POWER

                                    2,838,223
--------------------------------------------------------------------------------
    9       AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                     2,838,223 shares of Class A Common Stock
--------------------------------------------------------------------------------
    10      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES            [ ]

            CERTAIN SHARES (See Instructions)
--------------------------------------------------------------------------------
    11      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

                     7.0%
--------------------------------------------------------------------------------
    12      TYPE OF REPORTING PERSON (See Instructions)

                     IN
--------------------------------------------------------------------------------


                               Page 3 of 11 Pages


----------------------------
CUSIP No. 18451C109
--------------------------------------------------------------------------------

    1       NAME OF REPORTING PERSONS

            Michael E. Martino
--------------------------------------------------------------------------------
    2       CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
            (See Instructions)                                           (a) [ ]
                                                                         (b) [X]
--------------------------------------------------------------------------------
    3       SEC USE ONLY
--------------------------------------------------------------------------------
    4       CITIZENSHIP OR PLACE OF ORGANIZATION

            United States
--------------------------------------------------------------------------------
    NUMBER OF           5      SOLE VOTING POWER
     SHARES
  BENEFICIALLY                       -0-
    OWNED BY         -----------------------------------------------------------
      EACH              6      SHARED VOTING POWER
    REPORTING
   PERSON WITH                      2,838,223
                     -----------------------------------------------------------
                        7      SOLE DISPOSITIVE POWER

                                       -0-
                     -----------------------------------------------------------
                        8      SHARED DISPOSITIVE POWER

                                    2,838,223
--------------------------------------------------------------------------------
    9       AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                     2,838,223 shares of Class A Common Stock
--------------------------------------------------------------------------------
    10      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES            [ ]

            CERTAIN SHARES (See Instructions)
--------------------------------------------------------------------------------
    11      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

                     7.0%
--------------------------------------------------------------------------------
    12      TYPE OF REPORTING PERSON (See Instructions)

                     IN
--------------------------------------------------------------------------------


                               Page 4 of 11 Pages


                                  SCHEDULE 13G

ITEM 1(a).  NAME OF ISSUER:
            ---------------
            Clear Channel Outdoor Holdings, Inc.

ITEM 1(b).  ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
            ------------------------------------------------
            200 East Basse Road
            San Antonio, Texas 78209

ITEM 2(a).  NAME OF PERSON FILING:
            ----------------------

            This Schedule is being filed jointly by the following reporting
persons (hereinafter sometimes collectively referred to as the "Reporting
Persons") pursuant to an Agreement of Joint Filing attached hereto as Exhibit A:

                         (i)        Mason Capital Management LLC, a Delaware
                                    limited liability company ("Mason
                                    Management");

                         (ii)       Kenneth M. Garschina; and

                         (iii)      Michael E. Martino.

            Mason Management, Mr. Garschina and Mr. Martino are filing this
Schedule with respect to 2,838,223 shares of Class A Common Stock, $.01 par
value per share (the "Class A Common Stock"), directly owned by Mason Capital,
LP, a Delaware limited partnership ("Mason Capital LP"), Mason Capital, Ltd., a
corporation organized under the laws of the Cayman Islands ("Mason Capital
Ltd"), and certain other funds and accounts (the "Managed Accounts").

            Mason Management is the investment manager of each of Mason Capital
LP, Mason Capital Ltd and the Managed Accounts, and Mason Management may be
deemed to have beneficial ownership over the shares of Class A Common Stock
reported in this Schedule by virtue of the authority granted to Mason Management
by Mason Capital LP, Mason Capital Ltd and the Managed Accounts to vote and
dispose of such shares.

            Mr. Garschina and Mr. Martino are Managing Members of Mason
Management.

ITEM 2(b).  ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE:
            ------------------------------------------------------------

            The principal business office address of Mason Management, Mr.
Garschina and Mr. Martino is:

                        110 East 59th Street
                        New York, New York 10022


                               Page 5 of 11 Pages


ITEM 2(c).  CITIZENSHIP:
            ------------

            The place of organization or citizenship of each Reporting Person is
as follows:

Name of Reporting Person             Place of Organization/Citizenship
------------------------             ---------------------------------
Mason Capital Management LLC         Delaware
Kenneth M. Garschina                 United States
Michael E. Martino                   United States

ITEM 2(d).  TITLE OF CLASS OF SECURITIES:
            -----------------------------
            Class A Common Stock, $.01 par value

ITEM 2(e).  CUSIP NUMBER:
            -------------
            18451C109

ITEM 3.     IF THIS STATEMENT IS FILED PURSUANT TO ss.ss. 240.13d-1(b), OR
            --------------------------------------------------------------
            240.13d-2(b) OR (c), CHECK WHETHER THE PERSON FILING IS A:
            --------------------------------------------------------------

            Not applicable.

ITEM 4.     OWNERSHIP.
            ----------

            Provide the following information regarding the aggregate number and
percentage of the class of securities of the issuer identified in Item 1.

            (i)   Mason Capital Management LLC

                  (a)   Amount beneficially owned: 2,838,223.

                  (b)   Percent of class: 7.0%.

                  (c)   Number of shares as to which the person has:

                        (i)   Sole power to vote or direct the vote 2,838,223.

                        (ii)  Shared power to vote or direct the vote -0-.

                        (iii) Sole power to dispose or direct the disposition of
                              2,838,223.

                        (iv)  Shared power to dispose or direct the disposition
                              of -0-.


                               Page 6 of 11 Pages


            (ii)  Kenneth M. Garschina

                  (a)   Amount beneficially owned: 2,838,223.

                  (b)   Percent of class: 7.0%.

                  (c)   Number of shares as to which the person has:

                        (i)   Sole power to vote or direct the vote -0-.

                        (ii)  Shared power to vote or direct the vote 2,838,223.

                        (iii) Sole power to dispose or direct the disposition of
                              -0-.

                        (iv)  Shared power to dispose or direct the disposition
                              of 2,838,223.

            (iii) Michael E. Martino

                  (a)   Amount beneficially owned: 2,838,223.

                  (b)   Percent of class: 7.0%.

                  (c)   Number of shares as to which the person has:

                        (i)   Sole power to vote or direct the vote -0-.

                        (ii)  Shared power to vote or direct the vote 2,838,223.

                        (iii) Sole power to dispose or direct the disposition of
                              -0-.

                        (iv)  Shared power to dispose or direct the disposition
                              of 2,838,223.

            The number of shares beneficially owned and the percentage of
outstanding shares represented thereby for each Reporting Person have been
computed in accordance with Rule 13d-3 under the Securities Exchange Act of
1934, as amended. The percentages of ownership described above are based on
40,659,322 shares of Class A Common Stock outstanding as of August 10, 2009, as
reported in the issuer's Quarterly Report on Form 10-Q filed with the Securities
and Exchange Commission on August 10, 2009.

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 [ ].


                               Page 7 of 11 Pages


ITEM 6.     OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON.
            ----------------------------------------------------------------

            The right to receive dividends from, or the proceeds from the sale
of, all shares of Class A Common Stock reported in this Schedule as beneficially
owned by Mason Management, Mr. Garschina and Mr. Martino is held by Mason
Capital LP, Mason Capital Ltd or the Managed Accounts, as the case may be, all
of which are the advisory clients of Mason Management. To the knowledge of the
Reporting Person, none of these advisory clients holds such right with respect
to more than five percent of the outstanding Class A Common Stock. Mason
Management, Mr. Garschina and Mr. Martino disclaim beneficial ownership of all
shares of Class A Common Stock reported in this Schedule pursuant to Rule 13d-4
under the Securities Exchange Act of 1934, as amended.

ITEM 7.     IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH
            ---------------------------------------------------------
            ACQUIRED THE SECURITIES BEING REPORTED ON BY THE PARENT
            -------------------------------------------------------
            HOLDING COMPANY OR CONTROL PERSON.
            ----------------------------------

            Not applicable.

ITEM 8.     IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP.
            ----------------------------------------------------------

            Not applicable.

ITEM 9.     NOTICE OF DISSOLUTION OF GROUP.
            -------------------------------

            Not applicable.


                               Page 8 of 11 Pages


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.

                                    SIGNATURE
                                    ---------

            After reasonable inquiry and to the best of the knowledge and belief
of the undersigned Reporting Person, the undersigned Reporting Person certifies
that the information set forth in this statement with respect to it is true,
complete and correct.

Dated: August 17, 2009

                                            MASON CAPITAL MANAGEMENT LLC

                                            By: /s/ John Grizzetti
                                                ----------------------------
                                                John Grizzetti
                                                Chief Financial Officer


                               Page 9 of 11 Pages




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.

                                    SIGNATURE
                                    ---------

            After reasonable inquiry and to the best of the knowledge and belief
of the undersigned Reporting Person, the undersigned Reporting Person certifies
that the information set forth in this statement with respect to him is true,
complete and correct.

Dated: August 17, 2009



                                            /s/ Kenneth M. Garschina
                                            --------------------------------
                                            Kenneth M. Garschina


                              Page 10 of 11 Pages


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.

                                    SIGNATURE
                                    ---------

            After reasonable inquiry and to the best of the knowledge and belief
of the undersigned Reporting Person, the undersigned Reporting Person certifies
that the information set forth in this statement with respect to him is true,
complete and correct.

Dated: August 17, 2009



                                            /s/ Michael E. Martino
                                            --------------------------------
                                            Michael E. Martino


                              Page 11 of 11 Pages


                                                                       EXHIBIT A

                            AGREEMENT OF JOINT FILING
                      CLEAR CHANNEL OUTDOOR HOLDINGS, INC.
                              CLASS A COMMON STOCK

      In accordance with Rule 13d-1(k) under the Securities Exchange Act of
1934, as amended, the undersigned hereby confirm the agreement by and among them
to the joint filing on behalf of them of a Statement on Schedule 13G and any and
all amendments thereto, with respect to the above referenced securities and that
this Agreement be included as an Exhibit to such filing.

      This Agreement may be executed in any number of counterparts, each of
which shall be deemed to be an original and all of which together shall be
deemed to constitute one and the same Agreement.

      IN WITNESS WHEREOF, the undersigned hereby execute this Agreement as of
this 17th day of August, 2009.


                                            MASON CAPITAL MANAGEMENT LLC

                                            By: /s/ John Grizzetti
                                                ----------------------------
                                                John Grizzetti
                                                Chief Financial Officer

                                            /s/ Kenneth M. Garschina
                                            --------------------------------
                                            Kenneth M. Garschina


                                            /s/ Michael E. Martino
                                            --------------------------------
                                            Michael E. Martino