SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                  SCHEDULE 13G

                    UNDER THE SECURITIES EXCHANGE ACT OF 1934

                               (Amendment No. 2)*



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

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

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

                                January 8, 2010
--------------------------------------------------------------------------------
            (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                       5,049,446
    OWNED BY         -----------------------------------------------------------
      EACH              6      SHARED VOTING POWER
    REPORTING
   PERSON WITH                       -0-
                     -----------------------------------------------------------
                        7      SOLE DISPOSITIVE POWER

                                     5,049,446
                     -----------------------------------------------------------
                        8      SHARED DISPOSITIVE POWER

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

                     5,049,446 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)

                     12.4%
--------------------------------------------------------------------------------
    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                       5,049,446
                     -----------------------------------------------------------
                        7      SOLE DISPOSITIVE POWER

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

                                     5,049,446
--------------------------------------------------------------------------------
    9       AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                     5,049,446 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)

                     12.4%
--------------------------------------------------------------------------------
    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                       5,049,446
                     -----------------------------------------------------------
                        7      SOLE DISPOSITIVE POWER

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

                                     5,049,446
--------------------------------------------------------------------------------
    9       AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                     5,049,446 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)

                     12.4%
--------------------------------------------------------------------------------
    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 as Exhibit A to the
Schedule 13G filed with the Securities and Exchange Commission on August 17,
2009:

                (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 5,049,446 shares of Class A Common Stock, $.01 par
value per share (the "Class A Common Stock"), directly owned by Mason Capital
L.P., a Delaware limited partnership ("Mason Capital LP"), Mason Capital Master
Fund, L.P., a Cayman Islands exempted limited partnership ("Mason Capital Master
Fund"), and certain other funds and accounts (the "Managed Accounts").

                Mason Management is the investment manager of each of Mason
Capital LP, Mason Capital Master Fund 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 Master Fund and the Managed
Accounts to vote and dispose of such shares.

                Mr. Garschina and Mr. Martino are managing principals 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: 5,049,446.

                   (b)  Percent of class: 12.4%.

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

                        (i)   Sole power to vote or direct the vote 5,049,446.

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

                        (iii) Sole power to dispose or direct the disposition of
                              5,049,446.

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


                               Page 6 of 11 Pages



                (ii)  Kenneth M. Garschina

                   (a)  Amount beneficially owned: 5,049,446.

                   (b)  Percent of class: 12.4%.

                   (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 5,049,446.

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

                        (iv)  Shared power to dispose or direct the disposition
                              of 5,049,446.

                (iii) Michael E. Martino

                   (a)  Amount beneficially owned: 5,049,446.

                   (b)  Percent of class: 12.4%.

                   (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 5,049,446.

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

                        (iv)  Shared power to dispose or direct the disposition
                              of 5,049,446.




                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
40,658,399 shares of Class A Common Stock outstanding as of November 9, 2009, as
reported in the issuer's Quarterly Report on Form 10-Q filed with the Securities
and Exchange Commission on November 9, 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 Master Fund 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:  January 19, 2010


                                            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:  January 19, 2010




                                                /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:  January 19, 2010




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






                              Page 11 of 11 Pages