Not all activist investors are successful in pushing for changes at their companies. But judging by the investor reaction to an activist's latest move with Clear Channel Outdoor Holdings (NYSE: CCO), that shareholder might just carry the day. As of early Friday morning before the market open, according to data compiled by S&P Global Market Intelligence, Clear Channel's share price had shot 12% higher week to date.

On Tuesday, that activist investor, Legion Partners Asset Management, sent Clear Channel's board of directors a letter urging the company to put itself up for sale. 

Bloomberg, which said it had reviewed the letter, quoted Legion managing directors Chris Kiper and Ted White as writing, "We believe both financial and strategic parties could be interested in acquiring the entire company, with potential regulatory hurdles solvable through divestitures and/or partnerships."

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Source Fool.com