After casting a critical eye on the prospects of Clear Channel Entertainment in a previous analysis, equity research firm William Blair & Company admits in a recent report it was "surprised by the

After casting a critical eye on the prospects of Clear Channel Entertainment in a previous analysis, equity research firm William Blair & Company admits in a recent report it was "surprised by the organic growth of Clear Channel's live entertainment division."

Last fall, Wiliam Blair & Company issued a report that stated it would "view favorably a sale of the [entertainment] division" of Clear Channel Communications. The new report, which analyzes performance in the fourth quarter of 2003, states "Pro forma revenue [for CCE] increased 2%; we had modeled a decrease of 10%."

The report goes on to highlight that "expense growth lagged revenue growth and the division's margin increased to 3.5% from 2.2%."

Overall Clear Channel numbers also exceeded estimates.