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Ed Driscoll

Can You Spare Some Qatar, Me Brothers?

January 4th, 2013 - 8:38 pm

If Current TV Was Worth $500 Million, How Is BuzzFeed Worth $200 Million?,” Stacy McCain asks:

Look, I kinda understood when a desperate sinkhole like AOL was willing to fork over $315 million for HuffPo. Even if it didn’t make a lick of sense as an investment, this is AOL we’re talking about — a company that hasn’t really made sense in a long, long time, and whose executives were therefore willing to pay a premium for buzz and market share, without any genuine likelihood of turning a profit. So . . .

What sucker does BuzzFeed have in mind? Where is the obsolete and desperate-to-seem-relevant circa-1994 online enterprise that will pay $200 million dollars for a site that has already (evidently) burned through its first $27 million of capital? Maybe . . . Yahoo?

If a bunch of rich Arabs can buy an entire cable TV network for $500 million — even a useless turd like Current TV — does it really make sense for anyone to pay $200 million for a mere Web site?

Color me skeptical. But hey . . .

Heh indeed, as the person that Tweet was intended for would say. Oh — and read the whole thing.

(Headline via Mr. Alexander DeLarge, who can be reached at Kubrick-655321.)

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