Only USAI's e-commerce and internet assets will be part of the merger (i.e. HSN, Ticketmaster, and Internet Shopping Network/First Auction). USAI has an additional market cap contribution from the rest of it's holdings (which include the USA Network, Sci-Fi channel, Studios USA and USA Broadcasting; Lycos and Ticketmaster/City Search don't get any of that). Thus, we are much more undervalued than what your analysis would predict. We are so obviously undervalued that I would have to think that more upgrades are on the way. This is not only a growth stock, but also a very obvious value play.