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IAC/InterActiveCorp Message Board

  • sailplane_99 sailplane_99 Mar 12, 1999 6:48 PM Flag

    James Cramer article on the merger/acqui


    Old media hates the fact that it is constrained by
    metrics like paid circ while new media doesn't even have
    circ! Old media can't stand the fact that its
    price-earnings multiples are shrinking while new media doesn't
    even have price-earnings multiples. Old media frets
    about the cost of newsprint. New media could give a
    darn about paper. If old media has a hot issue it
    sells out and no more can be made. New media never runs
    out, cause it's a Web site. Old media is glamorous,
    likes big expenses and power three-martini lunches and
    sucks up to advertisers. New media doesn't know from
    glamour, works hard, doesn't take lunch, doesn't drink and
    goes home to spend time with family.

    So when
    Lycos (LCOS:Nasdaq) decided to merge with old media,
    this was Little Red Riding Hood getting tricked by
    someone who looked like grandma but was really that old
    media wolf in disguise. "My, what small multiples you
    have? All the better to eat you with!!!"

    why when I read articles like the Journal piece I
    can't even stand to read about Diller's rap that
    Wetherall just wants CMGI's (CMGI:Nasdaq) stock higher.
    Wetherall believes in the Net, but he can't control CMGI's
    price. The market can. The market believes in Wetherall
    and does not believe in Davis/Diller. Maybe the
    market is wrong. Maybe the market doesn't know what it
    is doing. But from what I can see Lycos is
    everything that a Big Bad Wolf would want, and I sure hope
    it doesn't get it. Where the heck's the wood chopper
    when we need him?

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