First, the tone of your post takes away any of the possible credibility your thoughts may have had, unfortunately........... Because, Two, you are correct in that a probable way to explain the valuation of YHOO would be to attempt to value it as a television media company ....... However, Three, Yahoo!! is not ABC nor even the lowly CBS with a consistent 8 billion revenues a year. Even DIS with ALL its media enterprises, including ABC, generates only $18 billion in revenues and just less than $3 dollars a share in earnings. Anyway, the reason the "eyeballs" at media companies such as CBS and DIS are so valuable is because of the revenue stream associated with each one. Yahoo!! as I have said is a nice little site that I have used, however, I have never even really noticed that there is advertising there, let alone clicking through them. And I am pretty sure that the demographic using the internet is probably similar, that's why there here and not watching Oprah. And.
Four, if such a revenue stream were to develop, you could most certainly believe Yahoo!! would be just one of the many ,many, many media enterprises with formats we can't even possibly imagine trying to get the attention of those "eyeballs".
Again it is so highly unlikely ( even if Yahoo!! became an ABC) that a cash flow stream could be produced to warrant the current valuation that it is virtually impossible.
Try and be civil ... Seasons Greetings ... and be careful out there ...
I give a little credability to your thoughts. But Yahoo is no little engine that could. It is the biggest has the brightest future of all the engines out there. And sooner or later the weak links will fall by the wayside. Those that last will power on. There may only be a handful that are profitable.