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To: RagnBull who wrote (11218)	6/19/1998 7:46:00 AM
From: Hiram Walker	Read Replies (1) \| Respond to of 27307

RagnBull, I agree with this scenario,and even think a little less of it. Starwave does not produce its own content,but content for the media giant. So how can they compare Starwave to someone like CNET,which produces its own content,and has its own internal development such. And by the way, they are only really loaning Starwave to Seek,like me loaning you my baseball glove,and having the option to buy the whole damn team back. But on the other hand this put YHOO in deep trouble,the big media companies are buying the landscape,and because of YHOO's price,no one can touch them. So YHOO is caught in the own net of its stocks success. It would be better if YHOO's stock was at 40,and someone bought a piece of them,and then the stock rocketed up,like CBS. YHOO is in a catch-22 of its own making. Hiram

To: RagnBull who wrote (11218)	6/19/1998 9:35:00 AM
From: Oeconomicus	Respond to of 27307

Ragn, thanks for posting this. I was wondering what value the Starwave stake represented and Paine Webber graciously provided that for us. $300 million. It's still worth digging for some support for that number, but it's a starting point. $14.34 per share (assuming to "promotions" DIS will do for the $165mil are worth that) for 43% of SEEK. Gee, how does that compare to the market price? And based on price/sales, YHOO is valued at more than three times SEEK. At the price/sales DIS (a true media giant) paid for SEEK, YHOO would be valued at about $19. And that's assuming $300 million doesn't overstate Starwave's value. Couple this with David Faber's claim this morning that the ATT/AOL talks were nothing more than "marketing alliance" talks and the whole "big media company investments in the sector validates the valuations and there will be more - look for this or that company to find a big partner" theory is falling apart. Regards, Bob PS: Did anyone see the friction between Cramer and Faber? Cramer got rather heated when Faber suggested there never was a possible buyout. He (Cramer) doth protest too much.