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Technology Stocks : Broadcast.com (Acquired by Yahoo) -- Ignore unavailable to you. Want to Upgrade?

To: B. A. Marlow who wrote (1130)	4/2/1999 1:09:00 PM
From: Randy Ellingson	Read Replies (3) \| Respond to of 1260

One thing's for sure: YHOO's building an empire, and GCTY/BCST are just the beginning. Consider YHOO's market cap in $35B range vs. AOL's in $140B range. That's a 4:1 size difference and a gap YHOO wants to close. YHOO obviously intends to remain "open," an advantage over the bulk of AOL. Good point about the "open" strategy of Yahoo. You can add (as an exercise until the deals close) another $8B to YHOO's market cap thanks to GCTY and BCST, bringing YHOO up to $44B market cap. It's still a factor of three. I suspect we'll see YHOO/AOL at 0.5 by the end of the year or perhaps next spring. Another two years after that, YHOO may surpass AOL's market cap. Randy

To: B. A. Marlow who wrote (1130)	4/2/1999 8:19:00 PM
From: George Martin	Read Replies (2) \| Respond to of 1260

Hi, BAM - Thanks for your response and additional comments. Will definitely check out AXC and appreciate your taking the time to let us all know about it on this thread. Enjoy your humor and incisive, on the mark comments as usual. How's this for the final wrap-up for the FIRST DAY conversion value of the YHOO / BCST deal: YHOO closing price: $179 3/4 X .7722 = $138.80 !!!! Of course with the "market discount" BCST was at 130 but nonetheless the attributed value of $138 is there. As you pointed out in your commentaries on buyout valuations, this was the "value" calculated by Steve Harmon and one which he arrived at by ascribing a per user value of 1/2 of that YHOO itself. Good commentary by you and a good call by Steve Harmon. I may post on his thread if no one else has to give him some kudos for a good call. Thanks again and good luck -- George Martin OT PS. FWIW, my own total play for broadband encompasses all levels from chips, fiberoptics, pipes to content: BRCM, PMCS, UNPH, VTSS, GBLX, QWEST, MFNX, ATHM, BCST, RNWK. A dated but very good read on this topic -- shift from desktop power paradigm to broadband -- was a Barron's article last fall (Oct. I believe) with 3 analysts including Landis and McNamee. If any one wants it, be glad to track down specific issue.