I am affraid that the real story is even more "unreal". I hope that we will be around when they will re-list it and see the valuation. Obviously, even then the (higher) valuation may be masquerade via the advertising income, lower running costs etc. Just think that media propriators do not buy the media for their advertising income but for its audience (and potential impact upon that audience - from mere voters, to politicians, to businessmen). In this instance I tried to highlight the fact that this media, has inherent value derived from the past due to the statistics of the user paths, demographics, behaviours etc.