This morning I read in my paper that advertising revenues at the New York Times had fallen 13% year on year and that Google disappointed in it’s latest quarter blaming the difficulty of advertising on social networks for it’s poor results.
It seemed that both new media and old media were suffering as audiences deserted their former favourite homes and ways to monetise their new hangouts were still underdevelopment.
Then Microsoft announces a proposed takeover of Yahoo! at a massive premium. It seems the good heady days are still not over!
Still, the cynics amongst you will no doubt be noting that valuations can only continue impressing for so long when the underlying fundamentals are disappointing.