Linux Journal: Consume This: On AOL Time Warner and Real Market ValueJan 15, 2000, 19:32 (0 Talkback[s])
(Other stories by Doc Searls)
"AOL, on the other hand, has shown profits. It used its own free product--countless floppies and CD-ROMs--to hook millions of customers into spending 20 bucks a month to get on-line and stay there. Today, AOL has an astonishing 54% of the Internet access business in the U.S. For this, the stock market valued AOL so highly that the company was able to buy Time Warner for $156 billion, even though AOL's sales are just $4.8 billion and Time Warner's are over $20 billion...."
"What's behind this boundless buoyancy? Is it the genius of guys like Jeff Bezos and Steve Case? Is it the low-friction efficiencies of e-commerce? Is it the intoxicating sense that the Net plainly changes everything? No, it's the people who gave us the Net, Linux and every other technology that is good because it's free."
"It's the hackers."