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Here is an article about Disney's ephemeral interest in Buzzfeed:

First, let me say I had no idea what Buzzfeed was when I read this. I think I had heard of it, but I had never visited the site before. When I did, after reading the article, I was quite surprised and disappointed. Disney was interested in this?

Did Iger think of this? Jay Rasulo? Sheryl Sandberg? This is not where the company should be playing. Marvel: Sure. Lucasfilm: Okay. Buzzfeed: What? I'm not sure what was so attractive about the site. Just because it is profitable and is a website that attracts a lot of eyeballs is not enough justification in my mind for this to have been a potential target.

In a related part of the story, the article mentions that someone with knowledge said that Disney saw the Maker channel investment as a potential "call option" in that particular arena.

If Disney wants to buy call options, it probably should invest its money in other ways, maybe like Berkshire Hathaway does. But things like Buzzfeed are probably better off in the hands of a Yahoo! or an AOL.

I would rather Disney focus on acquisitions that are more complementary. I was thinking the other day that, hypothetically, it would be strategic to sell ABC Family, buy The Hub Network, turn the latter into an ABC Family clone, the reason being that the current ABC Family cannot be fully utilized because of contractual commitments with the previous owner. That probably won't happen right now because of the ownership of that asset, but something like that makes sense to me. Paying up to a billion dollars for a Maker MCN just doesn't compute; again, Disney should look to undervalued situations on Wall Street to invest its money if it wants to go down that road (didn't Buffett do well with some investments during the financial crisis in GE and JPM?).
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