Henry Blodget Thinks Google is a Media Company

Internet Outsider: Sorry, Google is Not a Technology Company:

What does Google sell? Advertising. For better or worse, this makes it a media company (an online media company, but a media company). From a financial forecasting perspective, this also means that the pool of Google’s potential revenue, at least in the company’s current incarnation, is global advertising and direct marketing spending, not global technology spending. This is important, in part, because global advertising and marketing spending is not growing as quickly as global technology spending.

Viewed as a media company, Google is a far more distinctive presence in its market than as a technology company. Google as media company with unique technology = buy?

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