At the National Venture Capital Association’s annual meeting Wednesday, Efrusy sat on a panel with executives from advertising firm Omnicom Group Inc. (OMC), entertainment content company Viacom Inc. (VIA), and Internet giant Yahoo Inc. ( YHOO), to discuss the power of online advertising.
Among the topics was the hot-button issue of whether Facebook and other advertising-based social networking sites deserve lofty valuations at this point. “Would we love to own MySpace for $700 million? Absolutely,” said Wade Davis, senior vice president at Viacom, which was interested in Facebook in the past. Would Viacom buy Facebook for $15 billion? “Absolutely not. Nor did we want to pay $1 billion. There is a lot of hype, a lot of activity, but a lot of dollars aren’t being made.” Read the whole story at CNNMoney.