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Mel Karmazin, Failure?   John Cassidy on the Economics of Cli...
Apr 15 2007 3:08PM EDT

DoubleClick Finally Regains its Pre-Crash Valuation

One of the great annoyances about online stock-quote services is that they're really good at providing historical data until a company gets bought. Then, it all disappears.

I've been reading all the press about the "nosebleed price" that Google is paying for DoubleClick, and so I asked myself how it compares to DCLK's valuation at the height of the dotcom bubble.

This is not an easy thing to find out. But a December 1999 article from Smart Money has DCLK trading at $216.50 per share, pre-split; and an August 1998 article from internetnews.com puts DCLK's fully-diluted market capitalization at $696.45 million at a share price of $48.38.

Which means that DoubleClick was worth pretty much exactly $3.1 billion in December 1999 – which is the same price that Google is paying today.

So "nosebleed" might be right. But it's not unprecedented.

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