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you missed the elephant in the room. fb has all 3 of those companies and more worried. true they are not on the same financial footing but most of the lack of monetization is by choice. probably could be doing $5 billion annually in ads alone. so not the economic engine the other companies are but perhaps the MOST powerful of all 3 when it comes to balance of power in media. they are becoming the de facto trusted id of the internet. the passport of the entire web full stop. that said i think you are missing another major issue in your analysis. simply put steve jobs thinks search is dead in a mobile world. apps, devices and social will drive much more discovery than traditional browser based search. not to mention that msft bing is doing very well on mobile, yahoo and fb. in short the engine that drives google could evaporate in short order, ie 3-5 years. i'm not sure if i agree with that or not but it is a major debate in the industry. but to not incorporate fb and zynga and understand how they are reshaping media and entertainment is a major oversight imo.