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But before we jump to the conclusion that this deal means that other media companies are worth a lot more than we thought they were, it's worth remembering that if the stock market has been valuing Time Warner and other media companies at X--and has been valuing them that way for a while, since Time Warner's share price essentially didn't move in 1999--and AOL comes along and says Time Warner is actually worth almost 2X, our default assumption should not be that media stocks have been undervalued.