Sometimes it's difficult to believe that these Internet companies don't put their market capitalization to work right now -- that they aren't locking in properties which are languishing partly because they're being beaten, at this very moment, by a large-scale player.
Some companies know what to do. I applaud Priceline (PCLN) for its agreement to buy Kayak (KYAK). As someone who owns an inn in Summit, N.J., I can tell the one-two punch of checking out a review, and then booking, is incredibly powerful.
Currently, three properties stand out like Kayak did. All of them should be bought as soon as possible by some big online names with market caps that can be put to work right now.
First? Millennial Media (MM), a terrific $900 million company that has totally figured out how to harness online advertisements to build big wins. Lots of people were stunned recently when videogame publisher Activision Blizzard (ATVI) reported such a strong number, largely because of its "Call of Duty 3" title. Activision ran a very savvy online media campaign, including on mobile, that was a total homerun. The creator of it? Millennial Media. If Facebook (FB) were to buy this company, it could combine its own billion users with some incredible campaigns in order to really nail down the mobile ad world that so many crave.
Or how about ExactTarget (ET)? Should this company, which knows how to run terrific social-media campaigns, be an orphan? How could AOL (AOL) not consider this one? The terrific market cap needs to be put to work.
Finally, there's Monster Worldwide (MWW). Now here's an ideal candidate for Facebook, a $500 million also-ran with lots of cash that could be converted into the next LinkedIn (LNKD). The actual LinkedIn has a $16 billion valuation and offers an incredible suite of products.
Monster's a rounding error for Facebook and, when combined with its natural listings, how could it not work?
Three deals that are begging to be done: Millennial, Exact and Monster. None should be independent in the land-grab that is this next phase of social and mobile media.