Google becomes number one media company
9 June 2005
Search giant Google has raced past its competitors to become the world's biggest media company by stock market value.
Google's shares have soared since the company was first listed on the New York stock exchange last August and the company is now worth $80 billion (£44 billion).
Google shares hit an all-time high this week, overtaking media firm Time Warner, which is currently valued at $78 billion. More traditional media companies like Viacom and Walt Disney have market capitalisations of between $54bil and $55bil.
In just ten months of trading as a public company, Google's share price on Nasdaq has rocketed and analysts predict it could rise still further. However, Google's annual sales total just $3.2 billion, a fraction of Time Warner's $42 billion and some experts believe the company's shares are now overpriced.
Founded in 1998, Google makes the bulk of its profits from the sale of advertising alongside its search results.
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