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I think, all things being equal, I'd rather own the NYT than Instagram. Which isn't to say that Facebook didn't make the right decision (i.e., to forego buying the NYT), but that value is relative.

Would you rather own one of the most established news institutions in the modern world or a 2 year old photo sharing startup? How is this even a question?!

Ask Zuckerberg, he seems to have made up his mind.

He should buy the New York Times too, and make their articles free to logged in Facebook users. That would bring me back to Facebook more than instagram will (nothing against instagram - it's a great app).

Ha, that was my thought experiment, too. Doesn't seem to be a fit with the current demographic of Facebook, but Facebook is trending towards a "social media conglomerate" to the point where it would almost make sense. Interesting play. (Though back to the point at hand, I doubt you could buy the NYT for $1B, value or not.)

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