Google Does Web Another Favor

The $1 billion price Google(GOOG Quote) is reportedly about to pay for 5% of America Online strikes some as rich, but richer still could be the benefits that accrue to several Google peers if the deal goes through.

Come Wednesday, the Time Warner board is expected to ratify the sale, which implies an overall value for the online service of $20 billion. The deal has elicited customary protestation from Carl Icahn, who is waging a loud proxy battle with the media company's leadership. Icahn published an open letter to Time Warner warning management about the possible implications of their actions on Monday.

The rest of Wall Street seems less troubled by the transaction. ...