“A dollar of online revenue sold drives more shareholder value today than a dollar of print revenue”
Andrew Day, Chairman, Truvo quoted by the [praized subtype=”small” pid=”d5b0693ee9c77efecfc7af391c44dd39db” type=”badge” dynamic=”true”]analysts in one of their presentation.
Seb Provencher's Blog 
As valuation multiples are a function of risk and growth, I think both are in favor of online ad rev vs traditional.
As a side note, I just learned that in 1998 Yahoo was valued at over four thousand times it’s previous year’s ebitda…
Clearly onlinre revenue is worth alot more than print. Just ask any analyst. The industry is in a transition phase where YP companies have an opportunity to take the money provided by the past (print) and invest it to generate the revenue of the future (online). Unfortunately too many executives running YP companies are focussed on maintaining their print revenue rather than moving aggressively into generating online revenue.
Well, we’ve seen how those valuations have played out in the market.