Mark Cuban is a Lucky Bastard and I hate him for it

Mark Cuban is a very vocal and controversial CEO and rich guy. He blogs all the time at his Blog Maverick site, and in true Interweb fashion throws the occasional blog bomb (good form chap). Many know Mark as the owner of the Dallas Mavericks (lost last year to the Heat in the finals *cough* implode *cough*) but I know Mark from his Dot Com past.
He gets a lot of attention in the press (this article) because #1 he’s really rich and #2 that wealth affords him a larger stage. Pretty simple equation really, and frankly is annoys me that Cuban even qualifies for #1 and therfore pisses me off the he has #2.

SeekingAlpha.com just ran an article about the Ten Worst Internet Acquisitions Ever and ranked Broadcast.com (Cuban’s old dotcom boom web property) #1 . To put this in perspective Lycos.com, which sold for 4.8 billion (that’s billion with a B), ranked only #6 and Excite.com which sold for 6.7 billion (also with a B) ranked only #3.
Yahoo! bought Broadcast from Cuban and instantly Mark was a billionare having raked in a reported 5 billion dollars from the deal.
If you hadn’t heard about Mark Cuban, would anyone even know what Broadcast.com even is? When is the last time anyone has been to Broadcast.com? (it redirects to Yahoo.com now) Did Yahoo gain any value from the deal? No, never and no.
Mark simply got lucky. I have to give him some credit for playing the “M&A game” so well (I’m sure he has one hell of a Powerpoint), but his luck was really all about the first Dot Com Boom and the incredibly skewed dollars being thrown around in 1998/9.
For a little history, the Wiki on Broadcast.com is pretty weak, but outlines what Broadcast.com really was…web radio…yay. Where was the value? I just don’t get it.
This is Broadcast.com’s website as of Dec 1, 1998 (very close to the acquisition), it’s ugly by even 1998 standards of web design.
The last part of this story is about Chris Jaeb, he founded Broadcast.com and I’m assuming got paid part of that 5 billion, has anyone heard from him? No, thank goodness.






