Steve Rattner, Mel Karmazin, Think Facebook is Way Overvalued

At a breakfast discussion in New York earlier this week, Universal’s Jeff Zucker, Sirius Satellite Radio’s Mel Karmazin and Quadrangle’s Steven Rattner offered their perspectives on the M&A market (Rattner was especially bearish, saying there’s zero market for big media acquisitions right now). Rattner and Karmazin also told the moderator, Portfolio editor-in-chief Joanne Lipman, that venture-backed digital media assets have grown “way, way” overvalued, and that neither of them would pay $15 billion for Facebook, or $10 billion. 

Lipman didn’t ask if they’d pay $5 billion, its current valuation (I wish she would have). It’s a good clip if you have a little time to spare: