Google continues to expand its fast growing media empire today with this news from the Wall St. Journal ($):

Under the deal, Google will pay $102 million in cash upfront and make additional payments that could be worth up to $1.14 billion if performance targets are met over the next three years. Google said the actual payments could be "substantially lower."

The Mountain View, Calif., Internet giant said it plans to integrate dMarc's technology into its AdWords advertising program, in which third-party Web sites share revenues with Google for carrying its search ads. Google expects to close the deal in the current quarter.

"Google is committed to exploring new ways to extend targeted, measurable advertising to other forms of media," said Tim Armstrong, Google vice president of advertising sales, in a press release. Already, Google has bought advertising in print publications such as tech magazines and resold chunks of the space to its online advertisers.

It will be interesting to see if as investors realize more and more that Google is a media company leveraging the internet, rather than an internet company involved in media, the market will begin to assign a lower multiple to Google. If so, I believe it'll be a buying opportunity as to me, earnings are earnings no matter what sector or industry a company is associated with.

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