In August 1995 it spent $19 billion on an old media asset, ABC. The merger of Disney and ABC created an immensely powerful company, but it also helped create the impression on Wall Street that Disney had been left out of the multimedia age. In order to counter this impression, Disney would eventually spend hundreds of millions of dollars to launch its own updated version of Pathfinder, Go.com, with similarly dismal financial returns. But by that stage losing money on the Internet would be nothing to be ashamed of. To the contrary, it would be viewed as the inevitable and, indeed, desirable
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