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Could Millennial Media fetch $400M in a sale? History says yes

Back in May, Paul Palmieri of Millennial Media was part of a panel of digital media executives featured at the Mid-Atlantic Venture Association's two-day Capital Connection showcase, talking about the challenges and opportunities in digital media. Palmieri -- whose company is developing an advertising network for mobile devices -- described the "magical" qualities of the mobile space, especially the way all us iPhone and BlackBerry users will fork over money for content. He used Apple's iTunes service as an example. Consumers pay 99 cents for a song –- and $2.99 for the snippet of that very song to have as a ringtone for their cell phone. A report in today's Wall Street Journal sheds a little light on how much Palmieri and his investors think that magic might be worth: $400 million or so.

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