Dear Mark Zuckerberg,

Twitter would have been nice but not at that price.  The overlap in Twitter to Facebook users is probably 90% anyway.

Long term, local advertising will be Facebook’s bread and butter:  higher CPMs, more relevance, better performance.   Local is harder to sell, you need feet on the street in addition to the self serve ads and flyers.

Idearc is undervalued due to declining print revenue and debt ( see financials).   Facebook with 3,000 experienced, local sales reps and instant access to a million local advertisers would be a revenue machine second only to Google online.

Have your McKinsey guys check it out - might investigate Whitepages.com and Monster, too.  Yes, you will need some financial wizards to pull it off but I think the deal pays for itself in a year with Facebook’s growth rate and traffic.

Good luck,

Mike

P.S.  Saul Steinberg or Steve Case might have some tips on how to use high valuation to purchase assets of troubled companies