So my conclusion is that I prefer 42% of a company that has a...

So my conclusion is that I prefer 42% of a company that has a POSITIVE cash flow rather than 100% of something that is still a question mark.

It all depends on the growth prospects as well. Obviously if CNN is being valued as only 42% of the joint venture, someone has decided that the growth prospects of this company is at least par to CNN. It's a bit of an indictment on CNNs lack of ability to create shareholder value.