Should traditional media companies build or to buy digital media properties? AdAge asked that question, too.

Viacom's first priority is to build, according to its chief financial officer, Michael Dolan. "There's so much money available, and looking for the deals that the day of a surprise ... is gone," Mr. Dolan said. He said his company's free cash flow priority is to feed internal projects first, acquire second and return to shareholders third. The return on good internal products "is phenomenal," he said.

He cited MTV Networks' broadband product as an example of how the company built instead of bought. Overdrive was built with an investment of $5 million over eight months by a group of young people in the company, adding that the "market value of that in today's marketplace is huge and it was done on a shoestring."

Scott Kurnit, a venture capitalist and founder of About.com (now part of The New York Times Co.), disagreed with the build first, buy second philosophy. "Big media shouldn't build but should buy," he said. "They can't compete with entrepreneurs who will do it at two times the speed."

Neal Goldman, CEO of Inform.com, said the "speed with which young scrappy companies can build" is leading to a wealth of acquisitions in the $25 million to $50 million range.

Buy versus build. That is a question I have always had to answer to investors and board of directors. It is now front and center at large media companies. What do you think is the right answer?