Google #1 Media Stock….

At least, that’s what Wall St. is saying, according to the Hollywood Reporter (summary only). It’s now more valuable than Time Warner.

Wall Street has determined that Google Inc. is the most valuable media company on the planet. Shares of the company that went public in August at $75 rose $10.68 on Monday to close at $290.94, giving the new-media youngster a market capitalization of $80.8 billion, according to Yahoo! Finance. Meanwhile, shares of Time Warner, which until Monday was considered the world’s biggest media company, dropped 23 cents to $17.02, giving the company a $79.8 billion market cap.

Today the stock is up to more than 297 and it’s only mid morning in NYC. Sigh, how does that make the TW folks feel, I wonder, given that the scars from the AOL deal seem never to fully heal?

Wait, I know! It’s time for a TW/Google merger!

Now, there’s a few things to think about with this run up. First, Google’s DNA is not as a media company, so this might seem an odd comparison for some folks within the ‘plex. But Wall St. compares apples (media revenues) to apples (media revenue), and by that standard, the comparison sticks.

Second, from the looks of early trading, it seems Google will break 300 today. I have this theory about the company – it’s our Web 2.0 rorschach – we see in it what we wish and dream for. We’re far to smart to wish for another NASDAQ run up like we had in 1999-2000 (remember how the index kept piling on 10% increases every single week?) – but we can at least have it all in one company.

And lastly, I would not wish these expectations on anyone. Honestly, it feels like the market is getting way ahead of the company. Can or will the triumvirate manage to them? Despite protestations otherwise, how can they not?