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The Stalwart submits: You have to admire Microsoft (NASDAQ:MSFT) for their relentless pursuit of organic growth. Over the long term, it's been great for shareholders (not lately, of course), and it takes a lot of discipline not to just buy the hot startup du jour. It's a lesson that the Google guys should probably learn.

But lately, the company has been opening the purse strings a little more, most recently with their purchase of Massive, which is in the business of in-game (videogame) advertising. Apparently, this means that Microsoft is about to reinvent itself as a media company and make a bunch of acquisitions in this space. At least that's what BusinessWeek seems to think. Here's the money line:

Some analysts even believe it would make sense for Microsoft to buy Time Warner outright. "It would be a great move," says analyst Susan Kalla of Caris & Co. In such a deal, Microsoft would be able to take advantage of Time Warner's current low multiple, without hurting its own valuation or stock price, she adds.

Wow! Dear Susan Kalla, please pass us whatever you're smoking. That being said, maybe there's some logic to her argument. Perhaps Microsoft should buy Mittal Steel (NYSE: MT) with a PE of 5. Microsoft needs to ship Vista, and Mittal makes steel, which is critical for the shipping infrastructure.

Source: Microsoft On An Acquisition Course? (MSFT)