Braccia has a point. As Marc Andreessen pointed out at our last PandoMonthly, media was one of the first industries to be disrupted by the Web, thanks to how deregulated it is. And yet, we’ve seen staggeringly few new dominant publications created. The landscape is still dominated by titans created a century or more ago.

Braccia says Vox was a growth-stage investment for Accel (which, full disclosure, is also an investor in PandoDaily), and that he believes companies like it don’t have to rely on acquisitions by larger companies for exits. Asked if a digital media company can hope to be a public company, he says: “I think that it can be, and that there will be, and that Vox won’t be the only one.”

He's delusional. There is no way Vox can make enough money to justify a billion dollar valuation.

The New York Times is barely worth $1.5 billion.