According to this news item, Google is reportedly interested in buying DoubleClick, just to keep Microsoft from getting the company. Sure, Google could build its own DoubleClick-ish network, but why not just buy it for a few billion if only to annoy Microsoft. After all, Google paid $1.65 billion for YouTube, which had nearly zilch for revenue. Google could surely pay the $2 billion DoubleClick's owners want for something that resembles a real business. For those keeping score at home the DoubleClick sales process shapes up like this: Microsoft is annoyed; Google is like the wealthy kid that giggles as he keeps poking you; and the private equity firm that owns DoubleClick is downright giddy.

Just imagine if you're the owner of DoubleClick right now. Hellman & Friedman bought DoubleClick, which had a spotty track record as a public company, for $1 billion, did some tinkering in the background and now is sitting on a potential bidding war between Google and Microsoft. With any luck–and a few more leaks to the Journal-Hellman & Friedman could more than double its money. Gotta love the private equity game right now.