Did Amazon get a good deal from Zappos?

Lots of people are saying that Amazon (AMZN) CEO Jeff Bezos got a great deal when the online e-tailer purchased Tony Hsieh's online shoe company Zappos.com in an $847 million cash and stock deal announced last week. But was it really a great deal? That's very hard to tell from the analysis of comparable transactions listed by Zappos' i-bank, Morgan Stanley, taken from an S4 filed with the Securities and Exchange Commission on July 27.

The comparable deals include the acquisition of Gmarket by eBay in April 2009 for $1.2 billion; Bill Me Later, also acquired by eBay in October 2008 for $945 million; the purchase of Greenfield Online Inc., acquired by Microsoft in October 2008 for $524 million; Bebo, acquired by Time Warner in March 2008 for $845 million; CNET Networks, acquired by CBS Corp. in May 2008 for $1.8 billion, and Audible, which Amazon bought in March 2008 for $300 million.