With the spectacular collapse last year of the dot-coms and ridiculously overinflated tech stocks, many companies can no longer use stock to buy their way to growth nor can they borrow easily. But they can form joint ventures. Being a low-profit middleman for other people's merchandise isn't as glamorous as Amazon's original goal of becoming America's favorite store. But despite rumors to the contrary, you can't lose money on every sale and make it up on the volume. Thanks to strategic alliances, Amazon will probably survive.
Mergers have a place, but frequently partnering is the better way.
But then there wouldn't have been all those magazine covers and TV coverage.