It may have come late, but when it arrived, big media’s move into the digital world was wholehearted. But, a Facebook purchase for more than $750 million will show that the new media acquisition pendulum has finally swung too far.

The New York Times, Dow Jones, The Tribune, The Washington Post Co., NBC Universal, Disney, Viacom and News Corp. have all acquired and invested in new media startups. While prices have been high, for the most part, the deals have successfully enabled these companies to offset some of their falling revenue from traditional media with new media revenue. Take a look at About.com’s contribution to The New York Times’ last quarterly statement for proof. Even with all the security concerns that came along with News Corp. purchase of My Space, that deal provides Rupert Murdoch with an online platform from which to expand upon.

Facebook could provide the same thing for a big media company trying to build an online presence targeting 18-24 year olds. However, the prices being thrown around are too high. It’s worth something but certainly not the $2 billion figure being bandied about. A Facebook press official said they have over 7 million registered users who spend 18 minutes a day and uploade 1.5 million photos per day. 65% of the users return everyday. Impressive numbers, but like the rise and fall of social networking site Friendster proves, online community members can be finicky, not to mention difficult to monetize.

Facebook’s management and lone institutional shareholder – Accel Partners —are aware of these challenges and are smart to seek a sale. Why try to monetize the community when you’re already being valued as if you have?

Facebook is rumored to have actually raised another round of venture capital money to continue as an independent entity for a while. If true, then it would seem there were no takers for Facebook at a valuation in excess of $750 million. That’s good news for big media. Their desperation meters haven’t jumped completely off the charts. All those declining revenue figures they are experiencing aren’t scary enough to induce them into a overpriced purchase. Or will it?