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Some of the headlines back in 1999 made fun of what was at the time the highest price paid for an Internet domain name: $7.5 million for business.com. Nobody is laughing now as it's being put up for auction with the thought it could bring from between $300 to $400 million.

Business.com became a site where businesses searched for numerous products and services. The site is so valuable because it does what few have been able to successfully do online: drive targeted traffic to spend money with businesses. The company has been able to do it to the tune of $15 million in earnings for itself before ebitda. Businesses are willing to pay for someone that can execute this on their behalf.

With consolidation happening in the business media industry, this is a prime property that will draw a lot of interest from the big players in the field. Names being thrown around have been the New York Times (NYT) and Dow Jones & Co. (DJ). You could include Thomson, Bloomberg and others as well. This Internet property could fit into any business-related information company around.

Business.com has had its traffic grow by 50 percent during the first quarter of 2007, in contrast to the same period in 2006; a prime time to auction the business.

This does show the premium that companies that can deliver online revenue and growth will be able to command. Another great thing about the site itself is it's extremely simple and easy to understand. There's little that can be confusing to the visitor and it is fast-loading and user-friendly.

Running the auction for the company will be Credit Suisse.