Who Really Got The Better Deal, Google or MSN?

Google buys YouTube for $1.65 billion. MSN puts an offer in on Yahoo for $44.6 billion.

I mean, yeah, Yahoo is a great company and all but why does MSN keep missing these obvious things like YouTube? Wouldn't it have been much cheaper to buy YouTube and at least stay in the game?

I get the feeling that MSN is poorly managed, greedy and just doesn't "get" the Internet still, after all these years.