Pictured above, Jack Rotherham of Metacafe.

Watch now: mediabistro.com founder Laurel Touby talks shop with Magid's Mike Vorhaus, Polaris Ventures' Larry Kramer, and Metacafe's Jack Rotherham during lunch at Michael's on 55th and Fifth (Part One).

— LAUREL TOUBY

While Diane Clehane has her Lunch at Michael's column, mine will be the redux version. I was sitting at Table 24, the very back of the room, just on the borderline of Siberia (aka the Garden Room). I had the pleasure of three men's company (Jon Fine is home sick; sorry, Jon!). Mike Vorhaus, a consultant with Magid, Larry Kramer, uber media guru at Polaris Ventures (formerly with MarketWatch.com) and Jack Rotherham, senior vice president of Metacafe.

We had a wide-ranging discussion about journalism, media people, video, business models on the Web and more. Find out what we learned, and check out more video after the jump:

Media people = screwed.
You guys have to become more like Larry Kramer, who leapt from newspapers to TV to digital, then sold MarketWatch.com and now gets a birds-eye view at Polaris Ventures, where he serves on several boards of directors. He just got appointed to AMI's board. Gets to work with David Pecker!

Answers.com and ad sales:
It has 25 mm uniques and after testing out sales team versus no sales team, eliminated its ad sales team when management realized that AdSense was bringing in $6 average CPMs. Got to profitability with no ad sales team. Kudos to you, Answers.com

AdSense:
Did you know AdSense now sells display ads, too? Neither did I. Apparently, selling display ads is now one-third of AdSense's entire business.

Business models that work on the Web:
Kramer says you need to have many options versus just display ads. CPM Model, CPA Model, Subscription Model, Licensing Model. That way, you won't be stuck in a downturn (like today). "Some people will only buy CPM. Others, only CPA. It's what works for them. As an ad company, you have to find a way to accommodate them," says Kramer.

Kramer is upbeat about buying opportunities and is hot on a roll-up now. He won't say which. Given his background, suffice it to say, he's got strong aptitude in financial data services, news and financial service tools...

We also strolled over to Portfolio's EIC Joanne Lipman, who was having lunch with Jon Friedman, of MarketWatch. They were talking about her upcoming panel/breakfast discussion about Bernie Madoff. Panelists include: Jim Chanos, Harvey Pitt and Elie Wiesel. NEXT Thursday, Feb 26th, at the 21 Club. You can request a spot by contacting emily_weber@condenast.com.

Or follow me on Twitter, where I'll be reporting live :)
www.twitter.com/laureltouby

WATCH PART TWO OF THE VIDEO: mediabistro.com founder Laurel Touby talks shop with Magid's Mike Vorhaus, Polaris Ventures' Larry Kramer, and Metacafe's Jack Rotherham during lunch at Michael's on 55th and Fifth.

WATCH THE BONUS VIDEO: Gerry Byrne and Fox 5's Greg Kelly