Dick Parsons isn't drinking the YouTube-flavored Kool Aid just yet.

The Time Warner CEO and rumored New York mayorial candidate told the Financial Times media companies looking to buy Facebook or YouTube would need a "big leap of faith" to pull the trigger at the billion-dollar prices being floated by industry-watchers.

Parsons said that the social networking and online video juggernauts are the best options available for companies, like AOL, to increase traffic to compete with Google, but the prices are "astronomical" for companies that make "currently make no money."

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