Just off the top of my head, I ask myself how much revenue TechCrunch pulls in, and what it originally started as - and I can see a path for PH to become a 'real' (as in meaningful, sustainable revenue) company. Just because it isn't full of whizbang tech doesn't mean it can't make plenty of money and be valuable to other properties.
And that's just with 20 seconds of thought put into it. I'm sure there are many other angles as well.