Verizons The high-profile event saw an influx of private jets arriving at Friedman Memorial Airport near Sun Valley. It's unlike any summer camp you have heard of. Or as close to it as possible. The Black community has historically been the most underrepresented, despite the number of Black power players in media and entertainment. WndrCo CEO Jeffrey Katzenberg, for example, wore a navy vest from the brand Zero Restriction, and so did Live Nation CEO Michael Rapino and The Home Depot founder Ken Langone. CEO of Facebook Mark Zuckerberg walks with COO of Facebook Sheryl Sandberg at the Allen & Company Sun Valley Conference on July 8 in Sun Valley, Idaho. Silicon Valley giants and media moguls alike have been flocking to Idaho this week for Allen & Co.'s annual conference at Sun Valley Resort. Discovery, may be among those commiserating about taking brutal equity losses. Last year, Allen & Co., the investment bank behind the gathering, put the event on COVID-related hiatus, but its back on in 2021 and should occur right after the July 4th holiday. Reversals of Fortune Subscribe for full access to The Hollywood Reporter. Huge Lack of Diversity Kevin Dietsch/Getty Images The gathering typically includes major political figures, business leaders, and figures in the philanthropic and cultural spheres. David Zaslav at Allen & Company's Sun Valley Conference in 2021. hide caption. Casual with lots of sweater vests and Patagonia. BoiseDevs Don Day contributed reporting. And those exceptions are typically white women and Asian men. The secretive and exclusive gathering of media, tech and other power brokers traditionally mixes presentations, discussions and such social activities as hiking, rafting and golf. Among members of the media attending the event were CNN's Anderson Cooper and Van Jones; Andrew Ross Sorkin of The New York Times and CNBC; CBS News's Gayle King; and The Washington Post columnist David Ignatius. And of course, there was also the dealmaking, all of it behind closed doors or more accurately, behind high hedge trees and heavy security. Bloomberg reported Comcast Corporation's takeover of NBCUniversal and Verizon Communications Inc.'s acquisition of AOL were also said to have been facilitated at the conference. Almost everyone wears casual clothes and a simple name tag. Participants in this year's conference had to be fully vaccinated, and upon arrival, everyone had to take a COVID-19 test. After all, both Bob Chapek, the embattled Disney chief, and Bob Iger, the man he has struggled to replace, are on the guest list for the 2022 iteration of Sun Valley. At the same time, frequent Sun Valley-goer Zaslav now boasts Warner Bros. in front of his Discovery CEO title, making him the new king in town. This year, perhaps because Patagonia has decided to stop adding corporate logos to its clothing, fleece was out. Sun Valley has often played host to presidential aspirants and government bigwigs such as Chris Christie and Cory Booker, neither of whom are on this years guest list. Rising Interest Rates, Cooling M&A Fever This story appeared in the May 26 issue of The Hollywood Reporter magazine. And at time when some journalists can be as famous, or even more famous than some of the participants, it's natural that some members of the media would attend not to cover the events, but to hobknob as participants. 1550 Humboldt Avenue. Allen & Company is a private investment firm formed in 1922, with headquarters in New York City and London. Then there's the appearances that attract speculation for other reasons. Everyone Practices Cancel Culture | Opinion, Deplatforming Free Speech is Dangerous | Opinion, Former New York City Mayor Michael Bloomberg, Film and television producer Brian Grazer, Fashion designer and Alice + Olivia CEO Stacey Bendet. The stock markets roller coaster ride in the first half of the year means that some regulars at the annual gathering hosted by investment bank Allen & Co. will be arriving with much-diminished market caps. Yes, Scream VI Marketing Is Behind the Creepy Ghostface Sightings Causing Scares Across the U.S. David Oyelowo, Taylor Sheridan's 'Bass Reeves' Series at Paramount+ Casts King Richard Star Demi Singleton (EXCLUSIVE), Star Trek: Discovery to End With Season 5, Paramount+ Pushes Premiere to 2024. [Streaming] is going to be a street fight, Zaslav told CNBCs Julia Boorstin when asked about WarnerMedias just-announced-at-the-time plans to launch HBO Max. We all have platform envy, but they need IP to attract people to their platform.. Outside the Sun Valley Lodge, NFL Commissioner Roger Goodell chatted with Robert Kraft, the owner of the New England Patriots. Execs have been spotted arriving, checking in, and even heading out for From left to right, Dana Blumberg stands next to her boyfriend, New England Patriots owner Robert Kraft, Facebook COO Sheryl Sandberg and Facebook CEO Mark Zuckerberg as they talk after a session at the Allen & Company Sun Valley Conference on Thursday in Sun Valley, Idaho. The Hollywood Reporter is a part of Penske Media Corporation. If things go south, thats bad news for many media moguls, since the films and shows they produce are tailor-made for people with discretionary income. So next time there is a monumental deal in tech or media, its possible it sprouted in Sun Valley, Idaho. Tim Cook and Eddy Cue have arrived in Sun Valley, Idaho https://t.co/qiiZizaxFT pic.twitter.com/CHoozGCcL4 West St Paul, MN 55118. Facebook CEO Mark Zuckerberg, Apple CEO Tim Cook and Microsoft co-founder Bill Gates are reportedly among those who have been spotted at this year's event, which began Tuesday and concludes on July 10. Discoverys WarnerMedia deal, Amazons $8.45 billion takeover of MGM and the reopening of the economy are likely to feature among the topics of debate at the retreat, which traditionally starts after the Fourth of July holiday (Allen & Co., as it happened, was an adviser to Discovery on the WarnerMedia deal). Variety and the Flying V logos are trademarks of Variety Media, LLC. As in years past, there were lavish lunches and dinners, albeit al fresco. Address. Moguls, Deals And Patagonia Vests: A Look Inside 'Summer Camp For Billionaires', Barry Diller Headed 2 Hollywood Studios. But the moguls who flock to the Allen & Co. retreat may not be as relaxed as usual when they touch down at the Sun Valley Lodge in the Idaho resort town: From darkening economic clouds to choppy leadership transitions at some of the most storied media companies, there are plenty of reasons for the 1% of the 1% to be breaking a sweat these days. A range of companies and institutions held court at dedicated tables while the most prominent business leaders in the world made the rounds of meetings that ran no more than 30-40 minutes. Heres a deeper look at what the CEOs and media barons should expect when they hit the posh mountain retreat in the Sawtooth Mountains. Insider reported the busy private jet traffic on Tuesday saw the U.S. Federal Aviation Administration ban other planes from the country's West Coast to as far as Michigan and Canada from departing. Afternoons are spent biking, whitewater rafting and barbecuing. This year's conference came soon after Discovery announced a deal to buy WarnerMedia, which includes CNN, HBO and Warner Bros. (Pictured: Warner Bros. It is "summer camp" after all, albeit for a rarefied set of people. Not that such added intrigue was necessary given that Musk had tweeted in May that the Twitter deal was temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5 percent of users. The social media powerhouse had reported 229 million users who were served advertising in the first quarter, which would mean 5 percent of those users would amount to 11.45 million. While folks who arent invited cant get into the conference itself, media camp outside the event and wait for a chance to catch photos of stars like Oprah Winfrey. hide caption. In the lobby of the Sun Valley Lodge, nurses from the world-renowned Mayo Clinic were on hand to administer them. IAC Chairman Barry Diller walks to a morning session at the Allen & Company Sun Valley Conference on Wednedsday in Sun Valley, Idaho. In the early morning darkness of July 10, 2019, on a bare-bones outdoor interview set constructed on the side of a road in Sun Valley, Idaho, Discovery CEO David Zaslav laid out the case for the M&A frenzy that would hit the entertainment business nearly two years later. 2023 Variety Media, LLC. President and CEO of Chubb Limited Evan Greenberg (left) and co-founder of Microsoft Bill Gates walk together at the Allen & Company Sun Valley conference on management make Minnesota Power a safer place to work. The WKU Lady Toppers complete the season sweep of the UTEP Miners after Karris Allen hits the go ahead shot to help propel the Tops to a 62-59 win. 84th Annual Minnesota Safety & Health ConferenceMinneapolis Convention Center,May 8-10, 2018 Theyre joined in the dealmakers club by Liberty Global Chairman John Malone and top lieutenants Mike Fries and Greg Maffei, Live Nation CEO Michael Rapino, CAAs Bryan Lourd, ICMs Chris Silbermann, Microsoft CEO Satya Nadella, ViacomCBSs Shari Redstone and Viking Global Investors Andreas Halvorsen. Behind closed doors, guests are treated to talks on everything from global terrorism to public education to global warming. As usual, most participants traveled by private jets. The week isnt all work though hikes in the Sawtooth Mountains and rafting trips down the Salmon River are also on the agenda. This week, he returns as full-blown Hollywood titan of an expanded empire as CEO of Warner Bros. At a jubilant press conference outside the Colleton County Courthouse in Walterboro, state attorney general Alan Wilson hailed "a great day for the people of South Carolina". With new mandates in boardrooms across the country to increase diversity in almost all major sectors, its very unlikely the summer camp for moguls can keep going without including Byron Allen, Jay-Z, Robert F. Smith and other high-profile Black execs. The invite-only conference gives executives a chance to meet, mingle and discuss deals in private, with all discussions and proceedings off the record. Those sitting Sun Valley out this time include Rupert Murdoch and his son Lachlan (though ex-wife Wendi Deng Murdoch is named on the list), as well as billionaire entrepreneur Peter Thiel and Twitter CEO Jack Dorsey. Because so much of the conference took place outside this year, reporters were kept even farther away than usual. Allen & Co. was an underwriter on Google's and Facebook's IPOs. [1] The conference has taken place in Sun Valley, Idaho for one week each July since 1983. Kevin Dietsch/Getty Images And often, the no-shows can attract as much attention as those who are there. Sun Valley also played matchmaker for AOL and Time Warners unhappy union, which, until AT&Ts short-lived ownership of WarnerMedia, was far-and-away the worst thing that ever happened to the company that brothers Harry, Albert, Sam and Jack Warner founded in 1923 (it probably still is, but at least it now has a rival in the AT&T merger). Although Warner Bros. Variety and the Flying V logos are trademarks of Variety Media, LLC. The fact that both Musk and Twitter CEO Parag Agrawal are expected in town adds more intrigue. The confabs 2019 attendee list included Zaslav, Comcast CEO Brian Roberts, Shari Redstone (before Viacom and CBS re-merged), Apple CEO Tim Cook, Spotify CEO Daniel Ek, Verizon CEO Hans Vestberg and IAC chairman Barry Diller. For example, as CEO of Discovery, David Zaslav has long been one of the media moguls attending the annual gathering and one who has been sought after by his peers and media reporters alike. All rights reserved. Then, Sun Valley. Join half a million readers enjoying Newsweek's free newsletters. The informal setting and preponderance of casual wear has led some to dub the week-long event summer camp for moguls.. The giant shake-ups, large transactions and dips in stock prices across the entertainment landscape over the past year could make for a change in standing among colleagues in Idaho this July. The event has been dubbed the "summer camp for billionaires" due to its guest list. In years past, the investment firm would organize trips to the pool, parties on Sun Valley Lake and games for children, and Allen & Co. would hire dozens of local teenagers to work as babysitters. Allen Rupert Murdoch didn't make the trip this year, for example. Executives from the biggest and most influential tech and media companies will gather behind closed doors. WebMinnesota Safety & Health Conference Minneapolis Convention Center,May 8-10, 2018. Attendees previously likely to talk mergers and acquisitions, the go-to move for growth in recent years, especially as the streaming wars have ramped up, might put a pin in new conversations. Gold Resource Corporation (NYSE:GORO) Q4 2022 Earnings Conference Call March 3, 2023 10:00 AM ETCompany Participants. It's reported the AOL-Time Warner deal was hatched at the conference. Discovery is barely three months old in this configuration, rumors about the next big deal for the company (and whether it might involve Redstones assets) will follow Zaslav throughout the week. On Thursday, several dozen of them were visible. The guest list for Sun Valley is once again overflowing with bold faced names with the cash and egos to spur a fresh wave of M&A. Allen & Co. has usually been a family-friendly affair, and that has added to its can't-miss event status for moguls. This week, for example, Netflix CEO Ted Sarandos was seen walking with NBCUniversal CEO Jeff Shell. After that, Chapek put his stamp on the Mouse House by filling key roles that had been held by close Iger advisors and outlining new strategic pillars for the conglomerate. Whether Sun Valley or hoodies, some trends, as they say, never go out of fashion. Then theres Twitter CEO Parag Agrawal and Elon Musk, the billionaire Tesla and SpaceX founder who is trying to wrap up his $44 billion acquisition of the social media platform. During a press conference announcing the deal May 17, Zaslav said it brings together the most valuable, important and exciting IP in the world., This summer, Zaslav and a slew of tech and media moguls once again are poised to board their private jets for Sun Valley, marking the return of horseback riding, rafting, guided hikes, golf and perhaps more billion-dollar deals. Moguls gather for Allen & Co.s annual event in Sun Valley, You are going to see Sun Valley and whats going on and the history of the (Allen & Co.) event. Ted Sarandos and Reed Hastings, formerly masters of the universe, are now in the awkward position of leading Netflix during its new underdog phase (head of global TV Bela Bajarias word, not ours). After all, amid increased competition, the rising cost of living and Netflixs shock first-quarter subscriber drop, analysts have debated whether the one or the other Hollywood powerhouses streaming subscriber and financial forecasts may have to come down. He Now Says The Movie Business Is Dead, Patagonia has decided to stop adding corporate logos to its clothing. After a one-year hiatus, hundreds of the world's most powerful people in tech, media and markets once again made a pilgrimage to Sun Valley, Idaho, to attend an exclusive conference organized by the investment bank Allen & Company. Facebook CEO Mark Zuckerberg walks with Facebook COO Sheryl Sandberg at the Sun Valley conference. Variety is a part of Penske Media Corporation. If he doesnt attend, hell have company. Several major company heads, media executives and other public figures have been pictured at the conference, according to images from Getty and other reports, including the following: According to Gura, several executives who have invested in cryptocurrencies were reported to be at the event, as well as those heading up companies focused on artificial intelligence. Top executives are poised to jet to Sun Valley for Allen & Co.s exclusive conference in July where power players lay the groundwork for blockbuster tie-ups. Other pols and Beltway insiders include Council of Foreign Relations President Richard Haass, former U.S. Secretary of Transportation Elaine Chao, former U.S. Secretary of State James Baker, and William McRaven, the former Commander of the United States Special Forces. Previous conference guests have included Bill and Melinda Gates, Jeff Bezos, Elon Musk, Warren and Susan Buffett,[4] Tony Blair, Google founders Larry Page and Sergey Brin, Allen alumnus and former Philippine Senator Mar Roxas, former Google Chairman Eric Schmidt, Quicken Loans Founder & Chairman Dan Gilbert, Yahoo!
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