The informal setting and preponderance of casual wear has led some to dub the week-long event summer camp for moguls.. Apple CEO Tim Cook waves at photographers as he attends the Sun Valley Conference on Thursday. 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. 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 hide caption. Kevin Dietsch/Getty Images 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. After all, Walt Disney CEO Bob Chapek, fresh off a contract extension, is on the guest list, as is his predecessor Bob Iger. 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. Execs have been spotted arriving, checking in, and even heading out for After a year when the only stars to be found were in Sun Valleys night sky due to the pandemic, the Allen and Company Conference is back on in 2021. Whether Sun Valley or hoodies, some trends, as they say, never go out of fashion. The Allen & Company Sun Valley Conference is an annual media finance conference hosted and funded by private investment firm Allen & Company. Behind closed doors, guests are treated to talks on everything from global terrorism to public education to global warming. If the job market sours and wages constrict, look for Joe and Jane Public to shed some streaming services and go to the movies even less than they already do. Gold Resource Corporation (NYSE:GORO) Q4 2022 Earnings Conference Call March 3, 2023 10:00 AM ETCompany Participants. Part of what makes it so unique is the dress code. Only hours after The New York Times published an upcoming book excerpt describing a supposed falling out between Facebook CEO Mark Zuckerberg and COO Sheryl Sandberg, the two executives appeared together, smiling and presenting a united front, in front of a group of photographers. In years past, Allen & Co. gave each participant a Patagonia fleece a vest or a jacket, with the bank's logo embroidered on the chest. Sign up for our newsletter for the latest tech news and scoops delivered daily to your inbox. And of course, there was also the dealmaking, all of it behind closed doors or more accurately, behind high hedge trees and heavy security. Allen & Co.s annual Sun Valley conference, colloquially referred to as summer camp for moguls because of the power wattage of its attendees and the activities they enjoy in the mountains, was canceled in 2020 because of the pandemic, but with restrictions being lifted and dealmaking in full swing, the confab that led to The Walt Disney Co.s acquisition of CapCities/ABC, the much-maligned AOL-Time Warner merger, early talks between Comcast executives and NBCUniversal, and Googles takeover of YouTube is ready for a comeback. Love is in the air! 2023 Variety Media, LLC. 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. The gathering typically includes major political figures, business leaders, and figures in the philanthropic and cultural spheres.[2][3]. This year is unlikely to be different, even if the tone may be different from last year. 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). Because of pandemic restrictions, children were not allowed. And often, the no-shows can attract as much attention as those who are there. Thomas Allen's annual revenues WebMinnesota Safety & Health Conference Minneapolis Convention Center,May 8-10, 2018. Almost everyone wears casual clothes and a simple name tag. 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. Minnesota Power an ALLETE Company 30 West Superior Street Duluth, MN 55802 For reporters, the Allen & Co. Sun Valley Conference is a strange event to cover. Kevin Dietsch/Getty Images Academia may not boast the kind of salaries that are usually a requirement for entry at Sun Valley, but the professors and school presidents are useful for the panel discussions that form much of the weeks activities. It is internationally acclaimed for bringing science-driven solutions to the Kim Perry - Chief Financial Officer. Cc @JeffBezos and Lauren Sanchez are back in #SunValley more now on @FoxBusiness @LizClaman pic.twitter.com/u9fXN7vD0t. Their absence made the event feel more subdued than in years past. Afternoons are spent biking, whitewater rafting and barbecuing. In the end, the lure of Sun Valley was too strong, apparently. It is "summer camp" after all, albeit for a rarefied set of people. Kim Perry - Chief Financial Meanwhile, another freshly completed merger, the union of CAA and ICM Partners, will surely be a topic of conversation as ICMs Chris Silbermann and CAAs Bryan Lourd are Sun Valley regulars. Join Minnesota's transportation industry for three action-packed days of compelling presentations, thought-provoking panels, and the chance to network with like 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. 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. Because so much of the conference took place outside this year, reporters were kept even farther away than usual. This week, he returns as full-blown Hollywood titan of an expanded empire as CEO of Warner Bros. Apple CEO Tim Cook waves at photographers as he attends the Sun Valley Conference on Thursday. Over the past few days, the annual superconference hosted by Allen & Company, a pretty prestigious boutique investment bank in NYC, has taken place in Sun 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 They are both executives at the social media company, but they are unrelated. 2023 The Hollywood Reporter, LLC. On this Wikipedia the language links are at the top of the page across from the article title. In fact, one of the favorite pastimes is to see who's spotted with whom. While we'll have to wait and see what comes of this year's conference, we can at least get a glimpse of which moguls have arrived at this year's ultra-exclusive enclave. But of course, moguls have products and services to sell, and you can't do that without some media exposure. Executives from Each of those players that are chasing that ball chasing scripted movies and scripted series they are chasing IP, and none of them have enough., Two years later, and Zaslav is poised to take control of HBO Max himself as part of an IP-driven megadeal that will see WarnerMedia and Discovery merge. Griffith said the influx of visitors may come back and continue spending dollars down the road. [4][9][10][11][2], and more. 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. Of course, no writeup of the Allen & Co. Sun Valley Conference would be complete without a reference to fashion or the lack of it, depending on one's perspective. Facebook CEO Mark Zuckerberg walks with Facebook COO Sheryl Sandberg at the Sun Valley conference. Reversals of Fortune This story appeared in the May 26 issue of The Hollywood Reporter magazine. Here are five takeaways from the 38th Sun Valley conference: Perhaps the most noticeable change had to do with children, or rather, the lack thereof. Discovery, may be among those commiserating about taking brutal equity losses. Or as close to it as possible. Discovery CEO David Zaslav, Oprah Winfrey. This year, Allen & Co. seemed determined to pick up right where it left off. Rupert Murdoch didn't make the trip this year, for example. The ultra-exclusive event lures some of the biggest names in finance, 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. Through the years, several major mergers, acquisitions and other deals have reportedly been made following discussions at the Sun Valley conference, such as Bezos' purchase of The Washington Post as well as Disney's acquisition of ABC, Insider reported. 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The Black community has historically been the most underrepresented, despite the number of Black power players in media and entertainment. Idaho; venues include the Sun Valley Lodge (above). Heres a deeper look at what the CEOs and media barons should expect when they hit the posh mountain retreat in the Sawtooth Mountains. Sheryl Sandberg, Reed Hastings, Ted Sarandos, Doug McMillon and dozens more have arrived so far. This years group of Ivory Tower denizens includes The University of Chicago President Bob Zimmer, Georgetown University President Jack DeGioia, and Nicholas Christakis, Yale Universitys Sterling Professor of Social and Natural Science. Private jets park alongside grazing cows at the Friedman Memorial Airport ahead of the Allen & Company Sun Valley Conference on July 5 in Sun Valley, Idaho. After all, PwC in a recent report noted that deals activity has recently slowed among some of the major media companies, following a peak driven by content and technology acquisitions to fuel expansion of streaming services.. The latter stayed at the company as executive chairman until the end of last year. Wall Street observers expect industry bosses to also discuss in Sun Valley whether in formal sessions or during social gatherings indoors or outdoors such challenges as rising inflation, which could impact the upside for sector giants pivot to streaming services. Facebook CEO Mark Zuckerberg walks with Facebook COO Sheryl Sandberg at the Sun Valley conference. Facebooks Mark Zuckerberg, Warren Buffet, and that Jeff Bezos guy to name a few. Discovery Content, John Malone and Charter Directors Reach $87.5M Deal to Settle Investor Suit, Rupert Murdoch, Fox Corp. 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He Now Says The Movie Business Is Dead, Patagonia has decided to stop adding corporate logos to its clothing. This summer, the IP capital of the world will be central Idaho. You are going to see Sun Valley and whats going on and the history of the (Allen & Co.) event. 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 & Company has advised, helped found, and/or invested in companies including BET, InterActiveCorp, Oxygen Media, Discovery Communications, News Corporation, the Coca-Cola Corporation and Google.[12][13][14]. Join half a million readers enjoying Newsweek's free newsletters. Address. Sun Valley is a forty-year tradition for Allen & Company, a family-owned New York boutique investment bank thats worked on some of the media and tech industries biggest deals. hide caption. Verizons The ultra-exclusive event lures some of the biggest names in finance, tech, and media. Kevin Dietsch/Getty Images This year, perhaps because Patagonia has decided to stop adding corporate logos to its clothing, fleece was out. A sign is seen at the entrance to the Sun Valley Resort ahead of the Sun Valley conference organized by Allen & Co. in Sun Valley, Idaho, on July 5. as well as other partner offers and accept our, Big brands like Nike and Neiman Marcus are snapping up tech companies as e-commerce takes off and first-party data becomes paramount. A-list guests have arrived in Sun Valley, Idaho, the site of the annual Allen & Co. conference. And those exceptions are typically white women and Asian men. Variety and the Flying V logos are trademarks of Variety Media, LLC. The gathering typically includes major political figures, business leaders, and figures in the philanthropic and cultural spheres. Sign up for THR news straight to your inbox every day. Subscribe for full access to The Hollywood Reporter. Phone: 651-291-9150/1-800-444-9150 | Email: Minnesota Safety Council. Instead on chilly mornings, guests wore puffier outerwear. 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. She's an Emmy-winning journalist, and a professor at the College of Western Idaho. This year, the Wall Street Journal reports some sessions will be held outside, and other COVID-19 protocols will be in place. Before the conference got underway, the manager of the Friedman Memorial Airport in nearby Hailey, Idaho, said he expected more than 90 private planes. [2019: Annual spotlight on Sun Valley helps Idahos economy in ways large and small]. Cc @JeffBezos and Lauren Sanchez are back in #SunValley more now on @FoxBusiness @LizClaman," Gasparino tweeted. 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. 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. The conferences guest list is notably lacking in diversity, with only a few people of color and Black media leaders invited. Federal Reserve Chairman Jerome Powell said June 15 the Fed is not trying to induce a recession with the recent hike in short-term interest rates. Apple CEO Tim Cook attends the Allen & Company Sun Valley conference on July 8 in Sun Valley, Idaho. Allen & Company is a private investment firm formed in 1922, with headquarters in New York City and London. From Warner Bros. If you turn on CNBC (in the) morning you are going to see the Sawtooths in the background, he said. All Rights Reserved. And though Rupert Murdoch may be sitting out this conference, sons James and Lachlan are expected to attend. Nikki Haley, former US Ambassador to the UN and a potential 2024 candidate, is on the invite list, but a spokesperson says she will not make the trek to Idaho. 1550 Humboldt Avenue. Allen & Co. has not officially confirmed the conferences return, but a check of Sun Valley Resorts reservation system which books the Lodge, Inn and more accommodations shows the week after July 4 is blocked out, and the local newspaper Idaho Mountain Express reported that the conference would return. Variety and the Flying V logos are trademarks of Variety Media, LLC. management make Minnesota Power a safer place to work. 800-228-4966. 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. Discovery's David Zaslav and Bruce Campbell to Walt Disney boss Bob Chapek as well as his predecessor Bob Iger media and tech Some of the biggest names in technology, media and finance have gathered this week in Sun Valley, Idaho, for the latest edition of the annual conference hosted by Allen & Company, a private investment bank. When video game maker Activision Blizzard's CEO, Bobby Kotick, arrived at the resort, the founder of Imagine Entertainment, Brian Grazer, gave him a big hug. - June 28, 2004", "Colombia's President Alvaro Uribe attends 2009 Allen & Company Sun Valley Conference", "Allen and Co. Sun Valley Conference: Gates, Murdoch and ZuckerbergOh My", "idaho mountain express: Media moguls alight in valley Allen + Co opens 22nd annual conference: Friday, July 2, 2004", "Idaho Mountain Express: Herbert Allen Jr. comes calling again - July 5, 2006", "Media moguls focus on digital dollars at Sun Valley", "Inside the Private World of Allen & Co. The investment bank doesnt publicly release a guest list or agenda for the gathering, but attendees, including speakers from the political world, tend to surface sooner or later. 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. They will hit the posh resort at a time when many analysts and insiders believe that Hollywood and Silicon Valley are in the midst of an unprecedented period of consolidation. The same is true for two invited Meta Platforms executives: CEO Mark Zuckerberg and COO Sheryl Sandberg, who recently announced that she would step down this fall after 14 years at the company formerly known as Facebook. Sheryl Sandberg, chief operating officer of Facebook Inc., attends the Allen & Company Sun Valley Conference on Wednesday in Sun Valley, Idaho. Two weeks ago, UM Kansas City lost one of its two big-time scorers when Rising Interest Rates, Cooling M&A Fever Moguls gather for Allen & Co.s annual event in Sun Valley, All Rights Reserved. It was no wonder why: He just handed over the reins of the company to a new CEO, Andy Jassy, and he is preparing to embark on a trip to space later this month. By clicking Sign up, you agree to receive marketing emails from Insider Summit League (March 3) Early-round bet: (10) Nebraska-Omaha vs. (7) UM Kansas City. The annual event, which was canceled last year due to the pandemic, has historically been a breeding ground for blockbuster deals: Jeff Bezos' purchase of The Washington Post was born out of conversations at Sun Valley, and Disney's $19 billion acquisition of ABC was hatched at Sun Valley as well. 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. Webmtcexpo.com. Participants in this year's conference had to be fully vaccinated, and upon arrival, everyone had to take a COVID-19 test. 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. BoiseDevs Don Day contributed reporting. 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. Phone: 218-722-2625 "Love is in the air! Shari Redstone, chairman of Paramount Global, and David Zaslav, CEO of the newly minted Warner Bros. 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. A few regulars arent on the list this time. Discovery's David Zaslav and Bruce Campbell to Walt Disney boss Bob Chapek as well as his predecessor Bob Iger media and tech titans will flock to the annual gathering organized by Allen & Co. First, July 4. Then, Sun Valley. 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! As in years past, there were lavish lunches and dinners, albeit al fresco. hide caption. Caterers took over a restaurant in the middle of the resort to prepare meals. 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 Contact her at, Annual spotlight on Sun Valley helps Idahos economy in ways large and small, Inside Idahos native fisher; and why its name is ironic, ICYMI: Idaho lake known for world record catch draws anglers, ICYMI: The Center of the Universe? 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. Its possible, for instance, that Bezos planned trip to space on July 20 could alter those plans. From Warner Bros. So was Walt Disney's purchase of CapCities/ABC, and Comcast's deal for NBCUniversal. All Rights Reserved. Right after Independence Day, media and technology titans will once again jet to the Idaho resort to mingle at the annual gathering of investment bank Allen & Co., which has been nicknamed summer camp for moguls.. 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On Thursday, he and his girlfriend, Lauren Snchez, strolled past a group of journalists gathered outside the Sun Valley Lodge. [1] The conference has taken place in Sun Valley, Idaho for one week each July since 1983. In the lobby of the Sun Valley Lodge, nurses from the world-renowned Mayo Clinic were on hand to administer them. Variety is a part of Penske Media Corporation. If more mergers and acquisitions are on the horizon, they may be hatched at Sun Valley, which in the past has been the locus of such mega-pacts as Comcasts purchase of NBC/Universal, the Washington Posts sale to Bezos and Disneys deal for Capital Cities/ABC. (The agenda and speakers are kept secret, though CNBC puts up an interview set to try to wrangle the more press-friendly attendees.). Click here to subscribe. The event has been dubbed the "summer camp for billionaires" due to its guest list. But, while harder to measure, the brand cachet the conference brings helps build the areas economy. Never mind if you are world-famous. After all, Allen & Co. pays for the whole event with the understanding that it will eventually get a cut of any deal that emerges from its conference. 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. Read Next: The Penguin Series at HBO Max Casts Clancy Brown, VIP+ Analysis: For Some in Media, Its the Calm Before the Crash, Harry Potter Star Evanna Lynch: I Wish People Would Give J.K. 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This is driving significant increases in content spending (including local content) globally along with an uptick in churn for leading services such as Netflix (and the majority of net add growth skewing towards newer entrants)., Sign up for THR news straight to your inbox every day. Diane Warren Performs Her 14 Oscar-Nominated Songs in Six Minutes (Exclusive Video), Comcasts NBCU and Sky Partner With MultiChoice on Showmax Streaming Service in Africa, ITV Studios 2022 Revenue Jumps 19 Percent, ITV Ad Revenue Drops Slightly, First Quarter to Fall 11 Percent, Twickenham Film Studios Chair Buys 6.95 Percent Stake in APX Group, HGTV Orders More of Two Young Shows, With an Eye on Diversifying Talent and Streaming Output, Australia's Foxtel Inks Multi-Year Deal to Retain Warner Bros. I think any time Idaho is mentioned with this category of individual, whether its from an economic development perspective or a travel and tourism perspective, its obviously good for us, Borud said. Sun Valley, the annual event colloquially known as summer camp for billionaires, kicks off as usual on July 5. 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). 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. And of course, this being the top brass of tech, there were the hoodies, like the one spotted by 79-year-old Diller. The Hollywood Reporter is a part of Penske Media Corporation. co-founder Jerry Yang, financer George Soros, Facebook founder Mark Zuckerberg, media mogul Rupert Murdoch,[5] eBay CEO Meg Whitman, BET founder Robert Johnson, Time Warner Chairman Richard Parsons, Nike founder and chairman Phil Knight,[6] Dell founder and CEO Michael Dell,[7] NBA player LeBron James, Professor and entrepreneur Sebastian Thrun, Governor Chris Christie, entertainer Dan Chandler, Katharine Graham of The Washington Post, Diane Sawyer, InterActiveCorp Chairman Barry Diller, Linkedin co-founder Reid Hoffman, entrepreneur Wences Casares, EXOR and FCA Chairman John Elkann, and Washington Post CEO Donald E. Graham, Ivanka Trump and Jared Kushner,[8] Bob Iger, Warner Bros. 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