About this time last year, as the illustrious guests of Allen & Company’s annual bonanza flocked to the entrance of the legendary Sun Valley Resort in the mountains of central Idaho, David Zaslav got out of his chauffeured SUV and gave an interview about the major media’s strong appetite for mergers and acquisitions. Zaslav had just struck a deal for the history books: the creation of Warner Bros. Discovery, of which he is now CEO. “There was a line wherever he was,” Oprah Winfrey told me at the time, relaying a scene report of Gayle King.
As this year’s so-called billionaire summer camp kicks off Tuesday, Zaslav will hardly feel the need for company over a cocktail in the Duchin Lounge. But other honchos in attendance are sure to arouse more attention and interest. To begin with, there is Elon Musk, which is expected to be in attendance for the first time in several years as its rollercoaster Twitter takeover heads to some sort of spectacular conclusion. The Tesla boss isn’t just one of the most talked about and controversial people in the business world – he has become one of the most talked about and controversial figures in the entire world, and his likely ownership of Twitter is seen as having important implications for freedom. of expression and democracy and the ability of platforms to curb disinformation in a highly polarized society. will draw a lot of attention,” a Sun Valley fixture told me. “No way.”
Another person who has attended the conference over the years suggested alternatively: “Everyone will pay attention to the body language between Chapek and Iger, the Game of Thrones dynamics between the current emperor and the previous emperor, and how that will turn out.” This source was clearly referring to the two Bobs –Bob Iger, the legendary former CEO of Disney, and Bob Chapek, the haunted current Disney boss — whose well-documented feud has been grist to the Hollywood gossip mill. Chapek will, of course, arrive in Idaho with a new three-year deal, dispelling speculation that, after a string of very When another congressman joked, “When everyone ran out of things to talk about in the media, they started gossiping about Chapek. “
Who else? There will definitely be eyes on it sheryl sandberg, who recently resigned from Meta/Facebook after 14 years with the company Brian Roberts and Shari Redstone, both seen as a necessity to expand their respective business fiefdoms, Comcast and ViacomCBS.On this year’s guest list is conspicuously absent Jeff Bezos, who usually doesn’t miss the thing. He may be trying to create a little breathing room for Amazon’s new CEO, Andreas Jassy. Or as a few of my sources suggested he might just be touring Europe on his mega yacht. (Wouldn’t that be you?) As for the Murdochs, I could confirm that James, Lachlan, and Rupert will all be there. Keep an eye out for Substack star Bari Weiss. “I’m going! And I’m looking forward to it!” she texted me on Friday. “But I don’t have the necessary vest. Nellie and I” – as in Nellie Bowles, her wife – “currently investigating high-end athleisure.”
Then there’s the Netflix of it all. For a long time, the OG streaming service was the king of the jungle, the pinnacle that everyone else aspired to as they began to recalibrate their businesses for the unbundled multi-platform future. Now those others are starting to catch on up, which means Netflix bosses Reed Hastings and Ted Sarandos find themselves fighting to hold onto the throne. One of the biggest media stories of the past spring was the company’s astonishing loss of subscribers, its first in 10 years, with further projected into the second quarter. That story will bleed in the air as attendees amble around the resort grounds in their signature fleece vests. “It will certainly be interesting to see how Reed and Ted interact with people,” said a source. “It’s a big change for them in their business. What do they think about it? Another questioned whether Netflix might start to look like an acquisition candidate, noting the steep plunge in the company’s market cap and value: “They still have something that most people don’t, which is 220 million subscribers and a great technology platform.”
There were a few other themes that came up in conversations with several major players I spoke with. One was the potential for further mergers and acquisitions. Merger zeal has cooled since the gold rush of previous years, and the biggest players have strengthened their power. But further consolidation is certainly on the way. Also, a source noted that there is an “acknowledgment” that the largest media companies in the world – Netflix, Disney and Warner Bros. Discovery – not having controlling shareholders holding the lion’s share of outstanding shares. Will they be able to stay that way, or is it just a matter of time? Someone else suggested a sudden popularity for companies with large balance sheets. Roberts, for instance, never attracted much attention, but maybe now, with Comcast’s nearly $9 billion in cash on hand, he just might.
