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. 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 July 8 in Sun Valley, Idaho. WebThe Allen D. Leman Swine Conference is an annual educational event for the global swine industry. 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. Beyond a schedule of presentations and discussions, the event features social time for moguls to mingle (and perhaps talk deals). Programming took place in the Sun Valley Pavilion, an open-air amphitheater, against the backdrop of Dollar Mountain. Reversals of Fortune Kevin Dietsch/Getty Images Facebook CEO Mark Zuckerberg walks with Facebook COO Sheryl Sandberg at the Sun Valley conference. 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. 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. The informal setting and preponderance of casual wear has led some to dub the week-long event summer camp for moguls.. All rights reserved. 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. Verizons Updated: 12:32 pm PT 6/7/21 to reflect that John Stankey will not attend the conference. The one-percent of the one-percenters lead busy lives, after all. Amazon founder Jeff Bezos was also seen at the conference in a video posted by a senior correspondent for Fox Business Network, Charles Gasparino. Power players traditionally have used the exclusive and secretive event to casually lay the groundwork for M&A. This summer, the IP capital of the world will be central Idaho. 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. hide caption. This year, Allen & Co. seemed determined to pick up right where it left off. Execs have been spotted arriving, checking in, and even heading out for 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. Before the conference got underway, the manager of the Friedman Memorial Airport in nearby Hailey, Idaho, said he expected more than 90 private planes. 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. 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. Updated: 2:50 pm PT 6/8/21 to reflect that Nikki Haley will not attend the conference. Amazon founder Jeff Bezos (another Sun Valley regular) said the impetus for the MGM deal was its vast, deep catalog of much beloved intellectual property, but Zaslav saw it coming in 2019. There appeared to be more security, and participants seemed less inclined to interact with journalists. 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. Minnesota Power an ALLETE Company 30 West Superior Street Duluth, MN 55802 Discovery. The gathering is geared towards one thing: building relationships that may one day pay off in the shape of a major deal, NPR noted. And its not exactly a secret that the two Bobs are barely on speaking terms these days. On Thursday, he and his girlfriend, Lauren Snchez, strolled past a group of journalists gathered outside the Sun Valley Lodge. They own the world, he said at the time when asked about Amazon or Apple getting into the content business. The annual Allen & Co. conference in Sun Valley, Idaho, is officially underway. This week, he returns as full-blown Hollywood titan of an expanded empire as CEO of Warner Bros. Or as close to it as possible. BoiseDevs Don Day contributed reporting. Being on the guest list doesnt mean that a person will actually appear at the Alpine Idyll Jerry Seinfeld was invited one year, but didnt show. 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. While the topics to be discussed at the conference are not disclosed to the public, some guesses for what might be on the table can be made based on the guest list, Gura says. Discovery CEO David Zaslav, Oprah Winfrey. Facebooks Mark Zuckerberg, Warren Buffet, and that Jeff Bezos guy to name a few. Shari Redstone, chairman of Paramount Global, and David Zaslav, CEO of the newly minted Warner Bros. Others getting the golden ticket and chance to trade their power suits for windbreakers and sensible chinos include Shake Shack creator Danny Meyer, Dell Technologies CEO Michael Dell, Palantir CEO Alex Karp, Breaking Bad and Better Call Saul creator Vince Gilligan, Murphy Brown star Candice Bergen, Activision Blizzard CEO Bobby Kotick, producer Brian Grazer, Casey Wasserman, the Los Angeles Olympic Organizing Committee president and head of marketing and management company Wasserman, and Kevin Sabet, a former White House drug control policy advisor who founded Smart Approaches to Marijuana, a political organization opposed to marijuana legalization and commercialization. has long been a hallmark of the invite-only Allen event. So was Walt Disney's purchase of CapCities/ABC, and Comcast's deal for NBCUniversal. It's unlike any summer camp you have heard of. The conference has taken place in Sun Valley, Idaho for one week each July since 1983. 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. Discovery's David Zaslav and Bruce Campbell to Walt Disney boss Bob Chapek as well as his predecessor Bob Iger media and tech 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. 2023 Variety Media, LLC. Discovery, may be among those commiserating about taking brutal equity losses. 800-228-4966. 2023 Variety Media, LLC. NPR scored its own exclusive interview with IAC Chairman Barry Diller, in which he argued the movie business "is over.". After upending the media landscape with his deal to combine Discovery with WarnerMedia, David Zaslav will touch down in Sun Valley, Idaho this July for Allen & Co.s annual media conference. Billionaires broke bread at tables near a pond outside the Sun Valley Inn. Variety is a part of Penske Media Corporation. (The agenda and speakers are kept secret, though CNBC puts up an interview set to try to wrangle the more press-friendly attendees.). A-list guests have arrived in Sun Valley, Idaho, the site of the annual Allen & Co. conference. Top execs across media, tech and sports gathered for their annual event known as "summer camp for billionaires." The annual Allen & Co. conference in Sun Valley, Idaho is taking place this week, attracting some of the tech industrys biggest heavyweights. 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.. Two weeks ago, UM Kansas City lost one of its two big-time scorers when Allen & Company is a private investment firm formed in 1922, with headquarters in New York City and London. Our 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 Huge Lack of Diversity Subscribe for full access to The Hollywood Reporter. So next time there is a monumental deal in tech or media, its possible it sprouted in Sun Valley, Idaho. The Hollywood Reporter is a part of Penske Media Corporation. 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. (Pictured: Warner Bros. From Warner Bros. 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. One pending big deal that is still likely to draw much attention in Sun Valley this year is Tesla and SpaceX chief Elon Musks $44 billion planned takeover of social media giant Twitter. All Rights Reserved. Allen & Co. was an underwriter on Google's and Facebook's IPOs. Also making the cut is Jason Kilar, the WarnerMedia CEO who is widely expected to be odd man out and lose his job when the companys spinoff with Discovery is finalized. AT&T chief John Stankey, who negotiated the pact with Zaslav, was invited, but will not attend. Almost everyone wears casual clothes and a simple name tag. Kevin Dietsch/Getty Images 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. After all, Walt Disney CEO Bob Chapek, fresh off a contract extension, is on the guest list, as is his predecessor Bob Iger. Moguls gather for Allen & Co.s annual event in Sun Valley, 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. Sun Valley, the annual event colloquially known as summer camp for billionaires, kicks off as usual on July 5. Gold Resource Corporation (NYSE:GORO) Q4 2022 Earnings Conference Call March 3, 2023 10:00 AM ETCompany Participants. Given weakened media and entertainment stock prices amid a difficult first half of 2022 and fears of a recession, which would hit advertising revenue of companies, many executives could over the near-term concentrate more on the blocking and tackling needed to navigate the new uncertainty than on striking big, transformative deals. The Allen & Co. conference typically features a heavy dose of politics and looks-ahead at technology trends in its morning conference sessions, which are 2023 The Hollywood Reporter, LLC. This year is unlikely to be different, even if the tone may be different from last year. Putting a premium on personal ties, this family firm thrives in the land of the giants. Or as close to it as possible. 30 West Superior Street The Discovery chief could be joined at the annual confab of power brokers and media barons by Amazon founder Jeff Bezos, fresh off his $8.5 billion deal to purchase Metro-Goldwyn-Mayer. 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. (Jassy also made it to the conference.). Afternoons are spent biking, whitewater rafting and barbecuing. Griffith said the influx of visitors may come back and continue spending dollars down the road. It may not be the only case of awkward encounters in Sun Valley. This year, his visit follows the deal close and first moves to put his stamp on Warner Bros. Discoverys corporate structure, including the departure of various high-level executives. Access your favorite topics in a personalized feed while you're on the go. 2023 The Hollywood Reporter, LLC. Management teams have also focused more commentary on a disciplined approach to content budgets. kif (@kifleswing) July 10, 2019. Gold Resource Corporation (NYSE:GORO) Q4 2022 Earnings Conference Call March 3, 2023 10:00 AM ETCompany Participants. Other deal talk could this year move from hunting for new targets to focusing on getting the most out of past deals or existing business portfolios. 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. Awkward Encounters Participants in this year's conference had to be fully vaccinated, and upon arrival, everyone had to take a COVID-19 test. - 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. 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! Click here to subscribe. The country isnt in the grips of a recession, but thats what many economists predict is on the horizon. Here are five takeaways from the 38th Sun Valley conference: 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. Minneapolis Convention Center,May 8-10, 2018. WebSince its founding in 1982, the Allen & Company Sun Valley Conference has regularly drawn high-profile attendees such as Bill Gates, Warren Buffett, Rupert Murdoch, Barry The invite-only conference gives executives a chance to meet, mingle and discuss deals in private, with all discussions and proceedings off the record. 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. Rupert Murdoch didn't make the trip this year, for example. From Warner Bros. Putting a premium on personal ties, this family firm thrives in the land of the giants", When Private Jets Ferry Billionaires to Small-Town Idaho, https://en.wikipedia.org/w/index.php?title=Allen_%26_Company_Sun_Valley_Conference&oldid=1132458878, Articles with a promotional tone from November 2019, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 9 January 2023, at 00:15. 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). With few exceptions, the CEOs at the elite event are largely white males. Expected to join him is his longtime right-hand man and deals advisor, Bruce Campbell, the merged entertainment powerhouses chief revenue and strategy officer. Note: Revenues for privately held companies are statistical evaluations. Address. John Malone and Charter Directors Reach $87.5M Deal to Settle Investor Suit, 'The Covenant' Trailer: Jake Gyllenhaal Goes on Risky Rescue Mission in Guy Ritchie Thriller, Amazon Beats Expectations in Q4 Earnings, Advertising Revenue Surges to $11.6B, Rupert Murdoch, Fox Corp. Sued For Sharing Bidens Presidential Ads Before They Aired, Paramount Will Pay $122.5M to Settle CBS-Viacom Merger Lawsuit, Lionsgate Dealmakers Michael Burns, Brian Goldsmith Extend Contracts, A24 Buys Off-Broadways Cherry Lane Theatre, Pay TV and Cable Providers Lost 5.8M Subscribers in 2022, Star Hairstylist Jen Atkin Reveals Must-Have Hair Tools, Tutorials and Pro Tips In New MasterClass, Rihannas Puma x Fenty Is Coming Back Heres Where You Can Still Buy Those Cult-Fave Creepers, The Best Bridesmaid Dresses for Every Budget, From Under-$100 Gowns to Hollywood-Inspired Classics, BTS Army: Heres When and Where Legos Dynamite-Inspired Set Arrives Online and In Stores, The Big Lebowski Turns 25: People Didnt Get It, Jeff Bridges Recalls, How the Landscape of Native-Led Stories Has Changed Between Avatars: Were Flexing Our Sovereignty, The Definitive Voice of Entertainment News. Executives from the biggest and most influential tech and media companies will gather behind closed doors. 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]. On this Wikipedia the language links are at the top of the page across from the article title. All Rights Reserved. The annual event is described to be a mixer for major tech and media moguls, according to a reporter for NPR's All Things Considered program, David Gura, who is at the event. And for almost 40 years, its annual Sun Valley conference has been central to its mission. 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 Thomas Allen's annual revenues 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. The dress code? 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. Kim Perry - Chief Financial Officer. West St Paul, MN 55118. 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. 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. In the end, the lure of Sun Valley was too strong, apparently. Tim Cook and Eddy Cue have arrived in Sun Valley, Idaho https://t.co/qiiZizaxFT pic.twitter.com/CHoozGCcL4 The high-profile event saw an influx of private jets arriving at Friedman Memorial Airport near Sun Valley. Their absence made the event feel more subdued than in years past. Subscribe for full access to The Hollywood Reporter. 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. You are going to see Sun Valley and whats going on and the history of the (Allen & Co.) event. This story appeared in the May 26 issue of The Hollywood Reporter magazine. The ultra-exclusive event lures some of the biggest names in finance, Allen The topics are kept secret and confidential. And of course, this being the top brass of tech, there were the hoodies, like the one spotted by 79-year-old Diller. The gathering typically includes major political figures, business leaders, and figures in the philanthropic and cultural spheres.[2][3]. 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. Sheryl Sandberg, Reed Hastings, Ted Sarandos, Doug McMillon and dozens more have arrived so far. 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 And deals talk, whether first contact about a potential merger, discussions of pending or completed transactions or meetings that lead to M&A conversations down the line. Love is in the air! This year, Allen & Co. seemed determined to pick up right where it left off. Last year, Zaslav came to town after having unveiled the megadeal with telecom giant AT&T for its entertainment arm, WarnerMedia. [Inside Idaho: The legend of the Kuna Caves]. This year, perhaps because Patagonia has decided to stop adding corporate logos to its clothing, fleece was out. 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. This year's conference came soon after Discovery announced a deal to buy WarnerMedia, which includes CNN, HBO and Warner Bros. 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. [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. 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. 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. Join Minnesota's transportation industry for three action-packed days of compelling presentations, thought-provoking panels, and the chance to network with like Whether Sun Valley or hoodies, some trends, as they say, never go out of fashion. Jeff Bezos for example supposedly bought The Washington Post when he was in Sun Valley. Vince Gilligan, Shari Redstone and Bob Chapek also make the cut. The conferences guest list is notably lacking in diversity, with only a few people of color and Black media leaders invited. Invites to the conference are highly coveted among tech titans and media moguls, but the conference's guest list doesn't change that much from year to year. 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. 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. 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. [2019: Annual spotlight on Sun Valley helps Idahos economy in ways large and small]. 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. The Sun Valley conference is officially in full swing. If you turn on CNBC (in the) morning you are going to see the Sawtooths in the background, he said. Rising Interest Rates, Cooling M&A Fever 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. In fact, one of the favorite pastimes is to see who's spotted with whom. 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). Part of what makes it so unique is the dress code. 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. Duluth, MN 55802 He Now Says The Movie Business Is Dead, Patagonia has decided to stop adding corporate logos to its clothing. 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. The private conference, which marks its 38th year, was canceled in 2020 due to the COVID-19 pandemic. The Hollywood Reporter is a part of Penske Media Corporation. 84th Annual Minnesota Safety & Health ConferenceMinneapolis Convention Center,May 8-10, 2018 But the step taken to slow the rise of inflation is certainly one that cant be ignored by the moguls, who may be doing less dealing as a consequence.
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