Sun Valley: From Recession Fears to Merger Fervor, What’s on the Minds of Moguls
Fiyin Olowokandi
4 min read
Sun Valley: From Recession Fears to Merger Fervor, What’s on the Minds of Moguls
Sun Valley, the annual event colloquially known as “summer camp for billionaires,” kicks off as usual on July 5.
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.
The stock market’s 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. Shari Redstone, chairman of Paramount Global, and David Zaslav, CEO of the newly minted Warner Bros. Discovery, may be among those commiserating about taking brutal equity losses. Although Warner Bros. Discovery is barely three months old in this configuration, rumors about the next big deal for the company (and whether it might involve Redstone’s assets) will follow Zaslav throughout the week.
Here’s a deeper look at what the CEOs and media barons should expect when they hit the posh mountain retreat in the Sawtooth Mountains.
Awkward Encounters
There may be some tense moments by the duck pond. 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. And it’s not exactly a secret that the two Bobs are barely on speaking terms these days. Then there’s 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. That’s a deal that’s expected to usher in more than 280-characters’ worth of changes at Twitter. And though Rupert Murdoch may be sitting out this conference, sons James and Lachlan are expected to attend. The two brothers seem pretty far apart on politics these days, with James, freed from the family business, moving toward the center and Lachlan, now firmly ensconced at Fox, standing behind his news network’s Trumpian embrace.
Recession Blues
The country isn’t in the grips of a recession, but that’s what many economists predict is on the horizon. If things go south, that’s bad news for many media moguls, since the films and shows they produce are tailor-made for people with discretionary income. 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.
Rising Interest Rates, Cooling M&A Fever
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. But the step taken to slow the rise of inflation is certainly one that can’t be ignored by the moguls, who may be doing less dealing as a consequence. 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. Meanwhile, another freshly completed merger, the union of CAA and ICM Partners, will surely be a topic of conversation as ICM’s Chris Silbermann and CAA’s Bryan Lourd are Sun Valley regulars.
Reversals of Fortune
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. 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 Bajaria’s word, not ours). 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.
Huge Lack of Diversity
With few exceptions, the CEOs at the elite event are largely white males. And those exceptions are typically white women and Asian men. The Black community has historically been the most underrepresented, despite the number of Black power players in media and entertainment. With new mandates in boardrooms across the country to increase persity in almost all major sectors, it’s 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.
(Pictured: Warner Bros. Discovery CEO David Zaslav)
VIP+ Analysis: For Some in Media, It’s the Calm Before the Crash
Related News & Content
-
How to optimize ‘select found_rows()’ query? Several ‘high load average’ alerts daily
How to optimize 'select found_rows()' query? Several 'high load average' alerts daily,I have 5,000 regular posts, 6,000 posts in one post type and 2,000 posts in another post type. Needless to say, that has made the wp_posts table quite large. Not to mention, I have custom taxonomie... -
How to Use JSON With AJAX?
How to Use JSON With AJAX?,I've defined a PHP callback function to handle the communication between server-side and client-side: function json_render_modal_body() { check_ajax_referer( THEME_PREFIX . '-modals', 'nonce'... -
Filtering context for render_block function
Filtering context for render_block function,I am trying to use render_block within a function called from the WP admin via AJAX The render_block returns null/empty however if I run my function using the wp hook returns the rendered HTML for ... -
How do I hide submenus from the top menu bar?
How do I hide submenus from the top menu bar?,My website is wiki-style and has a lot of pages that should only be reached through links on other pages. Having these all accessible from the top menu bar under their respective headings leads you... -
Register users without confirmation
Register users without confirmation,I'm looking to register users without requiring confirmation of their emails (and even better, no password when they register). Basically, I want them to subscribe their mails using wp registration -
How to use AJAX in wordpress front end?
How to use AJAX in wordpress front end?,I have two inputs in an HTML Widget block on a post. What I need to do: send the inputs (from the html widget) value to AJAX, construct and execute a query, render a table with the results back on ... -
Display posts from Custom Post Type, group by term, arrange term groups and arrange items within groups by menu order
Display posts from Custom Post Type, group by term, arrange term groups and arrange items within groups by menu order,I have a Custom Post Type 'my_cpt' and a custom taxonomy 'types' which has several terms, all of which have posts. I want to do is be able to control both the order of the groups (terms from my cus... -
How do I know if the custom theme is a child theme or a full-custom theme?
How do I know if the custom theme is a child theme or a full-custom theme?,Inherited a custom built WordPress site. How do I know if the theme it uses is a child theme or a full-custom theme? I would like to delete the unused themes for security and to free up space, but ... -
getEntityRecords/useEntityRecords: How to use CPT metadata?
getEntityRecords/useEntityRecords: How to use CPT metadata?,I use getEntityRecords as described in the official data API tutorial (https://learn.wordpress.org/lesson/retrieving-wordpress-data-records/). I.e.: const [searchTerm, setSearchTerm] = useState... -
Carol Kirkwood stuns in figure-hugging dress amid BBC Breakfast technical chaos
Carol Kirkwood stuns in figure-hugging dress amid BBC Breakfast technical chaos,CAROL Kirkwood stunned in a figure-hugging dress amid a technical blunder. BBC Breakfast was flung into chaos this morning after a string of sound issues. However Carol, 61, was all smiles as she p… -
Families ‘to sue prison’ where loud inmates ‘terrorise kids’ with screaming
Families 'to sue prison' where loud inmates 'terrorise kids' with screaming,Residents living next door to a new prison who say their kids have to sleep wearing headphones and some leave during weekends due to the racket are threatening to sue the prison service -
Doctor Strange’s Secret Wars Role May Be More Important Than You Thought – Looper
Doctor Strange's Secret Wars Role May Be More Important Than You Thought - Looper,According to entertainment leaker Alex Perez, Doctor Strange will find himself confronting his inner struggles as he headlines "Avengers: Secret Wars." -
I’m a clown for not trying Korean beauty secret for glowy skin sooner – don’t worry, I’m not putting cheese on my face
I’m a clown for not trying Korean beauty secret for glowy skin sooner – don’t worry, I’m not putting cheese on my face,A BEAUTY influencer has regrets about not trying out Korean beauty advice for glowy skin sooner. Although the trick can look a little strange at first, she assured viewers that she was not putting … -
“Not every artist deserves to be rich”: Avenged Sevenfold’s M. Shadows on Spotify revenue and why Web3 is the future
“Not every artist deserves to be rich”: Avenged Sevenfold’s M. Shadows on Spotify revenue and why Web3 is the future,Avenged Sevenfold’s M. Shadows has shared his opinion on the difficulty of making money through streaming platforms as an artist, arguing that “not every artist deserves to be rich”. -
‘We are at risk’ – health expert in urgent warning for Irish people over Easter
‘We are at risk’ - health expert in urgent warning for Irish people over Easter,AN URGENT warning has been released to those jetting off over the Easter break. With measles already on the rise, there is an increased risk of a more widespread outbreak in the coming weeks. Trave… -
Black Holes Are Even Weirder Than You Imagined
Black Holes Are Even Weirder Than You Imagined,It’s now thought that they could illuminate fundamental questions in physics, settle questions about Einstein’s theories, and even help explain the universe. -
The odd history of on-hold music
The odd history of on-hold music,We've all been put on hold when we've tried to reach someone. Have you ever thought about the music that plays while you wait? -
‘What Jennifer Did’: Netflix doc explores shocking Ont. murder-for-hire case
'What Jennifer Did': Netflix doc explores shocking Ont. murder-for-hire case,Most of Jennifer Pan's entire life was made up of lies. When her parents began to catch on, she decided to bring in hired hitmen. -
Australian police say Sydney church stabbing was terrorist attack
Australian police say Sydney church stabbing was terrorist attack,SYDNEY - A knife attack during a service at an Assyrian church in Sydney that injured a bishop was a terrorist act motivated by suspected religious extremism, Australian police said on Tuesday (April 16).At least four people were wounded in the... - Read more at AsiaOne -
Apple loses top phonemaker spot to Samsung as iPhone shipments drop, IDC says
Apple loses top phonemaker spot to Samsung as iPhone shipments drop, IDC says,Apple's smartphone shipments dropped about 10 per cent in the first quarter of 2024, hurt by intensifying competition by Android smartphone makers aiming for the top spot, data from research firm IDC showed on Sunday (April 14).Global smartphone... - Read more at AsiaOne
