The sultans of media and tech will break out their windbreakers and puffy vests for Allen & Co.’s annual Sun Valley conference next month. It’s a chance for these high-net-worth individuals to look “oh so casual” as they discuss the state of their industries and the world. The vibe is relaxed, but things aren’t going swimmingly for these denizens of one-percent-dom. The economy remains wobbly, new technologies are upending old ways of minting money, share prices are tumbling and geopolitical turbulence is intensifying. And though we don’t know exactly what will go down at the weeklong confab (Sun Valley is an off-the-record affair), we have a pretty good sense of what’s on these moguls’ minds as they hit the Idaho resort.
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Who Gets the Keys to the Magic Kingdom?
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Bob Iger is bringing his merry band of potential successors to Sun Valley. The Disney chief, who is stepping down in 2026 (he’s serious this time!), will likely be flanked by Disney Entertainment co-chairmen Dana Walden and Alan Bergman, as well as Disney Experiences leader Josh D’Amaro. All three are seen as strong candidates to rule the Mouse House, so expect attendees to stay glued to their every remark and interaction with Iger as they game out who has the inside track.
What’s the Deal With Paramount?
Well, so far, the answer is no deal. Shari Redstone’s Hamlet-like approach to selling her family company is making other media chiefs antsy. After a proposed merger with Skydance blew up at the eleventh hour, it’s unclear what path Paramount Global will take. If it goes it alone, that will mean cutting $500 million in costs (corporate-speak for shedding assets, slashing jobs and finding a strategic partner for Paramount+). However, if Redstone is still serious about getting out, there are options, including interest from former Seagram chief Edgar Bronfman Jr., who is mulling a bid. But Redstone may bide her time to see how the presidential election plays out: A victory for Donald Trump could make it easier to get government approval for a sale to a direct competitor. Which leads us to …
Trump Part Deux?
The 45th president’s “America First” agenda wasn’t really embraced by the Sun Valley set (investor and Ayn Rand acolyte Peter Theil being a notable exception). But if Trump becomes the 47th president, that could loosen regulations, making it less difficult for companies to merge, sell, buy and care a whole lot less about those pesky antitrust laws. Yet Trump comes with his own challenges, notably a general air of chaos and a fondness for tariffs that make him less enticing, at least to some Sun Valley-goers. And that’s just domestic politics. Elsewhere, there’s still a war raging between Russia and Ukraine, escalating tensions with China and a rightward lurch gripping Europe. Fun times!
Whither The Washington Post?
Owning a newspaper seemed like such a good idea in 2013, when the Graham family first floated the possibility to Jeff Bezos at Sun Valley. Well, he may be feeling buyer’s remorse. The Post lost $77 million and a big chunk of its readership last year, then laid off 13% of its staff. Things got worse after executive editor Sally Buzbee resigned. That’s when reports surfaced that publisher Will Lewis had meddled in stories about his role in the U.K. phone-hacking scandal when he worked for Rupert Murdoch. Can Lewis win back the newsroom, and if he does, can he find a way to help Bezos lose a lot less money?
The Tech Name on Everybody’s Lips
OpenAI founder Sam Altman is the man of the moment. Whether fending off a lawsuit from Elon Musk (the Tesla chief was upset OpenAI ditched its nonprofit status) or getting into it with Scarlett Johansson (the Oscar nominee thinks the voice of the latest ChatGPT sounds suspiciously like hers), Altman can’t stay out of the headlines. But these controversies distract from the larger issue. Will AI, for which Altman is an apostle, usher in an exciting technological revolution, or will it spell doomsday for humanity? See you in the buffet line, Sam!
