Tech and media moguls arrive in Sun Valley, Idaho for ‘the summer camp for billionaires’

Private jets are parked at the Friedman Memorial Airport during the annual Allen and Co. Sun Valley media conference in Sun Valley, IdahoBrendan McDermid | ReutersThe invite-only Allen & Co. Sun Valley conference, also known as « summer camp for billionaires, » kicks off in Sun Valley, Idaho this week.It’s where some of the biggest names in tech and media flock, and where seeds have been planted for tech and media acquisitions, including Amazon founder Jeff Bezos’ purchase of The Washington Post, Verizon’s acquisition of Yahoo and, in 1995, Disney’s merger with ABC. It’s also great marketing for investment bank boutique Allen & Co., which has advised on some of the biggest tech, media and telecom mergers, including Time Warner’s $108 billion sale to AT&T and LinkedIn’s $26 billion sale to Microsoft. A lot has changed in the media landscape since last year. Fox sold its entertainment assets to Disney for $71 billion. Netflix, once the king of streaming, will soon compete for viewers with new services from Disney, AT&T and Comcast’s NBC, all of which are competing to create the best collection of original and existing TV and movie content. Apple is also throwing its hat in the game, with a new service called Apple TV+ that will launch this fall with original movies.Here’s who’s showing up:Apple CEO Tim Cook and SVP of internet and services Eddy CueApple already has partnerships with lots of major media players for Apple TV Channels, which launched in May. But it needs to bulk up on original content to compete with the largest media companies. No surprise to see these two arrive.Tim Cook, chief executive officer of Apple, and Eddy Cue, senior vice president of Internet Software and Services at Apple, attend the annual Allen & Company Sun Valley Conference, July 10, 2019 in Sun Valley, Idaho.Drew Angerer | Getty ImagesMary Barra, chairman and chief executive officer of General MotorsMary Barra, chairman and chief executive officer of General Motors Co.Bloomberg | Bloomberg | Getty ImagesTim ArmstrongTim ArmstrongPatrick T. Fallon | Bloomberg | Getty ImagesBrian Roberts, CEO of ComcastBrian Roberts, chairman and chief executive officer of Comcast Corp.Patrick T. Fallon | Bloomberg | Getty ImagesAlex Karp, chief executive officer of Palantir TechnologiesAlex Karp, chief executive officer of Palantir Technologies.Drew Angerer | Getty ImagesShari Redstone, president of National Amusements; vice-chairwoman of CBS Corporation and ViacomShari RedstoneDrew Angerer | Getty ImagesReid Hoffman, co-founder of LinkedInHoffman is now a partner at venture capitalist firm Greylock Partners. Is he scouting some new startups?Reid HoffmanPatrick T. Fallon | Bloomberg | Getty ImagesSheryl Sandberg, chief operating officer of FacebookSheryl SandbergPatrick T. Fallon | Bloomberg | Getty ImagesDick Costolo, former CEO of TwitterDick CostoloPatrick T. Fallon | Bloomberg | Getty ImagesDara Khosrowshahi, CEO of UberDara KhosrowshahiBloomberg | Bloomberg | Getty ImagesDavid Zaslav, president and CEO of DiscoveryDavid ZaslavBloomberg | Bloomberg | Getty Images

Source: CNBC

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