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Media and technology moguls are strapping on windbreakers and thick vests for Allen & Company's annual Sun Valley conference next month, a chance for these wealthy individuals to look “super casual” as they discuss the state of their industries and the world. Though the atmosphere is relaxed, things haven't been going well for the 1%. The economy remains shaky, new technologies are upending traditional methods of coining money, stock prices are plummeting, and geopolitical turmoil is intensifying. And while we don't know exactly what's going to happen at the week-long conference (Sun Valley is a private event), we do have a pretty good idea of what's on the minds of these tycoons visiting the Idaho resort town.
Who will get the keys to the Magic Kingdom?
Bob Iger is bringing a jolly band of potential successors to Sun Valley: Flanking the retiring Disney CEO (for real this time!) in 2026 will be Disney Entertainment co-chairmen Dana Walden and Alan Bergman, and Disney Experience leader Josh D'Amaro. All three are seen as front-runners to lead the Mouse House, so attendees are sure to be glued to their comments and interactions with Iger as they speculate on who might take over.
What is your relationship with Paramount?
Well, for now, the answer is no deal. Shari Redstone's Hamlet-like approach to selling her family-owned company has other media bosses worried. It's unclear what path Paramount Global will take after its proposed merger with Skydance fell apart at the last minute. If it goes it alone, that would mean cutting costs by $500 million (corporate jargon for liquidating assets, cutting jobs and finding a strategic partner for Paramount+). But if Redstone is still serious about exiting, he has options, including interest from former Seagram CEO Edgar Bronfman Jr., who is considering a buyout. But Redstone may wait to see what the outcome of the presidential election is. A win for Donald Trump could make it easier to get government approval for a sale to a direct competitor. So…
Trump part 2?
The 45th president's “America First” policies didn't sit well with the people of Sun Valley (financier and Ayn Rand devotee Peter Sayle being a notable exception). But a Trump presidency could mean looser regulations, easier mergers, divestitures and acquisitions, and less concern with pesky antitrust laws. But Trump has his own challenges, especially his general atmosphere of chaos and his love of tariffs, which make him less appealing, at least to some in Sun Valley. And that's just domestic politics: Elsewhere, there's still a war going on between Russia and Ukraine, tensions with China are rising, and Europe is moving to the right. Good times!
Where is The Washington Post headed?
Owning a newspaper seemed like a great idea when the Grahams first broached the possibility of doing so to Sun Valley's Jeff Bezos in 2013. But he may be regretting it. The Post lost $77 million last year, lost many of its readers and laid off 13% of its staff. Things got even worse after editor-in-chief Sally Busby resigned. That's when reports surfaced that publisher Will Lewis had interfered with a story about his role in the British phone-tapping scandal while working for Rupert Murdoch. Can Lewis retake the editorial board? And if he does, can he find a way to significantly reduce Bezos' losses?
The name of the technology on everyone's lips
OpenAI founder Sam Altman is a hot topic right now. Whether fending off a lawsuit from Elon Musk (the Tesla chief was upset that OpenAI had abandoned its nonprofit status) or sparring with Scarlett Johansson (the Oscar nominee thinks the latest ChatGPT voice sounds like him), Altman can't escape the headlines. But these controversies distract from a bigger question: Will AI, of which Altman is an apostle, usher in an exciting technological revolution or mean the end of humanity? See you at the buffet line, Sam!
