Sun Valley summit: Strategy, succession, and political maneuvering among moguls and governors

July is bustling at a storied mountain resort in Sun Valley, where top media executives and notable political figures gather for hiking, conversations, and whitewater rafting. The relaxed environment of Sun Valley’s rustic woods has historically incubated numerous significant deals, writes Deadline.

This year, however, speculation looms over one particular deal. Shari Redstone, overseeing Paramount, and Barry Diller, showing interest, are both in attendance. Paramount’s recent merger with Skydance includes a brief 45-day window for other potential buyers to step forward.

Against the backdrop of unprecedented changes in media and entertainment, discussions at the conference, hosted annually since 1983 by boutique investment bank Allen & Co., span topics like streaming services, sports rights, and the evolving landscapes of film, TV, and technology. Attendees include luminaries such as Open AI co-founder Sam Altman, Meta’s Mark Zuckerberg, Amazon’s Jeff Bezos and Andy Jassy, as well as industry leaders like Rupert Murdoch, Lachlan Murdoch, Disney’s Bob Iger, and Warner Bros. Discovery’s David Zaslav.

Democratic governors like Wisconsin’s Gretchen Whitmer and Maryland’s Wes Moore, alongside other influential figures, mingle with the executive crowd and wealthy political donors. They stand united in their support for President Biden amidst recent political challenges.

For Shari Redstone, this year’s Sun Valley gathering may mark a turning point as she navigates Paramount’s future post-Skydance acquisition. Potential suitors like Sony Pictures Entertainment have considered Paramount’s assets, although regulatory complexities have temporarily halted their interest.

David Zaslav, of Warner Bros. Discovery, also attends, reflecting on potential future deals amidst post-merger financial adjustments. Regulatory scrutiny has tempered broader merger activity, although future political shifts could alter this landscape.

Amidst these discussions, sports rights, particularly concerning the NBA, dominate conversations, highlighting the tens of billions of dollars in play. Paramount Global and Warner Bros. Discovery vie for strategic alliances in streaming, underscoring the industry’s ongoing evolution.

Sun Valley remains not only a hub for deal-making but also a barometer of industry trends and potential shifts in leadership and strategy. As discussions unfold amidst Sun Valley’s tranquil surroundings, the stakes for the future of media and entertainment have never been higher.