The mountains are as gorgeous as ever, the deal climate not so much as boutique investment bank Allen & Co. prepares to host its annual Sun Valley retreat. After guests arrive on Tuesday, offic…
Fox CEO Lachlan Murdoch and COO John Nallen are confirmed. So is Sony Group Corp. CEO Ken Yoshida and Jim Ryan, head of PlayStation. Casey Wasserman and Mike Fries too.a new three-year contract
By putting execs in close proximity and in khakis, the Sun Valley conference is credited with planting the seeds of An independent Netflix “is gone,” predicted one financier. It’s a very valuable platform but “not a growth story anymore.” Hastings and Sarandos “didn’t manage Street expectations” and in one fell swoop lost a couple hundred million dollars” of market cap, he said, referring to its latest post-earnings video call when the co-chiefs discussed the subscriber shortfall.That’s also about when buyers could consider swooping in to acquire WBD.
As a result, the Allen & Co. crowd is assembling just after the S&P 500 closed out its worst first half of the year since 1970, declining by more than 20%. The Nasdaq was worse, down by nearly 30%, and the Dow fell 15%. Tech stocks have been hardest hit but media underperformed broader markets as the second quarter ended yesterday.
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