The media moguls attending an annual powwow staged by investment bank Allen & Co. used to be able to rest comfortably in the Idaho mountains as they mulled over their next moves.
Even if they didn’t hatch any big deals or bright ideas, the executives could try to squeeze more profit from their firm grip on the flow of news, entertainment and seemingly everything else people read, watched or heard.
Things have changed radically since Allen & Co.’s first summer summit in 1983. The conference, which returns to Sun Valley on Tuesday, now revolves around the technology trailblazers who have turned computers and mobile phones into multimedia hubs that are tormenting newspapers, magazines, broadcasters, music labels and movie studios.
The disruption has the geeks playing the dual role of the media’s sages and scourges.
This week, Twitter Inc. chief executive Evan Williams will likely be in high demand as everyone tries to figure out whether the online messaging service is a fad or a revolutionary breakthrough in communications.
“Ev is going to be the belle of the ball,” predicted Silicon Valley entrepreneur Mark Pincus, chief executive of Zynga Inc., a developer of games widely played at online hangouts such as Facebook.
With roots going to the 1920s, Allen & Co. is run by Herb Allen, the grandson of one of the firm’s founders. Although relatively small, Allen & Co. has become a prominent media investment bank by emphasizing a personal touch — such as the Sun Valley summit.
The firm invites current and prospective clients to spend five days frolicking with their families at a lodge made famous by Ernest Hemingway.
The guest list isn’t officially disclosed, but familiar media faces typically include News Corp.’s Rupert Murdoch; Donald Graham, head of the Washington Post Co.; and Robert Iger, CEO of Walt Disney Co.
A few years ago, YouTube CEO Chad Hurley stole the show as he met with TV, movie and music executives eager to learn — and gripe — about the popular video channel.
Like YouTube before it, Twitter still hasn’t come up with a way to make money. That is likely to stir speculation that Williams may be fishing for business partners or even an acquirer as he holds court in Sun Valley.
Williams and Twitter co-founder Biz Stone have consistently said they aren’t interested in selling their company, preferring to subsist on $55 million in venture capital until they unveil their plans for bringing in revenue.
