Media Moguls Confab In Idaho
July 11, 2007 at 5:54 AM (PT)
The annual pilgrimage to the resort town of SUN VALLEY, ID began in earnest yesterday as masters of the media, technology and financial universes arrived for ALLEN & CO.'s closely watched mogulfest, reports THE NEW YORK POST. But if the first 24 years of this conference were famous for the deals struck -- most notably DISNEY's 1995 acquisition of ABC/CAPITAL CITIES -- this year's confab is marked by the frayed nerves of waiting for the outcome of deals pending.
SIRIUS CEO MEL KARMAZIN will be there. KARMAZIN is currently fighting a battle with WASHINGTON regulators and the NAB over the merits of his attempted merger with XM SATELLITE RADIO.
WMG's EDGAR BRONFMAN JR. still lusts after EMI GROUP even as private-equity shop TERRA FIRMA presses ahead with its 265 pence-per-share offer.
Meanwhile, former DISNEY CEO MICHAEL EISNER's deal in principle to acquire iconic baseball card company TOPPS is being threatened by a richer rival offer from UPPER DECK, though EISNER did receive a vote of confidence earlier this week when TOPPS' board urged shareholders to accept his offer over UPPER DECK's.
And then there's NEWS CORP. Chairman RUPERT MURDOCH and his $5 billion offer to acquire DOW JONES & CO. Word is that this is a make or break week for the deal -- it was two weeks ago today that MURDOCH was quoted as saying that final approval for the deal would come "in two or three weeks time or not at all."