Top media titans are in Idaho today, not to buy potatoes, but looking for ways to grow their profits and increase their reach. They’re attending the Allen & Co. Media Conference, where technology is sold to those who can afford it.
One of the 300 moguls attending is media Australian-born baron, Rupert Murdoch, the proud owner of numerous news outlets, including FOX and the once popular MySpace. According to reports, Murdoch is looking to buy something that can be profitable and has growth potential. Murdoch has said that he is not interested in buying Twitter, but nevertheless, Rupert’s eyes are focused on new emerging media.
Rupert is not the only wealthy man attending the conference, guests also include Bill and Melinda Gates, Warren Buffett, Sumner Redstone, David Geffen, and cable millionaire John Malone. Malone told reporters that Internet companies that offer free services, such as Google and Twitter may not be able to keep their heads above water and that they may have to resort to selling “subscriptions” to survive.
New business deals emerge at this conference, and its remote location — middle of no-where, Idaho (Sun Valley) — has been the preferred spot for the luxurious event in the past 25 years. The event’s host, the wealthy Allen family is known for not giving interviews to journalists.
If Twitter makes a deal with Murdoch, they will become as obsolete as MySpace ( a Murdoch acquisition). In social networks what matter is not the network but the people on it, and Murdoch can not control this parameter.