What happens at the Allen & Co. media conference? by Martina Janeckova

The 26th annual Allen & Co. conference started on July 9, 2008 in Sun Valley, Idaho. The conference has taken place for one week each year since 1983 and is hosted by investment firm Allen & Company. However this year the situation in the media sector doesn't look very well. Many of the participants are experiencing low stock prices as the investors are concerned how media companies will deal with the loss of advertising revenue to the Internet firms. The News Corp. Chairman Rupert Murdoch plans not to make deals at this year's conference, although his presence signifies the importance of this event. Lots of attention is paid to the possible takeover of Yahoo Inc. by Microsoft Corporation. Yahoo was offered $33-per-share bid in May 2008, but Yahoo CEO Jerry Yang rejected this price and stated that the company is worth $37 per share. Carl Icahn, who owns about 4 % of Yahoo isn't expected to come, Microsoft Corp. head of strategy and development Henry Vigil, wasn't talking to the reporters and Gordon Crawford, who runs Yahoo's largest shareholder, Capital Research Global Investors, was expected to look for Vigil and Gates, who should be coming on Friday, to have a talk. This year's attendance also reflects the current credit crisis, problems at the stock market and the slowing economy, as only a few private equity investors are participating at the conference. Current situation leaves the companies a lot of time to focus on their own future, as they are facing various problems.

by Martina Janeckova for PocketNews (http://pocketnews.tv)

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