Social Networking A Hot Topic At Allen & Co. Conference

Murdoch, Dow Jones Deal Talk Of Allen & Co. Conference

Wednesday’s focus at the 25th annual Allen & Co. conference in Sun Valley, Idaho, which brings together the biggest players in the media industry, was “new media’s need for old media,” as large media companies look at start-ups for possible acquisition, according to CNBC’s Julia Boorstin. Boorstin: “When it comes to some of those acquisition targets -- this year particularly is the social networking space -- media giants are showing they’re anything but dinosaurs and they still hold the checkbooks.” NBC Universal CEO Jeff Zucker: “Social networking is an important part of today’s society, and it’s something that we’re actively pursuing and already invested in.” Boorstin noted Bobcats Owner and BET Founder Robert Johnson is at the conference, “looking for some $40[M] in film financing, saying there’s plenty of eager private equity money. But he says all that buzz about social networking may not be worth the billions.” Johnson: “It’s a little bit like nightclubs. One’s hot one year and the next day they’re gone” (“On The Money,” CNBC, 7/11).

PAPER CHASE: Boorstin this morning said, “Everyone’s talking about [News Corp. Chair & CEO] Rupert Murdoch and the Dow Jones deal.  Rupert Murdoch is here now, but if he takes off it will be an indication that the deal is about to close.” When asked yesterday if he would have any news on the deal, Murdoch said, “Not this week.”  Boorstin also noted it was “fascinating to witness who was socializing with who” after dinner last night.  There was a group “that hung out for much of the evening,” including former Viacom CEO Tom Freston, Paramount CEO Brad Grey, Miramax co-Chair Harvey Weinstein and former Yahoo CEO Terry Semel, “who was very social. It seems like he’ll have no trouble finding his next deal” (“Squawk Box,” CNBC, 7/12).