Latest news with #AllenAndCo
Yahoo
2 days ago
- Business
- Yahoo
Manfred says MLB in better position to reach broadcast agreements for 2026-28
ATLANTA (AP) — Baseball Commissioner Rob Manfred says the sport is in better position to reach national broadcasting agreements for 2026-28 after he attended the annual Allen & Co. Conference of media and finance leaders in Idaho. ESPN said in February it was ending after this season its agreement to broadcast Sunday night games, the All-Star Home Run Derby and the Wild Card Series. MLB's other agreements, with Fox and TBS, run through the 2028 season, and MLB wants all its national broadcast contracts to end at the same time. Advertisement Manfred said in early June he hoped to reach a deal before the All-Star break. 'I had a great week last week. I was in Sun Valley,' he told the Baseball Writers' Association of America on Tuesday. 'I had lot of conversations that moved us significantly closer to a deal and I don't believe it's going to be long.' MLB has been starting to assemble local rights and this season is producing and distributing broadcasts of Arizona, Cleveland, Colorado, Minnesota and San Diego. 'I think it's very important, in fact, crucial, that when we go to the market for our post-'28 deals, that we have the ability to say to our broadcast partners: We have all these rights, what have traditionally been our national, what have traditionally have been our local, let's cut them up in a way that is the best in terms of reaching our fans and maximizing our revenue," he said. 'And I think in an environment that's as disrupted as the current media environment, that kind of flexibility is absolutely crucial.' Advertisement 'I see the MLB media operating of clubs as an interim arrangement to get us to 2028,' he added. 'It's not a goal that I'm pursuing in and of itself. Rather, it is an interim step for clubs that we happen to provide the best alternative given what's happened in the local markets.' Manfred describes broadcast rights and the collective bargaining agreement as key factors in franchise values. The economic study committee established two years ago has looked into those issues. 'It was never a mask for labor,' Manfred said. 'It was a process designed to think through why, what about our economic system has put us in a position where our franchise values have not grown as quickly as some other sports and try to figure out how we might fix that.' Rays sale Advertisement Tampa Bay, controlled by Stuart Sternberg since October 2005, said last month it had entered exclusive discussions for a sale to a group led by Patrick Zalupski, Bill Cosgrove and Ken Babby, and The Athletic reported Monday that a sale is expected to be finalized by September. 'I have no reason to quibble with or dispute the reports that have been out there,' Manfred said. Because of damage caused to Tropicana Field in St. Petersburg last October by Hurricane Milton, the Rays are playing home games this season at Steinbrenner Field, the New York Yankees spring training facility in Tampa. 'We think we're going to be ready to play in '26 in the Trop,' Manfred said, adding that there are contingency plans to start the season elsewhere before moving to Tropicana Field later in the year if the stadium isn't ready by opening day. He didn't say what the contingency plans were. Advertisement Twins sale The Pohlad family announced last October it was exploring a sale of the team, which the family has controlled since 1984. Justin Ishbia, a brother of Phoenix Suns owner Mat Ishbia, was thought to be interested, but the Chicago White Sox announced last month he was becoming a limited partner in a deal that could allow him to becoming controlling owner. 'A big part of the delay in Minnesota was associated with the leader in clubhouse making the decision to do something else,' Manfred said. 'There will be a transaction. You just need to be patient while they rework.' Athletics stadium situation Advertisement Moving from Oakland, the Athletics are playing the first of what the team says will be three seasons at a Triple-A ballpark in West Sacramento. 'If I had a brand new gleaming stadium to move them into, we would have done that,' Manfred said. 'Right now it is my expectation that they will play in Sacramento until they move to Las Vegas." Sports betting Manfred addressed MLB's efforts to monitor sports gambling, which led in June 2024 to a lifetime ban of San Diego's Tucupita Marcano along with one-year suspensions of four players, the firing of umpire Pat Hoberg in February and a pending probe into Cleveland pitcher Luis Ortiz. Advertisement MLB increased efforts after the U.S. Supreme Court in May 2018 struck down a federal law that had barred betting on football, basketball, baseball and other sports in most states. 'I know there was a lot of sports betting, tons of it that went on illegally and we had no idea, no idea what threats there were to the integrity of the play because it was all not transparent," Manfred said. "I firmly believe that the transparency and monitoring that we have in place now, as a result of the legalization and the partnerships that we've made, puts us in a better position to protect baseball than we were in before.' MLB has hoped for legal modifications, including around prop bets. 'There are certain types of bets that strike me as unnecessary and particularly vulnerable, things where it's one single act doesn't affect the outcome necessarily,' he added. Advertisement Removal of Diversity Pipeline from MLB websites MLB removed mention of its diversity from its MLB Careers webpage in March, following the start of the Trump administration. 'Sometimes you have to look at how the world's changing around you and readjust where you are,' Manfred said. 'There were certain aspects of some of our programs that were very, very explicitly race-based and/or gender-based. We know because there were public comments to the effect that people in Washington were aware of that and we felt it was important to recast our programs in a way to make sure that we can continue on with our programs, to continue to pursue the values that we have always adhered to without tripping what could be legal problems that would interfere with that process.' All-Star Games Advertisement Manfred mentioned Baltimore, Boston and Toronto as possible future sites for All-Star Games. Minor league affiliates Manfred wouldn't speculate whether MLB will try to cut minor league affiliates from 120 to 90 when current Professional Development Licenses expire after the 2030 season. 'There is a lot going on. College baseball's changing big time,' he said. 'It's just impossible for me to speculate but don't take that as he thinks it's going to be smaller or bigger.' ___ AP MLB:
Yahoo
3 days ago
- Entertainment
- Yahoo
Everyone has noticed Jeff Bezos' new look after his Venice wedding to Lauren Sánchez
Jeff Bezos has entered his post-wedding era with a bold new look that's got everyone talking — even if it's technically just a little bit of hair. The Amazon founder, who has famously rocked a clean-shaven bald head for years, was recently spotted at the ultra-exclusive Allen & Co. conference in Sun Valley, Idaho, sporting thick white-grey hair growing in around the sides of his scalp. The new look, covered in outlets such as the Daily Mail and People — which called it "shocking" — comes just two weeks after his highly publicized wedding to Lauren Sánchez — and the broad coverage of the small change is no surprise given how the billionaire has commanded the spotlight amid the events of the wedding with an estimated $1.1 billion economic impact on the city of Venice. By normal standards, a little hair growth wouldn't warrant a double take. But for a man whose $50 million wedding in Venice included a yacht arrival, a city-wide disruption that spawned an entire protest movement, and a guest list featuring the likes of Oprah, Kim Kardashian, and Leonardo DiCaprio, even a subtle style shift is enough to command attention. Read more: Jeff Bezos' wedding ignited a protest movement in Venice — why locals are fed up with billionaire tourism Bezos, 64, had already shown signs of growing his hair out during the multi-day wedding celebration in Italy, where he and Sánchez said 'I do' on the island of San Giorgio Maggiore. But it was the tech billionaire's appearance at the Idaho media conference — a gathering spot for the world's richest and most powerful — that confirmed the change. The hairstyle evolution joins a long list of recent transformations for Bezos, according to People. Sánchez has often shared details about her husband's intense fitness regimen in interviews, emphasizing his dedication to fitness and exercise. The couple also prioritizes early bedtimes and holistic wellness. Read more: The invitation to the Bezos-Sanchez destination wedding in Venice has leaked — and the internet has thoughts
Yahoo
6 days ago
- Business
- Yahoo
A Sun Valley veteran gives a glimpse into the business world's most exclusive conference
The annual Allen & Co. Sun Valley conference took place this week. The summit brought together executives from all corners of the business world. We caught up with Flowcode CEO Tim Armstrong to discuss. For 16 summers in a row, Tim Armstrong has flown to Sun Valley, Idaho, following the July 4th holiday to attend the annual Allen & Co. Conference. The event brings together some of the most powerful and wealthiest leaders in media, technology, and finance. The longtime tech and advertising executive brokered one of the most famous deals to come out of the summit — the $4.4 billion sale of AOL to Verizon, which began over a casual lunch in 2014. Armstrong is now the CEO of Flowcode, a platform he founded that uses QR codes to fuel customer engagement. Business Insider caught up with Armstrong to discuss some of the hot topics of this year's conference, which kicked off on Tuesday. Artificial intelligence, unsurprisingly, was top of mind for attendees. It was the "1,000-pound gorilla" in "every conversation, every meeting," Armstrong said. "It used to be about media and technology, media and the internet," he said. "There's a third leg of the stool now: media, the internet, and AI." AI is being adopted at a much faster pace than the internet was, he said, and executives and investors swapped ideas about how to best implement the technology. Armstrong, for example, has enforced "TuesdAIs" at Flowcode. On Tuesdays, each department must focus on the technology by implementing new tools and updating processes to incorporate AI. It's "time to paddle out to the next wave," he said. "Paddle hard." Among the media set, sports dominated conversation. It's the "place that can still collect humans together in big audiences for live events," Armstrong said, adding that a similar takeaway had emerged from Cannes earlier this summer. The conference drew attendees from all over the sports world, including the NBA, NFL, and MLB commissioners, team owners like Robert Kraft and Jimmy Haslam, and entrepreneurs like Jeb Terry of venue operator Cosm. Armstrong ended the conference with a somewhat extreme sport of his own: bridge jumping in one of Idaho's many swimming holes. Read the original article on Business Insider Sign in to access your portfolio
Fast Company
6 days ago
- Business
- Fast Company
Why Sun Valley has never felt more out of step with the public mood than it does in 2025
An estimated 175 private jets touched down in Sun Valley, Idaho, on Tuesday, kicking off the secretive annual retreat colloquially known as 'summer camp for billionaires.' Less than a week after Congress passed President Trump's tax and spending bill —which experts project will cut healthcare benefits for 17 million Americans, while also giving tax breaks to the wealthy and corporations —the largest-looming figures in tech, media, and finance have convened in Sun Valley for a closed-door schmoozefest and deal-a-thon. It's a gathering that not only ignores the current national mood felt by many Americans but stands in opposition to it. Hosted by Allen & Co., a boutique investment bank with tentacles in media and tech, the Sun Valley conference has been a must-attend for powerbrokers since 1983. It's like Davos minus the press access, and not even a pretense of addressing global issues. Tectonic plate-shifting deals made at past retreats include Disney's acquisition of ABC in 1995, the AOL-Time Warner merger in 1999, and Amazon founder Jeff Bezos's purchase of The Washington Post in 2013. Among attendees at this year's edition, which runs from July 8–July 13, are Apple CEO Tim Cook, OpenAI CEO Sam Altman, and Ivanka Trump —an eclectic who's who of the elite's elite. Warner Bros Discovery CEO David Zaslav is also in attendance. Zaslav, you might recall, had perhaps the most well-circulated quote from last year's outing. When a Bloomberg reporter asked him during Sun Valley 2024 whether he had a preference between Joe Biden and Donald Trump to be the next president, the CEO deflected with his reply: 'We just need an opportunity for deregulation, so companies can consolidate and do what we need to be even better.' Although his remarks could be read as an indirect Trump endorsement, since Republicans tend to favor deregulation, it's the phrasing that speaks volumes. It encapsulates the way in which some of the country's most powerful figures appear indifferent to how political decisions affect the lives of actual Americans, and instead seem interested solely in how they affect business. This ambivalence is reflected in the abundance of founders and CEOs who were once vocally critical of Trump's policies but later donated to and attended his second inauguration. It also explains why the disconnect between the gilded world of Sun Valley and the reality of people reeling from the consequences of last year's election feels so profound. Inequality and an unknowable economy The 2009 iteration of the retreat, with the global financial crisis unfurling in the background, was one of the only times in recent memory when the event's setting may have felt even more out of step with the public mood. During that year's retreat, a CNBC reporter asked Warren Buffett about the vibe behind the scenes at Sun Valley. '[I]t's a tough period,' Buffett replied. 'On the other hand, this movie will have a good ending.' The reporter pushed for clarification on just how long that ending might take to arrive. Buffett understandably could not respond with any certainty. 'I know the ending will be good,' he said, 'but I don't know whether it's a two-hour movie or a four-hour movie. In the 16 years since, the Sun Valley set did indeed enjoy a good ending. The 793 billionaires that existed in 2009 then had combined wealth of $2.4 trillion, while the 3,000-plus billionaires of 2025 now enjoy combined wealth of $16.1 trillion —an increase of over 570%. Meanwhile, many Americans were apparently living in a different movie. Middle-income households have seen their share of aggregate income shrink from 45% in 2012 to 42% in 2020. As for lower-income Americans, the federal minimum wage increased from $6.55 per hour to $7.25 during the same month as the Sun Valley retreat in 2009 —and it has not gone up one penny since, despite the best efforts of labor organizers. The economic outlook is not quite as precarious in 2025 as it was in 2009, but thanks to Trump's erratic approach to tariffs, it feels as unstable as a rickety roller coaster. Federal Reserve Chair Jerome Powell said back in May that the economy 'may be entering a period of more volatile inflation and more regular supply shocks,' citing tariffs as the reason for his hesitation to adjust interest rates. A majority of Americans seem to agree with this analysis. In a late-June poll from Gallup, around the time that Bezos dropped a reported $20 million-plus on his wedding with Lauren Sanchez, 72% of citizens surveyed said they thought the economy was either 'poor' or 'only fair,' while a relatively paltry 27% described it as either 'good' or 'excellent.' Anti-billionaire animosity Another reason this year's 'summer camp for billionaires' feels out of step with the national mood is because Americans have had excessive exposure to billionaires in 2025, and many don't seem particularly thrilled with what they've seen. According to a January poll, only 12% of Americans thought it would be 'very or somewhat good' for the president to rely on billionaires for advice about government policy—and that was before they got a taste of what it might look like in practice. Despite running on a populist platform, the president—a billionaire himself, it must be said— stocked his cabinet with fellow billionaires, and has since delivered this cohort their promised tax cuts. Before the world's richest man fell spectacularly out of favor with Trump, the president empowered Elon Musk and his DOGE team to 'reduce waste, fraud, and abuse' throughout the government. This mandate resulted in thousands of federal workers losing their jobs, various staffing crises and data breaches, and, thanks to Musk's gleeful decimation of USAID, untold devastation and suffering around the world. By making himself the sneering face of this effort, Musk became so unpopular that he inspired a global protest movement. All the unmistakable hostility directed toward him, however, is only a symptom of a broader sentiment. Judging from the historically unfavorable polling of Trump's just-passed tax bill—which had an average net favorability of -23% in every poll between May and July—Americans are fed up with a system that makes life easier for the wealthy and harder for everyone else. Although the 2026 midterms are still a long way off, voters are already registering their complaints electorally. In last month's New York mayoral primary, for instance, voters soundly rejected front-runner Andrew Cuomo, the disgraced former governor, in favor of Democratic Socialist Zohran Mamdani, who spent a fraction of what Cuomo's Super PAC put into the race and won anyway. It is very much in keeping with the substance of Mamdani's campaign that, during the June 29 episode of Meet the Press, the candidate said, 'I don't think that we should have billionaires because, frankly, it is so much money in a moment of so much inequality, and ultimately, what we need more of is equality across our city and across our state and across our country.' No wonder billionaires like former mayor and media mogul Michael Bloomberg, hedge fund manager Bill Ackman, and corporations like DoorDash poured millions into the race against him, and tech investors like Tyler Winklevoss have denounced the people's choice for mayor with extreme prejudice (quite literally, in the notorious anti-Mamdani posts from Sequoia Capital's Shaun Maguire). This exact MCU-style crossover of tech, media, political, and financial interests also happens to comprise the demographic makeup of the Sun Valley retreat. The epitome of growth-at-all-costs mindset In the year since Zaslav said at Sun Valley that he preferred the candidate who would best allow companies to 'consolidate,' Zaslav's company has done the opposite. Warner Bros Discovery announced last month that it will split into two companies —and that Zaslav's pay will be 'significantly reduced.' This despite Zaslav's much hoped-for deregulation coming to pass. Although WBD's fate would likely have been the same no matter who won last November, other media conglomerates might not say the same. The July 2024 merger deal between Paramount and Skydance was reportedly the talk of Sun Valley last summer. However, Trump's handpicked FCC chair has since slowed approval of the merger, creating the appearance that it would be contingent on Paramount settling a $16 million Trump lawsuit against Paramount-owned CBS News, for alleged 'unfair' editing in an episode of 60 Minutes last fall. On July 2, Paramount announced that it would settle the lawsuit, despite legal experts dismissing the suit as 'meritless and absurd.' This decision could set a dangerous precedent for press freedom, and may very well have a direct impact on how Americans receive their news going forward. It's also a sterling example of growth-at-all-costs mindset—the pernicious force that drives companies to conduct mass layoffs in order to please shareholders, jam AI into every aspect of consumer goods and services, and support whichever political candidate promises to be best for business. With its cloistered dealmaking by the biggest names in tech, finance, and media, Sun Valley is the epitome of growth-at-all-costs mindset. At any other moment, it might have been easier to separate the event from all the political and social turmoil of 2025, but coming so soon after the signing of Trump's tax bill, which is expected to kick 17 million Americans off of healthcare while giving venture capitalists a $17 billion loophole, it's nearly impossible to ignore. The masters of the universe gathering this week in Idaho don't seem to care if growth at all costs ends up literally costing everything —as long as it's somebody else who pays.
Fast Company
10-07-2025
- Business
- Fast Company
Billionaire fashion shouldn't be this boring
For more than 40 years, the investment banking firm Allen & Co. has attracted a selective group of moguls to Sun Valley, Idaho for its annual Sun Valley Conference. The gathering calls on tech tycoons, entertainment CEOs, and an assorted who's who of billionaires to socialize their way through a four-day networking retreat. Despite the astronomical amounts of wealth represented at the event, the Sun Valley uniform has largely remained the same for the past decade: understated polos, blue vests, jeans, and, every so often, a semi-interesting pair of sunglasses. As of July 9, the 2025 guest list includes Mark Zuckerberg, Tim Cook, Sam Altman, and Bob Iger. Compare the attire of this year's attendees to that of the event's guests in 2015 and, if it weren't for a few familiar faces, you probably wouldn't even be able to tell the difference. Looking back on Sun Valley events of old, it seems that the gathering was a kind of progenitor for modern-day quiet luxury. While ' quiet luxury ' and 'stealth luxe' have become buzz words in recent years, this way of dressing has long been embraced among wealthy elites. Opting for simple, understated, well-made clothes can signal status without appearing gaudy. According to L.A.-based personal stylist Mary Komick, 'Quiet luxury was instantly adopted by the players in this space as a way to speak to their success through what they wear. It's designed to go unnoticed, even if they're publicly powerful and influential figures,' she says. 'The color palettes are muted shades or monochromatic neutral, and their clothes are refined, clean cut and tailored. They're showing off to each other, with their stealth luxe style noticeably recognized by those in these circles.' Nowadays, Komick adds, the accepted dress code has become almost an 'ironic mainstay' at Sun Valley. Men stick to canvas jackets, low-key tees, polos, and denim jeans, while women choose a similar combination of designer tees and tanks paired with tailored trousers. Here are a few of the common themes emerging this year: The polo club Those looking to play it as safe as possible at this year's gathering have all turned to a timeless mainstay of tech bro fashion; the beige living room of tops: the polo shirt. Bob Iger, Tim Cook, and Satya Nadella—CEOs of Disney, Apple, and Microsoft, respectively—were just a few of the attendees who opted for a polo in either crisp white or navy for their arrival to the conference. 'The majority of attendees are deliberately choosing to wear nondescript, understated outfits in an effort to prioritize function over fashion,' Komick says. 'They're photographed in outfits purposely chosen to look like they're heading to the golf course in Patagonia vests, going on a hike, or wearing western hats meant for a scenic horseback ride. This is most likely preferred simply to reduce decision fatigue, because everyone is thinking about the next newsworthy tech or entertainment deal they're making behind closed doors.' The humble (or not-so-humble) t-shirt Another popular look, which takes an even more casual spin on the popular polo and khakis, is the t-shirt and jeans combo. These shirts will make you ask, 'does that t-shirt cost $10 or $600?' and, chances are, your first guess is probably wrong. This year's t-shirt wearers include Coinbase CEO Brian Armstrong, OpenAI CEO Sam Altman, Yahoo CEO Jim Lanzone, and OpenAI chairman Bret Taylor. The walking billboard Immediately upon arrival to this year's retreat, a few attendees signaled that they were already members of 'the club' by donning official Sun Valley merch. Uber CEO Dara Khosrowshahi stepped out in a Sun Valley hat, while Warner Bros. Discovery CFO Gunnar Wiedenfels chose a navy Sun Valley-branded (you guessed it) polo. Casey Wasserman, CEO of the Wasserman Media Group, took the wearable advertising in a more personal direction by repping his own company's logo on his ball cap. 'They're not going to be caught dead in a logo that isn't their company's,' Komick says. The western cosplay In April, The Wall Street Journal dubbed 2025 as the year that the tech bro started dressing like a cowboy—and it seems that a few brave attendees are bringing that trend to Sun Valley. Komick says both western and sporty aesthetics have come to the fore this year. '[Attendees are] cosplaying cowboys and cowgirls, from Ivanka Trump's silver western belt to Sara Blakely in the western hat against her white tee and dark wash Mother jeans,' Komick says. 'The men are trading solid tops for plaid button downs or terry overshirts. Sunglasses were the statement accessory this season.' The sunglasses are your outfit outfit The fashion may be predictably tame at this year's Sun Valley, but that only makes it all the more visually jarring that a few notable names arrived sporting some of the wildest sunglasses money can buy. Altman chose to pair his casual navy t-shirt with a $400 pair of Vuarnet Altitude 01 sunglasses, a design inspired by '70s ski masks. John Elkann, the chairman of Ferrari, donned what appeared to be a pair of vintage Tom Ford Cassius 78MM sunglasses —an accessory so chunky that a passerby could be forgiven for mistaking them for an Apple Vision Pro. The super-early-rate deadline for Fast Company's Most Innovative Companies Awards is Friday, July 25, at 11:59 p.m. PT. Apply today.
