Viacom CEO is sitting out Sun Valley, the famous dealmakers get together
Viacom chief executive Bob Bakish is not going to the famous Sun Valley conference this year, according to three sources.
Sun Valley is an exclusive get together of some of the world's most influential executives in media, tech, politics and sports with the idea that its host, investment bank Allen & Co., ends up facilitating some deals. The event is held in Sun Valley, Idaho, and typically starts after July 4 vacation.
Bakish and the powerful bank had a falling out over Viacom's failed attempt to acquire Scripps Networks Interactive, the owner of HGTV and Food Network, according to two people familiar with the situation who asked not to be named because they are not authorized to talk to the media.
Allen & Co. had represented Scripps in its sale and ultimately worked with Discovery Communications, which acquired Scripps for $14.6 billion soon after last year's Sun Valley get together.
A source familiar with Bakish's thinking said he was "pissed off" that he wasn't treated fairly.
Allen & Co. did not immediately have a response, and Viacom declined comment.
Bakish might be staying away, but it doesn't mean there won't be sparks. Viacom's controlling shareholder, Shari Redstone, will attend this year, as will CBS chief executive Leslie Moonves. The two parties are at loggerheads over CBS's move to dilute the controlling stock holdings of Redstone's National Amusements Inc.
Redstone is said to have a heavy round of meetings scheduled for the event. And while CBS is tied up in litigation, Viacom isn't — leaving Redstone free to pursue sale talks if they arise. Amazon is widely viewed as a potential acquirer of a film studio. Viacom owns Paramount Studios.
Lawyers for CBS and Redstone are in the process of subpoenaing emails and phone records of the two parties before they head to court in October.