Entrepreneur David Ellison, who paved the way for Skydance, a renowned media company, and Bari Weiss, who is recognized for co-founding The Free Press, are present at this year’s Allen & Co. conference, occurring within the picturesque confines of Sun Valley. In a sweeping move that has sent reverberations across the media industry, we have learned from two sources that Ellison has been engaging in the initial stages of discourse concerning the potential acquisition of The Free Press. This is a publication boldly standing on the frontlines of digital media, co-founded by Weiss in 2021, alongside her wife, Nellie Bowles, and sister, Suzy Weiss, and distinguishing itself as a radical challenge to mainstream media entities.
Ellison, however, appears to have a hefty challenge on his hands, as he grapples with Skydance’s on-going merger with Paramount, the renowned adversary of CBS. Let’s also not forget Weiss’ expressed wish to maintain The Free Press as an independent entity for as long as the winds of change will allow. If we peel back the layers, there’s likely to be more turbulence afoot for the Skydance mogul and the rebellious news medium than outright synergistic bliss. The beating heart that is the Allen & Co. conference seems to throb with uncertainty and the potential of unfinished business.
The annual Allen & Co. conference, clustered amongst the apexes of Sun Valley, is a longstanding hub of deal brokering activities. As it so happens, Allen & Co. is a contributing factor of The Free Press’ shareholder ecosystem, making the conference either a backdrop for deal advancement or unnecessary tension. Weiss and Ellison’s physical presence at the conference could very well escalate matters. Or it could not, given that Weiss’ independence aspirations bear fruit.
Flourishing among the shareholder ranks of The Free Press are names such as venture capitalists Marc Andreessen and David Sacks, stepping off their usual trails to wander into the unbending domain of free press, as well as Howard Schultz, who once held the reins of the globally recognized coffee brand, Starbucks. Schultz dealing in media, after making a fortune from serving caffeine, suggests more about the man than words could describe. But I digress.
The Free Press boasts an ensemble of over 30 investors, each contributing a modest investment into the thriving digital news entity. This legion includes standout personalities such as Yael Aflalo, the mind behind the wildly beloved fashion house Reformation, and Bobby Kotick, the previous leader of the video gaming behemoth, Activision Blizzard. The terms this potential deal could entail remain shrouded in a veil of obscurity, perpetuating the unpredictable dance of fate between Skydance and The Free Press.
The last few months have seen a small assortment of media proprietors seeking counsel from Weiss to perhaps uplift their somewhat stagnant media assets. These engagements extending beyond the traditional advisory role and metamorphosing into acquisition discussions concerning The Free Press. Let’s hope this unflattering indication of the feebleness of those media owners does not foreshadow the broader industry’s pitiful condition.