Now, flush with billions in cash and the ability to borrow heavily on top of that, the private equity bigwigs and hedge fund managers have become the stars. Call it Predators’ Ball 2.0 — a kind of outdoorsy reprise of Michael Milken’s famous gathering of leveraged-buyout mavens of the 1980’s.
“We used to come here every year to sniff each other,” said the chief executive of another media company, who also did not want his name used. “Now, all these finance people are sniffing us.” With media stocks down virtually across the board, some may smell opportunity.
We don’t for a minute believe that Andrew Ross Sorkin was able to juxtapose all this talking of sniffing with references to the leverage-buyout culture of the 1980s without at least a little bit of a smirk.
Hedge Funds and Private Equity Invade Sun Valley [New York Times]