The gathering at Sun Valley has been legendary over the past 15 years for the casual hobnobbing of moguls who controlled the means of distribution and production for all media. Spielberg! Diller! Malone!

Michael Wolff has a gift for combining hyperbole with insight into the frailties of these moguls. He’s not optimistic.

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Big Media “Sliding Into the Abyss” as Execs Head to Sun Valley, Wolff Says

Faced with “technological obsolescence” and “profound changes” in the advertising business, media moguls are not necessarily at fault, Wolff says. But “almost to a man these are people who do not have an answer,” says the author and noted media critic. “They all are experiencing the same thing and they all see the abyss and don’t know how to keep from sliding into it.”

In some regard, all the big media companies are following the path of Time Warner, which Wolff says has been “rethinking [its] business model” for 20 years. “In that process they’ve never once gotten it right [but] are still going on in this process.”