Report: Viacom CEO Blackballed At Billionaire's Summer Camp

For the second consecutive year, Robert Bakish, Viacom’s CEO was not invited, an unusual move that pits one of Corporate America’s most prominent media executives whose power may grow in the coming weeks against an investment-bank that is considered the media industry’s top deal maker, FOX Business has learned.

Known as the “summer-camp for billionaires,” the conference features a who’s who in the media-business ranging from Amazon chief Jeff Bezos to Mark Zuckerberg, the CEO of Facebook, Disney chief Bob Iger and Rupert Murdoch, chairman of new Fox. The company, which was born from the $71 billion Disney - 21st Century’s Fox deal, is the parent company of FOX Business and Fox News.

Bob Bakish

Allen & Co.’s snub of Bakish is apparent retribution for the Viacom chief complaining to his board about the firm’s investment banking work on a high-profile deal, and that the boutique investment firm shouldn’t be hired on future deals, people close to Bakish tell FOX Business.

CBS was and continues to be a ratings leader, nabbing five of the top 10 television series, including major sports and news programming. Viacom controls such broadcast staples as MTV, Comedy Central, Nickelodeon, and movie studio Paramount Pictures. The two media companies controlled by the Redstone family’s National Amusements Inc. holding company, are conducting serious merger discussions that could result in a deal in the coming weeks after nearly two years of on-again, off-again discussions.

The invite-only conference has been a mecca for business leaders in media and technology given Allen & Co.’s dominance in advising these companies and their top executives on various transactions.

Bakish reportedly enjoyed attending the conference as well, and was last seen there in 2017. But that was before he and Allen & Co. butted heads over an ill-fated bid by Viacom to purchase Scripps Networks Interactive in 2018. He subsequently complained to Viacom’s board about Allen & Co.’s work on the proposed transaction and sought to get the firm removed as a banker or adviser on any and all Viacom deals.