Netflix’s Reed Hastings buys part of Powder Mountain, joins resort board
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- Netflix founder Reed Hastings recently acquired a stake in Powder Mountain, pictured in this undated photo.
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- Netflix founder Reed Hastings, who recently acquired a stake in Powder Mountain.
EDEN — The ownership of Powder Mountain is shifting.
Reed Hastings, chairman of Netflix, has acquired a larger stake in the ski resort, buying the majority of the share that had been owned by Summit Series’ founders Elliott Bisnow, Brett Leve, Jeff Rosenthal and Jeremy Schwartz.
“While terms of the deal were not disclosed, Hastings assumes one of Powder Mountain’s five board seats, and will share oversight of management and operations,” Powder Mountain said in a press release. The release said Greg Mauro is the other “co-owner,” apart from Hastings, who built a home on Powder Mountain with wife Patty eight years ago.
What comes of the esoteric/entrepreneurial/altruistic vibe that was supposed to guide growth at the mountaintop resort — as exemplified by the Summit Series people — is not clear. The press release didn’t delve into much into Powder Mountain’s future aside from noting the ownership change and the resort operation and development savvy of Kevin Mitchell, brought on board last November as the resort’s general manager.
“With Kevin’s background, and Reed joining the ownership, we can move forward together with a shared purpose led by a seasoned and talented team,” Mauro said in the Powder Mountain statement, issued late Monday afternoon.
Hastings, for his part, indicated that at least part of his focus would be on the amenities geared to skiers.
“Patty and I love this mountain community and want to see it flourish,” he said in the press release. “We’re looking forward to being a part of Powder Mountain’s future and to help safeguard what makes this place special. Also, we look forward to funding some lift upgrades, restaurants and enhanced parking!”
Resort reps didn’t immediately respond to a series of questions from the Standard-Examiner on what comes next.
When the Summit Series people acquired their Powder Mountain stake about 10 years ago, much was made of the conferences that were to be held at Powder Mountain that would draw a wide array of thinkers and others. “Our events combine art, discussion, music, nourishment, wellness and adventure with incredible people facilitating meaningful connections that spur new friendships, businesses and movements,” reads the Summit Series website.
Weber County Treasurer John Bond said the vibe and plans as put forward by the Summit Series people don’t seem to have come to pass. “It’s not really materialized the way it has been envisioned,” he said.
Likewise, Fortune magazine wrote a lengthy report for the April/May edition of the magazine reporting that the ambitious plans put forward by the Summit Series contingent hadn’t evolved as expected. “The plans for a bustling, beautifully designed playground for the creative and socially conscious have simply not come to pass,” the magazine wrote. “How did things go so very wrong?”
Indeed, on hearing of the Hastings deal, Bond is anxious to see what happens with Powder Mountain now. “Quite exciting to see what he’s thinking,” he said.
Bond monitors repayment of the $17.6 million bond approved by Weber County to help with infrastructure development around Powder Mountain and he said the payments have been coming in as scheduled. Separately, though, Powder Mountain has faced legal issues with some of its investors.
The original vision when the Summit Series people started making their imprint on Powder Mountain called for 500 homesites scattered around the ski resort and 500 more higher-density units, including hotel rooms and condominiums, according to Bond. The zoning would allow for more than 2,500 units, he said.
So far, he said the county has issued around 65 permits for housing units. Another 50 or so lots have been sold, but the owners haven’t sought building permits.