Swans are nesting in Sun Valley, Idaho and that can only mean one thing. Prepare for some deal-hatching at the 25th annual Allen & Co. mogul fest, which kicks off in earnest on Wednesday.

The Gulfstreams start landing this afternoon as moguls with their spouses, kids and nannies in tow are whisked away to Herb Allen’s welcome cocktails and barbecue.

I and Reuters photographer Rick Wilking will be here all week to chat up the big media, Internet and tech elite, who don questionable sportswear attire and talk big ideas.  

This year, Rupert Murdoch’s $5 billion offer to buy Dow Jones anchors the conference. Murdoch’s every bathroom break, cellphone call or huddle with his execs here will be interpreted as another sign the talks are advancing, even as Dow Jones attempts a last ditch effort to drum up a rival offer.

Meanwhile, Internet company executives like Facebook COO Owen Van Natta, Digg CEO Jay Adelson, Skype founders Janus Friis, Niklas Zennstrom and new Joost CEO Mike Volpi will vie for the title of newcomer darlings as they mingle with some 200 top executives for possible partnerships, investment or buyouts. Sling Media’s Blake Krikorian also returns this year to a much more partnership friendly atmosphere. His his company’s set top box, the Sling Box, looks more like the catalyst for new business models than a threat to established media’s lifeblood.

Check back here and on Reuters.com for our coverage.