MediaFile

Sun Valley: Barred from the bar

Reporters who cover the annual Allen & Co media conference know that the bar at the Sun Valley Lodge is a great spot to sit with uber-execs from Rupert Murdoch to Google’s Eric Schmidt to get their deep thoughts on the state of media and technology.

That was true this year, at least on Tuesday night, when reporters like me got to sit with Time Warner CEO Jeff Bewkes, Time Warner shareholder Vivi Nevo, former Viacom CEO Tom Freston, Sirius XM CEO Mel Karmazin and others.

Someone complained, however, and tonight, reporters are not allowed to go to the bar.

Who killed this longstanding tradition of informal and colloquial relations? The talk among the press was that it was Henry Vigil, Microsoft’s mergers and acquisitions chief, but he denied it.

It’s a pity, really. Reporters are not welcome at this luxe gathering, but many executives like talking to them anyway, and that contact can have benefits for shareholders who read our news articiles and for plain folk who digest the TV shows, movies and other media that these people are paid to develop and distribute.

Who needs press releases anyway?

BGC Partners apparently does not. The self-described global full-service inter-dealer broker of financial instruments issued this announcement on Tuesday (via press release on the PRNewswire press release service, of course):

In compliance with the U.S. Securities and Exchange Commission’s recent guidance regarding “notice-and-access” news releases, the company plans to discontinue issuance of full-text financial news releases via a wire service and will issue only advisory press releases notifying investors when new and material information is available on its websites.

This came out a few hours after General Motors used its website to disclose news that some people might think material: It is cutting 10,000 jobs. There was no press release issued through the normal distribution services.