Benzinga - Reed Hastings, who co-founded Netflix (NASDAQ:NFLX) along with Marc Randolph in 1997 and was at the helm of the streaming giant since 1998, stepped down in January this year. It now appears that he has moved on to his next assignment.
What Happened: Hastings has now become the co-owner of the struggling Utah ski resort Powder Mountain. A release put out by Powder Mountains on Monday said Hastings, who continues as executive chairman of Netflix, has purchased a majority of the Summit Series' founders' ownership stake in it.
Greg Mauro, founder and Managing Partner of Learn Capital, a firm holding an education technology investment portfolio, is the co-owner along with Hastings.
The deal terms weren't disclosed. Hastings would take a board seat and will share oversight of management and operations, Powder Mountain said.
Why It's Important: Powder Mountain is the largest ski resort in the U.S. by skiable acres, located east of Eden, Utah. It spans 8,464 acres, has 154 trails, nine lifts, two terrain parks, a diverse mix of mountain lodging, and a unique policy of capping day passes and season pass sales.
Hastings and his wife Patty Quillin, both avid snowboarders, bought a plot on the mountainside and built a modernized wooden cylindrical home in it about eight years ago.
"Patty and I love this mountain community and want to see it flourish. We're looking forward to being a part of Powder Mountain's future and help safeguard what makes this place special. Also, we look forward to funding some lift upgrades, restaurants, and enhanced parking!" said Hastings.
Power Mountain was once a dying ski resort until it was bought by the founders of Summit Series in 2013, Fortune reported. Summit Series is an invitation-only conference for entrepreneurs, venture capitalists, and celebrities. Amazon founder Jeff Bezos and Microsoft's Bill Gates have in the past given talks at these events.
Unlike the original developers, who shared utopian ambitions for a bustling ski resort for socially famous movers and shakers, Hastings is interested in it as a traditional real-estate project, Fortune said.
"And I think now it's: have an incredible ski mountain that's uncrowded where you can get multiday powder," the Netflix co-founder reportedly told Salt Lake Tribune.
Read Next: Netflix Q1 Earnings Preview: Password Sharing A Key Focus, Recent Subscriber Surveys Send Mixed Signals
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.