In Sun Valley, Media Chiefs Fret Over Economy

Published on July 8, 2010
by Jessica E. Vascellaro

Media and technology executives and investors are sounding new alarms bells about the economy, worried it could wipe out recent growth.

In an interview Thursday morning at the Allen & Co. conference in Sun Valley, WPP LLC chief executive Martin Sorrell cited the possible widening of Europe’s economic troubles along with the coming expiration of some tax cuts for business as among the fears of the media, entertainment and technology executives attending the annual event. “People feel that things are uncertain,” he said.

Liberty Media Chairman John Malone echoed the feeling, telling a group of reporters Thursday morning that he believes the high levels of debt held by the U.S. and other governments could hamper growth for years to come. Gordon Crawford, a well-known media and technology investor with Capital Research & Management Group, said earlier in an interview that he believes the U.S. is in for “several years of very modest growth.”

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