Netflix co-founder buys ownership stake in Powder Mountain
Apr 18, 2023, 2:23 PM
(Photo by Ernesto S. Ruscio/Getty Images / Netflix)
WEBER COUNTY, Utah — The co-founder of the biggest streaming service in the U.S. just bought an ownership stake in the biggest ski area in the U.S.
Powder Mountain on Monday announced that Reed Hastings, co-founder and executive chairman of Netflix, purchased a majority of the Summit Mountain Holding Group’s shares in Powder Mountain for an undisclosed amount.
The acquisition makes Hastings a minority owner of the resort, which the Summit Group bought in 2012 with ambitions of creating a $1 billion development consisting of a ski village, 500 homes and a home base for the group of entrepreneurs.
Plans included the group using the 10,000 acres in Ogden Valley as a place for all future conferences and meetings “designed to help business leaders create pathways to achieve their personal, professional and altruistic goals,” Summit officials said then.
“It’s a place where a horizon line isn’t a boundary, it’s a beginning,” the group said, describing “Summit Eden” on its website. “On the southern side of Powder Mountain, Summit will establish a sustainably designed residential community, called Summit Eden, which will become home base for the organization, the community, and its distinctive leadership and cultural events.”
Hastings’ acquisition of the Summit Group’s shares may signify a move away from the billion-dollar dreams of the group.
Greg Mauro will remain the co-owner and majority shareholder of the mountain while Hastings will sit on one of Powder Mountain’s five board seats and will share oversight of management, operations and the mountain’s future.
Powder Mountain — spanning 8,464 skiable acres — boasts that it has the most skiable acreage in North America.
Hastings and his wife, Patricia Ann Quillin, live in California but have been long-time enjoyers of the mountain. According to a news release, the couple bought property and built a home on Powder Mountain 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 to help safeguard what makes this place special. Also, we look forward to funding some lift upgrades restaurants, and enhanced parking,” Hastings said in a statement.
Powder Mountain is unique in the sense that it caps day passes and season pass sales, limiting the number of skiers on the mountain.
The addition of Hastings to the Powder Mountain ownership group and board comes months after the resort brought in Kevin Mitchell to serve as 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,” said Mauro.
In the release, Hastings acknowledged the Summit Group’s vision for Powder Mountain.
“Elliott Bisnow (Summit Group co-founder) and crew had a big dream that partially came true. Greg and I are excited to improve Powder Mountain further,” Hastings said.