Netflix co-founder is new majority owner of Powder Mountain after $100M investment

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Just months after buying into a minority ownership position of Utah's Powder Mountain Resort, Netflix co-founder and longtime CEO Reed Hastings has ascended to majority owner of the facility by way of a new $100 million investment announced Wednesday.

Back in April, Hastings bought a minority interest in the ski and recreation area after the Summit Group, which acquired the resort in 2012 for about $40 million, abandoned its original and expansive development plans which it once touted could lead to $1 billion in investments.

"This is an investment in what we consider to be the ultimate skier experience," Hastings said in a press release. "My wife Patty and I love this place; we love the untracked powder several days after a storm cycle, we love the vastness of the terrain, and we love the community. Opening access to 500 acres of new, ultra-steep advanced terrain they're calling the "Don't Mention It" run that will require guided accompaniment.

Major upgrades to terrain and infrastructure for beginning skiers including a new "magic carpet" conveyor lift, new snowmaking machines and re-grading of beginner runs.In a Deseret News interview, Powder Mountain General Manager Kevin Mitchell, who took over the position last November, said he was excited about the ownership change and the upgrades in store for the resort.

 

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