Reed Hastings, co-founder and executive chairman of streaming service Netflix, has purchased the majority of the Summit Series’ founders’ ownership stake in the Powder Mountain Ski Resort near Eden in Weber County. Greg Mauro remains the other co-owner, with an estimated 55 percent share.
Summit Series is an New York-based organization that hosts conferences and events for young entrepreneurs, artists and activists. Summit Series bought its interest in Powder Mountain from Western American Holdings in 2011.
While terms of the deal were not disclosed, Hastings remains a{mprestriction ids="1,3"} minority owner but assumes one of Powder Mountain’s five board seats and will share oversight of management and operations, a press release said.
The largest ski resort in the United States by skiable acres, Powder Mountain operates on land above Ogden Valley. The resort 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-pass and season-pass sales to limit crowding. Avid snowboarders, Hastings and his wife, Patty, bought property eight years ago and built a home on Powder Mountain.
Hastings said, “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.”
The addition of Hastings to Powder’s ownership and board comes months after recruiting new General Manager Kevin Mitchell, who brings experience in resort operations and development to the resort’s leadership team. Mitchell was general manager of California’s Homewood Mountain Resort for a decade prior to joining Powder Mountain.
“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, Powder Mountain long-time majority owner.{/mprestriction}
