The media moguls are attending an annual powwow hosted by investment bank Allen & Co. They are hatching any big plan or deal right now, but are trying to find ways to earn more profit from news, entertainment and everything else people read, watched or heard.

The summit by Allen & Co. started in 1983. But things have changed and it now revolves around the technology trailblazers. These are people who have converted computers and mobile phones into multimedia hubs which are giving a real hard time to the newspapers, broadcasters, magazines, music labels and movie studios.

Their roles are like that of the media’s sages and scourges.

This week, Twitter Inc. CEO Evan Williams will be in high demand in the conference. Twitter has been under scanner of experts and general people who want to figure out whether it is a fad or a revolutionary breakthrough in communications.

The firm invites a selected list of people to spend five days with their families at a posh lodge associated with Ernest Hemingway. They play tennis, golf, go biking, swim, fish and go rafting. Along with that guests also discuss and listen to presentations about emerging opportunities and business challenges.

Even though the Allen & Co. guest list isn’t disclosed, but popular and familiar media people to attend the conference include News Corp.’s Rupert Murdoch; Donald Graham, head of the Washington Post Co., and Robert Iger, CEO of Walt Disney Co.

Some of the past invitees include Amazon.com Inc. Chief Executive Jeff Bezos, browser pioneer Marc Andreessen, Google Inc. founders Larry Page and Sergey Brin and YouTube CEO Chad Hurley.

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