Netflix co-founder buys Powder Mountain ownership stake from Summit Series founders
EDEN, Utah — Reed Hastings, co-founder and executive chairman of Netflix, has purchased the majority of the Summit Series’ founders’ ownership stake in Powder Mountain. Greg Mauro remains the other co-owner. While terms of the deal were not disclosed, Hastings assumes one of Powder Mountain’s five board seats and will share oversight of management and operations.
The largest ski resort in the United States by skiable acres, Powder Mountain operates on pristine land above Northern Utah’s 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 passes and season pass sales to provide a guest-first ski experience. Avid snowboarders, Reed and his wife Patty bought the 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 the new General Manager, Kevin Mitchell, who brings experience in resort operations and development to Powder’s leadership team. Mitchell was GM 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 Greg Mauro, Powder Mountain’s long-time majority owner.
Reed said, “Elliott Bisnow and crew had a big dream that partially came true. Greg and I are excited to improve Powder Mountain further.”