Netflix co-founder Reed Hastings is new majority owner of Powder Mountain following $100 million investment

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.

Following his April minority stake acquisition, Hastings shared his admiration for the Summit Group’s enthusiastic vision but said he had somewhat different ideas about the future of the resort, located just outside of Eden, Weber County.

In Wednesday’s announcement, Hastings said he was committed to improving upon the things that he believes make Powder Mountain a unique destination.

“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.

“We’re looking to accentuate what has always made it special. We’ll do that by making it more easily accessible, by bolstering infrastructure and amenities and by maintaining the uncrowded feel Powder Mountain is known for.”

Backed by the fresh infusion of capital, Powder Mountain announced a slew of upcoming improvements for the 2023-2024 season, including:

• Opening access to 500 acres of new, ultrasteep advanced terrain they’re calling the “Don’t Mention It” run that will require guided accompaniment.

• A new trails and activity center that will accommodate access to cross-country and snowshoeing trails, including the new Launch Pad Yurt. Powder Mountain says the yurt will “serve as the jumping off point for a host of winter activities, including cross-country skiing, snowshoeing, moonbike tours, snowmobile tours and more.”

• In case you haven’t heard of them, “moonbikes” are a new track-driven, 100% electric snow bike that can traverse snowy trails and terrains without, according to the manufacturer, the noisy combustion engine soundtrack or smelly exhaust.

• 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.

• New $19 night skiing lift tickets the resort says will be “available to everyone, every night.”

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.

“With Reed coming in it’s a refreshing vision,” Mitchell said. “We’re in the process of planning out what the next several years look like.”

Mitchell said the near-term work is focused on improvements and that the resort will continue to prioritize an uncrowded visitor experience and expansion of year-round recreation offerings.

Hastings co-founded Netflix in 1997 with Marc Randolph and served as the streaming giant’s chief executive for 25 years before stepping down from the position in January and assuming a new role as the company’s executive chairman. Hastings owns about 2% of Netflix stock and has a net worth reportedly north of $3 billion. He’s owned a residence near Powder Mountain for over a decade and, in an April interview with KSL.com, talked about what he believes makes the resort special.

“I’m a snowboarder and the on-snow experience is as good as you’ll find,” Hastings said. “There’s incredible terrain, excellent and reliable snow quality and you don’t have to share it with anyone. It checks every box.”