Herb Allen's Media Fest: Suddenly, A Star Is Unborn

Talk about bad timing. On July 12, Herbert A. Allen was finishing preparations for his annual media conference in Sun Valley, Idaho. It was shaping up as another triumph for the New York investment banker. William H. Gates III of Microsoft Corp. was set to speak, as was cable titan John C. Malone. For the finale, Allen had lined up his client Barry Diller, fresh from a spectacular merger of QVC Inc. with CBS Inc.

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