Netflix Co-Founder Reed Hastings Now Majority Owner Of Powder Mountain Following $100 Million Investment

Reed Hastings, co-founder and executive chairman of Netflix, has purchased the majority ownership stake in Powder Mountain, the largest ski resort in the United States by skiable acres.

The deal, which was reportedly worth $100 million, gives Hastings control of the resort's operations and management. He will also assume one of Powder Mountain's five board seats.

Guests can expect to see the following improvements during the 2023-24 winter season:

• DMI Guided Backcountry Terrain: Powder Mountain will open access to 500 acres of some of the steepest terrain accessible from the mountain. Called DMI (Don’t Mention It) the newly opened terrain offers incredible views of the Eden Valley and the Ogden Divide and 3000’ of vertical drop through tight chutes and open bowls. It’s steep, it’s technical and it holds snow really well. Access to DMI is only via guided experience (for safety reasons). The adventure begins with a snowcat ride up Lightning Ridge followed by a short hike to the drop-in point. After descending 3000’ through DMI a van shuttle ride will take guests back up. Each group will be accompanied by two guides and provided with all the necessary backcountry safety gear (avalanche beacon, probe and shovel). Advanced skiing or snowboarding abilities are required.
• New Trails and Activity Center: A new cross-country skiing and snowshoeing trail network near the Village lift will offer guests additional ways to get onto the snow. A new on-trail warming hut will offer hot chocolate and a chance to shake off the cold.
• A new activity hub, dubbed the Launch Pad Yurt, will open its doors for the first time this December near the top of the Village chair. The Launch Pad will serve as the jumping off point for a host of winter activities, including cross-country skiing, snowshoeing, moonbike tours, snowmobile tours and more.
  New this year, guests will be able to take moonbike tours on Powder’s winter trail network. These 100% electric snow bikes are easy to ride, making for a great way to explore Powder’s seemingly endless terrain with the help of a guide.
• Major upgrades to the beginner experience: With progression in mind, the instructional terrain and infrastructure at Sundown Lodge is set for major improvements.
• The Tiger Tow will be replaced with a new Sunkid “magic carpet” and will be open for night skiing.
• Sections of terrain will be re-graded to be more conducive to progression and the beginner instruction experience.
• Sundown will become the first area of the mountain with snowmaking infrastructure with a new system set for installation in the beginner area.
  The ski school facility at Sundown will be replaced with a new, more comfortable yet temporary structure. The facility will also house rental and retail operations until a more permanent plan is developed. More on that soon.
• Lift Ticket Products: New this year $19 night skiing lift tickets will be available to everyone, every night.

Hastings is an avid snowboarder and has been a Powder Mountain skier for many years. He and his wife Patty bought property on the mountain eight years ago and built a home there.

“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.”

Hastings said he plans to invest in the resort's infrastructure, including lift upgrades, restaurants, and parking. He also wants to make Powder Mountain more accessible to skiers and snowboarders of all abilities.

"We want to make sure that Powder Mountain is a place where everyone can enjoy the outdoors," he said.

The sale of Powder Mountain to Hastings has been met with mixed reactions. Some skiers and snowboarders are excited about the prospect of new investment in the resort, while others are concerned that Hastings will make changes that will make the mountain less affordable or accessible.

“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.”

Only time will tell what the future holds for Powder Mountain under Hastings' ownership. However, there is no doubt that his involvement will have a major impact on the resort.

In addition to his ownership of Powder Mountain, Hastings is also the co-founder and chairman of Netflix. He is a successful entrepreneur and business leader, and his experience in the tech industry will be invaluable to Powder Mountain.

It is clear that Hastings is passionate about Powder Mountain and its future. He is committed to making the resort a better place for skiers and snowboarders, and his investment will undoubtedly help to ensure that Powder Mountain remains a popular destination for years to come.