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No.1 - The Next YouTube

Hollywood's biggest movers and shakers descended on sleepy Sun Valley, Idaho for investment bank Allen & Co.'s 25th Annual Media Conference. And while these titans of media make fortunes communicating, mumm was the word as they tried to cut deals with the latest and greatest. But we’ve got the scoop.

CNBC Media Reporter Julia Boorstin joins the guys from the Allen & Co. Media conference in Sun Valley Idaho.



Boorstin says the talk was about Facebook.com but its CEO Mark Zuckerberg hasn’t shown up, yet. She adds executives are talking about the importance of social networking sites.

Eric adds that he thinks Yahoo! (YHOO) will have to pay up for Facebook.

Boorstin replies there’s speculation brewing that Google (GOOG) might buy it instead.

She adds that she’s seeing a lot of the CEO of Joost.com, which is a digital distribution site. He was having a conversation with Tom Preston, the former CEO of Viacom (VIA).

Eric Bolling says Joost is tiny.

Boorstin explains that’s the point of the conference; to get media giants to meet with small media companies.

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