When media and technology tycoons convene Tuesday in idyllic southern Idaho for five days of dealmaking and outdoor recreation, the mountain air will carry more than a whiff of uncertainty as most arrive with their businesses in various states of disarray. Powerful moguls come to Allen & Co. investment bank's annual retreat in Sun Valley seeking new acquisitions and alliances and — increasingly in recent years — the opportunity to retool their businesses. But this year, media and online leaders are grappling with the Internet's increasing fragmentation. And they're all looking for more advertising revenue online, where media companies have recouped only a small fraction of what they lost in print and where Web companies want to maximize their investments. Even the top Internet companies — save maybe Google Inc. — are seeing...
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