Business executives and political figures geared up for this week’s 27th edition of the annual media mogul-fest Allen & Company’s Sun Valley Conference in Sun Valley, Idaho. 

Despite the cash-strapped economy, the so-called "summer camp" for business moguls is expecting more than 250 business leaders, investment bankers, Internet companies, politicians and sports figures to attend.

New York-based Allen & Co. has been known to spend nearly $10 million on the "secret" five-day summit, closing it to the press and keeping the schedule under wraps. 

Between leisure activities and social gatherings, the conference, which originated in 1983,  features discussions among company executives over potential deals and business relationships, and the major discussion topic on everybody’s mind is how to survive in the growing Internet-based and technologically-advanced network. 

This year, one big issue at the conference related to paid online content. 

“People are going to pay for content,” Walt Disney Co. (DIS) Chief Executive Robert Iger told the press Tuesday at the Sun Valley Lodge in Idaho. “We're not concerned about that.”

John Malone, Liberty Media Corp.'s chairman, agreed, saying that somebody will have to break through this challenge.

“The way we did it in cable historically was bundling,” Malone said. “Yes, you have connectivity, but you have content too… When we started to take money in and pay it to the programs, we were actually funding them.”

Eyes will be on Twitter Inc. CEO Evan Williams to see if he’s looking for a new business partner, while MySpace CEO Owen Van Natta, Facebook CEO Mark Zuckerberg and IAC Chairman and CEO Chairman Barry Diller will also be in attendance.

Other attendees include the regulars like Bill Gates, Berkshire Hathaway (BRK.A) Chairman Warren Buffett, News Corp. (NWSA) CEO Rupert Murdoch and Dreamworks Animation (DWA) CEO Jeffrey Katzenberg. News Corp. is the parent company of the FOX Business Network.

Meanwhile first-time guest and Cleveland Cavaliers star Lebron James will be in at the summit in hopes of learning more about his marketing company. Some of the women on the guest list include Susan Decker, the former Yahoo president; Hearst Magazines chief Cathie Black; and fashion mogul Diane von Furstenburg.

The event may be closed to the press, but there are a couple big media names on this year’s guest list, including the New York Times’ Thomas Friedman and Washington Post columnist David Ignatius.