After two years of relative quiet, a little town of less than 1,500 people at the edge of Idaho’s Sawtooth National Forest is resuming its role as a corporate pilgrimage site where the future of media is weighed.

Jets crowding the airspace over Sun Valley this weekend belong to the business leaders attending investment bank Allen & Co.’s annual conference, reconvening at a resort lodge after the pandemic halted last year’s gathering and changed consumer behavior in ways that add pressure on streaming providers.

With a highly transmissible coronavirus variant spreading through the U.S., strict protocols will be in place for the five-day event that starts Tuesday, from required vaccinations to proof of a negative Covid-19 test. The conference is typically both fertile ground for deal making and a family affair complete with hay rides for children, but it will be limited to adults this year, according to people familiar with the matter. Some of the sessions will be held outdoors to reduce the risk of spreading the virus, the people said.

An executive for Allen & Co. who is helping organize the conference didn’t respond to requests for comment.

As the U.S. economy has steadily rebounded, media companies have intensified their efforts to compete in video streaming. Consumers continue to shift toward streaming services such as Netflix Inc. and Walt Disney Co. ’s Hulu and cut the cord from traditional pay-TV subscriptions, a trend that accelerated during pandemic-related lockdowns over the past year.

Less than two months ago, AT&T Inc. said it was spinning off its WarnerMedia unit—which consists of HBO, the Warner Bros. film and TV studio and cable networks like TNT and TBS—into a new venture being formed with Discovery Inc. A week later, Amazon.com Inc. said it would acquire Hollywood studio MGM Holdings.

Amazon’s Jeff Bezos at the 2017 Sun Valley conference.

Amazon’s Jeff Bezos at the 2017 Sun Valley conference.

Photo: Drew Angerer/Getty Images

Chief executives from the streaming rivals—Discovery’s David Zaslav, Amazon’s Jeff Bezos, Comcast Corp.’s Brian Roberts and Netflix’s Reed Hastings and Ted Sarandos —are on the guest list for Sun Valley, according to people familiar with the matter.

“It would be wise for these companies to collaborate and rethink the ecosystem, and figure out their future,” said Neil Begley, an analyst at Moody’s Investors Service. He added that discussions at Sun Valley would likely revolve around streaming and the accelerating loss of pay-TV subscribers during the pandemic.

Some media executives will likely be rubbing elbows while delicate leadership matters remain unresolved. Current WarnerMedia Chief Executive Officer Jason Kilar, whose future after the merger remains in question, will be in attendance alongside Mr. Zaslav, who will lead the new company.

Analysts expect the proposed WarnerMedia and Discovery merger, which still requires regulatory approval, to set off a deal frenzy as traditional media companies seek to bulk up on content to better compete in streaming.

One area of interest might be the game sector, said Jason Anderson, CEO of Quire, a boutique investment bank. “One of the places traditional media companies should be looking is interactive media, something that attracts the youth culture,” he said, citing companies like Roblox and Epic Games Inc.

The guest list includes figures from various industries and professions: It encompasses business leaders and media personalities along with politicians and well-known creative artists. Berkshire Hathaway CEO Warren Buffet t is on the guest list, as are Microsoft co-founder Bill Gates, “Breaking Bad” creator Vince Gilligan and former United Nations Ambassador Nikki Haley.

Amazon’s Andy Jassy will mark his first Sun Valley appearance as CEO of the company, after succeeding Mr. Bezos in the role this week.

Brian Roberts, chief executive officer of Comcast, at the 2019 Sun Valley conference.

Brian Roberts, chief executive officer of Comcast, at the 2019 Sun Valley conference.

Photo: Drew Angerer/Getty Images

Cable giant Comcast has been wrestling with whether to strike a deal to beef up its streaming efforts, but people close to Mr. Roberts have said he doesn’t feel he has to do a deal at this time, The Wall Street Journal recently reported. Mr. Roberts said on an earnings call in January that he was “very pleased with the company we’ve got, roughly 70% of the company being broadband-centric.” Company executives Mike Cavanagh and Jeff Shell said at industry conferences last quarter that they don’t feel Comcast needs to make any acquisitions to better compete.

Shari Redstone, who controls ViacomCBS Inc. through the National Amusements Inc. holding company, is also slated to attend. Any deal for ViacomCBS would require Ms. Redstone’s blessing, so she could be a popular interlocutor for any of the company’s would-be suitors.

ViacomCBS is also considered a prospective acquirer in an effort to boost its Paramount Plus streaming service. Analysts say possible targets for ViacomCBS include the Lions Gate movie and TV studio and its premium cable channel, Starz, which CBS made a play to acquire in 2019. Those talks didn’t result in a deal.

A spokesman for ViacomCBS declined to comment.

Robert Thomson, chief executive of Wall Street Journal parent News Corp, is also among the invitees, as is Fox Corp. Chief Operating Officer John Nallen. News Corp and Fox Corp. share common ownership.

The recent spate of media-industry consolidation has reduced the potential targets available, but the race for scale in an already crowded streaming landscape means further deals remain likely.

“There are still a few players out there that can be easily absorbed,” said Mr. Begley.

SHARE YOUR THOUGHTS

How do you expect the competition between streaming services to develop this year? Join the conversation below.

Write to Lillian Rizzo at Lillian.Rizzo@wsj.com and Benjamin Mullin at Benjamin.Mullin@wsj.com