reed Hastings, who co-founded Netflix NFLX along with Markus Randolph 1997 and has been at the helm of the streaming giant since 1998, resigned in January of this year. Now it looks like he’s moved on to his next assignment.

What happened: Hastings has now become part owner of the struggling company Powder Mountain ski resort in Utah. A release published Monday by Powder Mountains says Hastings, who remains executive chairman of Netflix, has acquired a majority stake in the Summit Series founders.

Greg Mauro, Founder and Managing Partner of Learn Capital, a company holding an education technology investment portfolio, co-owns with Hastings.

The terms of the contract were not disclosed. Hastings would take a seat on the board and share oversight of management and operations, Powder Mountain said.

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Why it matters: Powder Mountain is the largest ski area in the US by skiable acres and is located east of Eden, Utah. Spread over 8,464 acres, it has 154 hiking trails, nine lifts, two terrain parks, a diverse mix of mountain lodging and a unique policy of limiting day pass and season pass sales.

Hastings and his wife Patty Quilin, both enthusiastic snowboarders, bought a piece of land on the mountainside about eight years ago and built a modernized cylindrical wooden house on it.

“Patty and I love this mountain community and want it to thrive. We look forward to being a part of Powder Mountain’s future and helping to preserve what makes this place so special. Also, we look forward to some elevator upgrades, restaurants, and improved parking!” said Hastings.

Power Mountain was once a dying ski resort until it was bought by the founders of the Summit Series in 2013, Fortune reported. Summit Series is an invitation-only conference for entrepreneurs, venture capitalists and celebrities. Amazon founder jeff bezos and Microsoft’s Bill Gates have presented at these events in the past.

Contrary to the original developers, who had utopian ambitions for a …