Dan Cox, on special assignment for FishbowlLA, covering the 2008 Sun Valley Media Conference.

Rupert Murdoch has been seen all over Sun Valley with his wife Wendi, but he didn’t want to see her last night because he was missing an important element — his wedding ring.

Murdoch was searching all the couches in the Sun Valley Lodge lobby where he said he had been sitting. He also worried that he might have lost it at dinner.

But we figure, he shouldn’t worry too much. Our guess is he can afford another one.

Former Yahoo! CEO and Warner Bros. co-chair Terry Semel was irritated at reporters yesterday, avoiding troublesome questions about a potential takeover of Teddy Forstmann‘s management company IMG.

Semel admits he made a bid for the media giant, thought to be $3 billion.

“I wanted to take their management firm and turn it into a media company with a focus on digital distribution,” Semel said. The former CEO was trying to do exactly the same thing with Yahoo! before they fired him.

But he never got an answer from Forstmann, which left Semel a bit perturbed at the media for writing a non-story and dressing it up like reality.

“You saw the stories; it looks like no,” he said.

So he said he’ll go back to the drawing board and find another company to hunt.

Another Sun Valley rumor that seems to have been shot down was the notion that President Clinton was to show up here today. We thought he might have wanted to take in Jordanian King Abdullah II’s speech. But he has yet to be spotted.