At the same time, the U.S. is reasserting its global leadership, benefitting from its role as the home of free markets and abundant capital to drive innovation (even during time of scarcity), a still strong dollar and global reserve currency (despite clear challenges), and energy and food independence compared to other regions. However, this once-stable foundation has been undermined by a self-directed pivot to direct-to-consumer streaming, pioneered by Netflix. The period leading up to the U.S. presidential election in 2024 is bound to be filled with rhetoric and the sort of challenges mentioned above, testing our media institutions and those who lead them yet again. That doesnt mean that integration is futile. The causes of our uncertainty are well-known: inflation; global central bank policies; war in Eastern Europe (and perhaps elsewhere); the decoupling of Western and Eurasian economies; and other sources of social and political turmoil. It is said that you can win the World Cup without a great . 210123. Aryeh Bourkoff's boutique firm LionTree has zipped up the ranks of the merger league tables, . When preparing for a journey of unknown scope, its wise to pack light, to only bring what you can carry, while preparing for the unknown. The facts are clear. Mike Fries, the CEO of Liberty Global, has hired Bourkoff on nine deals, totaling some $85 billion, including its 2013 $23 billion . Founded in 2012, LionTree has offices in New York, San Francisco, London and Paris. The lowest points in the treasury yield curve are the 10-year and 30-year, leaving high-yield companies that cant access debt beyond seven or eight years relatively disadvantaged in the current market environment, due to both spreads and absolute rates. In anything, the arc of life is also a governing framework for your priorities. For the Class of 2025, LionTree Advisors is now collecting resumes for our 10-week Summer 2024 Internship Program. Last year, I wrote about purpose, and its importance as a rudder; this year, a related question has come into view: how do you pursue that purpose in a time of contraction? Our model gets smarter over time as more people share salaries on Glassdoor. How much do LionTree employees make? Sometimes the best offense is a good defense. For my 50th birthday, I received books of all kinds and while Ive yet to make it through all of them, I am excited to share a subset of them as a window into the relationships I hold dear. Gaming reaches more than four billion people worldwide (and growing), equally shared between men and women. 2020 - 2023. Crypto Weekly Over the last several years, traditional media players have struggled to keep up with content expenditure compared to their tech peers, even when it was more affordable to do so. The Creator Economy: Platform & Responsibility, Its the first year since 1969 that treasuries and equities are both down, user-generated content representing 39% of time spent with streaming media, Ritz and Escoffier: The Hotelier, The Chef, and the Rise of the Leisure Class, When Women Lead: What They Achieve, Why They Succeed, and How We Can Learn from Them, From Strength to Strength: Finding Success, Happiness, and Deep Purpose in the Second Half of Life, Metahuman: Unleashing Your Infinite Potential, Power Failure: The Rise and Fall of an American Icon, Build: An Unorthodox Guide to Making Things Worth Making, A Bankers Journey: How Edmond J. Safra Built a Global Financial Empire, Play Nice But Win: A CEOs Journey from Founder to Leader, The General Theory of Employment, Interest and Money, Leadership: Six Studies in World Strategy Hardcover, Alexander and the Terrible, Horrible, No Good, Very Bad Day, The End of the World Is Just the Beginning: Mapping the Collapse of Globalization. It is not an easy task, but it is an essential one. Rarely do they make it to the other end of the field. If you are interested in our program, please submit your resume to this posting. Offered in New York, San Francisco, Dallas, and Detroit (Birmingham), interns can expect a fast-paced, demanding work environment that offers the chance to learn and grow professionally. What are your essentials, the resources and relationships you cant do without? Feb 24, 2021. . We continue to see pockets of vitality from cash-rich technology and internet companies as they take advantage of their relative strength in a fragmented market. But it is exactly in such periods that strength is forged. The information, statements, comments, views, and opinions provided in this letter are general in nature and (i) are not intended to be and should not be construed as the provision of investment advice by LionTree, (ii) do not constitute and should not be construed as an offer to buy or sell any securities or to make or consider any investment or course of action, and (iii) may not be current. LionTree is a differentiated global investment and merchant banking firm focused on companies in the technology, media, telecom and consumer-related industries. Culture seemed good but I think they have it pretty rough in terms of hours (suppose this is a general street wide comment but LionTree seems to run extra lean). LionTree Founder & CEO Aryeh B. Bourkoff joined CNBC's Squawk Box this morning to share his outlook for the media industry in 2023. In the EU, the sale of Giphy represents the first time a global regulator has unwound a completed transaction by Big Tech, and Illuminas $8bn acquisition of Grail was approved in the U.S. but blocked by the EU competition authority, despite the target having little presence in the EU (this decision is currently under appeal). Job posted 6 hours ago - Deloitte is hiring now for a Full-Time Deloitte Risk & Financial Advisory Analyst - Technology (Summer/Fall 2023, Winter 2024) in Milwaukee, WI. In 1997, Microsoft made a $1bn investment in Comcast, which sparked support and re-rating of cable industry multiples as capital expenditures were on the rise and Microsoft wanted greater access to the home through cable set top boxes. We need a bridge to get to the other side, and it is built on three pillars: creativity, community, and capital. Its the first year since 1969 that treasuries and equities are both down meaningfully, raising the cost of both debt and equityas well as the threshold for organic and inorganic growth alike. Companies are also outpacing the rate of buybacks in 2021, reaching 2.3% of market cap by the end of Q3, compared to 1.5% this time last year (Source: Bloomberg, LionTree analysis). Approximately 60% of companies that have listed since 2019 were unprofitable at listing, and today, theyre trading down an average of 48% from their IPO price. What is the price of a security compared to its long-term value, both on an absolute and relative basis, and over time? Full Time Programs Begin your financial career as an Analyst at Stifel. As a result, the IPO door for growth stories is now much harder to open. We are at a moment of inflection, reflection, and self-adjustment for government institutions in the West, corporations, and capital markets. For companies, a renewed focus on core metrics is key. High proficiency in Microsoft Office suite. With leadership comes responsibility, and all the consequences it may entail. We see potential activity for such companies, including consolidation and asset divestitures, as well as more growing down business plans. This number represents the median, which is the midpoint of the ranges from our proprietary Total Pay Estimate model and based on salaries collected from our users. To take the other football, its like returning a kick-off. Accessibility Policy This year, we witnessed an IPO success story with Volkswagens listing of Porsche in September; it encapsulates what I believe will shape the first successful IPOs over the next 12 months until investors gain confidence in new issuances. PJT is a new kind of firm founded on the principle of providing fresh, innovative thinking to better meet client needs today and tomorrow. 4.0 GPA IB. Worked alongside some folks there on an M&A deal. LionTree Chairman & CEO Aryeh B. Bourkoff shares his reflections and outlook for the year ahead. Companies with pricing power, greater control over their supply chains, and the ability to consolidate their advantages are in stronger positions. Read More. Rank: Senior Monkey | 77 . The yield curve also remains inverteda leading indicator of recession over the last 50 years. j***@liontree.com. While enabling a new ethos of individuality, vulnerability, and (supposed) authenticity, these platforms have the potential to divide us into echo chambers, cementing ideology at the expense of dialogue. These lessons have become especially apparent in the light of the retrenchment or failure of once high-flying, pre-profitability, or subscale businesses benefitting from an infinite growth at zero cost mentality, as companies, newly responsible for their excess liabilities accumulated during the pandemic, adapt to an environment that is changing from relative abundance to relative scarcity. (When was the last time anyone went back and rewatched an episode of House of Cards?). As the regions rulers understand, old paradigms dont last forevereven the hydrocarbon one on which their wealth has relied. Going forward, however, the onshoring or friendshoring of manufacturing and innovation is a pressure point for inflation and corporate strategy. The streaming model in its current form is not the answer for manyas the industry has learned to varying degrees of frustration. We will have to wait and see if the trend keeps pace in Q4, which accounted for ~30% of the total buybacks for the full year 2021. Select notable transactions include: advising Naver on its $1.2bn acquisition of Poshmark, Take-Two Interactive on its $12.7bn acquisition of Zynga, The Athletic on its sale to the New York Times, MGM Studios on its $8.5bn sale to Amazon, WarnerMedia (AT&T) and Discoverys ~$140bn merger, Viacom on its $47bn merger with CBS, Pandora on its $3.5bn sale to SiriusXM, and Charter on its $78.7bn acquisition of Time Warner Cable. Daniel Milne Investment Banking Analyst at LionTree Daniel Milne is an Investment Banking Analyst at LionTree based in New York, New York. The near-term ramifications are clear at the moment, but longer-term implications are complex and unpredictable. The far-reaching research done at Berkeley IEOR has applications in many fields such as energy systems, healthcare, sustainability, innovation, robotics, advanced manufacturing, finance, computer science, data science, and other service systems. And while there are still hardware hurdles to overcome in virtual reality, and the technology is still in its early days, I view both augmented and virtual reality as a means of expanding the reach of live experiences in the digital realm. Privacy Policy 2023 will likely not be easy. . He is the founder and chief executive officer of LionTree LLC, a global investment and merchant banking firm focused on media . Learn more about our facultys research, student activities, alumni game-changers, and how Berkeley IEOR is designing a more efficient world. This is growing down, and ultimately, the upside to downturns. This push into modernity and investment in modern cultural assetseven building entire cities from scratch, in the case of NEOMare far-sighted, and align with the youthful demographic and leadership trends of the Arab world. I believe that what I wrote in the middle of the pandemic is still relevant: If we focus on the essential, we make ourselves essential. It was true then and it is especially true now. In fact, part of the reason leverage ratios have trended up over time is the low absolute cost of financing. Growing down is a mindset that allows us to focus on what is indispensable. The arrival of big tech platforms highlighted the benefits of broad distribution, established through e-commerce (Amazon), devices (Apple), or streaming built on cheap money (Netflix). We are likely not out of the woods, making it difficult for any CEO and investor to time the bottom. But as the company wrote in its most recent letter to shareholders, building a large, successful streaming business is hard. The company estimated its competitors are all losing money, with combined 2022 operating losses well over $10 billion, vs. Netflixs $5 to $6 billion annual operating profit. Competitors need to find their path. But its not just about getting smaller. Greenhill also offers summer Analyst opportunities for undergraduates in the summer before their senior year. To convene in a historic location in the middle of the desert and contemplate the vast potential of the future created the energy and friction inherent in the opportunities that we seek every day. Expertise is a base metal. In the mold of a classic merchant bank, LionTree is here to fill the gaps through our advice, recasting problems as solutions, and through our investments, unlocking value along the way. Whats the Difference Between an Agent and a Manager? Sports is the ultimate front-end model, built on large, impassioned audiences that keep coming back to watch game after game, season after seasonall the way from global, to national, to local RSNs. Looking ahead, I expect continued strong activity in the software and video game spaces,to name two. Thanks for your interest in the 2022 Corporate Strategy Summer Analyst position. Creative dealmaking experiences tailwinds when the public markets, surely not as open as they used to be, are challenged. The ability to be a steady hand, and to engage in leading transactions and investments, is made possible by a network of trust and support; and we are nothing without the friends, supporters, and colleagues who are the pillars of this firm. The resurgence of live experiences, generally (above pre-pandemic levels in many cases), and all the sensory inputs they entailfrom experimental flavors to pulsating soundwaves is a pleasing reminder that real life will never be fully replaced. However, after getting experience in a small investment banking/Private . To sign up for our newsletters, clickhere. The watershed case of Gonzalez v. Google hinges on the difference between providing a platform for content, and promoting that content, to some users but not otherswhether this form of selection and targeting is protected by Section 230 of the 1996 Communications Decency Act. As a summer analyst, you will be fully immersed in the day-to-day activities of our San Francisco office and the program is designed to provide a realistic view of our full-time Investment Banking Analyst Program. Sometimes the best offense is a good defense. We might learn that, in fact, we simply had too much all along. Certainty and uncertainty are a package deal. (They prompt us to wonder, what achievements of the future are unimaginable todayand how do we start imagining them?) Password (8+ characters) As individuals and as institutions, we have a responsibility to speak out against hateful extremism, and these efforts must be backed by responsible moderation and regulation. While near-term impact has meant a slowdown of credit issuance and lower volume for leveraged buyouts (LBOs), over the long-term this will have a much more negative impact on corporate earnings and liquidity (especially for higher levered non-investment grade issuers), as refinancing existing debt at a cost of 300-500 bps higher will impact strategic flexibility for many. Companies will have to look inward to determine what they need to succeed, and what they dont. Tech companies are engaging in accelerated workforce reductions, and the same is true for the worlds largest content producers as they also begin to moderate their growth in content expenditures beyond 2022. Our Services Investment Banking What We Deliver Global Reach This will take creativity, trust, and community. U.S. TMT has shown particular resilience, including parties seeking to consolidate (Adobes $20bn acquisition of Figma, Broadcoms $70bn acquisition of VMware, Microsofts attempted acquisition of Activision Blizzard for $68bn), to use M&A for market expansion (Amazons $1.6bn acquisition of iRobot and $3.8bn acquisition of OneMedical; Oracles$28bn acquisition of Cerner, Googles $4.7bn acquisition of Mandiant), or to expand into new geographies (e.g., Naver, the Google of South Korea, with its announced acquisition of Poshmark). LionTree has built a successful track record by leveraging its unique insights and relationships to assist clients across its integrated product set: Investment Banking Advisory, Public Markets / IPO Advisory and Merchant Banking Investments. In the midst of these global crosscurrents, 2023 will be a year of adjusting assets, discovering new leadership, rethinking structures, and rebuilding relationshipsas well as establishing some for the first time. Notable transactions include advising Charter on its $78.7bn acquisition of Time Warner Cable, Take Two on its $12.7bn acquisition of Zynga, eBay on its $9.2bn sale of eBay Classifieds to Adevinta, MGM on its $8.5bn sale to Amazon, Apollo Funds on its $5.0bn acquisition of Verizon Media, Starz Networks on its $4.6bn sale to Lionsgate, and Snap on its $3.4bn IPO. Meanwhile, a groundswell of content and creativity is developing outside the confines of traditional media. But a compass is not enough. With this foundational reach, the Silicon Valley players can direct more resources to content creation because distribution and customer-acquisition are already built into their model. Ralph Waldo Emerson. Although we once saw Europe as the third political and economic power between the U.S. and China, growth, and positive steps towards social progress in the Gulf favor the region to earn this spot on the global stage. As LionTree grows, Kindred Media has grown with it. Early Career Programs - Careers | BlackRock 68,324 Investment Banking Analyst Graduate Jobs - ZipRecruiter Liontree Llc New York, NY Type. Digital Real Estate Monthly Its customary for me to share a list of (audio)books that I have gathered over the course of the yearfrom friends, mentors, family, travels, and more. First, it leads to high spending to continuously create fresh content, a mode in which even the benefits of scalehaving hundreds of millions of global subscribersare no guarantee of sufficient (if any) cash flows. For the technology players, it means leaning into their massive distribution reach, acquiring and licensing content while selectively investing in original content that adds valuable franchise brand halo, such as Amazons intent to invest approximately $1bn on around a dozen theatrical releases, leveraging its unique MGM asset. It will test our strategy, resources, and relationships. The traditional model was built on multiple revenue streamsadvertising, subscription, long-tail syndication, and content bundling, where owning IPand the library of content built up over timewas the bedrock of long-term value. Email. More than half of the Fortune 500 companies were founded during a recession or bear marketfrom General Motors in the downturn following the Panic of 1907, to Microsoft during the oil crisis of the 1970s. These confines are both self-selected, and inflicted upon us by algorithms, which risk deepening our social and political divisions by drawing the like-minded together, and radicalizing users by luring them to the extremes of antisemitism, racism, and all sorts of noxious beliefs. Moelis & Company offers a collaborative, diverse and entrepreneurial environment where experienced professionals can continue to learn, grow and enhance . As a result, companies are reallocating resources away from growth experiments, and streamlining cost structuresmost visibly via growing down the fixed-cost base of their operations, including headcount. Take the YouTuber MrBeast, who recently supplanted PewDiePie as the most-subscribed individual YouTuber, with a staggering 112 million subscribers and a target valuation of $1.5 billion. Summer Analysts will focus on a broad range of Mergers and Acquisitions, Debt Advisory, Restructuring, and Equity Capital Markets advisory assignments. At the most basic level, DTC models are inherently flawed. Strong leaders are made both in and for difficult times. During my recent travels to the Gulf region, many described its rise as the New Europe, in contrast to the Old Europe, which is experiencing a relative decline due to demographic, political, and economic slowdown, exacerbated by dependence on foreign energy and resurgence of territorial conflict. Parrish Hall 135 The reality, however, has been the reverse: social media has left us more disconnected. Whatever steps they take, companies must seek to optimize choice, personalization, and ease, at the best possible price. In such a world, the Middle East will stand on its ownno longer an arena for the Great Game between the superpowers of the day. Toward these ends, we see several opportunities at play across the landscape. LionTree is an independent investment and merchant bank focused on media, technology, telecommunications and consumer-related industries with ~$750bn in total transaction value. I returned to a book this year called Scarcity, which reads: Follow the thread of scarcity long enough, and it leads back to abundance. While I am humbled to be able to support my alma mater in this way, this partnership is an encapsulation of LionTrees purposewhich is to invest in assets in motion, to aid their momentum, and do so with creativity and community at the forefront. This means identifying and honing your edge, whatever it may be, and pursuing the structures that allow you to do thatpaving a power alley in which to accelerate once shareholders and capital markets create a more favorable environment. Summer Analyst Program 2023 USA Global Advisory Country: United States of America Division: Global Advisory Program: Summer Internship Duration: 10 weeks Programme Description Summer Analysts will focus on a broad range of Mergers and Acquisitions, Debt Advisory, Restructuring, and Equity Capital Markets advisory assignments. New Denver Broncos head coach Sean Payton said at the NFL Scouting Combine that he tried to lure former Broncos head coach Vic Fangio back to Denver before hiring another former Broncos head coach . Weve dealt a lot with uncertainty, leaving most with feelings of exasperation. I recently secured my junior year internship summer analyst position (summer 2023) at a large US bulge bracket for Sales & Trading in NYC. . The first half of the year could also look very different from the second half, as valuations normalize, and rates potentially settle from their peak. In this paradigm, with its front-end model of continuous gratification of consumer demand, you are only as great as your last piece of content. The UK environment is particularly challenging, with many mergers (such as Viasat/Inmarsat) under tight scrutiny. To highlight an example, LionTree revealed something mildly unexpected this year when we announced the new LionTree Arena at the University of California, San Diego as part of a gift to fund scholarships for student athletes as the university continues its meteoric rise and joins NCAA Division I and the Big West Conference. Im proud of the way weve established the firm as a community of forward-thinking advisors, CEOs, investors, creatives, and others, across industries and continents, intently focused on helping each other, and on having an impact (and some fun along the way). Inflation, and the responses to it by governments, banks, and investors, have dominated the headlines. Incoming 2023 Investment Banking Summer Analyst at LionTree LLC They create an asymmetric relationship between the product and the consumer: the moment the consumer isnt getting what they want, the relationship is over. LionTree offers a 10-week summer analyst program for rising seniors. These burdens, as we have seen recently, impose heavy obstacles to profitability. We seek to both advise and invest in our relationships and will be doing so amid dislocations and crosscurrents where independent, differentiated capital and long-term shareholder support will come at a premium. Scarcity follows abundance. The U.S. remains home to many of the strongest, most transparent, most technologically advanced, and most influential companies and entrepreneurs. There is still over $700bn of private equity dry powder waiting to be deployed, but the credit cost associated with deployment of that capital is its highest in close to 10 years. The market has currently priced in a rising rate environment through the first half of 2023, peaking at around 5% by mid-year. One legendary media executive once said to me: When I was finding my way, we didnt even use the term entrepreneur. He held his position through not one but two recessions and was reviled for his efforts at the time. At a time when the reasons for uncertainty are multiplyingscarcity, inflation, geopolitical turmoilwe must return to the fundamentals, to the measures of intrinsic value that allow investors and managers to find their footing. 2023 will be a year of growth; its just that not all growth is up and to the right. San Francisco, California, United States . If you encounter any sign in issues, please email events@liontree.com Telecommunicationseven cable and broadbandwill be an interesting area to focus on in 2023 as companies double down on the decentralized power of their networks vis-a-vis the devices that rely upon them. The return on investment is simply higher than for those with a distribution disadvantage. 2023. Faculty research in Berkeley IEOR specializes in stochastic processes, optimization, and supply chain management. The just announced Microsoft acquisition of a 4% stake in the London Stock Exchange is yet another example, and representative of the sorts of transactions by strategics that I expect to see more of in 2023. LionTree: Top Themes of the Week It teaches us that although economic downturns are not kind, they are conducive to visionary entrepreneurship. At the time it teaches us that although economic downturns are not kind, are. 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