When the balance of the world shifts, perspectives change. If you have any thoughts or suggestions on the new site, please share them with us. Scale still matters, including as a means to profitability. Whatever steps they take, companies must seek to optimize choice, personalization, and ease, at the best possible price. Corporate and political leaders understand its power well, as we see in Sam Bankman-Frieds recent media tour, clearly intended to shape public opinion in advance of what is shaping up to be a very uphill legal battle. This gap, this paradox, we must overcomefor our society at large, and particularly for our children. Many companies that have gone public since 2019 largely did so in a highly supportive growth at all costs environment. What this illustrates is that its very hard to be both content creator and distributor. Day-to-day responsibilities will include: financial analysis and modeling, company and industry research, preparing client presentations and contributing . Availabilities are open for our San Francisco office. 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. However, real interest rates are still meaningfully negative (and the lowest in nearly 40 years); as such, rates will have to go higher, or inflation must decrease meaningfully. 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. 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? . These anchor investors, who fit my description of Reference Shareholders, serve as bastions of confidence, inducing other investors to join in. In your resume title, please indicate whether you are interested in Technology, Gaming (Interactive Entertainment), or both groups. Employer: LionTree . LionTree does not undertake any obligation whatsoever to provide any form of update, amendment, change or correction to any of the information, statements, comments, views, or opinions set forth in this letter. Not all change, however, is sustainablesometimes progress hits a brick wall and must be rethought, especially when the assumptions on which it is based have shifted. Our purpose guides us in all that we do, internally and externally. Have an anticipated graduation date between December 2023 and August 2024. When rates rise and the return thresholds elevate, we are forced to choose; innovation and inorganic activity come at a higher cost. Adversity is the prosperity of the great. 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. Throughout the first decade of LionTree, weve strived to remain grounded yet curious, principled yet adaptive, expansive yet self-correcting. The return on investment is simply higher than for those with a distribution disadvantage. Questions of responsibility and liability will soon be addressed by the Supreme Court. 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. This period of slowdown is temporary, in my view, but necessary to return to fundamental long-term growth. Email. (See, for instance, European objections to Made in America electric vehicles.). As an Analyst, you will have the opportunity to work on projects leveraging your expertise to help our clients more confidently make decisions . Ralph Waldo Emerson. 1y. The estimated additional pay is $54,542 per year. Kindred on the Kurb: What is the Biggest Problem Facing the Country Today? Moreover, history gives us reason for optimism. 2023. But the prominent investment banker isn't content to simply facilitate M&A transactions. It holds true in business, andfor those of you watchingin the worlds most popular sport. Historically, the role of a bank, broadly defined, has been to shine a light on deserving sectors, and to provide capital to facilitate value creation. Associates (208) $257. Chinas growth has slowed in part because of these factors, which also have led to social unrest, causing doubt and hesitation among both domestic and foreign companies and investors. The yield curve also remains inverteda leading indicator of recession over the last 50 years. Rebundling the Landscape: Whats Your Edge? 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. But its not just about getting smaller. As Churchill said, Its no use saying, We are doing our best. You have got to succeed in doing what is necessary. The challenge is to maintain an abundant mindset, and a purposeful one, in times of scarcity. We expect the growing value of sports rights to be a major theme in 2023 and beyond. 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. LionTree is an independent investment and merchant bank focused on media, technology, telecommunications and consumer-related industries with ~$750bn in total transaction value. 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). 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. Gaming Weekly At the same time, there will be beneficiaries of new supply chain dynamics and deglobalization trends, such as Mexico and Latin America as it relates to the West. The good news is that abrupt changes can be healthy; their swiftness is helpful in resetting expectations. The difficulty of knowing both location and momentum is that they are not just different things, but on different planes. This perspective is crucial, because those who believe they see a light at the end of the tunnel as we head into the New Year may well be mistaken. However, during these uncertain times, to cross the threshold into the public markets requires shareholders to believe in you. Worked alongside some folks there on an M&A deal. Companies will have to look inward to determine what they need to succeed, and what they dont. 210123. He is the founder and chief executive officer of LionTree LLC, a global investment and merchant banking firm focused on media . LionTree Chairman & CEO Aryeh B. Bourkoff shares his reflections and outlook for the year ahead. In tech, layoffs in 2022 have hit nearly 140K employees, compared to just over 80K Covid-related layoffs in 2020 (Source: Layoffs.fyi). However, while such policies aim to develop self-sufficiency, they can also lead to tensions with rivals and even allies. The independent investment and merchant bank for creativity, community and capital The challenge is how to respond. This is complemented by another historic shift, which is the rapprochement with Israel. "Our LT Weekly Update is a comprehensive weekly analysis aimed at helping our key corporate and investor clients cut through the noise and stay in front of what we view as the most important themes and developments driving the digital economy.". If you are interested in applying, please submit your resume through the below Han It teaches us that although economic downturns are not kind, they are conducive to visionary entrepreneurship. Linear broadcasters are maintaining respect when it comes to reaching scaled audiences, so leagues will want to continue to find new ways to monetize media rights between tech and traditional distribution to maximize their reach and income. The pandemic was an accelerator for change. Investment Banking Internship | Summer Analyst | Jefferies Jefferies offers an intensive investment banking internship program that is designed to assist students in navigating a successful career in finance. Companies with pricing power, greater control over their supply chains, and the ability to consolidate their advantages are in stronger positions. At any given moment, we can measure our position or value in the world. With higher cost of capital, organic investments will require clear metrics and competitive business rationales so that shareholders can gain confidence they will see a satisfactory return. 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. 1972 (age 50-51) Palo Alto, California. University of California, San Diego ( BA) Title. (They prompt us to wonder, what achievements of the future are unimaginable todayand how do we start imagining them?) What that period dramatizes is a central dynamic of our own time: the necessity of contraction and recalibration for the prospect of future stability and momentum. These dynamics have been thrown into positive relief by developments in China, where the government continues its push toward centralization, evident not only in its Covid restrictions (now being scaled back), but in its industrial policies. Comcast's stock traded up. One legendary media executive once said to me: When I was finding my way, we didnt even use the term entrepreneur. A most recent case study is Qatarat first glance, seemingly an incongruous place to host a World Cup. Founded in 2012, LionTree has offices in New York, San Francisco, London and Paris. Rank: Senior Monkey | 77 . 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. High proficiency in Microsoft Office suite. Rather than working primarily against each other in streaming wars, the industry will likely have to work better together. 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. So, with inflation (as measured by CPI) at around 7%, we may be underestimating the trajectory of rates heading into 2023. PJT is a new kind of firm founded on the principle of providing fresh, innovative thinking to better meet client needs today and tomorrow. This letter is provided by LionTree LLC solely for informational purposes and is provided as of the date indicated above. We are likely not out of the woods, making it difficult for any CEO and investor to time the bottom. LionTree does not make any representation or warranty as to the accuracy or completeness of any of the information, statements, comments, views or opinions contained in this letter, and any liability therefor (including in respect of direct, indirect or consequential loss or damage of any kind whatsoever) is expressly disclaimed. LionTree is a differentiated global investment and merchant banking firm focused on companies in the technology, media, telecom and consumer-related industries. What are your essentials, the resources and relationships you cant do without? We are excited for these innovations and very closely focusing on transformational organic and inorganic activity in areas such as healthcare technology, security, privacy and digital identity, education as well as vertical software and marketplacesguided by our informed experience with technological change and pattern recognition as we advise CEOs and industries on growth, capital structure, potential transactions and partnerships, and overall competitive position. 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). His clients seem to love him. The uncertainty principle, in quantum mechanics, gives us a powerful metaphor for the contingency of our knowledge. Aryeh Bourkoff's boutique firm LionTree has zipped up the ranks of the merger league tables, . j***@liontree.com. Growing Down. At the time of the transaction, Comcast CEO Brian Roberts said, Microsoft has attached no strings and called the investment a strong vote of confidence in the industry; Wall Street very quickly agreed. Historically, including in the 1980s, the Fed funds rate has had to exceed the rate of inflation to temper its rise. With more than 4,000 alumni, 20 faculty, 20 advisory board members and 400 students, the IEOR department is a rapidly growing community equipped with tools and resources to make a large impact in industry, academia, and society. As the Great Decoupling plays out, it is not hard to imagine a future in which some places are open only to Chinese investment (Central Asia, parts of Africa, Russia), and others mostly to U.S. investment (the West). Software Weekly We need a bridge to get to the other side, and it is built on three pillars: creativity, community, and capital. 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. The deeper the roots, the higher the branches can grow. 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. 11/16/2022 5:48 PM. Shedding of non-core assets and expenditures can enable scaled players to focus on their core business and deliver value to shareholders. We see potential activity for such companies, including consolidation and asset divestitures, as well as more growing down business plans. While the fragmented landscape creates more ad space to fill, two questions are top of mind: 1) Will there be enough to go around? So how do we emerge, what feels like yet again? Second, the ceaseless supply of new content ends up devaluing that content over time, as is the case with any asset inflation. In my view, many of the ruling class parties (whether they won or underperformed, like the GOP) lack youthful, decisive, innovative leadership that has executable ideas suited to the times. 2023 will likely not be easy. The market has currently priced in a rising rate environment through the first half of 2023, peaking at around 5% by mid-year. Founder and CEO of LionTree LLC. The firm has expertise in a wide range of verticals including film/TV, telecom/cable, music, sports, emerging tech and more. Candidates for the 2023 Summer Internship Program: Are currently enrolled as an undergraduate student. The 'Analyst' role is an entry-level position for the brightest and most capable university graduates. It holds true in business, andfor those of you watching in the world's most popular sport. 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. 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. 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. Greenhill also offers summer Analyst opportunities for undergraduates in the summer before their senior year. Your back catalog is depreciating rather than appreciating in line with traditional library economics. Indeed, expertise, as well as creativity, may be in the process of being usurped by generative AI, which puts the power of creation in the hands of anyone with a basic keyboardfrom ChatGPT (text to dialogue) to DALL-E (text to imagery), to Midjourney (text to animation), and many others not mentioned here. Raine hasnt started yet and liontree nyc doesnt have their app open so must be liontree sf. This is a learning-intensive program designed to give you essential business insights and hands-on experience in your field of choice. If you are interested in our program, please submit your resume to this posting.LionTree is an independent . This puts a premium on creative dealmaking and M&A, structuring, and access to long-term shareholdersand this is what we at LionTree excel at. Vice President (38) $392. Office closed daily from 121pm for lunch. As an example, in Q3 a broad subset of technology, media, and telecom (TMT) companies beat EBITDA expectations by ~20% while exceeding revenue expectations by ~2%, clearly doing more with less (Sources: Bloomberg, FactSet). Intern/Summer Analyst (316) $409. Turbulent times teach us that momentum is no guarantee of stability, and hubris is as dangerous as inertia. As we consider the leadership qualities that are essential, trust, along with its corollary, credibility, will be a crucial assetacross both the private and public sectors, leaders of both companies and countries. Its an idea that keeps coming back, as I consider the lessons of 2022, and the prospects for 2023. These burdens, as we have seen recently, impose heavy obstacles to profitability. Swarthmore, PA 19081. Feb 24, 2021. . LIV Golf's David Feherty oddly claims Greg Norman was more recognizable than Michael Jordan in '80s and '90s Feherty left NBC in favor of an analyst job with LIV last summer Meanwhile, a groundswell of content and creativity is developing outside the confines of traditional media. As streaming comes down to earth, the creation of new content and experiences across all genresfrom video and music, to sports and gamingwill prioritize quality and originality. Whats the Difference Between an Agent and a Manager? While the creator economy clearly impacts mindshare in our attention-driven economy and is something traditional media must learn to contend with, it also creates boundless potential. Digital Real Estate Monthly We seek to match long-term-oriented CEOs with long-term shareholders, enabling companies to play to their competitive advantageand we align ourselves with the outcome through our own capital. Ineffective or false leadership must be replaced by management that has the honesty and fortitude to see through a strategic vision, the intellectual humility to learn from mistakes, and the decisiveness to make necessary changes. They are the assets we hold most dear, and that we protect in response to scarcity, to bridge the gaps, and to come out stronger than before. The successes of an everyman like MrBeast and others like him reveal that, in the currency of this vast, youthful ecosystem, relatability and authenticity are gold, while talent is silver. LionTree is not providing or undertaking to provide any financial, economic, legal, accounting, tax or other advice or recommendation in or by virtue of this letter. Growing down, I call it. For companies with meaningful capital structure or liquidity issues, unfortunately it is time for recalibrationin expectations, ambitions, and the growth-at-all-cost mentality. Regarding other uses of capital, companies with strong balance sheets are leaning into organic investment opportunities to hone competitive advantages and position for future growth, particularly in areas like networks and infrastructure (cloud and data centers, fiber builds and deployment). The increased cost of capital and overall caution of management teams and investors has led to a slowdown in dealmaking. As Ive thought about the inflection points of life, and about what it means to build a firm, Ive come to another understanding of the uncertainty principle. , what achievements of the date indicated above that they are not just different,! Investment is simply higher than for those with a distribution disadvantage LionTree Chairman & amp ; CEO B.. Are likely not out of the woods, making it difficult for any CEO and investor to the! And asset divestitures, as we have seen recently, impose heavy obstacles to profitability to time the.! 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