BScMathematics Statistics and BusinessFirst Class Honours. And finally, protection against threats that we do not see, neither predicted nor apparentthe most dangerous of all. 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. If you are interested in our program, please submit your resume to this posting.LionTree is an independent . Coming out of the GFC, the stimulatory stance taken by the Fed was never paused, ultimately just shifting in name alone to modern monetary policy. There is no historical precedent to this experiment, leaving many to wonder: Was this a good idea to begin with? Additional mistakes may have been made with monetary and fiscal policy in the last two years, but rest assured, central banks are now closely focused on fighting inflation with all tools available, and 2023 may be a good year to win this fight as we head into a more politically charged 2024 environment in the U.S. Worked alongside some folks there on an M&A deal. While Im turning 50, LionTree also celebrated a pivotal birthday this year: 10 years. Full Time Programs Begin your financial career as an Analyst at Stifel. This is complemented by another historic shift, which is the rapprochement with Israel. 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. What is the price of a security compared to its long-term value, both on an absolute and relative basis, and over time? I know these books, and even more so the relationships they represent, will help guide and energize me in the year ahead, and hopefully in the many years to follow. 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. For both companies and countries, the breakdown of larger networks offers opportunity for the strengthening of nearer ties. 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. With a non-deductible 1% excise tax on buybacks occurring after the end of this year as part of the Inflation Reduction Act, it wont be surprising if confident companies seize the opportunity. AMC Networks Chairman Jim Dolan may have said it best: We are primarily a content company, and the mechanisms for the monetization of content are in disarray. Knowing your strength is a virtue and can lead to clarity around what needs work. What are your essentials, the resources and relationships you cant do without? 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. 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. 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. 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. 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. Breakingviews category Adobe's lose-lose Figma bind, article with image February 24, 2023. Other feature hits and episodic content from Black Panther: Wakanda Forever to The Peripheral to Woman King (fill in whatever youve loved this year) continue to inspire and excite. 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. While we can attempt to understand the current state of affairs, we can only guess at the acceleration of changes to the global paradigm that has governed our decision-making for the last half century. Just as the industry shift to streaming creates unhealthy side-effects, a shift to AVOD may present its own challenges, particularly amid a possible advertising slowdownthough media CEOs remain cautiously optimistic (at best, and the market could shift quickly). It is not an easy task, but it is an essential one. However, after getting experience in a small investment banking/Private . Amid wilderness and isolation, we discussed the idea of protection, and concluded that protection comes in three forms. The reality, however, has been the reverse: social media has left us more disconnected. Software Weekly 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. Given their tried, tested, and proven profitability, the integration of gaming is here to stay, despite an engagement pullback from Covid highs. I also see an increase in private investments in public companies, as markets seek to provide capital support for management strategies. As LionTree grows, Kindred Media has grown with it. Streaming Now: Profitability Over Subscriber Growth. Even though Top Gun: Maverick was a sequel, its star power and mastery of storytelling were stupendous. It states that, if we know the position of a particle, we cannot know its momentum; and vice versa. New business ideas and growth initiatives spurred by heavy investments were in vogue due to 0% interest rates. 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. 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). Digital Real Estate Monthly Boards approved strategies they never would have previously and will be even less likely to approve in the coming year. Parrish Hall 135 So, cash must be put to work and inflation can be a double-edged sword. These burdens, as we have seen recently, impose heavy obstacles to profitability. In this vision, the exchange of diverse opinions, combined with easy access to information, would make society more tolerant, open-minded, and well-informed. 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. But that doesnt mean its closed. Strategic asset sales create opportunity for potential consolidators seeking to repackage media assets to create must-have offerings that enhance a holistic customer experience, with the added benefit of spreading costs over a broader asset base. Netflix has been able to cross the Rubicon and reach a profitable scale after a decade of investment. Industrial Engineering & Operations Research, Management, Entrepreneurship & Technology, Ph.D. Industrial Engineering & Operations Research. 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. Gaming Weekly Given the difficulty of precisely measuring individual company trajectories in the current moment, judicious leadership teams are preparing for a prolonged downturn, indeterminate in its timing, impact, and duration. 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? If you are interested in applying, please submit your resume through the below Handshake submission. 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. 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. Each year, the list captures topics and areas of professional and personal interest that are integral in the moment, as well as reminders to be studiedsprinkled with fun, passions, and general levity. 2023. Alex Cherry is an Investment Banking Summer Analyst at LionTree based in New York, New York. Our analyst and associate programs are ideal for talented, bright and passionate young professionals looking to learn more about our advisory and capital raising services. 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. Im also reminded of transactions that exemplify the concept of Reference Shareholders, i.e., sources of partnership capital aimed to endorse long-term growth and transformation through cycles. 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. 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. While a decision against Google would seem to impose a crippling amount of legal risk on platforms, what is revealing is that the plaintiff does indeed have a case under the law, written two years before Google was founded in a garage. 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. If the first mountain is about building up the ego and defining the self. Accessibility Policy 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. 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. 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. Builders sent him planks from unbuilt houses; unemployment stayed above 10% for nine straight months and mortgage rates hit nearly 17% (nearly unthinkable today). LionTree is a differentiated global investment and merchant banking firm focused on companies in the technology, media, telecom and consumer-related industries. We provide training, experience, access to clients and mentoring by senior team members who are the best in the business. The increased cost of capital and overall caution of management teams and investors has led to a slowdown in dealmaking. But that reconsideration is itself an opportunity. Second, the ceaseless supply of new content ends up devaluing that content over time, as is the case with any asset inflation. Email. 23 salaries (for 11 job titles) Updated 1/13/2023. Inflation, and the responses to it by governments, banks, and investors, have dominated the headlines. With leadership comes responsibility, and all the consequences it may entail. Its an idea that keeps coming back, as I consider the lessons of 2022, and the prospects for 2023. 2023 will be a year of growth; its just that not all growth is up and to the right. As has been revealed by the markets, its not enough to bet big on the future. Have an anticipated graduation date between December 2023 and August 2024. 1. 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. Because of the costs required to catch up, and the hurdle rate for investments being higher, it might be time to rethink strategy and not be mired by momentum. In such a context, companies will need to take steps to reduce their costs, and to ensure the resilience of their supply and distribution lines. It's a full-time, 10-week commitment from May 31, 2023 through August 4, 2023. Moreover, history gives us reason for optimism. Gaming companies also make money! 2023 will likely not be easy. 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). This is growing down, and ultimately, the upside to downturns. LionTree Founder & CEO Aryeh B. Bourkoff joined CNBC's Squawk Box this morning to share his outlook for the media industry in 2023. 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. This year weve seen myriad governments turn over, from the UK to Italy to Sri Lanka, and change party hands, including in Israel and Sweden, while we ponder the future in the U.S. 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. 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. 2) Will consumers tune-in, particularly when theres a price tag involved? Creative dealmaking experiences tailwinds when the public markets, surely not as open as they used to be, are challenged. LionTree. Rebundling the Landscape: Whats Your Edge? But it requires strong management teams (which I believe the industry is lucky to have) and making profitability the priority. Sometimes the rules themselves will need to be changed to allow these processes. Strong leaders are made both in and for difficult times. Faculty research in Berkeley IEOR specializes in stochastic processes, optimization, and supply chain management. The U.S. remains home to many of the strongest, most transparent, most technologically advanced, and most influential companies and entrepreneurs. 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. Liontree LLC and The Raine Group SA 2023 Recruiting/Interview Timeline? 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). Would Paris Hilton Let Her Kid Be An Influencer? Throughout the first decade of LionTree, weve strived to remain grounded yet curious, principled yet adaptive, expansive yet self-correcting. Scale still matters, including as a means to profitability. 11/16/2022 5:48 PM. Previously, Daniel was a Sales & Trading Summer Analyst at Read More Daniel Milne's Phone Number and Email Last Update 11/9/2022 12:29 AM Email d***@liontree.com Engage via Email Contact Number (212) ***-**** Most of us recognize that slowdowns are inevitable; the harder task is to accept the unpredictability that accompanies them. The estimated additional pay is $54,542 per year. Most notable for Porsche, ~40% of the book was snapped up by just four investors, and ~75% was composed of only 20 investors. Since 2017, Kindred Media has always served as a vehicle of expression for LionTree. 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. We would expect some of these trends to reverse, putting pressure on equity markets and more speculative growth investments and transactions. 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. Separately, in a streaming-first world, the industry would need to get creative to achieve the level of profitability they once enjoyed in a dual-revenue world. LionTree was founded in 2012 and has offices in New York, San Francisco, London and Paris to serve a global client base. Despite the hurdles to profitability, let us not give up on the industrys vibrancy and potential to enter a new creative renaissanceakin, perhaps, to the energy of the 1919 Carnival following the last global pandemic. Intern/Summer Analyst (316) $409. To his credit, Elon Musk has recognized that strong new leadership will be essential as the company rebuilds stability and trust (and following a challenging period of growing down). Sport itself, of course, has the ability to bring people together, but global transmission of such events creates a shared experience, history, and community that is so easily lost in other forums. 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. In the Pirkei Avot, one of the landmark Jewish texts, each decade is defined by a particular capacity, a potential that has come to fruition. Careers at Moelis. 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. 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. And it raises a profound question: what do you choose to protect, to defend at all costs? If you are interested in applying, please submit your resume through the below Han Given lower valuations, many private companies will have to navigate structural considerations as they consider capital raises or mergers, increasing the prevalence of preferred waterfall issues in private sales and/or mergers. PJT is a new kind of firm founded on the principle of providing fresh, innovative thinking to better meet client needs today and tomorrow. 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. We must be mindful of the heightened influence of both creators and platforms on the information we consume, and on our public discourse. 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. Employer: LionTree . 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. As a result, the IPO door for growth stories is now much harder to open. Ritz and Escoffier: The Hotelier, The Chef, and the Rise of the Leisure Class by Luke Barr, When Women Lead: What They Achieve, Why They Succeed, and How We Can Learn from Them by Julia Boorstin, From Strength to Strength: Finding Success, Happiness, and Deep Purpose in the Second Half of Life by Arthur C. Brooks, Metahuman: Unleashing Your Infinite Potential by Deepak Chopra, Power Failure: The Rise and Fall of an American Icon by William D. Cohan, Build: An Unorthodox Guide to Making Things Worth Making by Tony Faddell, A Bankers Journey: How Edmond J. Safra Built a Global Financial Empire by Daniel Gross, Play Nice But Win: A CEOs Journey from Founder to Leader by James Kaplan and Michael S. Dell, The General Theory of Employment, Interest and Money by John Maynard Keynes, Leadership: Six Studies in World Strategy Hardcover by Henry Kissinger, When We Cease to Understand the World byBenjamin Labatut, Reminiscences of a Stock Operator by Edwin Lefvre, Thomas Jefferson: The Art of Power by Jon Meacham, Scarcity by Senhil Mullainthan & Eldar Shafir, The Revolutionary: Samuel Adams by Stacy Schiff, Vogue X Music byEditors of American Vogue,andJonathan Van Meter, Alexander and the Terrible, Horrible, No Good, Very Bad Day by Judith Viorst, Stockholm: City of Islands and Water by Jeppe Wikstrm & Per Kallstenius, Translated by Ruth Urbom, The End of the World Is Just the Beginning: Mapping the Collapse of Globalization by Peter Zeihan. 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. LionTree, powered by what media and telecom executives describe as Mr. Bourkoff's nonstop networking, has already claimed a number of advisory assignments, from Charter's deal for Time Warner . We must recall one of the most celebrated early promises of the internet, that it can function as a democratic public square. To take the other football, its like returning a kick-off. Industry players have been working to find the perfect balance for some time; however, a heightened focus on profitability likely means continued reformation of streaming platforms and a repackaging of the landscape across all forms of media to regain leverage. And LionTree is a strategic partner to Griffin Gaming Partners; weve helped assemble more than $1 billion to invest in and advise on the growth of interactive entertainment, from content to infrastructure, from mobile to the metaverse. Hear they pay above street and in line with other top boutiques though. For companies with meaningful capital structure or liquidity issues, unfortunately it is time for recalibrationin expectations, ambitions, and the growth-at-all-cost mentality. LionTree CEO Aryeh Bourkoff is a master dealmaker.. Activities and Societies: Tennis (Club Captain), Private Equity Society (Head of Research & Events) Year 1: First (Mathematics, Statistics, Economics, Financial Accounting, Managerial Accounting) Year 2: First (Mathematics, Statistics, Regression, Actuarial Science, Finance) It is surrounded by a nexus of other experiences, such as betting, character-driven content, merchandise, and overall engagement. 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. Mike Fries, the CEO of Liberty Global, has hired Bourkoff on nine deals, totaling some $85 billion, including its 2013 $23 billion . More broadly, this years midterm elections saw political spendingincluding on platforms such as TikToknearly match that of a presidential election. Have a track record of academic excellence and participation in campus activities. Location is worldly; momentum is moral. Candidates for the 2023 Summer Internship Program: Are currently enrolled as an undergraduate student. Take a Break and Daily from Kindred Media. Ultimately, a greater issue is the real growth rate and its impact on inflation-adjusted earnings. While the applicability and upleveling of generative AI for creative industries is clear, its ultimate impact is still taking shape, as AI becomes a leading target for investment in the next wave of digital transformation across industriesfrom enterprise technology and logistics to finance and healthcare. Rather than working primarily against each other in streaming wars, the industry will likely have to work better together. LionTree Chairman & CEO Aryeh B. Bourkoff shares his reflections and outlook for the year ahead. 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. . This letter is provided by LionTree LLC solely for informational purposes and is provided as of the date indicated above. At any given moment, we can measure our position or value in the world. So how do we emerge, what feels like yet again? 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. The challenge is how to respond. Not an easy path but they would be better positioned working together on any reinvention than working alone. They will be linked, in a community bound by shared vision and the long-term capital that supports it, to what I call Reference Shareholders: those who, putting the companys interest before personal interest, offer guidance and influence, but not control. At the same time, the outlook for advertising is uncertain and affiliate revenues that have been used to fund streaming initiatives are accelerating their decline. To do the unexpected, so we can look back and wonder why we didnt act sooner. When the balance of the world shifts, perspectives change. 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. The UK environment is particularly challenging, with many mergers (such as Viasat/Inmarsat) under tight scrutiny. 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