Twitters chaotic transition has been clarifying, prompting employees, investors, and the general public to think critically about the role we want this company to play in our societywhere words and actions do matter. 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. Worked alongside some folks there on an M&A deal. . 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. (Go Tritons!). And it raises a profound question: what do you choose to protect, to defend at all costs? 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. (When was the last time anyone went back and rewatched an episode of House of Cards?). Incoming 2023 Investment Banking Summer Analyst at LionTree LLC 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. Our Services Investment Banking What We Deliver Global Reach 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. j***@liontree.com. Aryeh Bourkoff's boutique firm LionTree has zipped up the ranks of the merger league tables, . 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. 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. At stake were about $65m in fees, a huge amount for a company with fewer than 50 employees, according to estimates from Freeman & Co. Now, with Charter-TWC and more than 50 transactions worth more . There are several factors underlying the geopolitical currents roiling the globe: Russias unprovoked invasion of Ukraine; a strained relationship between the West and China; tensions inside and with Iran; and the uneven rise of the Global South. While scarcity plays a starring role in many important problems, abundance sets the stage for it. Once on stage, scarcity captures our attention and forces the self-correction that eventually makes future growth possiblefor leaders, companies, and countries. Streaming Now: Profitability Over Subscriber Growth. 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. For us too, this period is a time to probe, to question paradigms and enlarge perspectives. Early Career Programs - Careers | BlackRock 68,324 Investment Banking Analyst Graduate Jobs - ZipRecruiter Liontree Llc New York, NY Type. In life, the onset of a new decade is a moment to reflect. I also see an increase in private investments in public companies, as markets seek to provide capital support for management strategies. 210123. Rebundling the Landscape: Whats Your Edge? These pressures show no sign of abating, and conflict looms. LionTree Chairman & CEO Aryeh B. Bourkoff shares his reflections and outlook for the year ahead. Take a Break and Daily from Kindred Media. 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. However, during these uncertain times, to cross the threshold into the public markets requires shareholders to believe in you. But they will not be alone. How much do LionTree employees make? I returned to a book this year called Scarcity, which reads: Follow the thread of scarcity long enough, and it leads back to abundance. If you are interested in applying, please submit your resume through the below Han 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. New business ideas and growth initiatives spurred by heavy investments were in vogue due to 0% interest rates. We would expect some of these trends to reverse, putting pressure on equity markets and more speculative growth investments and transactions. 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. Incoming 2023 Investment Banking Summer Analyst LionTree LLC Apr 2022 - Present 11 months. Software Weekly 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. To resolve the streaming wars, the onus is on the industry to find the quickest path to a more sustainable equilibrium.To get there, assets will need to be reshuffled to diversify business models, free up cash, or even create new entities. Alex Cherry is an Investment Banking Summer Analyst at LionTree based in New York, New York. 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. Contact. The firm has expertise in a wide range of verticals including film/TV, telecom/cable, music, sports, emerging tech and more. Most of us recognize that slowdowns are inevitable; the harder task is to accept the unpredictability that accompanies them. The facts are clear. Upon completion of the Program, Summer Analysts have the opportunity to receive full-time Analyst offers for a post-graduation starting date. Such leaders, finding opportunity in the gaps and dislocations of a turbulent period, will emerge as the new industrialists of our time. With access to capital under pressure and favoring those with long-term, viable growth plans, there is an opportunity for companies in strong positions to take advantage of a relative differentiation to prove out their business modelsbuilt on unit economics, sustainable fundamentals, and competitive advantagesand to identify and partner with long-term shareholders who want to support them over the next decade, not just the next ten months. To that end, here is some of our favorite Kindred Media content from 2022: Recognizing The Patterns In Our Historical Moment with Niall Ferguson, Closed Loop Partners Ron Gonen on Sustainable Capitalism, Introducing: Listen On Purpose with Rachel Kraus, Paris Hilton and Carter Reum: Catching Up With The Original Influencer, With A Good Ass Job, Skys The Limit: SpringHills Maverick Carter, Medias Next Chapter with Malcolm Gladwell, Take-Two Interactives CEO Strauss Zelnick Hits His Stride, Tim Ferriss On Finding Success In The Uncomfortable Moments, From the Messy Middle to the Near Future with Adobes Scott Belsky, NFTs Made Easy (and Green!) Availabilities are open for our San Francisco office. Intern/Summer Analyst (316) $409. Of the four largest investors, three were sovereign wealth funds (Norges, ADQ, QIA), and the other was T. Rowe Price. Amid wilderness and isolation, we discussed the idea of protection, and concluded that protection comes in three forms. What this illustrates is that its very hard to be both content creator and distributor. US 2023 Global Advisory Summer Analyst. Growing down is a mindset that allows us to focus on what is indispensable. Hear they pay above street and in line with other top boutiques though. Growing Down. Breakingviews category Adobe's lose-lose Figma bind, article with image February 24, 2023. 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. 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. I realized, afterwards, that this idea of growing down is itself a form of protection. As has been revealed by the markets, its not enough to bet big on the future. University of California, San Diego ( BA) Title. Email. These burdens, as we have seen recently, impose heavy obstacles to profitability. 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. Full Time Programs Begin your financial career as an Analyst at Stifel. Seeing scarcity as an opportunity to go deep within, in order to emerge with what is required to go beyond even your original expectations. As Ive suggested, this growing down requires creativity, community, and capital. If you have encountered an issue with the site, including concerns about accessibility due to a disability, pleaseshare your feedback with us. 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). 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. 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. Going forward, however, the onshoring or friendshoring of manufacturing and innovation is a pressure point for inflation and corporate strategy. 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. 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. If you are interested in our program, please submit your resume to this posting.LionTree is an independent . 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) These dynamics bring with them new responsibilities. Learn more about our facultys research, student activities, alumni game-changers, and how Berkeley IEOR is designing a more efficient world. If you have any thoughts or suggestions on the new site, please share them with us. His loftier goal is to help rewrite the narrative for . Previously, Alex was an Investment Analyst & Intern a t The Baupost Group and also held positions at The City of Ann Arbor, Michigan. 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. 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. It will test our strategy, resources, and relationships. Thanks for your interest in the 2022 Corporate Strategy Summer Analyst position. Companies with pricing power, greater control over their supply chains, and the ability to consolidate their advantages are in stronger positions. 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. (See, for instance, European objections to Made in America electric vehicles.). What the streaming landscape lacks is sticky engagement, a connection that can be formed by being the best in a category, or by offering a multi-product or multi-content experience that keeps customers happy over time with high breakage costs or exceptional value. Password (8+ characters) But you can search our 40 open jobs by clicking here . 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. 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. 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. Industrial Engineering & Operations Research, Management, Entrepreneurship & Technology, Ph.D. Industrial Engineering & Operations Research. 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. 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. Last name. Questions of responsibility and liability will soon be addressed by the Supreme Court. 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. Gone are the days, I hope, when we let visionary leaders with no integrity operate companies and skip board oversight. As LionTree grows, Kindred Media has grown with it. Up-and-Coming Elite Boutique Investment Banks (UCEBs) - LionTree Advisors, Zaoui & Co., Robey Warshaw, Lakeside Capital Advisers, . Comcast's stock traded up. Read More. But a compass is not enough. We are likely not out of the woods, making it difficult for any CEO and investor to time the bottom. Many companies that have gone public since 2019 largely did so in a highly supportive growth at all costs environment. The deeper the roots, the higher the branches can grow. Contact. Netflix has been able to cross the Rubicon and reach a profitable scale after a decade of investment. The independent investment and merchant bank for creativity, community and capital The estimated base pay is $119,540 per year. This is growing down, and ultimately, the upside to downturns. 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) ***-**** Through our biweekly KindredCast podcast, daily Take a Break newsletter, and social media channels, we seek to engage a variety of demographics that could benefit from stories and perspectives across our ecosystem. Jeffrey Hirsh's Phone Number and Email. 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). 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. It is surrounded by a nexus of other experiences, such as betting, character-driven content, merchandise, and overall engagement. Availabilities are open for our San Francisco office. Your back catalog is depreciating rather than appreciating in line with traditional library economics. 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. 2023. 11/16/2022 5:48 PM. Summer Analysts will focus on a broad range of Mergers and Acquisitions, Debt Advisory, Restructuring, and Equity Capital Markets advisory assignments. 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. With cheap money in the rearview, 2023 will be the time for self-awareness and reflection on what is possible, and what is not possible, when it comes to streaming. Reference over Interesta different kind of RoI. 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