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. The LionTree platform, spanning strategic and financial advisory, capital markets, and merchant banking, is meant to serve CEOs and entrepreneurs through any cycle. We provide training, experience, access to clients and mentoring by senior team members who are the best in the business. 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. However, this once-stable foundation has been undermined by a self-directed pivot to direct-to-consumer streaming, pioneered by Netflix. Previously, Jeffrey was a Summer Analyst at MSD Capital an d also held positions at Goldman Sachs, Cook M & A, Waveland Investments. Porsche possesses the qualities first-out-the-gate companies will need to break through, and so far, its stock performance has proven durable. Full Time Programs Begin your financial career as an Analyst at Stifel. Shedding of non-core assets and expenditures can enable scaled players to focus on their core business and deliver value to shareholders. Rising rates will take time to play out. Up-and-Coming Elite Boutique Investment Banks (UCEBs) - LionTree Advisors, Zaoui & Co., Robey Warshaw, Lakeside Capital Advisers, . A most recent case study is Qatarat first glance, seemingly an incongruous place to host a World Cup. Gaming reaches more than four billion people worldwide (and growing), equally shared between men and women. 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. This will take creativity, trust, and community. Companies with pricing power, greater control over their supply chains, and the ability to consolidate their advantages are in stronger positions. Meanwhile, Netflix is experimenting with ways to embrace theatrical to help bolster topline revenues, while also driving subscribers and protecting its core product. In this vision, the exchange of diverse opinions, combined with easy access to information, would make society more tolerant, open-minded, and well-informed. 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. 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. But a compass is not enough. Following the Dot Com boom, the market lost all confidence in the viability of IPOs, but it only took a few successful, smaller-scale listings to reboot the market and investor confidence. Alma mater. 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) ***-**** Growing Down. Such leaders, finding opportunity in the gaps and dislocations of a turbulent period, will emerge as the new industrialists of our time. In anything, the arc of life is also a governing framework for your priorities. It requires a deep-rooted structureagain, that treeand a well-defined purpose. 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. Hear they pay above street and in line with other top boutiques though. 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. 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. Not an easy path but they would be better positioned working together on any reinvention than working alone. The near-term ramifications are clear at the moment, but longer-term implications are complex and unpredictable. 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). 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. The independent investment and merchant bank for creativity, community and capital 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. Most of us recognize that slowdowns are inevitable; the harder task is to accept the unpredictability that accompanies them. 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!) 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). It is surrounded by a nexus of other experiences, such as betting, character-driven content, merchandise, and overall engagement. We must be mindful of the heightened influence of both creators and platforms on the information we consume, and on our public discourse. The estimated base pay is $119,540 per year. 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. The Abraham Accords, a profound realignment of regional dynamics, are one of those breakthroughs that we couldnt have imagined 50 years ago. 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. In the case of large media entities with higher levels of debt, divesting of non-core assets could provide the financial flexibility required to achieve or enhance profitability in their core business, and play to their strengthsfor example, Hasbros divestiture of parts of its eOne entertainment division. 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). But it requires strong management teams (which I believe the industry is lucky to have) and making profitability the priority. 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. We seek talented, highly motivated individuals with exceptional experience who can embody our culture and values as creative, team-oriented and hard-working professionals. 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. Founder and CEO of LionTree LLC. Have an anticipated graduation date between December 2023 and August 2024. Turbulent times teach us that momentum is no guarantee of stability, and hubris is as dangerous as inertia. 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) As a summer analyst, you will have the opportunity to: Obtain a strong foundation in financial analysis through training from LionTree professionals as well as third-party providers, Have the opportunity to work on live client assignments alongside LionTree deal teams, Present financial and strategic analysis to the firms leadership during your final project, Attend orientation and firm events where you will learn about LionTree and the industry while meeting members of the firm globally, Access to an invaluable peer network of interns as well as an assigned mentorship team and senior firm leaders, 500 College Ave. Gone are the days, I hope, when we let visionary leaders with no integrity operate companies and skip board oversight. 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. 1y. If you have encountered an issue with the site, including concerns about accessibility due to a disability, pleaseshare your feedback with us. As Ive suggested, this growing down requires creativity, community, and capital. 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. To do the unexpected, so we can look back and wonder why we didnt act sooner. In life, the onset of a new decade is a moment to reflect. Software Weekly 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. Operations Research & Management Science, B.S. If you are interested in our program, please submit your resume to this posting. Employer: LionTree . Relationships of this kind, characterized by discerning advice and long-term, value-added capital, will be crucial in an environment characterized by difficult decisions and the necessity to make do with less. Liontree LLC and The Raine Group SA 2023 Recruiting/Interview Timeline? T 404.495.7000. 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. 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. As I reflect on a decade of transformation across the landscape and in the markets, media remains the override. 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. This year, we highlighted the music sector to our partners, which led to the formation of MUSIC, a joint venture to invest in the evolution of the music industry, backed by $200 million in longterm capital. Previously, Alex was an Investment Analyst & Intern a t The Baupost Group and also held positions at The City of Ann Arbor, Michigan. Our model gets smarter over time as more people share salaries on Glassdoor. After catching the ball, the kick returner must sprint up field while dodging formidable opponents. LionTree. I recently secured my junior year internship summer analyst position (summer 2023) at a large US bulge bracket for Sales & Trading in NYC. The interplay between content and distribution has been critical since the dawn of mass media, and the calculus is always shifting. Throughout 2023 and beyond, we will continue to coalesce the LionTree and Kindred Media brands to serve as a resource for those in our kin. 4.0 GPA IB. Email. LionTree is an independent investment and merchant bank focused on media, technology, telecommunications and consumer-related industries with ~$750bn in total transaction value. 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. 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. In addition to scaled distribution, the financial flexibility of tech companies gives them another leg upone that will only become stronger as costs remain high and investment is still required for streaming models to become profitable. High proficiency in Microsoft Office suite. New business ideas and growth initiatives spurred by heavy investments were in vogue due to 0% interest rates. 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 . What better example than the global spectacle of the World Cup, the first in an Arab nation? 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. Accessibility Policy 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. Our purpose guides us in all that we do, internally and externally. This is growing down, and ultimately, the upside to downturns. Investment Banking Analyst at LionTree. We need a bridge to get to the other side, and it is built on three pillars: creativity, community, and capital. This clustering of durable capital around certain thematics and industries in motion, and led by the next generation of modern industrialists, exemplifies the merchant banking model. 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 The increased cost of capital and overall caution of management teams and investors has led to a slowdown in dealmaking. The return on investment is simply higher than for those with a distribution disadvantage. Founded in 2012, LionTree has offices in New York, San Francisco, London and Paris. This is a learning-intensive program designed to give you essential business insights and hands-on experience in your field of choice. Our Services Investment Banking What We Deliver Global Reach In your resume title, please indicate whether you are interested in Technology, Gaming (Interactive Entertainment), or both groups. I also see an increase in private investments in public companies, as markets seek to provide capital support for management strategies. Rank: Senior Monkey | 77 . Whatever steps they take, companies must seek to optimize choice, personalization, and ease, at the best possible price. 2019 - 2022. This letter is provided by LionTree LLC solely for informational purposes and is provided as of the date indicated above. Together we must grow down, to emerge together, renewed, again. "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.". Password (8+ characters) Contact. 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. 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. With leadership comes responsibility, and all the consequences it may entail. 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. 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 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 is said that you can win the World Cup without a great strikera great goal scorerbut you cant win it without a great goalie. Sometimes the rules themselves will need to be changed to allow these processes. If the first mountain is about building up the ego and defining the self. Lion Tree Weekly Capital Markets Dashboard Each of these is intertwined with the other. But they will not be alone. LionTree Founder & CEO Aryeh B. Bourkoff joined CNBC's Squawk Box this morning to share his outlook for the media industry in 2023. Your back catalog is depreciating rather than appreciating in line with traditional library economics. As the regions rulers understand, old paradigms dont last forevereven the hydrocarbon one on which their wealth has relied. Strong leaders are made both in and for difficult times. 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. Netflix has been able to cross the Rubicon and reach a profitable scale after a decade of investment. And while East and West are retrenching into revised economic spheres of influence, the Middle East and the Gulf, led by Saudi economic initiative, are creating an independent power base and new hub of innovation as they embrace key transformations of the futureincluding urban living, healthcare, digitization, food technology, and (despite oil being the primary source of revenue) energy innovation. The moment is upon us and 2023 will be a period of retrenchment and resetting of both foundations and priorities that will allow us to navigate this uncertainty and emerge stronger. It is my pleasure to share them with you, and I also like to look back on each years list as treasures to mark each year. 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 pandemic was an accelerator for change. 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. 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. 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. The estimated additional pay is $54,542 per year. As we move into our second decade, seeking to bolster our triple currency of creativity, community, and capital, we see our greatest strength in our relationships that have enabled us to even reach this point. LionTree is a differentiated global investment and merchant banking firm focused on companies in the technology, media, telecom and consumer-related industries. the second mountain is about shedding the ego and losing the self. In times of scarcity, we are forced to look inward to recalibrate. 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. In 1979, when inflation was above 11% annually, Paul Volcker allowed interest rates to floatwhich they did, higher and higher, reaching a stratospheric 19% for the Fed funds rate by 1981. Only once we know our position, can we find our momentum. 2023 will be a year of growth; its just that not all growth is up and to the right. The current media paradigm has several of its own weaknesses, as well. 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