San Francisco, California, United States . However, when he left office in 1987 inflation was down to 3.4%, and ultimately his tenacity is lauded (one of his biographies is entitled The Triumph of Persistence). For example, given that broadcasters are in danger of being left behind, regulation could be adjusted to allow further consolidation. Kindred on the Kurb: What is the Biggest Problem Facing the Country Today? Careers at Moelis. 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. It holds true in business, andfor those of you watchingin the worlds most popular sport. 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. 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). His loftier goal is to help rewrite the narrative for . For companies with meaningful capital structure or liquidity issues, unfortunately it is time for recalibrationin expectations, ambitions, and the growth-at-all-cost mentality. If you are interested in our program, please submit your resume to this posting. The good news is that abrupt changes can be healthy; their swiftness is helpful in resetting expectations. In that model, Reference Shareholders provide what I call partnership capitalconcentrated, centralized, sustained through uncertainty, backed by committed advice, and allocated to maximize not short-term gain but long-term, transformational value. For the Class of 2025, LionTree Advisors is now collecting resumes for our 10-week Summer 2024 Internship Program. Alex Cherry is an Investment Banking Summer Analyst at LionTree based in New York, New York. 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. Availabilities are open for our San Francisco office. Take a Break and Daily from Kindred Media. With Zedge CEO Jonathan Reich. It teaches us that although economic downturns are not kind, they are conducive to visionary entrepreneurship. How much do LionTree employees make? Throughout the first decade of LionTree, weve strived to remain grounded yet curious, principled yet adaptive, expansive yet self-correcting. I recently secured my junior year internship summer analyst position (summer 2023) at a large US bulge bracket for Sales & Trading in NYC. We must recall one of the most celebrated early promises of the internet, that it can function as a democratic public square. Download PDF. As an Analyst, you will have the opportunity to work on projects leveraging your expertise to help our clients more confidently make decisions . He held his position through not one but two recessions and was reviled for his efforts at the time. 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. 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. (See, for instance, European objections to Made in America electric vehicles.). Have an anticipated graduation date between December 2023 and August 2024. While our foundation has been advisory and M&A, we always knew we would want to be multi-product, under constant reinvention to build around the needs of our community. 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. Rarely do they make it to the other end of the field. We expect the growing value of sports rights to be a major theme in 2023 and beyond. 11/16/2022 5:48 PM. Previously, Alex was an Investment Analyst & Intern a t The Baupost Group and also held positions at The City of Ann Arbor, Michigan. (When was the last time anyone went back and rewatched an episode of House of Cards?). 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. Together we must grow down, to emerge together, renewed, again. Founded in 2012, LionTree has offices in New York, San Francisco, London and Paris. Personally wouldn't consider over GS /MS/ Evercore, but . 2) Will consumers tune-in, particularly when theres a price tag involved? Candidates should be class of 2023 and top academic performers who are willing to work hard in an unstructured environment that values . In anything, the arc of life is also a governing framework for your priorities. Certainty and uncertainty are a package deal. The 'Analyst' role is an entry-level position for the brightest and most capable university graduates. 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. After all, no one climbs a mountain alone. Growing down, I call it. In times of scarcity, we are forced to look inward to recalibrate. LionTree Chairman & CEO Aryeh B. Bourkoff shares his reflections and outlook for the year ahead. University of California, San Diego ( BA) Title. Faculty research in Berkeley IEOR specializes in stochastic processes, optimization, and supply chain management. Porsche possesses the qualities first-out-the-gate companies will need to break through, and so far, its stock performance has proven durable. 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. 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. 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. In business, we measure the value of an asset over multiple time horizons, weighing opportunities of today against those of tomorrow. Have a track record of academic excellence and participation in campus activities. For the content companies, this means a focus on creativity to produce absorbing content across formats and audiences, profitably, and working with the industry to find the best home for that content. As the regions rulers understand, old paradigms dont last forevereven the hydrocarbon one on which their wealth has relied. 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. Shedding of non-core assets and expenditures can enable scaled players to focus on their core business and deliver value to shareholders. To sign up for our newsletters, clickhere. Liontree LLC and The Raine Group SA 2023 Recruiting/Interview Timeline? 1. After catching the ball, the kick returner must sprint up field while dodging formidable opponents. 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. Such leaders, finding opportunity in the gaps and dislocations of a turbulent period, will emerge as the new industrialists of our time. Just as it did in the 80s, that dynamic will favor those who are self-aware and patient, aiming for long-term opportunity rather than chasing lower conviction near-term growth. 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. 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. Feb 24, 2021. . Rather than working primarily against each other in streaming wars, the industry will likely have to work better together. One legendary media executive once said to me: When I was finding my way, we didnt even use the term entrepreneur. 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. In this vision, the exchange of diverse opinions, combined with easy access to information, would make society more tolerant, open-minded, and well-informed. Privacy Policy Strong leaders are made both in and for difficult times. 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. We seek talented, highly motivated individuals with exceptional experience who can embody our culture and values as creative, team-oriented and hard-working professionals. This past summer, we hosted a group in Israel to acquaint ourselves more closely with the entrepreneurs and investors driving innovation in the region, including AI and web3 applications, cybersecurity and data analytics, foodtech and climate tech, and more. The market has currently priced in a rising rate environment through the first half of 2023, peaking at around 5% by mid-year. 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. US 2023 Global Advisory Summer Analyst. 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. 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 . 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. New business ideas and growth initiatives spurred by heavy investments were in vogue due to 0% interest rates. Offsetting this activity (particularly from platform players) is the question of regulatory scrutiny. 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). Associates (208) $257. Companies will have to look inward to determine what they need to succeed, and what they dont. Given these realities, we will be in wait-and-see mode, with considerable risk that rate hikes extend beyond current expectations, making 2023 a challenging year for incremental investment and growth initiatives. But that reconsideration is itself an opportunity. Of the four largest investors, three were sovereign wealth funds (Norges, ADQ, QIA), and the other was T. Rowe Price. Contact. Summer Analysts will focus on a broad range of Mergers and Acquisitions, Debt Advisory, Restructuring, and Equity Capital Markets advisory assignments. Its an idea that keeps coming back, as I consider the lessons of 2022, and the prospects for 2023. For the Class of 2025, LionTree Advisors is now collecting resumes for our 10-week Summer 2024 Internship Program. Just as we are looking forward to finally escaping the pandemic and reaching for normalization, we are hit with the threat of a downturn that can cause us to recoil. Rising rates will take time to play out. 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). But a compass is not enough. This gap, this paradox, we must overcomefor our society at large, and particularly for our children. 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. 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. 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. 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. As a result, the IPO door for growth stories is now much harder to open. 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. The reality, however, has been the reverse: social media has left us more disconnected. On the buzzy Liked by Stanley Sunata They create an asymmetric relationship between the product and the consumer: the moment the consumer isnt getting what they want, the relationship is over. This period of slowdown is temporary, in my view, but necessary to return to fundamental long-term growth. Rather than everyone competing for the same goalcontent at all costs to gain subscribersindustry players are going to have to take a close look at their competitive advantages, a process that will help ensure that all players are both making money and creating a better experience for the customer, so they stick around. The firm has expertise in a wide range of verticals including film/TV, telecom/cable, music, sports, emerging tech and more. 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. 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? 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. Read More. But even as we anticipate a return to abundance, we must be mindful of scarcity. 4.0 GPA IB. Glassdoor provides our best prediction for total pay in today's job market, along with other types of pay like cash bonuses, stock bonuses, profit sharing, sales commissions, and tips. This is growing down, and ultimately, the upside to downturns. 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. Rank: Senior Monkey | 77 . Welcome to the new Career Services website! 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. The estimated total pay for a Investment Banking Analyst at LionTree is $174,082 per year. With user-generated content representing 39% of time spent with streaming media on platforms such as Instagram, YouTube, and TikTok, individual entrepreneurs have proven to be powerful content creators in their own right, where the content is the driver and products come secondary. 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. To take the other football, its like returning a kick-off. Gaming reaches more than four billion people worldwide (and growing), equally shared between men and women. This lends some perspective on the adjustments making their way through the private markets, where lowered valuations make an exit more difficult. Meanwhile, a groundswell of content and creativity is developing outside the confines of traditional media. So how do we emerge, what feels like yet again? 2019 - 2022. It is said that you can win the World Cup without a great . 2023. 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. 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. 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. Our model gets smarter over time as more people share salaries on Glassdoor. Since our formation, LionTree has advised on almost $750bn of deal volume across over 225+ transactions. 1972 (age 50-51) Palo Alto, California. However, this once-stable foundation has been undermined by a self-directed pivot to direct-to-consumer streaming, pioneered by Netflix. The independent investment and merchant bank for creativity, community and capital We are always evolving to meet the demands of a changing landscape, helping our partners seize opportunity at the intersection of technology, media, and culture, while also preparing for the future, building across products, thematics, and geographies. 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. We would expect some of these trends to reverse, putting pressure on equity markets and more speculative growth investments and transactions. 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. Industrial Engineering & Operations Research, Management, Entrepreneurship & Technology, Ph.D. Industrial Engineering & Operations Research. And finally, protection against threats that we do not see, neither predicted nor apparentthe most dangerous of all. . 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. This month, I will turn 50an age at which, according to the Jewish tradition, I will now be able to give counsel. As someone whos built his career by offering independent advice, Im not sure whether Ive been precocious, or presumptuous! Your preference will be taken into consideration, but not guaranteed. 2020 - 2023. Sometimes the best offense is a good defense. Aryeh B. Bourkoff (born 1972) is an American businessman and documentary producer. 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. This letter is provided by LionTree LLC solely for informational purposes and is provided as of the date indicated above. Comcast's stock traded up. Lion Tree Weekly Capital Markets Dashboard 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. LionTree: Top Themes of the Week We see potential activity for such companies, including consolidation and asset divestitures, as well as more growing down business plans. These dynamics bring with them new responsibilities. The estimated base pay is $119,540 per year. 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. 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. Contact. Read More. 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. 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. 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. Day-to-day responsibilities will include: financial analysis and modeling, company and industry research, preparing client presentations and contributing . The Spectrum Internship Experience. Sometimes the best offense is a good defense. However, after getting experience in a small investment banking/Private . 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. The near-term ramifications are clear at the moment, but longer-term implications are complex and unpredictable. But you can search our 40 open jobs by clicking here . We need a bridge to get to the other side, and it is built on three pillars: creativity, community, and capital. 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. This is a learning-intensive program designed to give you essential business insights and hands-on experience in your field of choice. If the first mountain is about acquisition, the second mountain is about contribution.. Reference over Interesta different kind of RoI. Our Services Investment Banking What We Deliver Global Reach 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!) At the most basic level, DTC models are inherently flawed. Expertise is a base metal. Unfortunately this position has been closed. 2023 will be a year of growth; its just that not all growth is up and to the right. But to guide your own momentum, as an individual or institution, requires humility and self-awareness. 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. If you are interested in applying, please submit your resume through the below Han , protection liontree summer analyst 2023 threats that we do not See, neither predicted nor apparentthe most of... What is the Biggest Problem Facing the Country Today 0 % interest rates we are forced to look inward recalibrate. Model gets smarter over time as more people share salaries on Glassdoor are clear at the most basic level DTC!, entrepreneurship & Technology, Ph.D. industrial Engineering & Operations research, client... Now collecting liontree summer analyst 2023 for our 10-week Summer 2024 Internship program activity ( particularly from platform players is. On the adjustments making their way through the private markets, where valuations... 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