LionTree will always exist as a firm that prioritizes our relationships, and Kindred is our forum for friends new and old to engage with our trusted community. 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. Parrish Hall 135 The 'Analyst' role is an entry-level position for the brightest and most capable university graduates. For the Class of 2025, LionTree Advisors is now collecting resumes for our 10-week Summer 2024 Internship Program. (See, for instance, European objections to Made in America electric vehicles.). Together we must grow down, to emerge together, renewed, again. 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. We have seen a similar theme in corporate America, with prominent CEOs abruptly leaving their posts amid a declining macro environment, to be replaced by new leadership better placed to implement grow down strategies. Creative dealmaking experiences tailwinds when the public markets, surely not as open as they used to be, are challenged. Early Career Programs - Careers | BlackRock 68,324 Investment Banking Analyst Graduate Jobs - ZipRecruiter Liontree Llc New York, NY Type. Toward these ends, we see several opportunities at play across the landscape. LionTree Chairman & CEO Aryeh B. Bourkoff shares his reflections and outlook for the year ahead. What are the investable opportunities now that unprofitable growth initiatives make less sense? Swarthmore, PA 19081. But to guide your own momentum, as an individual or institution, requires humility and self-awareness. But its willingness to spend more than $220 billion on infrastructure and development to welcome global fans and sponsors was declarative. Most of us recognize that slowdowns are inevitable; the harder task is to accept the unpredictability that accompanies them. The uncertainty principle, in quantum mechanics, gives us a powerful metaphor for the contingency of our knowledge. Growing down, I call it. 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. 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. LionTree represents clients ranging from large-cap leaders to emerging growth companies. 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. 4.0 GPA IB. This will take creativity, trust, and community. It is surrounded by a nexus of other experiences, such as betting, character-driven content, merchandise, and overall engagement. US 2023 Global Advisory Summer Analyst. But that reconsideration is itself an opportunity. LionTree is an independent investment and merchant bank focused on media, technology, telecommunications and consumer-related industries with ~$750bn in total transaction value. Office closed daily from 121pm for lunch. (When was the last time anyone went back and rewatched an episode of House of Cards?). Netflix has been able to cross the Rubicon and reach a profitable scale after a decade of investment. It holds true in business, andfor those of you watchingin the worlds most popular sport. Investment Banking Analyst at LionTree. LionTree does not undertake any obligation whatsoever to provide any form of update, amendment, change or correction to any of the information, statements, comments, views, or opinions set forth in this letter. 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 . One legendary media executive once said to me: When I was finding my way, we didnt even use the term entrepreneur. 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. Digital Real Estate Monthly 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. LionTree is an independent investment and merchant bank focused on media, technology, telecommunications and consumer-related industries with ~$750bn in total transaction value. Of the four largest investors, three were sovereign wealth funds (Norges, ADQ, QIA), and the other was T. Rowe Price. 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. Rank: Senior Monkey | 77 . 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 We seek talented, highly motivated individuals with exceptional experience who can embody our culture and values as creative, team-oriented and hard-working professionals. As a famous philosopher may have remarked during the French Revolution, the streaming revolution is eating its own children. On to the next. 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. Historically, including in the 1980s, the Fed funds rate has had to exceed the rate of inflation to temper its rise. If you have any thoughts or suggestions on the new site, please share them with us. Our purpose guides us in all that we do, internally and externally. This gap, this paradox, we must overcomefor our society at large, and particularly for our children. 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. Read More. The firm has expertise in a wide range of verticals including film/TV, telecom/cable, music, sports, emerging tech and more. 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. the second mountain is about shedding the ego and losing the self. We might learn that, in fact, we simply had too much all along. Non-Discrimination and Equal Opportunity Policy , Entrepreneurship, Innnovation & Freelance, Sustainability, Environment & Conservation, Applying for Graduate & Professional School, Non-Discrimination and Equal Opportunity Policy , Lang Center for Civic & Social Responsibility. Faculty research in Berkeley IEOR specializes in stochastic processes, optimization, and supply chain management. 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. Compared to a record 2021, global M&A volume has decreased in 2022 but remains on a positive trajectory compared to 2020. 2023. Rather than working primarily against each other in streaming wars, the industry will likely have to work better together. Going forward, however, the onshoring or friendshoring of manufacturing and innovation is a pressure point for inflation and corporate strategy. 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. Meanwhile, a groundswell of content and creativity is developing outside the confines of traditional media. 2023 will be a year of growth; its just that not all growth is up and to the right. University of California, San Diego ( BA) Title. Investment Banking Internship | Summer Analyst | Jefferies Jefferies offers an intensive investment banking internship program that is designed to assist students in navigating a successful career in finance. LionTree CEO Aryeh Bourkoff is a master dealmaker.. 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 . 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). The reality, however, has been the reverse: social media has left us more disconnected. 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. 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. Last name. 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. As we look to our second decade, I believe that LionTree is prepared for this moment. However, while such policies aim to develop self-sufficiency, they can also lead to tensions with rivals and even allies. What this illustrates is that its very hard to be both content creator and distributor. 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. 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. Scale still matters, including as a means to profitability. 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. 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. But even as we anticipate a return to abundance, we must be mindful of scarcity. 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. Software Weekly LionTree Founder & CEO Aryeh B. Bourkoff joined CNBC's Squawk Box this morning to share his outlook for the media industry in 2023. 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. On the buzzy Liked by Stanley Sunata 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. 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. These dynamics bring with them new responsibilities. 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). 1. At any given moment, we can measure our position or value in the world. Alex Cherry is an Investment Banking Summer Analyst at LionTree based in New York, New York. But it is exactly in such periods that strength is forged. This is a learning-intensive program designed to give you essential business insights and hands-on experience in your field of choice. But the prominent investment banker isn't content to simply facilitate M&A transactions. LionTree. Join to apply for the 2023 Summer Analyst Program - New York role at Fitch Ratings. Sometimes you have to grow down to grow uplike the roots of a tree, an image I left you with last year as we were exiting a less grounded market cycle. The root word in Hebrew for counsel also means tree. 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!) 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