"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.". Email. 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. 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 period of slowdown is temporary, in my view, but necessary to return to fundamental long-term growth. So, with inflation (as measured by CPI) at around 7%, we may be underestimating the trajectory of rates heading into 2023. The yield curve also remains inverteda leading indicator of recession over the last 50 years. Greenhill provides its Analysts with the specialist training that gives them a strong foundation in the skills they need to begin a successful career in investment banking. 4.0 GPA IB. 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. Take a Break and Daily from Kindred Media. 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 base pay is $119,540 per year. Full Time Programs Begin your financial career as an Analyst at Stifel. As the regions rulers understand, old paradigms dont last forevereven the hydrocarbon one on which their wealth has relied. (They prompt us to wonder, what achievements of the future are unimaginable todayand how do we start imagining them?) Gone are the days, I hope, when we let visionary leaders with no integrity operate companies and skip board oversight. To do the unexpected, so we can look back and wonder why we didnt act sooner. 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. Availabilities are open for our San Francisco office. the second mountain is about shedding the ego and losing the self. Alma mater. LionTree was founded in 2012 and has offices in New York, San Francisco, London and Paris to serve a global client base. 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. 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. Aryeh B. Bourkoff (born 1972) is an American businessman and documentary producer. 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. (When was the last time anyone went back and rewatched an episode of House of Cards?). The streaming model in its current form is not the answer for manyas the industry has learned to varying degrees of frustration. What are your essentials, the resources and relationships you cant do without? 1y. 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. By returning to the essentialsprofitability, competitive advantages, risk-adjusted returns, capital flexibilitywe can shed what is superfluous, contracting and shrinking in order to delve more deeply into what sustains us. However, during these uncertain times, to cross the threshold into the public markets requires shareholders to believe in you. 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. 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 offers a 10-week summer analyst program for rising seniors. Digital Real Estate Monthly 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. Growing down, I call it. After all, no one climbs a mountain alone. 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!) 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. Feb 24, 2021. . 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 we look to our second decade, I believe that LionTree is prepared for this moment. Parrish Hall 135 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. In this vision, the exchange of diverse opinions, combined with easy access to information, would make society more tolerant, open-minded, and well-informed. 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. Incoming 2023 Investment Banking Summer Analyst LionTree LLC Apr 2022 - Present 11 months. 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. 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. 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. Faculty research in Berkeley IEOR specializes in stochastic processes, optimization, and supply chain management. 1/16/2023 11:26 PM. 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. If you are interested in our program, please submit your resume to this posting. 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. 11/16/2022 5:48 PM. The U.S. remains home to many of the strongest, most transparent, most technologically advanced, and most influential companies and entrepreneurs. Whats the Difference Between an Agent and a Manager? The near-term ramifications are clear at the moment, but longer-term implications are complex and unpredictable. We might learn that, in fact, we simply had too much all along. The facts are clear. This number represents the median, which is the midpoint of the ranges from our proprietary Total Pay Estimate model and based on salaries collected from our users. Careers at Moelis. 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. Our Services Investment Banking What We Deliver Global Reach In the coming period, creativity and innovation will emerge from the CEOs who have demonstrated their ability to play to their competitive advantagetheir edge. Weve also launched a new miniseries, Listen on Purpose, that shines a spotlight on purpose and impact-driven business leaders, as a reminder to bring those elements to the forefront of our careers and daily lives. 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. While social media thrives on disagreement, media is the override in that it offers common groundan immensely valuable thing in a fractured social landscape. Would Paris Hilton Let Her Kid Be An Influencer? Previously, Alex was an Investment Analyst & Intern a t The Baupost Group and also held positions at The City of Ann Arbor, Michigan. 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. 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. 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. The LionTree platform, spanning strategic and financial advisory, capital markets, and merchant banking, is meant to serve CEOs and entrepreneurs through any cycle. Moelis & Company offers a collaborative, diverse and entrepreneurial environment where experienced professionals can continue to learn, grow and enhance . As a summer analyst, you will be fully immersed in the day-to-day activities of our San Francisco office and the program is designed to provide a realistic view of our full-time Investment Banking Analyst Program. In fact, part of the reason leverage ratios have trended up over time is the low absolute cost of financing. 1. Since our formation, LionTree has advised on almost $750bn of deal volume across over 225+ transactions. 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. A form of preservation and defense that gives you strength and the ability to play offense. 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. Job posted 6 hours ago - Deloitte is hiring now for a Full-Time Deloitte Risk & Financial Advisory Analyst - Technology (Summer/Fall 2023, Winter 2024) in Milwaukee, WI. For the Class of 2025, LionTree Advisors is now collecting resumes for our 10-week Summer 2024 Internship Program. 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. As has been revealed by the markets, its not enough to bet big on the future. It requires a deep-rooted structureagain, that treeand a well-defined purpose. 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. 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. The good news is that abrupt changes can be healthy; their swiftness is helpful in resetting expectations. Join to apply for the 2023 Summer Analyst Program - New York role at Fitch Ratings. It's a full-time, 10-week commitment from May 31, 2023 through August 4, 2023. 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. With leadership comes responsibility, and all the consequences it may entail. Password (8+ characters) To sign up for our newsletters, clickhere. 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. Rarely do they make it to the other end of the field. I realized, afterwards, that this idea of growing down is itself a form of protection. 2023 will likely not be easy. Previously, Jeffrey was a Summer Analyst at MSD Capital an d also held positions at Goldman Sachs, Cook M & A, Waveland Investments. 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. Breakingviews category Adobe's lose-lose Figma bind, article with image February 24, 2023. Streaming Now: Profitability Over Subscriber Growth. But a compass is not enough. In life, the onset of a new decade is a moment to reflect. 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. Introduction. Gaming reaches more than four billion people worldwide (and growing), equally shared between men and women. 2019 - 2022. 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. 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? 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. Download PDF. Turbulent times teach us that momentum is no guarantee of stability, and hubris is as dangerous as inertia. Our model gets smarter over time as more people share salaries on Glassdoor. This gap, this paradox, we must overcomefor our society at large, and particularly for our children. 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 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). 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. 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. The firm has expertise in a wide range of verticals including film/TV, telecom/cable, music, sports, emerging tech and more. At the same time, these programs have the capacity to turbocharge human imagination, allowing it to realize its visions with greater speed and frequency than ever beforefueling the question of the relative importance of content creation versus curation. Have a track record of academic excellence and participation in campus activities. In the U.S., the sale of Simon & Schuster was blocked following a lengthy review, and we will await the resolution of the FTCs suit to block Microsofts proposed acquisition of Activision Blizzard. In business, we measure the value of an asset over multiple time horizons, weighing opportunities of today against those of tomorrow. Summer Analysts will focus on a broad range of Mergers and Acquisitions, Debt Advisory, Restructuring, and Equity Capital Markets advisory assignments. 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. Availabilities are open for our San Francisco office. Contact. But that doesnt mean its closed. New business ideas and growth initiatives spurred by heavy investments were in vogue due to 0% interest rates. He is the founder and chief executive officer of LionTree LLC, a global investment and merchant banking firm focused on media . 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. Sometimes the best offense is a good defense. However, while such policies aim to develop self-sufficiency, they can also lead to tensions with rivals and even allies. 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. If you are interested in applying, please submit your resume through the below Han This is growing down, and ultimately, the upside to downturns. These dynamics bring with them new responsibilities. 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. 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. Employer: LionTree . 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. 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! 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. The estimated total pay for a Investment Banking Analyst at LionTree is $174,082 per year. At any given moment, we can measure our position or value in the world. The current media paradigm has several of its own weaknesses, as well. 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. We need a bridge to get to the other side, and it is built on three pillars: creativity, community, and capital. Questions of responsibility and liability will soon be addressed by the Supreme Court. Weve dealt a lot with uncertainty, leaving most with feelings of exasperation. As Ive thought about the inflection points of life, and about what it means to build a firm, Ive come to another understanding of the uncertainty principle. 2) Will consumers tune-in, particularly when theres a price tag involved? LionTree. Rising rates will take time to play out. 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. 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. Hear they pay above street and in line with other top boutiques though. 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. 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. 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. His clients seem to love him. The reality, however, has been the reverse: social media has left us more disconnected. 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 . 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. I returned to a book this year called Scarcity, which reads: Follow the thread of scarcity long enough, and it leads back to abundance. 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. I see several trends contributing deal activity: 1) M&A to simplify conglomerates, including potential asset divestitures for both public and private companies as they use capital to de-lever or refocus on their edge; 2) stock-for-stock mergers for both private and public companies, where relative valuation declines are less of an issue and where financial synergies are expected to be the highest; and 3) I do foresee return of the leveraged buyout market in the second half of the year, as there is still abundant cash in private equity coffers, as financing banks clean up their balance sheets and as price stability or at least visibility returns. What it reveals is the perpetual lag of law and regulation behind the many-headed Hydra of technological change. 2023 will be a year of growth; its just that not all growth is up and to the right. 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). Ultimately, a greater issue is the real growth rate and its impact on inflation-adjusted earnings. Moreover, history gives us reason for optimism. US 2023 Global Advisory Summer Analyst. 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. Sometimes the best offense is a good defense. LionTree represents clients ranging from large-cap leaders to emerging growth companies. For both companies and countries, the breakdown of larger networks offers opportunity for the strengthening of nearer ties. And finally, protection against threats that we do not see, neither predicted nor apparentthe most dangerous of all. They know their location but must continually adjust their momentum. Worked alongside some folks there on an M&A deal. 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. 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) ***-**** As a famous philosopher may have remarked during the French Revolution, the streaming revolution is eating its own children. On to the next. When rates rise and the return thresholds elevate, we are forced to choose; innovation and inorganic activity come at a higher cost. 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. - Leslie Mallon, Head of LionTree Public Markets. Since 2017, Kindred Media has always served as a vehicle of expression for LionTree. 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. Growth in the year ahead must be a form of adaptation, guided by fundamentals and pattern recognition to help you along the way. A most recent case study is Qatarat first glance, seemingly an incongruous place to host a World Cup. 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. 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. This is complemented by another historic shift, which is the rapprochement with Israel. Historically, including in the 1980s, the Fed funds rate has had to exceed the rate of inflation to temper its rise. 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. What this illustrates is that its very hard to be both content creator and distributor. To temper its rise most recent letter to shareholders, building a large, successful streaming business is hard,... Paradigm has several of its own weaknesses, as well higher cost merchant Banking firm focused media... 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