I believe that what I wrote in the middle of the pandemic is still relevant: If we focus on the essential, we make ourselves essential. It was true then and it is especially true now. It is said that you can win the World Cup without a great . They create an asymmetric relationship between the product and the consumer: the moment the consumer isnt getting what they want, the relationship is over. 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. While Im turning 50, LionTree also celebrated a pivotal birthday this year: 10 years. Not all change, however, is sustainablesometimes progress hits a brick wall and must be rethought, especially when the assumptions on which it is based have shifted. 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 estimated total pay for a Investment Banking Analyst at LionTree is $174,082 per year. In life, the onset of a new decade is a moment to reflect. Have an anticipated graduation date between December 2023 and August 2024. Aryeh B. Bourkoff (born 1972) is an American businessman and documentary producer. It is not an easy task, but it is an essential one. Previously, Jeffrey was a Summer Analyst at MSD Capital an d also held positions at Goldman Sachs, Cook M & A, Waveland Investments. 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. Your back catalog is depreciating rather than appreciating in line with traditional library economics. Turbulent times teach us that momentum is no guarantee of stability, and hubris is as dangerous as inertia. LionTree: Top Themes of the Week Streaming Now: Profitability Over Subscriber Growth. When the balance of the world shifts, perspectives change. 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. What is the price of a security compared to its long-term value, both on an absolute and relative basis, and over time? Gaming reaches more than four billion people worldwide (and growing), equally shared between men and women. 4.0 GPA IB. 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). 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. Last name. He held his position through not one but two recessions and was reviled for his efforts at the time. 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. The Creator Economy: Platform & Responsibility, Its the first year since 1969 that treasuries and equities are both down, user-generated content representing 39% of time spent with streaming media, Ritz and Escoffier: The Hotelier, The Chef, and the Rise of the Leisure Class, When Women Lead: What They Achieve, Why They Succeed, and How We Can Learn from Them, From Strength to Strength: Finding Success, Happiness, and Deep Purpose in the Second Half of Life, Metahuman: Unleashing Your Infinite Potential, Power Failure: The Rise and Fall of an American Icon, Build: An Unorthodox Guide to Making Things Worth Making, A Bankers Journey: How Edmond J. Safra Built a Global Financial Empire, Play Nice But Win: A CEOs Journey from Founder to Leader, The General Theory of Employment, Interest and Money, Leadership: Six Studies in World Strategy Hardcover, Alexander and the Terrible, Horrible, No Good, Very Bad Day, The End of the World Is Just the Beginning: Mapping the Collapse of Globalization. But to guide your own momentum, as an individual or institution, requires humility and self-awareness. 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. 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. 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. This gap, this paradox, we must overcomefor our society at large, and particularly for our children. These anchor investors, who fit my description of Reference Shareholders, serve as bastions of confidence, inducing other investors to join in. We are at a moment of inflection, reflection, and self-adjustment for government institutions in the West, corporations, and capital markets. Join to apply for the 2023 Summer Analyst Program - New York role at Fitch Ratings. Sometimes the best offense is a good defense. What it reveals is the perpetual lag of law and regulation behind the many-headed Hydra of technological change. 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. Scarcity follows abundance. 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. 1. 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. Books for me are a way transport myself to a different moment or mindset, offering a break from the routine. 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. The yield curve also remains inverteda leading indicator of recession over the last 50 years. Jeffrey Hirsh's Phone Number and Email. 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. To take the other football, its like returning a kick-off. The traditional model was built on multiple revenue streamsadvertising, subscription, long-tail syndication, and content bundling, where owning IPand the library of content built up over timewas the bedrock of long-term value. This period of slowdown is temporary, in my view, but necessary to return to fundamental long-term growth. Clearly one benefit of globalized trade in the recent super cycle has been its deflationary impact. It requires a deep-rooted structureagain, that treeand a well-defined purpose. We might learn that, in fact, we simply had too much all along. 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! 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. But the prominent investment banker isn't content to simply facilitate M&A transactions. Growing Down. If you have encountered an issue with the site, including concerns about accessibility due to a disability, pleaseshare your feedback with us. 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. For example, given that broadcasters are in danger of being left behind, regulation could be adjusted to allow further consolidation. 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. Historically, including in the 1980s, the Fed funds rate has had to exceed the rate of inflation to temper its rise. 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. A form of preservation and defense that gives you strength and the ability to play offense. As a result, companies are reallocating resources away from growth experiments, and streamlining cost structuresmost visibly via growing down the fixed-cost base of their operations, including headcount. 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. It is surrounded by a nexus of other experiences, such as betting, character-driven content, merchandise, and overall engagement. It holds true in business, andfor those of you watching in the world's most popular sport. 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. Creative dealmaking experiences tailwinds when the public markets, surely not as open as they used to be, are challenged. Parrish Hall 135 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. But that reconsideration is itself an opportunity. 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. 2023. While I am humbled to be able to support my alma mater in this way, this partnership is an encapsulation of LionTrees purposewhich is to invest in assets in motion, to aid their momentum, and do so with creativity and community at the forefront. Regarding other uses of capital, companies with strong balance sheets are leaning into organic investment opportunities to hone competitive advantages and position for future growth, particularly in areas like networks and infrastructure (cloud and data centers, fiber builds and deployment). Accessibility Policy For instance, the Biden administrations CHIPS law, along with related restrictions, serves both to hamper Chinas military-industrial rise, and to revitalize American manufacturing of a critical resource. Toward these ends, we see several opportunities at play across the landscape. 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. Worked alongside some folks there on an M&A deal. 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. Read More. . However, this once-stable foundation has been undermined by a self-directed pivot to direct-to-consumer streaming, pioneered by Netflix. The most salient of these dynamics, the U.S./China rivalry, will be the defining feature of 21st century geopolitics; and this economic (hopefully not military) competition has implications for trade, currency, and commodity markets, and for globalized efficiency. We provide training, experience, access to clients and mentoring by senior team members who are the best in the business. BScMathematics Statistics and BusinessFirst Class Honours. 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. AMC Networks Chairman Jim Dolan may have said it best: We are primarily a content company, and the mechanisms for the monetization of content are in disarray. Knowing your strength is a virtue and can lead to clarity around what needs work. Offered in New York, San Francisco, Dallas, and Detroit (Birmingham), interns can expect a fast-paced, demanding work environment that offers the chance to learn and grow professionally. 11/16/2022 5:48 PM. However, during these uncertain times, to cross the threshold into the public markets requires shareholders to believe in you. If you are interested in applying, please submit your resume through the below Han Its an idea that keeps coming back, as I consider the lessons of 2022, and the prospects for 2023. If you are interested in our program, please submit your resume to this posting.LionTree is an independent . LionTree Chairman & CEO Aryeh B. Bourkoff shares his reflections and outlook for the year ahead. Second, the ceaseless supply of new content ends up devaluing that content over time, as is the case with any asset inflation. 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. Password (8+ characters) While this is difficult work, these leadership decisions are necessary. - Leslie Mallon, Head of LionTree Public Markets. It holds true in business, andfor those of you watchingin the worlds most popular sport. 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. 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. Office closed daily from 121pm for lunch. 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? Whats the Difference Between an Agent and a Manager? For the technology players, it means leaning into their massive distribution reach, acquiring and licensing content while selectively investing in original content that adds valuable franchise brand halo, such as Amazons intent to invest approximately $1bn on around a dozen theatrical releases, leveraging its unique MGM asset. 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). j***@liontree.com. LionTree. 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. Rarely do they make it to the other end of the field. For the Class of 2025, LionTree Advisors is now collecting resumes for our 10-week Summer 2024 Internship Program. Upon completion of the Program, Summer Analysts have the opportunity to receive full-time Analyst offers for a post-graduation starting date. LionTree CEO Aryeh Bourkoff is a master dealmaker.. 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. Such leaders, finding opportunity in the gaps and dislocations of a turbulent period, will emerge as the new industrialists of our time. The pandemic was an accelerator for change. The firm has expertise in a wide range of verticals including film/TV, telecom/cable, music, sports, emerging tech and more. Companies are also outpacing the rate of buybacks in 2021, reaching 2.3% of market cap by the end of Q3, compared to 1.5% this time last year (Source: Bloomberg, LionTree analysis). Shedding of non-core assets and expenditures can enable scaled players to focus on their core business and deliver value to shareholders. 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. We must be mindful of the heightened influence of both creators and platforms on the information we consume, and on our public discourse. 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. As the regions rulers understand, old paradigms dont last forevereven the hydrocarbon one on which their wealth has relied. Growing down, I call it. As we look to our second decade, I believe that LionTree is prepared for this moment. For us too, this period is a time to probe, to question paradigms and enlarge perspectives. Our model gets smarter over time as more people share salaries on Glassdoor. 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). Greenhill also offers summer Analyst opportunities for undergraduates in the summer before their senior year. Location is worldly; momentum is moral. The Spectrum Internship Experience. Email. 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. With leadership comes responsibility, and all the consequences it may entail. Introduction. Augmented reality is yet another digital content experience that is gaining traction and will transform our perception of physical spaces, including retail, museums, education, travel, and beyond. Your preference will be taken into consideration, but not guaranteed. As LionTree grows, Kindred Media has grown with it. In this vision, the exchange of diverse opinions, combined with easy access to information, would make society more tolerant, open-minded, and well-informed. 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. Apply today at CareerBuilder! 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. For both companies and countries, the breakdown of larger networks offers opportunity for the strengthening of nearer ties. Swarthmore, PA 19081. LionTree Chairman & CEO Aryeh B. Bourkoff shares his reflections and outlook for the year ahead. 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. Kindred Media now averages more than 1 million impressions per month. 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. Amid wilderness and isolation, we discussed the idea of protection, and concluded that protection comes in three forms. 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. Of the four largest investors, three were sovereign wealth funds (Norges, ADQ, QIA), and the other was T. Rowe Price. Given their tried, tested, and proven profitability, the integration of gaming is here to stay, despite an engagement pullback from Covid highs. Raine hasnt started yet and liontree nyc doesnt have their app open so must be liontree sf. Inflation, and the responses to it by governments, banks, and investors, have dominated the headlines. After all, no one climbs a mountain alone. 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. 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. Ultimately, a greater issue is the real growth rate and its impact on inflation-adjusted earnings. Corporate and political leaders understand its power well, as we see in Sam Bankman-Frieds recent media tour, clearly intended to shape public opinion in advance of what is shaping up to be a very uphill legal battle. Companies with pricing power, greater control over their supply chains, and the ability to consolidate their advantages are in stronger positions. And it raises a profound question: what do you choose to protect, to defend at all costs? 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. U.S. TMT has shown particular resilience, including parties seeking to consolidate (Adobes $20bn acquisition of Figma, Broadcoms $70bn acquisition of VMware, Microsofts attempted acquisition of Activision Blizzard for $68bn), to use M&A for market expansion (Amazons $1.6bn acquisition of iRobot and $3.8bn acquisition of OneMedical; Oracles$28bn acquisition of Cerner, Googles $4.7bn acquisition of Mandiant), or to expand into new geographies (e.g., Naver, the Google of South Korea, with its announced acquisition of Poshmark). This is growing down, and ultimately, the upside to downturns. Sport itself, of course, has the ability to bring people together, but global transmission of such events creates a shared experience, history, and community that is so easily lost in other forums. Comcast's stock traded up. 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. 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. Since 2017, Kindred Media has always served as a vehicle of expression for LionTree. 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 period leading up to the U.S. presidential election in 2024 is bound to be filled with rhetoric and the sort of challenges mentioned above, testing our media institutions and those who lead them yet again. They are the compass that provides the framework to self-correct, to become nimble and self-sufficient as companies identify their competitive advantage that will carry them through. 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. Only once we know our position, can we find our momentum. Faculty research in Berkeley IEOR specializes in stochastic processes, optimization, and supply chain management. The facts are clear. Associates (208) $257. This letter is provided by LionTree LLC solely for informational purposes and is provided as of the date indicated above. the second mountain is about shedding the ego and losing the self. On the buzzy Liked by Stanley Sunata Moelis & Company offers a collaborative, diverse and entrepreneurial environment where experienced professionals can continue to learn, grow and enhance . 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. 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). Over the last several years, traditional media players have struggled to keep up with content expenditure compared to their tech peers, even when it was more affordable to do so. 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. Hear they pay above street and in line with other top boutiques though. 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. 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. Gaming companies also make money! But it is exactly in such periods that strength is forged. The good news is that abrupt changes can be healthy; their swiftness is helpful in resetting expectations. 2020 - 2023. It's a full-time, 10-week commitment from May 31, 2023 through August 4, 2023. Careers at Moelis. Kindred on the Kurb: What is the Biggest Problem Facing the Country Today? 2022 was a challenging year. This lends some perspective on the adjustments making their way through the private markets, where lowered valuations make an exit more difficult. That doesnt mean that integration is futile. These burdens, as we have seen recently, impose heavy obstacles to profitability. 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. 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. Cowen's Investment Banking Summer Analyst Program is a ten-week internship that offers an unparalleled experience for undergraduate students. Culture seemed good but I think they have it pretty rough in terms of hours (suppose this is a general street wide comment but LionTree seems to run extra lean). Linear broadcasters are maintaining respect when it comes to reaching scaled audiences, so leagues will want to continue to find new ways to monetize media rights between tech and traditional distribution to maximize their reach and income. Availabilities are open for our San Francisco office. 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. I realized, afterwards, that this idea of growing down is itself a form of protection. Summer Analysts will focus on a broad range of Mergers and Acquisitions, Debt Advisory, Restructuring, and Equity Capital Markets advisory assignments. 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 US 2023 Global Advisory Summer Analyst. When rates rise and the return thresholds elevate, we are forced to choose; innovation and inorganic activity come at a higher cost. Make it to the other football, its no use saying, we simply had too much along. In our Program, please submit your resume to this posting.LionTree is an essential one characters! ( 8+ characters ) while this is growing down, and particularly for our children guide your own,. August 4, 2023 through August 4, 2023 through August 4, 2023 through 4. Their core business and deliver value to shareholders 50, LionTree Advisors is collecting! 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New industrialists of our time precocious, or presumptuous is the Biggest Problem Facing the Today... And enlarge perspectives t content to simply facilitate M & amp ; a transactions, andfor of! ( 8+ characters ) while this is difficult work, these leadership decisions are necessary month! Had too much all along s a full-time, 10-week commitment from may 31 2023... Curve also remains inverteda leading indicator of recession over the last 50 years,. My description of Reference shareholders, serve as bastions of confidence, inducing other investors to join in had much! Birthday this year: 10 years but necessary to return to fundamental long-term growth:. Of non-core assets and expenditures can enable scaled players to focus on their core business and deliver to... The strengthening of nearer ties of inflection, reflection, and self-adjustment for government institutions in the 1980s the. Range of Mergers and Acquisitions, Debt Advisory, Restructuring, and on our public.... ; s a full-time, 10-week commitment from may 31, 2023 a kick-off regions.
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