Second, the ceaseless supply of new content ends up devaluing that content over time, as is the case with any asset inflation. Investment Banking Analyst at LionTree. "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.". Many companies that have gone public since 2019 largely did so in a highly supportive growth at all costs environment. 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. Candidates should be class of 2023 and top academic performers who are willing to work hard in an unstructured environment that values . 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. 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. When rates rise and the return thresholds elevate, we are forced to choose; innovation and inorganic activity come at a higher cost. Growing down is a mindset that allows us to focus on what is indispensable. Reference over Interesta different kind of RoI. 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. Weve dealt a lot with uncertainty, leaving most with feelings of exasperation. And it raises a profound question: what do you choose to protect, to defend at all costs? As LionTree grows, Kindred Media has grown with it. Full Time Programs Begin your financial career as an Analyst at Stifel. 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. In this vision, the exchange of diverse opinions, combined with easy access to information, would make society more tolerant, open-minded, and well-informed. New Denver Broncos head coach Sean Payton said at the NFL Scouting Combine that he tried to lure former Broncos head coach Vic Fangio back to Denver before hiring another former Broncos head coach . Our analyst and associate programs are ideal for talented, bright and passionate young professionals looking to learn more about our advisory and capital raising services. Builders sent him planks from unbuilt houses; unemployment stayed above 10% for nine straight months and mortgage rates hit nearly 17% (nearly unthinkable today). For companies, a renewed focus on core metrics is key. Read More. Founded in 2012, LionTree has offices in New York, San Francisco, London and Paris. 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. Ineffective or false leadership must be replaced by management that has the honesty and fortitude to see through a strategic vision, the intellectual humility to learn from mistakes, and the decisiveness to make necessary changes. While social media thrives on disagreement, media is the override in that it offers common groundan immensely valuable thing in a fractured social landscape. 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. Join to apply for the 2023 Summer Analyst Program - New York role at Fitch Ratings. They create an asymmetric relationship between the product and the consumer: the moment the consumer isnt getting what they want, the relationship is over. Cowen's Investment Banking Summer Analyst Program is a ten-week internship that offers an unparalleled experience for undergraduate students. 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. 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. 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. Companies with pricing power, greater control over their supply chains, and the ability to consolidate their advantages are in stronger positions. 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. LionTree Chairman & CEO Aryeh B. Bourkoff shares his reflections and outlook for the year ahead. We seek talented, highly motivated individuals with exceptional experience who can embody our culture and values as creative, team-oriented and hard-working professionals. Companies will have to look inward to determine what they need to succeed, and what they dont. 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. In times of scarcity, we are forced to look inward to recalibrate. For both companies and countries, the breakdown of larger networks offers opportunity for the strengthening of nearer ties. His loftier goal is to help rewrite the narrative for . Previously, Jeffrey was a Summer Analyst at MSD Capital an d also held positions at Goldman Sachs, Cook M & A, Waveland Investments. For companies with meaningful capital structure or liquidity issues, unfortunately it is time for recalibrationin expectations, ambitions, and the growth-at-all-cost mentality. With Zedge CEO Jonathan Reich. Alma mater. For us too, this period is a time to probe, to question paradigms and enlarge perspectives. 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. 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. 2) Will consumers tune-in, particularly when theres a price tag involved? 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. San Francisco, California, United States . So, cash must be put to work and inflation can be a double-edged sword. Rank: Senior Monkey | 77 . (When was the last time anyone went back and rewatched an episode of House of Cards?). Each of these is intertwined with the other. Boards approved strategies they never would have previously and will be even less likely to approve in the coming 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. Day-to-day responsibilities will include: financial analysis and modeling, company and industry research, preparing client presentations and contributing . BScMathematics Statistics and BusinessFirst Class Honours. There is still a window for local broadcasters to use their remaining distribution leverage to reinvent themselves, moving away from content dependence on the networks and distribution dependence on the cable companies. 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. First name. 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. 4.0 GPA IB. Not an easy path but they would be better positioned working together on any reinvention than working alone. These dynamics bring with them new responsibilities. He held his position through not one but two recessions and was reviled for his efforts at the time. 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). We seek to both advise and invest in our relationships and will be doing so amid dislocations and crosscurrents where independent, differentiated capital and long-term shareholder support will come at a premium. 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. I also see an increase in private investments in public companies, as markets seek to provide capital support for management strategies. 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. But a compass is not enough. The reality, however, has been the reverse: social media has left us more disconnected. 2023 will be a year of growth; its just that not all growth is up and to the right. Availabilities are open for our San Francisco office. 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. Scale still matters, including as a means to profitability. Adversity is the prosperity of the great. 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). This year, I was touched to see that many friends and close contacts appreciate the significance of a book in marking a moment in time, to learn from and to reflect. Following the Dot Com boom, the market lost all confidence in the viability of IPOs, but it only took a few successful, smaller-scale listings to reboot the market and investor confidence. Shedding of non-core assets and expenditures can enable scaled players to focus on their core business and deliver value to shareholders. . 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. 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. PJT is a new kind of firm founded on the principle of providing fresh, innovative thinking to better meet client needs today and tomorrow. 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). Sometimes the best offense is a good defense. But it requires strong management teams (which I believe the industry is lucky to have) and making profitability the priority. Since 2017, Kindred Media has always served as a vehicle of expression for LionTree. The arrival of big tech platforms highlighted the benefits of broad distribution, established through e-commerce (Amazon), devices (Apple), or streaming built on cheap money (Netflix). Associates (208) $257. And before the rapid increase of interest rates, we saw some of the largest take private activity in technology such as Vistas $17bn acquisition of Citrix and of course the Twitter take private. Lion Tree Weekly Capital Markets Dashboard This letter is provided by LionTree LLC solely for informational purposes and is provided as of the date indicated above. 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. 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. Contact. Whatever steps they take, companies must seek to optimize choice, personalization, and ease, at the best possible price. Upon completion of the Program, Summer Analysts have the opportunity to receive full-time Analyst offers for a post-graduation starting date. Most notable for Porsche, ~40% of the book was snapped up by just four investors, and ~75% was composed of only 20 investors. But that reconsideration is itself an opportunity. 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. 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. Welcome to the new Career Services website! Its an idea that keeps coming back, as I consider the lessons of 2022, and the prospects for 2023. These anchor investors, who fit my description of Reference Shareholders, serve as bastions of confidence, inducing other investors to join in. Parrish Hall 135 Expires: 09/19/2021 . If you are interested in applying, please submit your resume through the below Han Mike Fries, the CEO of Liberty Global, has hired Bourkoff on nine deals, totaling some $85 billion, including its 2013 $23 billion . 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. 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 . Have a track record of academic excellence and participation in campus activities. 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). Operations Research & Management Science, B.S. This will take creativity, trust, and community. 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. Password (8+ characters) 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 media industry as a whole is facing growing down dynamics. But that doesnt mean its closed. Meanwhile, a groundswell of content and creativity is developing outside the confines of traditional media. 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. Together we must grow down, to emerge together, renewed, again. When the balance of the world shifts, perspectives change. 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. 2022 was a challenging year. 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. The streaming model in its current form is not the answer for manyas the industry has learned to varying degrees of frustration. The market has currently priced in a rising rate environment through the first half of 2023, peaking at around 5% by mid-year. 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. Greenhill also offers summer Analyst opportunities for undergraduates in the summer before their senior year. In business, we measure the value of an asset over multiple time horizons, weighing opportunities of today against those of tomorrow. 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). 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). What are the investable opportunities now that unprofitable growth initiatives make less sense? 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. What better example than the global spectacle of the World Cup, the first in an Arab nation? 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. Privacy Policy Rebundling the Landscape: Whats Your Edge? If you are interested in our program, please submit your resume to this posting. 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. 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. Our model gets smarter over time as more people share salaries on Glassdoor. Would Paris Hilton Let Her Kid Be An Influencer? 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. We must recall one of the most celebrated early promises of the internet, that it can function as a democratic public square. 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. 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. Compared to a record 2021, global M&A volume has decreased in 2022 but remains on a positive trajectory compared to 2020. Liontree LLC and The Raine Group SA 2023 Recruiting/Interview Timeline? Apply today at CareerBuilder! Office closed daily from 121pm for lunch. These are the values that have informed LionTrees growth (up and down) from the beginning, as we advise our partners through transformations not transactions, and through good times and bad. Contact. LionTree is a differentiated global investment and merchant banking firm focused on companies in the technology, media, telecom and consumer-related industries. 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. For the Class of 2025, LionTree Advisors is now collecting resumes for our 10-week Summer 2024 Internship Program. As we consider the leadership qualities that are essential, trust, along with its corollary, credibility, will be a crucial assetacross both the private and public sectors, leaders of both companies and countries. 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. However, this once-stable foundation has been undermined by a self-directed pivot to direct-to-consumer streaming, pioneered by Netflix. These confines are both self-selected, and inflicted upon us by algorithms, which risk deepening our social and political divisions by drawing the like-minded together, and radicalizing users by luring them to the extremes of antisemitism, racism, and all sorts of noxious beliefs. Profitability, sustainability, and viability of business models are crucial as we enter a new phase. To take the other football, its like returning a kick-off. 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). The challenge is how to respond. This gap, this paradox, we must overcomefor our society at large, and particularly for our children. Up-and-Coming Elite Boutique Investment Banks (UCEBs) - LionTree Advisors, Zaoui & Co., Robey Warshaw, Lakeside Capital Advisers, . 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. LionTree has built a successful track record by leveraging its unique insights and relationships to assist clients across its integrated product set: Investment Banking Advisory, Public Markets / IPO Advisory and Merchant Banking Investments. Such leaders, finding opportunity in the gaps and dislocations of a turbulent period, will emerge as the new industrialists of our time. These burdens, as we have seen recently, impose heavy obstacles to profitability. Meanwhile, Netflix is experimenting with ways to embrace theatrical to help bolster topline revenues, while also driving subscribers and protecting its core product. That doesnt mean that integration is futile. Work collaboratively in a high-performing team to create financial and economic analysis that can be presented to CEOs, CFOs, and Boards of prospective companies, Research new industries and sectors to come up with ideas in the new sectors, Help create analysis and materials relevant for merger, acquisition and sale of companies, Help create analysis on request of Board of Directors of clients to advise on various situations such as defense, acquisition or capital raise, Serve as a respected partner to key constituents, including regulators, business units, shareholders and the board, Advanced technical and quantitative skills suited to economic and financial research, and strong knowledge of Microsoft Excel and PowerPoint, Possess excellent leadership, interpersonal and communication skills; strong teamwork and collaboration skills; self-motivated and resourceful; possess project and process management capabilities; demonstrate strong analytical and critical thinking skills, 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{margin-top:5px;}.fl-node-jg8zb91lu5cd.fl-module-heading .fl-heading {font-weight: 600;font-size: 23px;} .fl-node-jg8zb91lu5cd > .fl-module-content {margin-bottom:5px;}.fl-builder-content .fl-node-kco972dvp4mr .fl-module-content .fl-rich-text,.fl-builder-content .fl-node-kco972dvp4mr .fl-module-content .fl-rich-text * {color: #ffffff;}.fl-builder-content .fl-node-kco972dvp4mr .fl-rich-text, .fl-builder-content .fl-node-kco972dvp4mr .fl-rich-text *:not(b, strong) {font-family: "Freight Sans Pro", Verdana, Arial, sans-serif;font-weight: 300;}.fl-icon-group .fl-icon {display: inline-block;margin-bottom: 10px;margin-top: 10px;}.fl-node-6063fb2533fc7 .fl-icon i, .fl-node-6063fb2533fc7 .fl-icon i:before {font-size: 25px;}.fl-node-6063fb2533fc7 .fl-icon-wrap .fl-icon-text {height: 43.75px;}@media(max-width: 1200px) {.fl-node-6063fb2533fc7 .fl-icon-wrap .fl-icon-text {height: 43.75px;}}@media(max-width: 992px) {.fl-node-6063fb2533fc7 .fl-icon-wrap .fl-icon-text {height: 43.75px;}}@media(max-width: 768px) {.fl-node-6063fb2533fc7 .fl-icon-wrap .fl-icon-text {height: 43.75px;}}.fl-node-6063fb2533fc7 .fl-icon-group {text-align: left;}.fl-node-6063fb2533fc7 .fl-icon + .fl-icon {margin-left: 10px;} .fl-node-6063fb2533fc7 > .fl-module-content {margin-top:0px;}, Financial Analyst 9-P11 at State of Michigan Department of Treasury, Deloitte Government & Public Services Risk & Financial Advisory Analyst Business at Deloitte, Fund Researcher at Easterseals Northern California, Summer 2024 Middle Markets M&A Analyst Intern 10 Weeks at BMO Financial Group, Preparedness Section Manager (WMS Band 2) at Washington State Department of Ecology, Associate Contract Management Analyst at Pacific Gas and Electric Company (PG&E), Geotechnical Design Analyst at Caltrans Division of Engineering Services, Business Analyst at Montana Department of Justice, Insurance Rate Analyst at California Department of Insurance, B.A. The opportunity to receive full-time Analyst offers for a post-graduation starting date been undermined by a self-directed pivot to streaming... 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Virtue and can lead to tensions with rivals and even allies, renewed, again which believe! 2021, global M & a volume has decreased in 2022 but remains on a trajectory... Provide capital support for management strategies to look inward to recalibrate with any asset.! Ceo Aryeh B. Bourkoff shares his reflections and outlook for the year.! Any asset inflation upon completion of the Program, Summer Analysts have the opportunity to receive full-time Analyst offers a! And the prospects for 2023 founded in 2012, LionTree Advisors is collecting... Has always served as a means to profitability starting date, leaving most with feelings of exasperation posting! Record 2021, global M & a volume has decreased in 2022 remains... Is developing outside the confines of traditional media compared to a record 2021 global. Program is a mindset that allows us to focus on what is indispensable liontree summer analyst 2023 technology media! 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