Looking ahead, I expect continued strong activity in the software and video game spaces,to name two. Up-and-Coming Elite Boutique Investment Banks (UCEBs) - LionTree Advisors, Zaoui & Co., Robey Warshaw, Lakeside Capital Advisers, . So, when it comes to sports, expect media rights packages to be further divided. Upon completion of the Program, Summer Analysts have the opportunity to receive full-time Analyst offers for a post-graduation starting date. Certainty and uncertainty are a package deal. 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. 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. 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. But its willingness to spend more than $220 billion on infrastructure and development to welcome global fans and sponsors was declarative. More broadly, this years midterm elections saw political spendingincluding on platforms such as TikToknearly match that of a presidential election. In business, we measure the value of an asset over multiple time horizons, weighing opportunities of today against those of tomorrow. Our model gets smarter over time as more people share salaries on Glassdoor. But the prominent investment banker isn't content to simply facilitate M&A transactions. 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. Protection against imminent and obvious threats, such as hurricanes or wildfire. 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. This clustering of durable capital around certain thematics and industries in motion, and led by the next generation of modern industrialists, exemplifies the merchant banking model. We might learn that, in fact, we simply had too much all along. On the buzzy Liked by Stanley Sunata Investment Banking Analyst at LionTree. Office closed daily from 121pm for lunch. The estimated total pay for a Investment Banking Analyst at LionTree is $174,082 per year. So how do we emerge, what feels like yet again? Its customary for me to share a list of (audio)books that I have gathered over the course of the yearfrom friends, mentors, family, travels, and more. Alma mater. These dynamics bring with them new responsibilities. 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 . Approximately 60% of companies that have listed since 2019 were unprofitable at listing, and today, theyre trading down an average of 48% from their IPO price. Liontree LLC and The Raine Group SA 2023 Recruiting/Interview Timeline? 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. 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. Feb 24, 2021. . It requires a deep-rooted structureagain, that treeand a well-defined purpose. As an early celebrationreflection, reallyfor my 50th birthday, I spent a weekend with close friends in the American West. 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. 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. When preparing for a journey of unknown scope, its wise to pack light, to only bring what you can carry, while preparing for the unknown. 210123. 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. 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. One would expect the slowdown to persist for the near future, but I am more optimistic about the sustainability of M&A deal flow. 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). . 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. Availabilities are open for our San Francisco office. 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. 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. 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. Ralph Waldo Emerson. The facts are clear. Moelis & Company offers a collaborative, diverse and entrepreneurial environment where experienced professionals can continue to learn, grow and enhance . Careers at Moelis. As LionTree grows, Kindred Media has grown with it. Rank: Senior Monkey | 77 . Thanks for your interest in the 2022 Corporate Strategy Summer Analyst position. Streaming Now: Profitability Over Subscriber Growth. We are at a moment of inflection, reflection, and self-adjustment for government institutions in the West, corporations, and capital markets. As I reflect on a decade of transformation across the landscape and in the markets, media remains the override. 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. The challenge is how to respond. It is surrounded by a nexus of other experiences, such as betting, character-driven content, merchandise, and overall engagement. . If you have encountered an issue with the site, including concerns about accessibility due to a disability, pleaseshare your feedback with us. 1y. 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. Even though Top Gun: Maverick was a sequel, its star power and mastery of storytelling were stupendous. 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. His clients seem to love him. As the regions rulers understand, old paradigms dont last forevereven the hydrocarbon one on which their wealth has relied. LionTree Chairman & CEO Aryeh B. Bourkoff shares his reflections and outlook for the year ahead. 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. The yield curve also remains inverteda leading indicator of recession over the last 50 years. It is my pleasure to share them with you, and I also like to look back on each years list as treasures to mark each year. University of California, San Diego ( BA) Title. LionTree offers a 10-week summer analyst program for rising seniors. Digital Real Estate Monthly Have a track record of academic excellence and participation in campus activities. 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? Your back catalog is depreciating rather than appreciating in line with traditional library economics. 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. 2019 - 2022. If you are interested in our program, please submit your resume to this posting.LionTree is an independent . This is complemented by another historic shift, which is the rapprochement with Israel. Learn more about our facultys research, student activities, alumni game-changers, and how Berkeley IEOR is designing a more efficient world. Meanwhile, a groundswell of content and creativity is developing outside the confines of traditional media. In addition to scaled distribution, the financial flexibility of tech companies gives them another leg upone that will only become stronger as costs remain high and investment is still required for streaming models to become profitable. Previously, Jeffrey was a Summer Analyst at MSD Capital an d also held positions at Goldman Sachs, Cook M & A, Waveland Investments. 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. The media industry as a whole is facing growing down dynamics. We see potential activity for such companies, including consolidation and asset divestitures, as well as more growing down business plans. It will test our strategy, resources, and relationships. This letter is provided by LionTree LLC solely for informational purposes and is provided as of the date indicated above. 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. With a non-deductible 1% excise tax on buybacks occurring after the end of this year as part of the Inflation Reduction Act, it wont be surprising if confident companies seize the opportunity. Vice President (38) $392. LionTree is an independent investment and merchant bank focused on media, technology, telecommunications and consumer-related industries with ~$750bn in total transaction value. So, cash must be put to work and inflation can be a double-edged sword. It is always open for companies with quality brands, cash flows, and profitability, at the right price, and that are fit to be public for the long term. 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 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. Expertise is a base metal. They know their location but must continually adjust their momentum. For the Class of 2025, LionTree Advisors is now collecting resumes for our 10-week Summer 2024 Internship Program. Inflation, and the responses to it by governments, banks, and investors, have dominated the headlines. At the time of the transaction, Comcast CEO Brian Roberts said, Microsoft has attached no strings and called the investment a strong vote of confidence in the industry; Wall Street very quickly agreed. It is said that you can win the World Cup without a great strikera great goal scorerbut you cant win it without a great goalie. Day-to-day responsibilities will include: financial analysis and modeling, company and industry research, preparing client presentations and contributing . 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). 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. Breakingviews category Adobe's lose-lose Figma bind, article with image February 24, 2023. Email. 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. Because of the costs required to catch up, and the hurdle rate for investments being higher, it might be time to rethink strategy and not be mired by momentum. Growing Down. 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. 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. Daniel Milne Investment Banking Analyst at LionTree Daniel Milne is an Investment Banking Analyst at LionTree based in New York, New York. We expect the growing value of sports rights to be a major theme in 2023 and beyond. We provide training, experience, access to clients and mentoring by senior team members who are the best in the business. LionTree represents clients ranging from large-cap leaders to emerging growth companies. Indeed, expertise, as well as creativity, may be in the process of being usurped by generative AI, which puts the power of creation in the hands of anyone with a basic keyboardfrom ChatGPT (text to dialogue) to DALL-E (text to imagery), to Midjourney (text to animation), and many others not mentioned here. This will take creativity, trust, and community. Select notable transactions include: advising Naver on its $1.2bn acquisition of Poshmark, Take-Two Interactive on its $12.7bn acquisition of Zynga, The Athletic on its sale to the New York Times, MGM Studios on its $8.5bn sale to Amazon, WarnerMedia (AT&T) and Discoverys ~$140bn merger, Viacom on its $47bn merger with CBS, Pandora on its $3.5bn sale to SiriusXM, and Charter on its $78.7bn acquisition of Time Warner Cable. And it raises a profound question: what do you choose to protect, to defend at all costs? 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). Companies will have to look inward to determine what they need to succeed, and what they dont. It states that, if we know the position of a particle, we cannot know its momentum; and vice versa. 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. Growing down, I call it. These trusted shareholders represent long-term, stable capital necessary to execute a successful first listingin stark contrast to the hedge fund hotels that SPACs became during the recent craze. 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. Since our formation, LionTree has advised on almost $750bn of deal volume across over 225+ transactions. 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 second mountain is about shedding the ego and losing the self. 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). , a groundswell of content and creativity is developing outside the confines of traditional.... Is necessary government institutions in the markets, media remains the override cash... Also remains inverteda leading indicator of recession over the last 50 years about... Requires a deep-rooted structureagain, that treeand a well-defined purpose see potential activity for such,... 24, 2023 we are doing our best a decade of transformation across the landscape and in the Corporate... Is $ 174,082 per year are doing our best, have dominated the headlines determine what dont! Gets smarter over time as more growing down dynamics if you have an. 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