Investment Banking Analyst at LionTree. It's a full-time, 10-week commitment from May 31, 2023 through August 4, 2023. Ultimately, a greater issue is the real growth rate and its impact on inflation-adjusted earnings. 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. 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. Historically, including in the 1980s, the Fed funds rate has had to exceed the rate of inflation to temper its rise. Privacy Policy They know their location but must continually adjust their momentum. Digital Real Estate Monthly 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. T 404.495.7000. 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. Such leaders, finding opportunity in the gaps and dislocations of a turbulent period, will emerge as the new industrialists of our time. (See, for instance, European objections to Made in America electric vehicles.). As Ive suggested, this growing down requires creativity, community, and capital. 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. 11/16/2022 5:48 PM. One legendary media executive once said to me: When I was finding my way, we didnt even use the term entrepreneur. We are likely not out of the woods, making it difficult for any CEO and investor to time the bottom. Chinas growth has slowed in part because of these factors, which also have led to social unrest, causing doubt and hesitation among both domestic and foreign companies and investors. 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. We must be mindful of the heightened influence of both creators and platforms on the information we consume, and on our public discourse. Certainty and uncertainty are a package deal. After catching the ball, the kick returner must sprint up field while dodging formidable opponents. Books for me are a way transport myself to a different moment or mindset, offering a break from the routine. the second mountain is about shedding the ego and losing the self. Amid wilderness and isolation, we discussed the idea of protection, and concluded that protection comes in three forms. Incoming 2023 Investment Banking Summer Analyst LionTree LLC Apr 2022 - Present 11 months. Cowen's Investment Banking Summer Analyst Program is a ten-week internship that offers an unparalleled experience for undergraduate students. Learn more about our facultys research, student activities, alumni game-changers, and how Berkeley IEOR is designing a more efficient world. The current media paradigm has several of its own weaknesses, as well. 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. I realized, afterwards, that this idea of growing down is itself a form of protection. Porsche possesses the qualities first-out-the-gate companies will need to break through, and so far, its stock performance has proven durable. Lion Tree Weekly Capital Markets Dashboard These burdens, as we have seen recently, impose heavy obstacles to profitability. 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. Growing Down. 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. US 2023 Global Advisory Summer Analyst. Each of these is intertwined with the other. Feb 24, 2021. . 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 . 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. Join to apply for the 2023 Summer Analyst Program - New York role at Fitch Ratings. 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. Upon completion of the Program, Summer Analysts have the opportunity to receive full-time Analyst offers for a post-graduation starting date. 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. Greenhill also offers summer Analyst opportunities for undergraduates in the summer before their senior year. 23 salaries (for 11 job titles) Updated 1/13/2023. The facts are clear. You were just a person who wanted to build a business. And while I appreciate those who leverage their success and platform for meaningful causes, after many lessons we must be more careful before idolizing those who are undeserving. 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. Separately, in a streaming-first world, the industry would need to get creative to achieve the level of profitability they once enjoyed in a dual-revenue world. With Zedge CEO Jonathan Reich. 2022 was a challenging year. 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. I also see an increase in private investments in public companies, as markets seek to provide capital support for management strategies. The difficulty of knowing both location and momentum is that they are not just different things, but on different planes. 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. Contact. 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. 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. As I reflect on a decade of transformation across the landscape and in the markets, media remains the override. 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. LionTree Founder & CEO Aryeh B. Bourkoff joined CNBC's Squawk Box this morning to share his outlook for the media industry in 2023. LionTree: Top Themes of the Week Gaming companies also make money! For my 50th birthday, I received books of all kinds and while Ive yet to make it through all of them, I am excited to share a subset of them as a window into the relationships I hold dear. As has been revealed by the markets, its not enough to bet big on the future. 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. 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. Streaming Now: Profitability Over Subscriber Growth. 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. . . Rather than working primarily against each other in streaming wars, the industry will likely have to work better together. 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. The firm has expertise in a wide range of verticals including film/TV, telecom/cable, music, sports, emerging tech and more. These dynamics bring with them new responsibilities. Take a Break and Daily from Kindred Media. While enabling a new ethos of individuality, vulnerability, and (supposed) authenticity, these platforms have the potential to divide us into echo chambers, cementing ideology at the expense of dialogue. This means identifying and honing your edge, whatever it may be, and pursuing the structures that allow you to do thatpaving a power alley in which to accelerate once shareholders and capital markets create a more favorable environment. 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. (They prompt us to wonder, what achievements of the future are unimaginable todayand how do we start imagining them?) 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. 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. 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. . Liontree LLC and The Raine Group SA 2023 Recruiting/Interview Timeline? Read More. It holds true in business, andfor those of you watchingin the worlds most popular sport. The media industry as a whole is facing growing down dynamics. Adversity is the prosperity of the great. Strong leaders are made both in and for difficult times. In fact, part of the reason leverage ratios have trended up over time is the low absolute cost of financing. (When was the last time anyone went back and rewatched an episode of House of Cards?). For companies, a renewed focus on core metrics is key. 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). Questions of responsibility and liability will soon be addressed by the Supreme Court. . Sometimes the rules themselves will need to be changed to allow these processes. Only once we know our position, can we find our momentum. Most notable for Porsche, ~40% of the book was snapped up by just four investors, and ~75% was composed of only 20 investors. Founded in 2012, LionTree has offices in New York, San Francisco, London and Paris. 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. Protection of the common necessities, such as health and financial stability. 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. Availabilities are open for our San Francisco office. The 'Analyst' role is an entry-level position for the brightest and most capable university graduates. 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 . Parrish Hall 135 Have a track record of academic excellence and participation in campus activities. 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) ***-**** But that doesnt mean its closed. 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. Swarthmore, PA 19081. It is not an easy task, but it is an essential one. So how do we emerge, what feels like yet again? 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. 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. The reality, however, has been the reverse: social media has left us more disconnected. Introduction. To take the other football, its like returning a kick-off. 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. Gone are the days, I hope, when we let visionary leaders with no integrity operate companies and skip board oversight. 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. 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. 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) More broadly, this years midterm elections saw political spendingincluding on platforms such as TikToknearly match that of a presidential election. 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. But it is exactly in such periods that strength is forged. Throughout the first decade of LionTree, weve strived to remain grounded yet curious, principled yet adaptive, expansive yet self-correcting. 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. We seek to match long-term-oriented CEOs with long-term shareholders, enabling companies to play to their competitive advantageand we align ourselves with the outcome through our own capital. We need a bridge to get to the other side, and it is built on three pillars: creativity, community, and capital. 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. But even as we anticipate a return to abundance, we must be mindful of scarcity. But its willingness to spend more than $220 billion on infrastructure and development to welcome global fans and sponsors was declarative. If you are interested in our program, please submit your resume to this posting.LionTree is an independent . However, this once-stable foundation has been undermined by a self-directed pivot to direct-to-consumer streaming, pioneered by Netflix. 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. So, when it comes to sports, expect media rights packages to be further divided. 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. Scale still matters, including as a means to profitability. 1y. We would expect some of these trends to reverse, putting pressure on equity markets and more speculative growth investments and transactions. At any given moment, we can measure our position or value in the world. Given lower valuations, many private companies will have to navigate structural considerations as they consider capital raises or mergers, increasing the prevalence of preferred waterfall issues in private sales and/or mergers. While social media thrives on disagreement, media is the override in that it offers common groundan immensely valuable thing in a fractured social landscape. This gap, this paradox, we must overcomefor our society at large, and particularly for our children. If the first mountain is about building up the ego and defining the self. Download PDF. Vice President (38) $392. 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. Inflation, and the responses to it by governments, banks, and investors, have dominated the headlines. 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. We seek talented, highly motivated individuals with exceptional experience who can embody our culture and values as creative, team-oriented and hard-working professionals. 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. 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. 4.0 GPA IB. 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. That doesnt mean that integration is futile. Email. Growing down, I call it. If you are interested in our program, please submit your resume to this posting. As LionTree grows, Kindred Media has grown with it. Boards approved strategies they never would have previously and will be even less likely to approve in the coming year. I recently secured my junior year internship summer analyst position (summer 2023) at a large US bulge bracket for Sales & Trading in NYC. One would expect the slowdown to persist for the near future, but I am more optimistic about the sustainability of M&A deal flow. Accessibility Policy 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 . 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. Day-to-day responsibilities will include: financial analysis and modeling, company and industry research, preparing client presentations and contributing . 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. We are at a moment of inflection, reflection, and self-adjustment for government institutions in the West, corporations, and capital markets. Software Weekly Weve dealt a lot with uncertainty, leaving most with feelings of exasperation. 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. Availabilities are open for our San Francisco office. Reference over Interesta different kind of RoI. Up-and-Coming Elite Boutique Investment Banks (UCEBs) - LionTree Advisors, Zaoui & Co., Robey Warshaw, Lakeside Capital Advisers, . As the regions rulers understand, old paradigms dont last forevereven the hydrocarbon one on which their wealth has relied. Your back catalog is depreciating rather than appreciating in line with traditional library economics. The pandemic was an accelerator for change. Your preference will be taken into consideration, but not guaranteed. The estimated additional pay is $54,542 per year. Whats the Difference Between an Agent and a Manager? - Leslie Mallon, Head of LionTree Public Markets. Rarely do they make it to the other end of the field.