LionTree: Top Themes of the Week In business, we measure the value of an asset over multiple time horizons, weighing opportunities of today against those of tomorrow. It is surrounded by a nexus of other experiences, such as betting, character-driven content, merchandise, and overall engagement. 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. 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. When rates rise and the return thresholds elevate, we are forced to choose; innovation and inorganic activity come at a higher cost. 2019 - 2022. With leadership comes responsibility, and all the consequences it may entail. The Spectrum Internship Experience. 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. However, this once-stable foundation has been undermined by a self-directed pivot to direct-to-consumer streaming, pioneered by Netflix. Comcast's stock traded up. 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. 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. We might learn that, in fact, we simply had too much all along. How much do LionTree employees make? We must recall one of the most celebrated early promises of the internet, that it can function as a democratic public square. For the Class of 2024, LionTree Advisors is now collecting resumes for our 2023 Summer Analyst program. 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. To take the other football, its like returning a kick-off. Gaming Weekly This letter is provided by LionTree LLC solely for informational purposes and is provided as of the date indicated above. LionTree was founded in 2012 and has offices in New York, San Francisco, London and Paris to serve a global client base. While Im turning 50, LionTree also celebrated a pivotal birthday this year: 10 years. Creative dealmaking experiences tailwinds when the public markets, surely not as open as they used to be, are challenged. Even though Top Gun: Maverick was a sequel, its star power and mastery of storytelling were stupendous. Inflation, and the responses to it by governments, banks, and investors, have dominated the headlines. Of the four largest investors, three were sovereign wealth funds (Norges, ADQ, QIA), and the other was T. Rowe Price. As I reflect on a decade of transformation across the landscape and in the markets, media remains the override. Only once we know our position, can we find our momentum. Second, the ceaseless supply of new content ends up devaluing that content over time, as is the case with any asset inflation. 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. LionTree is not providing or undertaking to provide any financial, economic, legal, accounting, tax or other advice or recommendation in or by virtue of this letter. One legendary media executive once said to me: When I was finding my way, we didnt even use the term entrepreneur. 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. For companies, a renewed focus on core metrics is key. For the Class of 2025, LionTree Advisors is now collecting resumes for our 10-week Summer 2024 Internship Program. We seek talented, highly motivated individuals with exceptional experience who can embody our culture and values as creative, team-oriented and hard-working professionals. Boards approved strategies they never would have previously and will be even less likely to approve in the coming year. Software Weekly Meanwhile, a groundswell of content and creativity is developing outside the confines of traditional media. 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. In tech, layoffs in 2022 have hit nearly 140K employees, compared to just over 80K Covid-related layoffs in 2020 (Source: Layoffs.fyi). Your preference will be taken into consideration, but not guaranteed. The reality, however, has been the reverse: social media has left us more disconnected. So, when it comes to sports, expect media rights packages to be further divided. But to guide your own momentum, as an individual or institution, requires humility and self-awareness. The challenge is how to respond. Clearly one benefit of globalized trade in the recent super cycle has been its deflationary impact. But that doesnt mean its closed. To do the unexpected, so we can look back and wonder why we didnt act sooner. The causes of our uncertainty are well-known: inflation; global central bank policies; war in Eastern Europe (and perhaps elsewhere); the decoupling of Western and Eurasian economies; and other sources of social and political turmoil. 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. Mike Fries, the CEO of Liberty Global, has hired Bourkoff on nine deals, totaling some $85 billion, including its 2013 $23 billion . 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. 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. Availabilities are open for our San Francisco office. . the second mountain is about shedding the ego and losing the self. The difficulty of knowing both location and momentum is that they are not just different things, but on different planes. 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. 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. While the fragmented landscape creates more ad space to fill, two questions are top of mind: 1) Will there be enough to go around? 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. What this illustrates is that its very hard to be both content creator and distributor. . 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. Aryeh B. Bourkoff (born 1972) is an American businessman and documentary producer. 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. Weve dealt a lot with uncertainty, leaving most with feelings of exasperation. He is the founder and chief executive officer of LionTree LLC, a global investment and merchant banking firm focused on media . 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. 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. The UK environment is particularly challenging, with many mergers (such as Viasat/Inmarsat) under tight scrutiny. BScMathematics Statistics and BusinessFirst Class Honours. - Leslie Mallon, Head of LionTree Public Markets. 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). 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. . 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. 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. Profitability, sustainability, and viability of business models are crucial as we enter a new phase. But the prominent investment banker isn't content to simply facilitate M&A transactions. This is a learning-intensive program designed to give you essential business insights and hands-on experience in your field of choice. 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 . LionTree is an independent investment and merchant bank focused on media, technology, telecommunications and consumer-related industries with ~$750bn in total transaction value. 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. Toward these ends, we see several opportunities at play across the landscape. Founded in 2012, LionTree has offices in New York, San Francisco, London and Paris. 23 salaries (for 11 job titles) Updated 1/13/2023. In anything, the arc of life is also a governing framework for your priorities. Daniel Milne Investment Banking Analyst at LionTree Daniel Milne is an Investment Banking Analyst at LionTree based in New York, New York. He held his position through not one but two recessions and was reviled for his efforts at the time. Welcome to the new Career Services website! Adversity is the prosperity of the great. Growing Down. 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. Companies will have to look inward to determine what they need to succeed, and what they dont. That doesnt mean that integration is futile. The facts are clear. Going forward, however, the onshoring or friendshoring of manufacturing and innovation is a pressure point for inflation and corporate strategy. As LionTree grows, Kindred Media has grown with it. Would Paris Hilton Let Her Kid Be An Influencer? So how do we emerge, what feels like yet again? The market has currently priced in a rising rate environment through the first half of 2023, peaking at around 5% by mid-year. The interplay between content and distribution has been critical since the dawn of mass media, and the calculus is always shifting. 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. Incoming 2023 Investment Banking Summer Analyst LionTree LLC Apr 2022 - Present 11 months. 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). As a summer analyst, you will have the opportunity to: Obtain a strong foundation in financial analysis through training from LionTree professionals as well as third-party providers, Have the opportunity to work on live client assignments alongside LionTree deal teams, Present financial and strategic analysis to the firms leadership during your final project, Attend orientation and firm events where you will learn about LionTree and the industry while meeting members of the firm globally, Access to an invaluable peer network of interns as well as an assigned mentorship team and senior firm leaders, 500 College Ave. And it raises a profound question: what do you choose to protect, to defend at all costs? If you are interested in our program, please submit your resume to this posting.LionTree is an independent . Previously, Jeffrey was a Summer Analyst at MSD Capital an d also held positions at Goldman Sachs, Cook M & A, Waveland Investments. Rebundling the Landscape: Whats Your Edge? I realized, afterwards, that this idea of growing down is itself a form of protection. Candidates for the 2023 Summer Internship Program: Are currently enrolled as an undergraduate student. . Founder and CEO of LionTree LLC. 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. In order to be considered for the Summer Analyst Program, you need to be a college student currently enrolled in an Undergraduate program, who will have completed their junior year by the start of the internship. 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. 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. Sometimes the best offense is a good defense. As an early celebrationreflection, reallyfor my 50th birthday, I spent a weekend with close friends in the American West. And while there are still hardware hurdles to overcome in virtual reality, and the technology is still in its early days, I view both augmented and virtual reality as a means of expanding the reach of live experiences in the digital realm. Given the difficulty of precisely measuring individual company trajectories in the current moment, judicious leadership teams are preparing for a prolonged downturn, indeterminate in its timing, impact, and duration. I realized, afterwards, that this idea of growing down is itself form... 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