Worked alongside some folks there on an M&A deal. But the prominent investment banker isn't content to simply facilitate M&A transactions. This push into modernity and investment in modern cultural assetseven building entire cities from scratch, in the case of NEOMare far-sighted, and align with the youthful demographic and leadership trends of the Arab world. Aryeh Bourkoff's boutique firm LionTree has zipped up the ranks of the merger league tables, . 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. 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) Location: New York, NY. Candidates should be class of 2023 and top academic performers who are willing to work hard in an unstructured environment that values . Kindred Media now averages more than 1 million impressions per month. This is complemented by another historic shift, which is the rapprochement with Israel. Founded in 2012, LionTree has offices in New York, San Francisco, London and Paris. This letter is provided by LionTree LLC solely for informational purposes and is provided as of the date indicated above. That doesnt mean that integration is futile. Office closed daily from 121pm for lunch. The pandemic was an accelerator for change. Personally wouldn't consider over GS /MS/ Evercore, but . Protection of the common necessities, such as health and financial stability. Email. With Zedge CEO Jonathan Reich. We expect the growing value of sports rights to be a major theme in 2023 and beyond. 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. LionTree Chairman & CEO Aryeh B. Bourkoff shares his reflections and outlook for the year ahead. We need a bridge to get to the other side, and it is built on three pillars: creativity, community, and capital. 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. Associates (208) $257. LionTree was founded in 2012 and has offices in New York, San Francisco, London and Paris to serve a global client base. 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. 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. 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. Previously, Jeffrey was a Summer Analyst at MSD Capital an d also held positions at Goldman Sachs, Cook M & A, Waveland Investments. Toward these ends, we see several opportunities at play across the landscape. 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. Investment Banking Analyst at LionTree. Cowen's Investment Banking Summer Analyst Program is a ten-week internship that offers an unparalleled experience for undergraduate students. 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. 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. Founder and CEO of LionTree LLC. 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. As I reflect on a decade of transformation across the landscape and in the markets, media remains the override. There is still over $700bn of private equity dry powder waiting to be deployed, but the credit cost associated with deployment of that capital is its highest in close to 10 years. Your preference will be taken into consideration, but not guaranteed. 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. But it is exactly in such periods that strength is forged. j***@liontree.com. Only once we know our position, can we find our momentum. 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. . 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. 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. 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. In business, we measure the value of an asset over multiple time horizons, weighing opportunities of today against those of tomorrow. the second mountain is about shedding the ego and losing the self. I also see an increase in private investments in public companies, as markets seek to provide capital support for management strategies. The successes of an everyman like MrBeast and others like him reveal that, in the currency of this vast, youthful ecosystem, relatability and authenticity are gold, while talent is silver. 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. 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. When the balance of the world shifts, perspectives change. Download PDF. 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). 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. (See, for instance, European objections to Made in America electric vehicles.). 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 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. Shedding of non-core assets and expenditures can enable scaled players to focus on their core business and deliver value to shareholders. Its about revisiting business models to focus on your strengths and building around thatcorrecting the distracting abundance of the past that may have led to misallocation of capital and priorities. These pressures show no sign of abating, and conflict looms. 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. Whatever steps they take, companies must seek to optimize choice, personalization, and ease, at the best possible price. Scarcity follows abundance. 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. The return on investment is simply higher than for those with a distribution disadvantage. Sometimes the rules themselves will need to be changed to allow these processes. 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). Accessibility Policy Early Career Programs - Careers | BlackRock 68,324 Investment Banking Analyst Graduate Jobs - ZipRecruiter Liontree Llc New York, NY Type. More broadly, this years midterm elections saw political spendingincluding on platforms such as TikToknearly match that of a presidential election. 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! Whats the Difference Between an Agent and a Manager? 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. The uncertainty principle, in quantum mechanics, gives us a powerful metaphor for the contingency of our knowledge. US 2023 Global Advisory Summer Analyst. Gaming Weekly We would expect some of these trends to reverse, putting pressure on equity markets and more speculative growth investments and transactions. 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. 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. In 1979, when inflation was above 11% annually, Paul Volcker allowed interest rates to floatwhich they did, higher and higher, reaching a stratospheric 19% for the Fed funds rate by 1981. 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. The increased cost of capital and overall caution of management teams and investors has led to a slowdown in dealmaking. As a result, the IPO door for growth stories is now much harder to open. LionTree Founder & CEO Aryeh B. Bourkoff joined CNBC's Squawk Box this morning to share his outlook for the media industry in 2023. Weve dealt a lot with uncertainty, leaving most with feelings of exasperation. Given their tried, tested, and proven profitability, the integration of gaming is here to stay, despite an engagement pullback from Covid highs. 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. At the same time, the outlook for advertising is uncertain and affiliate revenues that have been used to fund streaming initiatives are accelerating their decline. What it reveals is the perpetual lag of law and regulation behind the many-headed Hydra of technological change. LionTree is a differentiated global investment and merchant banking firm focused on companies in the technology, media, telecom and consumer-related industries. After all, no one climbs a mountain alone. Hear they pay above street and in line with other top boutiques though. The U.S. remains home to many of the strongest, most transparent, most technologically advanced, and most influential companies and entrepreneurs. 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. For the Class of 2025, LionTree Advisors is now collecting resumes for our 10-week Summer 2024 Internship Program. Your back catalog is depreciating rather than appreciating in line with traditional library economics. I recently secured my junior year internship summer analyst position (summer 2023) at a large US bulge bracket for Sales & Trading in NYC. 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). Swarthmore, PA 19081. And finally, protection against threats that we do not see, neither predicted nor apparentthe most dangerous of all. 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) ***-**** Take a Break and Daily from Kindred Media. 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. Learn more about our facultys research, student activities, alumni game-changers, and how Berkeley IEOR is designing a more efficient world. In life, the onset of a new decade is a moment to reflect. 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. If you are interested in applying, please submit your resume through the below Handshake submission. 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. Faculty research in Berkeley IEOR specializes in stochastic processes, optimization, and supply chain management. New business ideas and growth initiatives spurred by heavy investments were in vogue due to 0% interest rates. 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 . The UK environment is particularly challenging, with many mergers (such as Viasat/Inmarsat) under tight scrutiny. Contact. Would Paris Hilton Let Her Kid Be An Influencer? 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. Last name. 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. Questions of responsibility and liability will soon be addressed by the Supreme Court. The good news is that abrupt changes can be healthy; their swiftness is helpful in resetting expectations. LionTree is an independent investment and merchant bank focused on media, technology, telecommunications and consumer-related industries with ~$750bn in total transaction value. For companies with meaningful capital structure or liquidity issues, unfortunately it is time for recalibrationin expectations, ambitions, and the growth-at-all-cost mentality. 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. I realized, afterwards, that this idea of growing down is itself a form of protection. However, during these uncertain times, to cross the threshold into the public markets requires shareholders to believe in you. As we move into our second decade, seeking to bolster our triple currency of creativity, community, and capital, we see our greatest strength in our relationships that have enabled us to even reach this point. 210123. A form of preservation and defense that gives you strength and the ability to play offense. Amid wilderness and isolation, we discussed the idea of protection, and concluded that protection comes in three forms. Introduction. 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. This will take creativity, trust, and community. 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. 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. Feb 24, 2021. . To sign up for our newsletters, clickhere. 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