Alma mater. While social media thrives on disagreement, media is the override in that it offers common groundan immensely valuable thing in a fractured social landscape. High proficiency in Microsoft Office suite. We might learn that, in fact, we simply had too much all along. Growing down, I call it. Going forward, however, the onshoring or friendshoring of manufacturing and innovation is a pressure point for inflation and corporate strategy. Read More. We must be mindful of the heightened influence of both creators and platforms on the information we consume, and on our public discourse. Take a Break and Daily from Kindred Media. 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 . This year, we witnessed an IPO success story with Volkswagens listing of Porsche in September; it encapsulates what I believe will shape the first successful IPOs over the next 12 months until investors gain confidence in new issuances. The LionTree platform, spanning strategic and financial advisory, capital markets, and merchant banking, is meant to serve CEOs and entrepreneurs through any cycle. Only once we know our position, can we find our momentum. 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. 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. This is growing down, and ultimately, the upside to downturns. Crypto Weekly Porsche possesses the qualities first-out-the-gate companies will need to break through, and so far, its stock performance has proven durable. A most recent case study is Qatarat first glance, seemingly an incongruous place to host a World Cup. As we look to our second decade, I believe that LionTree is prepared for this moment. Founded in 2012, LionTree has offices in New York, San Francisco, London and Paris. Sometimes the best offense is a good defense. The ability to be a steady hand, and to engage in leading transactions and investments, is made possible by a network of trust and support; and we are nothing without the friends, supporters, and colleagues who are the pillars of this firm. Protection against imminent and obvious threats, such as hurricanes or wildfire. Founder and CEO of LionTree LLC. Lion Tree Weekly Capital Markets Dashboard The Spectrum Internship Experience. In fact, part of the reason leverage ratios have trended up over time is the low absolute cost of financing. Candidates for the 2023 Summer Internship Program: Are currently enrolled as an undergraduate student. 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. . 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. It states that, if we know the position of a particle, we cannot know its momentum; and vice versa. Jeffrey Hirsh's Phone Number and Email. The Creator Economy: Platform & Responsibility, Its the first year since 1969 that treasuries and equities are both down, user-generated content representing 39% of time spent with streaming media, Ritz and Escoffier: The Hotelier, The Chef, and the Rise of the Leisure Class, When Women Lead: What They Achieve, Why They Succeed, and How We Can Learn from Them, From Strength to Strength: Finding Success, Happiness, and Deep Purpose in the Second Half of Life, Metahuman: Unleashing Your Infinite Potential, Power Failure: The Rise and Fall of an American Icon, Build: An Unorthodox Guide to Making Things Worth Making, A Bankers Journey: How Edmond J. Safra Built a Global Financial Empire, Play Nice But Win: A CEOs Journey from Founder to Leader, The General Theory of Employment, Interest and Money, Leadership: Six Studies in World Strategy Hardcover, Alexander and the Terrible, Horrible, No Good, Very Bad Day, The End of the World Is Just the Beginning: Mapping the Collapse of Globalization. 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. (They prompt us to wonder, what achievements of the future are unimaginable todayand how do we start imagining them?) Join to apply for the 2023 Summer Analyst Program - New York role at Fitch Ratings. 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. Throughout 2023 and beyond, we will continue to coalesce the LionTree and Kindred Media brands to serve as a resource for those in our kin. Not an easy path but they would be better positioned working together on any reinvention than working alone. 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. At any given moment, we can measure our position or value in the world. Unfortunately this position has been closed. Kindred on the Kurb: What is the Biggest Problem Facing the Country Today? But they will not be alone. The streaming model in its current form is not the answer for manyas the industry has learned to varying degrees of frustration. Ritz and Escoffier: The Hotelier, The Chef, and the Rise of the Leisure Class by Luke Barr, When Women Lead: What They Achieve, Why They Succeed, and How We Can Learn from Them by Julia Boorstin, From Strength to Strength: Finding Success, Happiness, and Deep Purpose in the Second Half of Life by Arthur C. Brooks, Metahuman: Unleashing Your Infinite Potential by Deepak Chopra, Power Failure: The Rise and Fall of an American Icon by William D. Cohan, Build: An Unorthodox Guide to Making Things Worth Making by Tony Faddell, A Bankers Journey: How Edmond J. Safra Built a Global Financial Empire by Daniel Gross, Play Nice But Win: A CEOs Journey from Founder to Leader by James Kaplan and Michael S. Dell, The General Theory of Employment, Interest and Money by John Maynard Keynes, Leadership: Six Studies in World Strategy Hardcover by Henry Kissinger, When We Cease to Understand the World byBenjamin Labatut, Reminiscences of a Stock Operator by Edwin Lefvre, Thomas Jefferson: The Art of Power by Jon Meacham, Scarcity by Senhil Mullainthan & Eldar Shafir, The Revolutionary: Samuel Adams by Stacy Schiff, Vogue X Music byEditors of American Vogue,andJonathan Van Meter, Alexander and the Terrible, Horrible, No Good, Very Bad Day by Judith Viorst, Stockholm: City of Islands and Water by Jeppe Wikstrm & Per Kallstenius, Translated by Ruth Urbom, The End of the World Is Just the Beginning: Mapping the Collapse of Globalization by Peter Zeihan. 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. Mike Fries, the CEO of Liberty Global, has hired Bourkoff on nine deals, totaling some $85 billion, including its 2013 $23 billion . - Leslie Mallon, Head of LionTree Public Markets. Have a track record of academic excellence and participation in campus activities. The root word in Hebrew for counsel also means tree. 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. LionTree Chairman & CEO Aryeh B. Bourkoff shares his reflections and outlook for the year ahead. Email. Contact. More broadly, this years midterm elections saw political spendingincluding on platforms such as TikToknearly match that of a presidential election. The U.S. remains home to many of the strongest, most transparent, most technologically advanced, and most influential companies and entrepreneurs. Meanwhile, a groundswell of content and creativity is developing outside the confines of traditional media. 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. But that reconsideration is itself an opportunity. This past summer, we hosted a group in Israel to acquaint ourselves more closely with the entrepreneurs and investors driving innovation in the region, including AI and web3 applications, cybersecurity and data analytics, foodtech and climate tech, and more. 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. If the first mountain is about acquisition, the second mountain is about contribution.. 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. What better example than the global spectacle of the World Cup, the first in an Arab nation? j***@liontree.com. 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. Turbulent times teach us that momentum is no guarantee of stability, and hubris is as dangerous as inertia. LionTree is a differentiated global investment and merchant banking firm focused on companies in the technology, media, telecom and consumer-related industries. Looking ahead, I expect continued strong activity in the software and video game spaces,to name two. If you encounter any sign in issues, please email events@liontree.com Amid wilderness and isolation, we discussed the idea of protection, and concluded that protection comes in three forms. LionTree CEO Aryeh Bourkoff is a master dealmaker.. 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. To sign up for our newsletters, clickhere. 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. For the Class of 2025, LionTree Advisors is now collecting resumes for our 10-week Summer 2024 Internship Program. Im also reminded of transactions that exemplify the concept of Reference Shareholders, i.e., sources of partnership capital aimed to endorse long-term growth and transformation through cycles. 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. 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. What are the investable opportunities now that unprofitable growth initiatives make less sense? 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. 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). After all, no one climbs a mountain alone. These dynamics bring with them new responsibilities. We would expect some of these trends to reverse, putting pressure on equity markets and more speculative growth investments and transactions. Swarthmore, PA 19081. BScMathematics Statistics and BusinessFirst Class Honours. 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. Last Update. Worked alongside some folks there on an M&A deal. Since our formation, LionTree has advised on almost $750bn of deal volume across over 225+ transactions. In times of scarcity, we are forced to look inward to recalibrate. Vice President (38) $392. 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. (When was the last time anyone went back and rewatched an episode of House of Cards?). Benefits include professional development sessions, networking opportunities, and mentorship. Summer Analysts will focus on a broad range of Mergers and Acquisitions, Debt Advisory, Restructuring, and Equity Capital Markets advisory assignments. 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). 2) Will consumers tune-in, particularly when theres a price tag involved? They know their location but must continually adjust their momentum. These burdens, as we have seen recently, impose heavy obstacles to profitability. 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. What are your essentials, the resources and relationships you cant do without? But it requires strong management teams (which I believe the industry is lucky to have) and making profitability the priority. Inflation, and the responses to it by governments, banks, and investors, have dominated the headlines. But its willingness to spend more than $220 billion on infrastructure and development to welcome global fans and sponsors was declarative. 4.0 GPA IB. Seeing scarcity as an opportunity to go deep within, in order to emerge with what is required to go beyond even your original expectations. Moelis & Company offers a collaborative, diverse and entrepreneurial environment where experienced professionals can continue to learn, grow and enhance . 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. Strong leaders are made both in and for difficult times. 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. Incoming 2023 Investment Banking Summer Analyst LionTree LLC Apr 2022 - Present 11 months. 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. Welcome to the new Career Services website! Strategic asset sales create opportunity for potential consolidators seeking to repackage media assets to create must-have offerings that enhance a holistic customer experience, with the added benefit of spreading costs over a broader asset base. This letter is provided by LionTree LLC solely for informational purposes and is provided as of the date indicated above. 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. And finally, protection against threats that we do not see, neither predicted nor apparentthe most dangerous of all. 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. 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 near-term ramifications are clear at the moment, but longer-term implications are complex and unpredictable. This lends some perspective on the adjustments making their way through the private markets, where lowered valuations make an exit more difficult. What is the price of a security compared to its long-term value, both on an absolute and relative basis, and over time? 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). 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 lowest points in the treasury yield curve are the 10-year and 30-year, leaving high-yield companies that cant access debt beyond seven or eight years relatively disadvantaged in the current market environment, due to both spreads and absolute rates. 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. It is surrounded by a nexus of other experiences, such as betting, character-driven content, merchandise, and overall engagement. Rather than working primarily against each other in streaming wars, the industry will likely have to work better together. While scarcity plays a starring role in many important problems, abundance sets the stage for it. Once on stage, scarcity captures our attention and forces the self-correction that eventually makes future growth possiblefor leaders, companies, and countries. These dynamics have been thrown into positive relief by developments in China, where the government continues its push toward centralization, evident not only in its Covid restrictions (now being scaled back), but in its industrial policies. What it reveals is the perpetual lag of law and regulation behind the many-headed Hydra of technological change. 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). Scale still matters, including as a means to profitability. University of California, San Diego ( BA) Title. Offsetting this activity (particularly from platform players) is the question of regulatory scrutiny. Gaming Weekly Raine hasnt started yet and liontree nyc doesnt have their app open so must be liontree sf. As a famous philosopher may have remarked during the French Revolution, the streaming revolution is eating its own children. On to the next. But that doesnt mean its closed. 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. 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. Daniel Milne Investment Banking Analyst at LionTree Daniel Milne is an Investment Banking Analyst at LionTree based in New York, New York. 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. 2019 - 2022. 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