If you are interested in our program, please submit your resume to this posting.LionTree is an independent . What it reveals is the perpetual lag of law and regulation behind the many-headed Hydra of technological change. 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. 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. 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. For companies with meaningful capital structure or liquidity issues, unfortunately it is time for recalibrationin expectations, ambitions, and the growth-at-all-cost mentality. Not an easy path but they would be better positioned working together on any reinvention than working alone. In anything, the arc of life is also a governing framework for your priorities. Compared to a record 2021, global M&A volume has decreased in 2022 but remains on a positive trajectory compared to 2020. - Leslie Mallon, Head of LionTree Public Markets. Each year, the list captures topics and areas of professional and personal interest that are integral in the moment, as well as reminders to be studiedsprinkled with fun, passions, and general levity. 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. But you can search our 40 open jobs by clicking here . Candidates should be class of 2023 and top academic performers who are willing to work hard in an unstructured environment that values . j***@liontree.com. The market has currently priced in a rising rate environment through the first half of 2023, peaking at around 5% by mid-year. 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. LionTree Founder & CEO Aryeh B. Bourkoff joined CNBC's Squawk Box this morning to share his outlook for the media industry in 2023. The yield curve also remains inverteda leading indicator of recession over the last 50 years. Most of us recognize that slowdowns are inevitable; the harder task is to accept the unpredictability that accompanies them. The root word in Hebrew for counsel also means tree. 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. Accessibility Policy 2020 - 2023. Just as we are looking forward to finally escaping the pandemic and reaching for normalization, we are hit with the threat of a downturn that can cause us to recoil. 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. Founded in 2012, LionTree has offices in New York, San Francisco, London and Paris. Unfortunately this position has been closed. Apply today at CareerBuilder! The watershed case of Gonzalez v. Google hinges on the difference between providing a platform for content, and promoting that content, to some users but not otherswhether this form of selection and targeting is protected by Section 230 of the 1996 Communications Decency Act. For the Class of 2025, LionTree Advisors is now collecting resumes for our 10-week Summer 2024 Internship Program. I returned to a book this year called Scarcity, which reads: Follow the thread of scarcity long enough, and it leads back to abundance. To take the other football, its like returning a kick-off. 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. 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. 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. With this foundational reach, the Silicon Valley players can direct more resources to content creation because distribution and customer-acquisition are already built into their model. Companies with pricing power, greater control over their supply chains, and the ability to consolidate their advantages are in stronger positions. Strong leaders are made both in and for difficult times. 4.0 GPA IB. LionTree was founded in 2012 and has offices in New York, San Francisco, London and Paris to serve a global client base. Operations Research & Management Science, B.S. As has been revealed by the markets, its not enough to bet big on the future. 210123. While the fragmented landscape creates more ad space to fill, two questions are top of mind: 1) Will there be enough to go around? We must be mindful of the heightened influence of both creators and platforms on the information we consume, and on our public discourse. Sometimes the best offense is a good defense. 2019 - 2022. The good news is that abrupt changes can be healthy; their swiftness is helpful in resetting expectations. Investment Banking Analyst at LionTree. LionTree is an independent investment and merchant bank focused on media, technology, telecommunications and consumer-related industries with ~$750bn in total transaction value. 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. 2023 will be a year of growth; its just that not all growth is up and to the right. 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 2022, LionTree Advisors is now collecting resumes for Investment Banking Analyst program with a start date of July 2022. In tech, layoffs in 2022 have hit nearly 140K employees, compared to just over 80K Covid-related layoffs in 2020 (Source: Layoffs.fyi). U.S. TMT has shown particular resilience, including parties seeking to consolidate (Adobes $20bn acquisition of Figma, Broadcoms $70bn acquisition of VMware, Microsofts attempted acquisition of Activision Blizzard for $68bn), to use M&A for market expansion (Amazons $1.6bn acquisition of iRobot and $3.8bn acquisition of OneMedical; Oracles$28bn acquisition of Cerner, Googles $4.7bn acquisition of Mandiant), or to expand into new geographies (e.g., Naver, the Google of South Korea, with its announced acquisition of Poshmark). Second, the ceaseless supply of new content ends up devaluing that content over time, as is the case with any asset inflation. New business ideas and growth initiatives spurred by heavy investments were in vogue due to 0% interest rates. Read More. Candidates for the 2023 Summer Internship Program: Are currently enrolled as an undergraduate student. Netflix has been able to cross the Rubicon and reach a profitable scale after a decade of investment. 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. At the same time, the U.S. is reasserting its global leadership, benefitting from its role as the home of free markets and abundant capital to drive innovation (even during time of scarcity), a still strong dollar and global reserve currency (despite clear challenges), and energy and food independence compared to other regions. Summer Analysts will focus on a broad range of Mergers and Acquisitions, Debt Advisory, Restructuring, and Equity Capital Markets advisory assignments. The estimated base pay is $119,540 per year. Email. The media industry as a whole is facing growing down dynamics. Our Services Investment Banking What We Deliver Global Reach On the buzzy Liked by Stanley Sunata If you encounter any sign in issues, please email events@liontree.com Previously, Jeffrey was a Summer Analyst at MSD Capital an d also held positions at Goldman Sachs, Cook M & A, Waveland Investments. Rank: Senior Monkey | 77 . Read More. 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. But that doesnt mean its closed. After all, no one climbs a mountain alone. Of the four largest investors, three were sovereign wealth funds (Norges, ADQ, QIA), and the other was T. Rowe Price. If you are interested in our program, please submit your resume to this posting. 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. Lion Tree Weekly Capital Markets Dashboard But a compass is not enough. 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. 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). 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. Ultimately, a greater issue is the real growth rate and its impact on inflation-adjusted earnings. LionTree offers a 10-week summer analyst program for rising seniors. We would expect some of these trends to reverse, putting pressure on equity markets and more speculative growth investments and transactions. With user-generated content representing 39% of time spent with streaming media on platforms such as Instagram, YouTube, and TikTok, individual entrepreneurs have proven to be powerful content creators in their own right, where the content is the driver and products come secondary. 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. LionTree Chairman & CEO Aryeh B. Bourkoff shares his reflections and outlook for the year ahead. High proficiency in Microsoft Office suite. For companies, a renewed focus on core metrics is key. The just announced Microsoft acquisition of a 4% stake in the London Stock Exchange is yet another example, and representative of the sorts of transactions by strategics that I expect to see more of in 2023. But they will not be alone. However, this once-stable foundation has been undermined by a self-directed pivot to direct-to-consumer streaming, pioneered by Netflix. He held his position through not one but two recessions and was reviled for his efforts at the time. 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. 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. 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. We are at a moment of inflection, reflection, and self-adjustment for government institutions in the West, corporations, and capital markets. The U.S. remains home to many of the strongest, most transparent, most technologically advanced, and most influential companies and entrepreneurs. 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. 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. It will test our strategy, resources, and relationships. At any given moment, we can measure our position or value in the world. 2) Will consumers tune-in, particularly when theres a price tag involved? Such leaders, finding opportunity in the gaps and dislocations of a turbulent period, will emerge as the new industrialists of our time. 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. Tech companies are engaging in accelerated workforce reductions, and the same is true for the worlds largest content producers as they also begin to moderate their growth in content expenditures beyond 2022. (Go Tritons!). University of California, San Diego ( BA) Title. Software Weekly 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. How much do LionTree employees make? Hear they pay above street and in line with other top boutiques though. 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. Jeffrey Hirsh's Phone Number and Email. Each of these is intertwined with the other. He is the founder and chief executive officer of LionTree LLC, a global investment and merchant banking firm focused on media . Welcome to the new Career Services website! Growing Down. 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. Password (8+ characters) Our purpose guides us in all that we do, internally and externally. 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. 1y. Books for me are a way transport myself to a different moment or mindset, offering a break from the routine. 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. Growth in the year ahead must be a form of adaptation, guided by fundamentals and pattern recognition to help you along the way. 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. We provide training, experience, access to clients and mentoring by senior team members who are the best in the business. The Abraham Accords, a profound realignment of regional dynamics, are one of those breakthroughs that we couldnt have imagined 50 years ago. Sometimes the rules themselves will need to be changed to allow these processes. 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. Incoming 2023 Investment Banking Summer Analyst LionTree LLC Apr 2022 - Present 11 months. But even as we anticipate a return to abundance, we must be mindful of scarcity. Up-and-Coming Elite Boutique Investment Banks (UCEBs) - LionTree Advisors, Zaoui & Co., Robey Warshaw, Lakeside Capital Advisers, . Incoming 2023 Investment Banking Summer Analyst at LionTree LLC Parrish Hall 135 Would Paris Hilton Let Her Kid Be An Influencer? 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. If you have encountered an issue with the site, including concerns about accessibility due to a disability, pleaseshare your feedback with us. Sometimes the best offense is a good defense. 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. I also see an increase in private investments in public companies, as markets seek to provide capital support for management strategies. However, after getting experience in a small investment banking/Private . There are several factors underlying the geopolitical currents roiling the globe: Russias unprovoked invasion of Ukraine; a strained relationship between the West and China; tensions inside and with Iran; and the uneven rise of the Global South. 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. Moelis & Company offers a collaborative, diverse and entrepreneurial environment where experienced professionals can continue to learn, grow and enhance . As a summer analyst, you will be fully immersed in the day-to-day activities of our San Francisco office and the program is designed to provide a realistic view of our full-time Investment Banking Analyst Program. Protection of the common necessities, such as health and financial stability. The uncertainty principle, in quantum mechanics, gives us a powerful metaphor for the contingency of our knowledge. 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. If you have any thoughts or suggestions on the new site, please share them with us. The reality, however, has been the reverse: social media has left us more disconnected. 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. 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. 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. 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. Given their tried, tested, and proven profitability, the integration of gaming is here to stay, despite an engagement pullback from Covid highs. Porsche possesses the qualities first-out-the-gate companies will need to break through, and so far, its stock performance has proven durable. LionTree offers a 10-week summer analyst program for rising seniors. Looking ahead, I expect continued strong activity in the software and video game spaces,to name two. 1972 (age 50-51) Palo Alto, California. Liontree LLC and The Raine Group SA 2023 Recruiting/Interview Timeline? 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