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. In this vision, the exchange of diverse opinions, combined with easy access to information, would make society more tolerant, open-minded, and well-informed. But that reconsideration is itself an opportunity. LionTree is a differentiated global investment and merchant banking firm focused on companies in the technology, media, telecom and consumer-related industries. 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. Founded in 2012, LionTree has offices in New York, San Francisco, London and Paris. 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. However, while such policies aim to develop self-sufficiency, they can also lead to tensions with rivals and even allies. 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. The good news is that abrupt changes can be healthy; their swiftness is helpful in resetting expectations. It states that, if we know the position of a particle, we cannot know its momentum; and vice versa. The streaming model in its current form is not the answer for manyas the industry has learned to varying degrees of frustration. I returned to a book this year called Scarcity, which reads: Follow the thread of scarcity long enough, and it leads back to abundance. Reference over Interesta different kind of RoI. 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. 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. 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. Jeffrey Hirsh's Phone Number and Email. But its not just about getting smaller. Such leaders, finding opportunity in the gaps and dislocations of a turbulent period, will emerge as the new industrialists of our time. More broadly, this years midterm elections saw political spendingincluding on platforms such as TikToknearly match that of a presidential election. The current media paradigm has several of its own weaknesses, as well. If you are interested in our program, please submit your resume to this posting. Expires: 09/19/2021 . 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. And it raises a profound question: what do you choose to protect, to defend at all costs? Offsetting this activity (particularly from platform players) is the question of regulatory scrutiny. The estimated total pay for a Investment Banking Analyst at LionTree is $174,082 per year. Not an easy path but they would be better positioned working together on any reinvention than working alone. Meanwhile, Netflix is experimenting with ways to embrace theatrical to help bolster topline revenues, while also driving subscribers and protecting its core product. 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. 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. Streaming Now: Profitability Over Subscriber Growth. Rising rates will take time to play out. LionTree offers a 10-week summer analyst program for rising seniors. 2022 was a challenging year. The Spectrum Internship Experience. The increased cost of capital and overall caution of management teams and investors has led to a slowdown in dealmaking. (Go Tritons!). 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) ***-**** As the Great Decoupling plays out, it is not hard to imagine a future in which some places are open only to Chinese investment (Central Asia, parts of Africa, Russia), and others mostly to U.S. investment (the West). Contact. 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. The challenge is how to respond. His clients seem to love him. We expect the growing value of sports rights to be a major theme in 2023 and beyond. j***@liontree.com. 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. Industry players have been working to find the perfect balance for some time; however, a heightened focus on profitability likely means continued reformation of streaming platforms and a repackaging of the landscape across all forms of media to regain leverage. 2023. 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. Relationships of this kind, characterized by discerning advice and long-term, value-added capital, will be crucial in an environment characterized by difficult decisions and the necessity to make do with less. 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. Profitability, sustainability, and viability of business models are crucial as we enter a new phase. 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. 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. This period of slowdown is temporary, in my view, but necessary to return to fundamental long-term growth. However, when he left office in 1987 inflation was down to 3.4%, and ultimately his tenacity is lauded (one of his biographies is entitled The Triumph of Persistence). Digital Real Estate Monthly Meanwhile, a groundswell of content and creativity is developing outside the confines of traditional media. 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. Our Services Investment Banking What We Deliver Global Reach 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. Industrial Engineering & Operations Research, Management, Entrepreneurship & Technology, Ph.D. Industrial Engineering & Operations Research. Swarthmore, PA 19081. 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. It holds true in business, andfor those of you watchingin the worlds most popular sport. 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. Most notable for Porsche, ~40% of the book was snapped up by just four investors, and ~75% was composed of only 20 investors. Our purpose guides us in all that we do, internally and externally. Protection of the common necessities, such as health and financial stability. If you have any thoughts or suggestions on the new site, please share them with us. With access to capital under pressure and favoring those with long-term, viable growth plans, there is an opportunity for companies in strong positions to take advantage of a relative differentiation to prove out their business modelsbuilt on unit economics, sustainable fundamentals, and competitive advantagesand to identify and partner with long-term shareholders who want to support them over the next decade, not just the next ten months. Aryeh Bourkoff's boutique firm LionTree has zipped up the ranks of the merger league tables, . T 404.495.7000. Incoming 2023 Investment Banking Summer Analyst at LionTree LLC Looking ahead, I expect continued strong activity in the software and video game spaces,to name two. 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. 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. . 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. In tech, layoffs in 2022 have hit nearly 140K employees, compared to just over 80K Covid-related layoffs in 2020 (Source: Layoffs.fyi). While social media thrives on disagreement, media is the override in that it offers common groundan immensely valuable thing in a fractured social landscape. 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. Second, the ceaseless supply of new content ends up devaluing that content over time, as is the case with any asset inflation. Although we once saw Europe as the third political and economic power between the U.S. and China, growth, and positive steps towards social progress in the Gulf favor the region to earn this spot on the global stage. But even as we anticipate a return to abundance, we must be mindful of scarcity. Together we must grow down, to emerge together, renewed, again. Summer Analyst Program 2023 USA Global Advisory Country: United States of America Division: Global Advisory Program: Summer Internship Duration: 10 weeks Programme Description Summer Analysts will focus on a broad range of Mergers and Acquisitions, Debt Advisory, Restructuring, and Equity Capital Markets advisory assignments. Operations Research & Management Science, B.S. Ralph Waldo Emerson. What better example than the global spectacle of the World Cup, the first in an Arab nation? One would expect the slowdown to persist for the near future, but I am more optimistic about the sustainability of M&A deal flow. With Zedge CEO Jonathan Reich. The estimated base pay is $119,540 per year. Location: New York, NY. The LionTree platform, spanning strategic and financial advisory, capital markets, and merchant banking, is meant to serve CEOs and entrepreneurs through any cycle. 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. 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). It's a full-time, 10-week commitment from May 31, 2023 through August 4, 2023. What are the investable opportunities now that unprofitable growth initiatives make less sense? Crypto Weekly 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. What are your essentials, the resources and relationships you cant do without? 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. 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. Raine hasnt started yet and liontree nyc doesnt have their app open so must be liontree sf. 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. Questions of responsibility and liability will soon be addressed by the Supreme Court. I also see an increase in private investments in public companies, as markets seek to provide capital support for management strategies. 11/16/2022 5:48 PM. 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. Kindred on the Kurb: What is the Biggest Problem Facing the Country Today? Download PDF. 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. 4.0 GPA IB. 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. If you are interested in our program, please submit your resume to this posting.LionTree is an independent . So how do we emerge, what feels like yet again? Shedding of non-core assets and expenditures can enable scaled players to focus on their core business and deliver value to shareholders. Through our biweekly KindredCast podcast, daily Take a Break newsletter, and social media channels, we seek to engage a variety of demographics that could benefit from stories and perspectives across our ecosystem. The UK environment is particularly challenging, with many mergers (such as Viasat/Inmarsat) under tight scrutiny. 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. Growth in the year ahead must be a form of adaptation, guided by fundamentals and pattern recognition to help you along the way. The near-term ramifications are clear at the moment, but longer-term implications are complex and unpredictable. 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. 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. Take a Break and Daily from Kindred Media. Weve dealt a lot with uncertainty, leaving most with feelings of exasperation. 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. 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. Growing down is a mindset that allows us to focus on what is indispensable. Founded in 2012, LionTree has offices in New York, San Francisco, London and Paris. Careers at Moelis. In fact, part of the reason leverage ratios have trended up over time is the low absolute cost of financing. That doesnt mean that integration is futile. 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. 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. 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