His clients seem to love him. 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. What is the price of a security compared to its long-term value, both on an absolute and relative basis, and over time? 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. For the Class of 2025, LionTree Advisors is now collecting resumes for our 10-week Summer 2024 Internship Program. Email. However, during these uncertain times, to cross the threshold into the public markets requires shareholders to believe in you. I also see an increase in private investments in public companies, as markets seek to provide capital support for management strategies. 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 . 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. While this is difficult work, these leadership decisions are necessary. So, cash must be put to work and inflation can be a double-edged sword. 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. 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. Hear they pay above street and in line with other top boutiques though. But a compass is not enough. Even though Top Gun: Maverick was a sequel, its star power and mastery of storytelling were stupendous. Faculty research in Berkeley IEOR specializes in stochastic processes, optimization, and supply chain management. 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. Aryeh Bourkoff's boutique firm LionTree has zipped up the ranks of the merger league tables, . Have an anticipated graduation date between December 2023 and August 2024. Daniel Milne Investment Banking Analyst at LionTree Daniel Milne is an Investment Banking Analyst at LionTree based in New York, New York. 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. 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. 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). But its willingness to spend more than $220 billion on infrastructure and development to welcome global fans and sponsors was declarative. If you are interested in applying, please submit your resume through the below Han Availabilities are open for our San Francisco office. 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). The media industry as a whole is facing growing down dynamics. 23 salaries (for 11 job titles) Updated 1/13/2023. 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. Boards approved strategies they never would have previously and will be even less likely to approve in the coming year. 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. 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. Take the YouTuber MrBeast, who recently supplanted PewDiePie as the most-subscribed individual YouTuber, with a staggering 112 million subscribers and a target valuation of $1.5 billion. Meanwhile, a groundswell of content and creativity is developing outside the confines of traditional media. 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. It teaches us that although economic downturns are not kind, they are conducive to visionary entrepreneurship. The return on investment is simply higher than for those with a distribution disadvantage. We must be mindful of the heightened influence of both creators and platforms on the information we consume, and on our public discourse. To sign up for our newsletters, clickhere. With Zedge CEO Jonathan Reich. 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. If you encounter any sign in issues, please email events@liontree.com Such leaders, finding opportunity in the gaps and dislocations of a turbulent period, will emerge as the new industrialists of our time. The uncertainty principle, in quantum mechanics, gives us a powerful metaphor for the contingency of our knowledge. US 2023 Global Advisory Summer Analyst. 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. The Abraham Accords, a profound realignment of regional dynamics, are one of those breakthroughs that we couldnt have imagined 50 years ago. 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. Would Paris Hilton Let Her Kid Be An Influencer? The UK environment is particularly challenging, with many mergers (such as Viasat/Inmarsat) under tight scrutiny. This gap, this paradox, we must overcomefor our society at large, and particularly for our children. 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. Many companies that have gone public since 2019 largely did so in a highly supportive growth at all costs environment. LionTree Founder & CEO Aryeh B. Bourkoff joined CNBC's Squawk Box this morning to share his outlook for the media industry in 2023. The streaming model in its current form is not the answer for manyas the industry has learned to varying degrees of frustration. LionTree. We provide training, experience, access to clients and mentoring by senior team members who are the best in the business. At the same time, there will be beneficiaries of new supply chain dynamics and deglobalization trends, such as Mexico and Latin America as it relates to the West. For us too, this period is a time to probe, to question paradigms and enlarge perspectives. While the fragmented landscape creates more ad space to fill, two questions are top of mind: 1) Will there be enough to go around? The good news is that abrupt changes can be healthy; their swiftness is helpful in resetting expectations. 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. These anchor investors, who fit my description of Reference Shareholders, serve as bastions of confidence, inducing other investors to join in. While Im turning 50, LionTree also celebrated a pivotal birthday this year: 10 years. New Denver Broncos head coach Sean Payton said at the NFL Scouting Combine that he tried to lure former Broncos head coach Vic Fangio back to Denver before hiring another former Broncos head coach . I know these books, and even more so the relationships they represent, will help guide and energize me in the year ahead, and hopefully in the many years to follow. The current media paradigm has several of its own weaknesses, as well. For companies with meaningful capital structure or liquidity issues, unfortunately it is time for recalibrationin expectations, ambitions, and the growth-at-all-cost mentality. 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. In the Pirkei Avot, one of the landmark Jewish texts, each decade is defined by a particular capacity, a potential that has come to fruition. 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. Summer Analysts will focus on a broad range of Mergers and Acquisitions, Debt Advisory, Restructuring, and Equity Capital Markets advisory assignments. So, with inflation (as measured by CPI) at around 7%, we may be underestimating the trajectory of rates heading into 2023. The estimated total pay for a Investment Banking Analyst at LionTree is $174,082 per year. 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. Have a track record of academic excellence and participation in campus activities. But even as we anticipate a return to abundance, we must be mindful of scarcity. First name. . However, while such policies aim to develop self-sufficiency, they can also lead to tensions with rivals and even allies. 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. Incoming 2023 Investment Banking Summer Analyst at LionTree LLC 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. More broadly, this years midterm elections saw political spendingincluding on platforms such as TikToknearly match that of a presidential election. 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. The pandemic was an accelerator for change. As an Analyst, you will have the opportunity to work on projects leveraging your expertise to help our clients more confidently make decisions . 2022 was a challenging year. As a famous philosopher may have remarked during the French Revolution, the streaming revolution is eating its own children. On to the next. You were just a person who wanted to build a business. And while I appreciate those who leverage their success and platform for meaningful causes, after many lessons we must be more careful before idolizing those who are undeserving. The interplay between content and distribution has been critical since the dawn of mass media, and the calculus is always shifting. Scarcity follows abundance. Rebundling the Landscape: Whats Your Edge? We are likely not out of the woods, making it difficult for any CEO and investor to time the bottom. Offsetting this activity (particularly from platform players) is the question of regulatory scrutiny. If you are interested in applying, please submit your resume through the below Handshake submission. Twitters chaotic transition has been clarifying, prompting employees, investors, and the general public to think critically about the role we want this company to play in our societywhere words and actions do matter. 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. It states that, if we know the position of a particle, we cannot know its momentum; and vice versa. The LionTree platform, spanning strategic and financial advisory, capital markets, and merchant banking, is meant to serve CEOs and entrepreneurs through any cycle. 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) ***-**** The independent investment and merchant bank for creativity, community and capital As a result, companies are reallocating resources away from growth experiments, and streamlining cost structuresmost visibly via growing down the fixed-cost base of their operations, including headcount. If you are interested in our program, please submit your resume to this posting. 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. Gone are the days, I hope, when we let visionary leaders with no integrity operate companies and skip board oversight. Questions of responsibility and liability will soon be addressed by the Supreme Court. 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. Growing down is a mindset that allows us to focus on what is indispensable. The root word in Hebrew for counsel also means tree. The most salient of these dynamics, the U.S./China rivalry, will be the defining feature of 21st century geopolitics; and this economic (hopefully not military) competition has implications for trade, currency, and commodity markets, and for globalized efficiency. 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. 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 Chairman & CEO Aryeh B. Bourkoff shares his reflections and outlook for the year ahead. 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. Profitability, sustainability, and viability of business models are crucial as we enter a new phase. When rates rise and the return thresholds elevate, we are forced to choose; innovation and inorganic activity come at a higher cost. LionTree is an independent investment and merchant bank focused on media, technology, telecommunications and consumer-related industries with ~$750bn in total transaction value. Clearly one benefit of globalized trade in the recent super cycle has been its deflationary impact. 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 estimated additional pay is $54,542 per year. 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. This letter is provided by LionTree LLC solely for informational purposes and is provided as of the date indicated above. 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. LionTree offers a 10-week summer analyst program for rising seniors. So, when it comes to sports, expect media rights packages to be further divided. Rather than working primarily against each other in streaming wars, the industry will likely have to work better together. It is said that you can win the World Cup without a great . Reference over Interesta different kind of RoI. This is complemented by another historic shift, which is the rapprochement with Israel. Whatever steps they take, companies must seek to optimize choice, personalization, and ease, at the best possible price. LionTree Chairman & CEO Aryeh B. Bourkoff shares his reflections and outlook for the year ahead. The difficulty of knowing both location and momentum is that they are not just different things, but on different planes. Personally wouldn't consider over GS /MS/ Evercore, but . 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. Shedding of non-core assets and expenditures can enable scaled players to focus on their core business and deliver value to shareholders. 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. Protection of the common necessities, such as health and financial stability. 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. 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. As individuals and as institutions, we have a responsibility to speak out against hateful extremism, and these efforts must be backed by responsible moderation and regulation. Candidates for the 2023 Summer Internship Program: Are currently enrolled as an undergraduate student. Incoming 2023 Investment Banking Summer Analyst LionTree LLC Apr 2022 - Present 11 months. 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