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. In order to be considered for the Summer Analyst Program, you need to be a college student currently enrolled in an Undergraduate program, who will have completed their junior year by the start of the internship. 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. That doesnt mean that integration is futile. Cowen's Investment Banking Summer Analyst Program is a ten-week internship that offers an unparalleled experience for undergraduate students. They create an asymmetric relationship between the product and the consumer: the moment the consumer isnt getting what they want, the relationship is over. He is the founder and chief executive officer of LionTree LLC, a global investment and merchant banking firm focused on 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. Clearly one benefit of globalized trade in the recent super cycle has been its deflationary impact. It teaches us that although economic downturns are not kind, they are conducive to visionary entrepreneurship. Ralph Waldo Emerson. Given their tried, tested, and proven profitability, the integration of gaming is here to stay, despite an engagement pullback from Covid highs. But to guide your own momentum, as an individual or institution, requires humility and self-awareness. At the most basic level, DTC models are inherently flawed. Last name. 1y. 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. 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) LionTree Chairman & CEO Aryeh B. Bourkoff shares his reflections and outlook for the year ahead. Candidates should be class of 2023 and top academic performers who are willing to work hard in an unstructured environment that values . Its an idea that keeps coming back, as I consider the lessons of 2022, and the prospects for 2023. 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. The yield curve also remains inverteda leading indicator of recession over the last 50 years. To do the unexpected, so we can look back and wonder why we didnt act sooner. 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. First name. In 1997, Microsoft made a $1bn investment in Comcast, which sparked support and re-rating of cable industry multiples as capital expenditures were on the rise and Microsoft wanted greater access to the home through cable set top boxes. Office closed daily from 121pm for lunch. Going forward, however, the onshoring or friendshoring of manufacturing and innovation is a pressure point for inflation and corporate strategy. Only once we know our position, can we find our momentum. 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. Have a track record of academic excellence and participation in campus activities. The challenge is how to respond. To his credit, Elon Musk has recognized that strong new leadership will be essential as the company rebuilds stability and trust (and following a challenging period of growing down). the second mountain is about shedding the ego and losing the self. 1. 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. 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. By returning to the essentialsprofitability, competitive advantages, risk-adjusted returns, capital flexibilitywe can shed what is superfluous, contracting and shrinking in order to delve more deeply into what sustains us. To that end, here is some of our favorite Kindred Media content from 2022: Recognizing The Patterns In Our Historical Moment with Niall Ferguson, Closed Loop Partners Ron Gonen on Sustainable Capitalism, Introducing: Listen On Purpose with Rachel Kraus, Paris Hilton and Carter Reum: Catching Up With The Original Influencer, With A Good Ass Job, Skys The Limit: SpringHills Maverick Carter, Medias Next Chapter with Malcolm Gladwell, Take-Two Interactives CEO Strauss Zelnick Hits His Stride, Tim Ferriss On Finding Success In The Uncomfortable Moments, From the Messy Middle to the Near Future with Adobes Scott Belsky, NFTs Made Easy (and Green!) For the Class of 2024, LionTree Advisors is now collecting resumes for our 2023 Summer Analyst program. We seek talented, highly motivated individuals with exceptional experience who can embody our culture and values as creative, team-oriented and hard-working professionals. But as the company wrote in its most recent letter to shareholders, building a large, successful streaming business is hard. The company estimated its competitors are all losing money, with combined 2022 operating losses well over $10 billion, vs. Netflixs $5 to $6 billion annual operating profit. Competitors need to find their path. Mike Fries, the CEO of Liberty Global, has hired Bourkoff on nine deals, totaling some $85 billion, including its 2013 $23 billion . The U.S. remains home to many of the strongest, most transparent, most technologically advanced, and most influential companies and entrepreneurs. LionTree was founded in 2012 and has offices in New York, San Francisco, London and Paris to serve a global client base. Accessibility Policy What this illustrates is that its very hard to be both content creator and distributor. 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. Adversity is the prosperity of the great. We provide training, experience, access to clients and mentoring by senior team members who are the best in the business. What is the price of a security compared to its long-term value, both on an absolute and relative basis, and over time? But the prominent investment banker isn't content to simply facilitate M&A transactions. 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. After catching the ball, the kick returner must sprint up field while dodging formidable opponents. Compared to a record 2021, global M&A volume has decreased in 2022 but remains on a positive trajectory compared to 2020. 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. However, while such policies aim to develop self-sufficiency, they can also lead to tensions with rivals and even allies. 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. As an early celebrationreflection, reallyfor my 50th birthday, I spent a weekend with close friends in the American West. LionTree CEO Aryeh Bourkoff is a master dealmaker.. 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. 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. For both companies and countries, the breakdown of larger networks offers opportunity for the strengthening of nearer ties. In the case of large media entities with higher levels of debt, divesting of non-core assets could provide the financial flexibility required to achieve or enhance profitability in their core business, and play to their strengthsfor example, Hasbros divestiture of parts of its eOne entertainment division. Crypto Weekly 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. 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. And while East and West are retrenching into revised economic spheres of influence, the Middle East and the Gulf, led by Saudi economic initiative, are creating an independent power base and new hub of innovation as they embrace key transformations of the futureincluding urban living, healthcare, digitization, food technology, and (despite oil being the primary source of revenue) energy innovation. 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 . Amid wilderness and isolation, we discussed the idea of protection, and concluded that protection comes in three forms. As an Analyst, you will have the opportunity to work on projects leveraging your expertise to help our clients more confidently make decisions . Read More. 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. Companies with pricing power, greater control over their supply chains, and the ability to consolidate their advantages are in stronger positions. Boards approved strategies they never would have previously and will be even less likely to approve in the coming year. LionTree. LionTree represents clients ranging from large-cap leaders to emerging growth companies. If you are interested in our program, please submit your resume to this posting.LionTree is an independent . T 404.495.7000. We are at a moment of inflection, reflection, and self-adjustment for government institutions in the West, corporations, and capital markets. In fact, part of the reason leverage ratios have trended up over time is the low absolute cost of financing. . 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 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. 2019 - 2022. 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. 210123. - Leslie Mallon, Head of LionTree Public Markets. We would expect some of these trends to reverse, putting pressure on equity markets and more speculative growth investments and transactions. 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. Incoming 2023 Investment Banking Summer Analyst at LionTree LLC . Protection against imminent and obvious threats, such as hurricanes or wildfire. Aryeh B. Bourkoff (born 1972) is an American businessman and documentary producer. These burdens, as we have seen recently, impose heavy obstacles to profitability. We seek to both advise and invest in our relationships and will be doing so amid dislocations and crosscurrents where independent, differentiated capital and long-term shareholder support will come at a premium. Feb 24, 2021. . The difficulty of knowing both location and momentum is that they are not just different things, but on different planes. Candidates for the 2023 Summer Internship Program: Are currently enrolled as an undergraduate student. Our Services Investment Banking What We Deliver Global Reach Rising rates will take time to play out. It holds true in business, andfor those of you watchingin the worlds most popular sport. 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. Indeed, expertise, as well as creativity, may be in the process of being usurped by generative AI, which puts the power of creation in the hands of anyone with a basic keyboardfrom ChatGPT (text to dialogue) to DALL-E (text to imagery), to Midjourney (text to animation), and many others not mentioned here. Gaming Weekly For us too, this period is a time to probe, to question paradigms and enlarge perspectives. The firm has expertise in a wide range of verticals including film/TV, telecom/cable, music, sports, emerging tech and more. But a compass is not enough. For companies with meaningful capital structure or liquidity issues, unfortunately it is time for recalibrationin expectations, ambitions, and the growth-at-all-cost mentality. It is not an easy task, but it is an essential one. Download PDF. If you are interested in applying, please submit your resume through the below Handshake submission. Location: New York, NY. But its not just about getting smaller. Rarely do they make it to the other end of the field. BScMathematics Statistics and BusinessFirst Class Honours. 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. The independent investment and merchant bank for creativity, community and capital 1/16/2023 11:26 PM. These anchor investors, who fit my description of Reference Shareholders, serve as bastions of confidence, inducing other investors to join in. 2020 - 2023. So, cash must be put to work and inflation can be a double-edged sword. Contact. Liontree LLC and The Raine Group SA 2023 Recruiting/Interview Timeline? In the midst of these global crosscurrents, 2023 will be a year of adjusting assets, discovering new leadership, rethinking structures, and rebuilding relationshipsas well as establishing some for the first time. However, real interest rates are still meaningfully negative (and the lowest in nearly 40 years); as such, rates will have to go higher, or inflation must decrease meaningfully. Toward these ends, we see several opportunities at play across the landscape. These dynamics bring with them new responsibilities. San Francisco, California, United States . For the Class of 2025, LionTree Advisors is now collecting resumes for our 10-week Summer 2024 Internship Program. LionTree offers a 10-week summer analyst program for rising seniors. On the buzzy Liked by Stanley Sunata Your preference will be taken into consideration, but not guaranteed. Founded in 2012, LionTree has offices in New York, San Francisco, London and Paris. Founder and CEO of LionTree LLC. Rebundling the Landscape: Whats Your Edge? A most recent case study is Qatarat first glance, seemingly an incongruous place to host a World Cup. University of California, San Diego ( BA) Title. 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. 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. The interplay between content and distribution has been critical since the dawn of mass media, and the calculus is always shifting. 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. Growth in the year ahead must be a form of adaptation, guided by fundamentals and pattern recognition to help you along the way. So how do we emerge, what feels like yet again? 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. 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. The estimated base pay is $119,540 per year. So, with inflation (as measured by CPI) at around 7%, we may be underestimating the trajectory of rates heading into 2023. 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). 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. 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. 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