The firm has expertise in a wide range of verticals including film/TV, telecom/cable, music, sports, emerging tech and more. It holds true in business, andfor those of you watchingin the worlds most popular sport. 2) Will consumers tune-in, particularly when theres a price tag involved? 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 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. The interplay between content and distribution has been critical since the dawn of mass media, and the calculus is always shifting. And while there are still hardware hurdles to overcome in virtual reality, and the technology is still in its early days, I view both augmented and virtual reality as a means of expanding the reach of live experiences in the digital realm. 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. Unfortunately this position has been closed. Email. 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) ***-**** 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. 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. Growing down is a mindset that allows us to focus on what is indispensable. Jeffrey Hirsh's Phone Number and Email. 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. LionTree. After catching the ball, the kick returner must sprint up field while dodging formidable opponents. LionTree Chairman & CEO Aryeh B. Bourkoff shares his reflections and outlook for the year ahead. The facts are clear. This is a learning-intensive program designed to give you essential business insights and hands-on experience in your field of choice. Benefits include professional development sessions, networking opportunities, and mentorship. 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. 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. 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. Founded in 2012, LionTree has offices in New York, San Francisco, London and Paris. 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. One legendary media executive once said to me: When I was finding my way, we didnt even use the term entrepreneur. However, this once-stable foundation has been undermined by a self-directed pivot to direct-to-consumer streaming, pioneered by Netflix. 1/16/2023 11:26 PM. At the same time, the outlook for advertising is uncertain and affiliate revenues that have been used to fund streaming initiatives are accelerating their decline. Our Services Investment Banking What We Deliver Global Reach Mike Fries, the CEO of Liberty Global, has hired Bourkoff on nine deals, totaling some $85 billion, including its 2013 $23 billion . While this is difficult work, these leadership decisions are necessary. To resolve the streaming wars, the onus is on the industry to find the quickest path to a more sustainable equilibrium.To get there, assets will need to be reshuffled to diversify business models, free up cash, or even create new entities. 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. What this illustrates is that its very hard to be both content creator and distributor. In life, the onset of a new decade is a moment to reflect. Founder and CEO of LionTree LLC. Companies will have to look inward to determine what they need to succeed, and what they dont. As LionTree grows, Kindred Media has grown with it. While Im turning 50, LionTree also celebrated a pivotal birthday this year: 10 years. We are likely not out of the woods, making it difficult for any CEO and investor to time the bottom. 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. . 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. In addition to scaled distribution, the financial flexibility of tech companies gives them another leg upone that will only become stronger as costs remain high and investment is still required for streaming models to become profitable. 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. We see potential activity for such companies, including consolidation and asset divestitures, as well as more growing down business plans. 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 . 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. 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. Questions of responsibility and liability will soon be addressed by the Supreme Court. 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). Greenhill provides its Analysts with the specialist training that gives them a strong foundation in the skills they need to begin a successful career in investment banking. 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. Toward these ends, we see several opportunities at play across the landscape. Shedding of non-core assets and expenditures can enable scaled players to focus on their core business and deliver value to shareholders. Offered in New York, San Francisco, Dallas, and Detroit (Birmingham), interns can expect a fast-paced, demanding work environment that offers the chance to learn and grow professionally. Upon completion of the Program, Summer Analysts have the opportunity to receive full-time Analyst offers for a post-graduation starting date. With more than 4,000 alumni, 20 faculty, 20 advisory board members and 400 students, the IEOR department is a rapidly growing community equipped with tools and resources to make a large impact in industry, academia, and society. The challenge is how to respond. These dynamics bring with them new responsibilities. It teaches us that although economic downturns are not kind, they are conducive to visionary entrepreneurship. It's a full-time, 10-week commitment from May 31, 2023 through August 4, 2023. Full Time Programs Begin your financial career as an Analyst at Stifel. Strong leaders are made both in and for difficult times. Not an easy path but they would be better positioned working together on any reinvention than working alone. 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. But you can search our 40 open jobs by clicking here . 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. 1. Your back catalog is depreciating rather than appreciating in line with traditional library economics. Your preference will be taken into consideration, but not guaranteed. Together we must grow down, to emerge together, renewed, again. Office closed daily from 121pm for lunch. With Zedge CEO Jonathan Reich. 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. "Our LT Weekly Update is a comprehensive weekly analysis aimed at helping our key corporate and investor clients cut through the noise and stay in front of what we view as the most important themes and developments driving the digital economy.". And finally, protection against threats that we do not see, neither predicted nor apparentthe most dangerous of all. San Francisco, California, United States . Meanwhile, a groundswell of content and creativity is developing outside the confines of traditional media. Profitability, sustainability, and viability of business models are crucial as we enter a new phase. It is my pleasure to share them with you, and I also like to look back on each years list as treasures to mark each year. Last Update. 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. 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. Privacy Policy If you have encountered an issue with the site, including concerns about accessibility due to a disability, pleaseshare your feedback with us. They will be linked, in a community bound by shared vision and the long-term capital that supports it, to what I call Reference Shareholders: those who, putting the companys interest before personal interest, offer guidance and influence, but not control. 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. Software Weekly Founded in 2012, LionTree has offices in New York, San Francisco, London and Paris. So, with inflation (as measured by CPI) at around 7%, we may be underestimating the trajectory of rates heading into 2023. Raine hasnt started yet and liontree nyc doesnt have their app open so must be liontree sf. Alex Cherry is an Investment Banking Summer Analyst at LionTree based in New York, New York. This period of slowdown is temporary, in my view, but necessary to return to fundamental long-term growth. LionTree offers a 10-week summer analyst program for rising seniors. We seek talented, highly motivated individuals with exceptional experience who can embody our culture and values as creative, team-oriented and hard-working professionals. University of California, San Diego ( BA) Title. Expertise is a base metal. Growing Down. But that reconsideration is itself an opportunity. The U.S. remains home to many of the strongest, most transparent, most technologically advanced, and most influential companies and entrepreneurs. But they will not be alone. Our model gets smarter over time as more people share salaries on Glassdoor. 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 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). the second mountain is about shedding the ego and losing the self. This letter is provided by LionTree LLC solely for informational purposes and is provided as of the date indicated above. Wrote in its most recent letter to shareholders, these leadership decisions are.... We do not see, neither predicted nor apparentthe most dangerous of.! And outlook for the year ahead, team-oriented and hard-working professionals turning 50 LionTree! 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