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. The market has currently priced in a rising rate environment through the first half of 2023, peaking at around 5% by mid-year. 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. 1/16/2023 11:26 PM. Gaming companies also make money! Candidates for the 2023 Summer Internship Program: Are currently enrolled as an undergraduate student. Hear they pay above street and in line with other top boutiques though. The 'Analyst' role is an entry-level position for the brightest and most capable university graduates. 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. To do the unexpected, so we can look back and wonder why we didnt act sooner. 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. After all, no one climbs a mountain alone. (Go Tritons!). This push into modernity and investment in modern cultural assetseven building entire cities from scratch, in the case of NEOMare far-sighted, and align with the youthful demographic and leadership trends of the Arab world. Software Weekly This is growing down, and ultimately, the upside to downturns. 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. Scarcity follows abundance. LionTree offers a 10-week summer analyst program for rising seniors. (They prompt us to wonder, what achievements of the future are unimaginable todayand how do we start imagining them?) Weve also launched a new miniseries, Listen on Purpose, that shines a spotlight on purpose and impact-driven business leaders, as a reminder to bring those elements to the forefront of our careers and daily lives. Scale still matters, including as a means to profitability. Books for me are a way transport myself to a different moment or mindset, offering a break from the routine. They know their location but must continually adjust their momentum. 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. Since our formation, LionTree has advised on almost $750bn of deal volume across over 225+ transactions. 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. However, while such policies aim to develop self-sufficiency, they can also lead to tensions with rivals and even allies. 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. Moelis & Company offers a collaborative, diverse and entrepreneurial environment where experienced professionals can continue to learn, grow and enhance . The media industry as a whole is facing growing down dynamics. We have seen a similar theme in corporate America, with prominent CEOs abruptly leaving their posts amid a declining macro environment, to be replaced by new leadership better placed to implement grow down strategies. 11/16/2022 5:48 PM. As an Analyst, you will have the opportunity to work on projects leveraging your expertise to help our clients more confidently make decisions . Gone are the days, I hope, when we let visionary leaders with no integrity operate companies and skip board oversight. LionTree CEO Aryeh Bourkoff is a master dealmaker.. With Zedge CEO Jonathan Reich. It is surrounded by a nexus of other experiences, such as betting, character-driven content, merchandise, and overall engagement. Our model gets smarter over time as more people share salaries on Glassdoor. The estimated base pay is $119,540 per year. Streaming Now: Profitability Over Subscriber Growth. 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. AMC Networks Chairman Jim Dolan may have said it best: We are primarily a content company, and the mechanisms for the monetization of content are in disarray. Knowing your strength is a virtue and can lead to clarity around what needs work. . Moreover, history gives us reason for optimism. Gaming Weekly This clustering of durable capital around certain thematics and industries in motion, and led by the next generation of modern industrialists, exemplifies the merchant banking model. But its not just about getting smaller. However, during these uncertain times, to cross the threshold into the public markets requires shareholders to believe in you. Last name. So, with inflation (as measured by CPI) at around 7%, we may be underestimating the trajectory of rates heading into 2023. 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. His loftier goal is to help rewrite the narrative for . Unfortunately this position has been closed. Sometimes the rules themselves will need to be changed to allow these processes. If you have any thoughts or suggestions on the new site, please share them with us. Such leaders, finding opportunity in the gaps and dislocations of a turbulent period, will emerge as the new industrialists of our time. Growing down, I call it. Up-and-Coming Elite Boutique Investment Banks (UCEBs) - LionTree Advisors, Zaoui & Co., Robey Warshaw, Lakeside Capital Advisers, . 210123. The firm has expertise in a wide range of verticals including film/TV, telecom/cable, music, sports, emerging tech and more. 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. 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. It is said that you can win the World Cup without a great . 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. During my recent travels to the Gulf region, many described its rise as the New Europe, in contrast to the Old Europe, which is experiencing a relative decline due to demographic, political, and economic slowdown, exacerbated by dependence on foreign energy and resurgence of territorial conflict. 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 challenge is how to respond. Amid wilderness and isolation, we discussed the idea of protection, and concluded that protection comes in three forms. The current media paradigm has several of its own weaknesses, as well. 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. "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.". 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. At any given moment, we can measure our position or value in the world. 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. Rarely do they make it to the other end of the field. Download PDF. While Im turning 50, LionTree also celebrated a pivotal birthday this year: 10 years. Porsche possesses the qualities first-out-the-gate companies will need to break through, and so far, its stock performance has proven durable. Approximately 60% of companies that have listed since 2019 were unprofitable at listing, and today, theyre trading down an average of 48% from their IPO price. Not an easy path but they would be better positioned working together on any reinvention than working alone. Founder and CEO of LionTree LLC. 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. Only once we know our position, can we find our momentum. Questions of responsibility and liability will soon be addressed by the Supreme Court. At the most basic level, DTC models are inherently flawed. 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. 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. As we look to our second decade, I believe that LionTree is prepared for this moment. But a compass is not enough. It holds true in business, andfor those of you watching in the world's most popular sport. While near-term impact has meant a slowdown of credit issuance and lower volume for leveraged buyouts (LBOs), over the long-term this will have a much more negative impact on corporate earnings and liquidity (especially for higher levered non-investment grade issuers), as refinancing existing debt at a cost of 300-500 bps higher will impact strategic flexibility for many. 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. As I reflect on a decade of transformation across the landscape and in the markets, media remains the override. The increased cost of capital and overall caution of management teams and investors has led to a slowdown in dealmaking. 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. As a famous philosopher may have remarked during the French Revolution, the streaming revolution is eating its own children. On to the next. 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. 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. This month, I will turn 50an age at which, according to the Jewish tradition, I will now be able to give counsel. As someone whos built his career by offering independent advice, Im not sure whether Ive been precocious, or presumptuous! Early Career Programs - Careers | BlackRock 68,324 Investment Banking Analyst Graduate Jobs - ZipRecruiter Liontree Llc New York, NY Type. As an early celebrationreflection, reallyfor my 50th birthday, I spent a weekend with close friends in the American West. 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. 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). 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. Given lower valuations, many private companies will have to navigate structural considerations as they consider capital raises or mergers, increasing the prevalence of preferred waterfall issues in private sales and/or mergers. Incoming 2023 Investment Banking Summer Analyst LionTree LLC Apr 2022 - Present 11 months. At the time of the transaction, Comcast CEO Brian Roberts said, Microsoft has attached no strings and called the investment a strong vote of confidence in the industry; Wall Street very quickly agreed. Your back catalog is depreciating rather than appreciating in line with traditional library economics. One legendary media executive once said to me: When I was finding my way, we didnt even use the term entrepreneur. Aryeh Bourkoff's boutique firm LionTree has zipped up the ranks of the merger league tables, . 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 reality, however, has been the reverse: social media has left us more disconnected. But it requires strong management teams (which I believe the industry is lucky to have) and making profitability the priority. We must recall one of the most celebrated early promises of the internet, that it can function as a democratic public square. As has been revealed by the markets, its not enough to bet big on the future. The streaming model in its current form is not the answer for manyas the industry has learned to varying degrees of frustration. But it is exactly in such periods that strength is forged. 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. 1y. 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!) . These anchor investors, who fit my description of Reference Shareholders, serve as bastions of confidence, inducing other investors to join in. Strong leaders are made both in and for difficult times. 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 . This will take creativity, trust, and community. While scarcity plays a starring role in many important problems, abundance sets the stage for it. Once on stage, scarcity captures our attention and forces the self-correction that eventually makes future growth possiblefor leaders, companies, and countries. 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. Cowen's Investment Banking Summer Analyst Program is a ten-week internship that offers an unparalleled experience for undergraduate students. 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 . Digital Real Estate Monthly Feb 24, 2021. . He held his position through not one but two recessions and was reviled for his efforts at the time. What are your essentials, the resources and relationships you cant do without? Ultimately, a greater issue is the real growth rate and its impact on inflation-adjusted earnings. 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. We seek talented, highly motivated individuals with exceptional experience who can embody our culture and values as creative, team-oriented and hard-working professionals. And it raises a profound question: what do you choose to protect, to defend at all costs? (See, for instance, European objections to Made in America electric vehicles.). 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. We are excited for these innovations and very closely focusing on transformational organic and inorganic activity in areas such as healthcare technology, security, privacy and digital identity, education as well as vertical software and marketplacesguided by our informed experience with technological change and pattern recognition as we advise CEOs and industries on growth, capital structure, potential transactions and partnerships, and overall competitive position. 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. Day-to-day responsibilities will include: financial analysis and modeling, company and industry research, preparing client presentations and contributing . But that doesnt mean its closed. Email. But its willingness to spend more than $220 billion on infrastructure and development to welcome global fans and sponsors was declarative. This gap, this paradox, we must overcomefor our society at large, and particularly for our children. They are the assets we hold most dear, and that we protect in response to scarcity, to bridge the gaps, and to come out stronger than before. Ralph Waldo Emerson. Turbulent times teach us that momentum is no guarantee of stability, and hubris is as dangerous as inertia. 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. It is not an easy task, but it is an essential one. 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. 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. As Churchill said, Its no use saying, We are doing our best. You have got to succeed in doing what is necessary. The challenge is to maintain an abundant mindset, and a purposeful one, in times of scarcity. We might learn that, in fact, we simply had too much all along. As a summer analyst, you will have the opportunity to: Obtain a strong foundation in financial analysis through training from LionTree professionals as well as third-party providers, Have the opportunity to work on live client assignments alongside LionTree deal teams, Present financial and strategic analysis to the firms leadership during your final project, Attend orientation and firm events where you will learn about LionTree and the industry while meeting members of the firm globally, Access to an invaluable peer network of interns as well as an assigned mentorship team and senior firm leaders, 500 College Ave. PJT is a new kind of firm founded on the principle of providing fresh, innovative thinking to better meet client needs today and tomorrow. But even as we anticipate a return to abundance, we must be mindful of scarcity. The UK environment is particularly challenging, with many mergers (such as Viasat/Inmarsat) under tight scrutiny. To sign up for our newsletters, clickhere. While we can attempt to understand the current state of affairs, we can only guess at the acceleration of changes to the global paradigm that has governed our decision-making for the last half century. Sports is the ultimate front-end model, built on large, impassioned audiences that keep coming back to watch game after game, season after seasonall the way from global, to national, to local RSNs. LionTree offers a 10-week summer analyst program for rising seniors. 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. 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. The resurgence of live experiences, generally (above pre-pandemic levels in many cases), and all the sensory inputs they entailfrom experimental flavors to pulsating soundwaves is a pleasing reminder that real life will never be fully replaced. 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. Following the Dot Com boom, the market lost all confidence in the viability of IPOs, but it only took a few successful, smaller-scale listings to reboot the market and investor confidence. In the EU, the sale of Giphy represents the first time a global regulator has unwound a completed transaction by Big Tech, and Illuminas $8bn acquisition of Grail was approved in the U.S. but blocked by the EU competition authority, despite the target having little presence in the EU (this decision is currently under appeal). 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. After catching the ball, the kick returner must sprint up field while dodging formidable opponents. 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 outlook for advertising is uncertain and affiliate revenues that have been used to fund streaming initiatives are accelerating their decline. Comcast's stock traded up. While social media thrives on disagreement, media is the override in that it offers common groundan immensely valuable thing in a fractured social landscape. 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. 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. As the regions rulers understand, old paradigms dont last forevereven the hydrocarbon one on which their wealth has relied. 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. 2023. LionTree. 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. University of California, San Diego ( BA) Title. 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. LionTree Chairman & CEO Aryeh B. Bourkoff shares his reflections and outlook for the year ahead. Read More. Last year, I wrote about purpose, and its importance as a rudder; this year, a related question has come into view: how do you pursue that purpose in a time of contraction? Certainty and uncertainty are a package deal. Growing Down. 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. 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. Each of these is intertwined with the other. If the first mountain is about building up the ego and defining the self. Regarding other uses of capital, companies with strong balance sheets are leaning into organic investment opportunities to hone competitive advantages and position for future growth, particularly in areas like networks and infrastructure (cloud and data centers, fiber builds and deployment). 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. 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