In anything, the arc of life is also a governing framework for your priorities. 2) Will consumers tune-in, particularly when theres a price tag involved? As an example, in Q3 a broad subset of technology, media, and telecom (TMT) companies beat EBITDA expectations by ~20% while exceeding revenue expectations by ~2%, clearly doing more with less (Sources: Bloomberg, FactSet). So how do we emerge, what feels like yet again? It will test our strategy, resources, and relationships. 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. 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. In my view, many of the ruling class parties (whether they won or underperformed, like the GOP) lack youthful, decisive, innovative leadership that has executable ideas suited to the times. But it requires strong management teams (which I believe the industry is lucky to have) and making profitability the priority. 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. In times of scarcity, we are forced to look inward to recalibrate. Availabilities are open for our San Francisco office. Email. This is complemented by another historic shift, which is the rapprochement with Israel. 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 . 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. Careers at Moelis. 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. Rising rates will take time to play out. As LionTree grows, Kindred Media has grown with it. As has been revealed by the markets, its not enough to bet big on the future. Companies will have to look inward to determine what they need to succeed, and what they dont. 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. If you are interested in our program, please submit your resume to this posting.LionTree is an independent . Operations Research & Management Science, B.S. 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. However, during these uncertain times, to cross the threshold into the public markets requires shareholders to believe in you. It is surrounded by a nexus of other experiences, such as betting, character-driven content, merchandise, and overall engagement. Sometimes the best offense is a good defense. Learn more about our facultys research, student activities, alumni game-changers, and how Berkeley IEOR is designing a more efficient world. Our model gets smarter over time as more people share salaries on Glassdoor. Founded in 2012, LionTree has offices in New York, San Francisco, London and Paris. The estimated base pay is $119,540 per year. I returned to a book this year called Scarcity, which reads: Follow the thread of scarcity long enough, and it leads back to abundance. 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. 4.0 GPA IB. What are your essentials, the resources and relationships you cant do without? Intern/Summer Analyst (316) $409. 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. Aryeh B. Bourkoff (born 1972) is an American businessman and documentary producer. We provide training, experience, access to clients and mentoring by senior team members who are the best in the business. . I recently secured my junior year internship summer analyst position (summer 2023) at a large US bulge bracket for Sales & Trading in NYC. 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. But to guide your own momentum, as an individual or institution, requires humility and self-awareness. Profitability, sustainability, and viability of business models are crucial as we enter a new phase. His clients seem to love him. (Go Tritons!). 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. 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. Builders sent him planks from unbuilt houses; unemployment stayed above 10% for nine straight months and mortgage rates hit nearly 17% (nearly unthinkable today). The increased cost of capital and overall caution of management teams and investors has led to a slowdown in dealmaking. 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. These dynamics bring with them new responsibilities. I also see an increase in private investments in public companies, as markets seek to provide capital support for management strategies. 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 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! 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. To take the other football, its like returning a kick-off. 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. Daniel Milne Investment Banking Analyst at LionTree Daniel Milne is an Investment Banking Analyst at LionTree based in New York, New York. While this is difficult work, these leadership decisions are necessary. Parrish Hall 135 Early Career Programs - Careers | BlackRock 68,324 Investment Banking Analyst Graduate Jobs - ZipRecruiter Liontree Llc New York, NY Type. 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). Looking ahead, I expect continued strong activity in the software and video game spaces,to name two. While Im turning 50, LionTree also celebrated a pivotal birthday this year: 10 years. 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. Most notable for Porsche, ~40% of the book was snapped up by just four investors, and ~75% was composed of only 20 investors. Vice President (38) $392. LionTree will always exist as a firm that prioritizes our relationships, and Kindred is our forum for friends new and old to engage with our trusted community. 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. Turbulent times teach us that momentum is no guarantee of stability, and hubris is as dangerous as inertia. 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. I realized, afterwards, that this idea of growing down is itself a form of protection. LionTree Chairman & CEO Aryeh B. Bourkoff shares his reflections and outlook for the year ahead. Ultimately, a greater issue is the real growth rate and its impact on inflation-adjusted earnings. One would expect the slowdown to persist for the near future, but I am more optimistic about the sustainability of M&A deal flow. 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. 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. 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. We continue to see pockets of vitality from cash-rich technology and internet companies as they take advantage of their relative strength in a fragmented market. Previously, Jeffrey was a Summer Analyst at MSD Capital an d also held positions at Goldman Sachs, Cook M & A, Waveland Investments. 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