LionTree was founded in 2012 and has offices in New York, San Francisco, London and Paris to serve a global client base. We provide training, experience, access to clients and mentoring by senior team members who are the best in the business. Ritz and Escoffier: The Hotelier, The Chef, and the Rise of the Leisure Class by Luke Barr, When Women Lead: What They Achieve, Why They Succeed, and How We Can Learn from Them by Julia Boorstin, From Strength to Strength: Finding Success, Happiness, and Deep Purpose in the Second Half of Life by Arthur C. Brooks, Metahuman: Unleashing Your Infinite Potential by Deepak Chopra, Power Failure: The Rise and Fall of an American Icon by William D. Cohan, Build: An Unorthodox Guide to Making Things Worth Making by Tony Faddell, A Bankers Journey: How Edmond J. Safra Built a Global Financial Empire by Daniel Gross, Play Nice But Win: A CEOs Journey from Founder to Leader by James Kaplan and Michael S. Dell, The General Theory of Employment, Interest and Money by John Maynard Keynes, Leadership: Six Studies in World Strategy Hardcover by Henry Kissinger, When We Cease to Understand the World byBenjamin Labatut, Reminiscences of a Stock Operator by Edwin Lefvre, Thomas Jefferson: The Art of Power by Jon Meacham, Scarcity by Senhil Mullainthan & Eldar Shafir, The Revolutionary: Samuel Adams by Stacy Schiff, Vogue X Music byEditors of American Vogue,andJonathan Van Meter, Alexander and the Terrible, Horrible, No Good, Very Bad Day by Judith Viorst, Stockholm: City of Islands and Water by Jeppe Wikstrm & Per Kallstenius, Translated by Ruth Urbom, The End of the World Is Just the Beginning: Mapping the Collapse of Globalization by Peter Zeihan. Crypto Weekly On the buzzy Liked by Stanley Sunata But even as we anticipate a return to abundance, we must be mindful of scarcity. In the mold of a classic merchant bank, LionTree is here to fill the gaps through our advice, recasting problems as solutions, and through our investments, unlocking value along the way. As a result, the IPO door for growth stories is now much harder to open. One legendary media executive once said to me: When I was finding my way, we didnt even use the term entrepreneur. Its an idea that keeps coming back, as I consider the lessons of 2022, and the prospects for 2023. 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. Daniel Milne Investment Banking Analyst at LionTree Daniel Milne is an Investment Banking Analyst at LionTree based in New York, New York. 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). As a famous philosopher may have remarked during the French Revolution, the streaming revolution is eating its own children. On to the next. (When was the last time anyone went back and rewatched an episode of House of Cards?). It holds true in business, andfor those of you watching in the world's most popular sport. In life, the onset of a new decade is a moment to reflect. 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 root word in Hebrew for counsel also means tree. 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 facts are clear. 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. 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. Rather than everyone competing for the same goalcontent at all costs to gain subscribersindustry players are going to have to take a close look at their competitive advantages, a process that will help ensure that all players are both making money and creating a better experience for the customer, so they stick around. Companies with pricing power, greater control over their supply chains, and the ability to consolidate their advantages are in stronger positions. Shedding of non-core assets and expenditures can enable scaled players to focus on their core business and deliver value to shareholders. 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. Incoming 2023 Investment Banking Summer Analyst LionTree LLC Apr 2022 - Present 11 months. 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. The pandemic was an accelerator for change. Unfortunately this position has been closed. LionTree offers a 10-week summer analyst program for rising seniors. 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). 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. However, after getting experience in a small investment banking/Private . 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. Location: New York, NY. 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. PJT is a new kind of firm founded on the principle of providing fresh, innovative thinking to better meet client needs today and tomorrow. 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. 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. LionTree is an independent investment and merchant bank focused on media, technology, telecommunications and consumer-related industries with ~$750bn in total transaction value. 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. Rarely do they make it to the other end of the field. Careers at Moelis. 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. Last name. 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 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. In fact, part of the reason leverage ratios have trended up over time is the low absolute cost of financing. 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. So, cash must be put to work and inflation can be a double-edged sword. But that doesnt mean its closed. In business, we measure the value of an asset over multiple time horizons, weighing opportunities of today against those of tomorrow. Availabilities are open for our San Francisco office. Creative dealmaking experiences tailwinds when the public markets, surely not as open as they used to be, are challenged. Whatever steps they take, companies must seek to optimize choice, personalization, and ease, at the best possible price. What better example than the global spectacle of the World Cup, the first in an Arab nation? 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. Strong leaders are made both in and for difficult times. 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. To take the other football, its like returning a kick-off. 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). 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. 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. Although we once saw Europe as the third political and economic power between the U.S. and China, growth, and positive steps towards social progress in the Gulf favor the region to earn this spot on the global stage. In anything, the arc of life is also a governing framework for your priorities. The estimated total pay for a Investment Banking Analyst at LionTree is $174,082 per year. To do the unexpected, so we can look back and wonder why we didnt act sooner. Historically, including in the 1980s, the Fed funds rate has had to exceed the rate of inflation to temper its rise. Email. 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 estimated base pay is $119,540 per year. But its not just about getting smaller. It is always open for companies with quality brands, cash flows, and profitability, at the right price, and that are fit to be public for the long term. Alma mater. Parrish Hall 135 These pressures show no sign of abating, and conflict looms. Raine hasnt started yet and liontree nyc doesnt have their app open so must be liontree sf. 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. Such leaders, finding opportunity in the gaps and dislocations of a turbulent period, will emerge as the new industrialists of our time. The Spectrum Internship Experience. If you have encountered an issue with the site, including concerns about accessibility due to a disability, pleaseshare your feedback with us. 1972 (age 50-51) Palo Alto, California. It will test our strategy, resources, and relationships. Protection of the common necessities, such as health and financial stability. 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. Our model gets smarter over time as more people share salaries on Glassdoor. As streaming comes down to earth, the creation of new content and experiences across all genresfrom video and music, to sports and gamingwill prioritize quality and originality. What it reveals is the perpetual lag of law and regulation behind the many-headed Hydra of technological change. Greenhill also offers summer Analyst opportunities for undergraduates in the summer before their senior year. Rising rates will take time to play out. This is growing down, and ultimately, the upside to downturns. Books for me are a way transport myself to a different moment or mindset, offering a break from the routine. 2022 was a challenging year. Many companies that have gone public since 2019 largely did so in a highly supportive growth at all costs environment. 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 number represents the median, which is the midpoint of the ranges from our proprietary Total Pay Estimate model and based on salaries collected from our users. 2023 will likely not be easy. 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. If the first mountain is about acquisition, the second mountain is about contribution.. 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. It is surrounded by a nexus of other experiences, such as betting, character-driven content, merchandise, and overall engagement. Netflix has been able to cross the Rubicon and reach a profitable scale after a decade of investment. Moreover, history gives us reason for optimism. LionTree does not make any representation or warranty as to the accuracy or completeness of any of the information, statements, comments, views or opinions contained in this letter, and any liability therefor (including in respect of direct, indirect or consequential loss or damage of any kind whatsoever) is expressly disclaimed. This year, I was touched to see that many friends and close contacts appreciate the significance of a book in marking a moment in time, to learn from and to reflect. I realized, afterwards, that this idea of growing down is itself a form of protection. Hear they pay above street and in line with other top boutiques though. 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. 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. 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. While enabling a new ethos of individuality, vulnerability, and (supposed) authenticity, these platforms have the potential to divide us into echo chambers, cementing ideology at the expense of dialogue. It requires a deep-rooted structureagain, that treeand a well-defined purpose. In the coming period, creativity and innovation will emerge from the CEOs who have demonstrated their ability to play to their competitive advantagetheir edge. 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. Each year, the list captures topics and areas of professional and personal interest that are integral in the moment, as well as reminders to be studiedsprinkled with fun, passions, and general levity. Day-to-day responsibilities will include: financial analysis and modeling, company and industry research, preparing client presentations and contributing . 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. 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. This gap, this paradox, we must overcomefor our society at large, and particularly for our children. Since 2017, Kindred Media has always served as a vehicle of expression for LionTree. Founder and CEO of LionTree LLC. LionTree is an independent investment and merchant bank focused on media, technology, telecommunications and consumer-related industries with ~$750bn in total transaction value. Up-and-Coming Elite Boutique Investment Banks (UCEBs) - LionTree Advisors, Zaoui & Co., Robey Warshaw, Lakeside Capital Advisers, . The market has currently priced in a rising rate environment through the first half of 2023, peaking at around 5% by mid-year. But you can search our 40 open jobs by clicking here . Whats the Difference Between an Agent and a Manager? What are your essentials, the resources and relationships you cant do without? Gaming Weekly Not an easy path but they would be better positioned working together on any reinvention than working alone. We expect the growing value of sports rights to be a major theme in 2023 and beyond. As LionTree grows, Kindred Media has grown with it. Its customary for me to share a list of (audio)books that I have gathered over the course of the yearfrom friends, mentors, family, travels, and more. At the same time, these programs have the capacity to turbocharge human imagination, allowing it to realize its visions with greater speed and frequency than ever beforefueling the question of the relative importance of content creation versus curation. 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