For the Class of 2025, LionTree Advisors is now collecting resumes for our 10-week Summer 2024 Internship Program. 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. The market has currently priced in a rising rate environment through the first half of 2023, peaking at around 5% by mid-year. While Im turning 50, LionTree also celebrated a pivotal birthday this year: 10 years. (They prompt us to wonder, what achievements of the future are unimaginable todayand how do we start imagining them?) So, when it comes to sports, expect media rights packages to be further divided. 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. Boards approved strategies they never would have previously and will be even less likely to approve in the coming year. LionTree: Top Themes of the Week Our analyst and associate programs are ideal for talented, bright and passionate young professionals looking to learn more about our advisory and capital raising services. Founded in 2012, LionTree has offices in New York, San Francisco, London and Paris. The media industry as a whole is facing growing down dynamics. Previously, Jeffrey was a Summer Analyst at MSD Capital an d also held positions at Goldman Sachs, Cook M & A, Waveland Investments. The difficulty of knowing both location and momentum is that they are not just different things, but on different planes. Vice President (38) $392. 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. Historically, the role of a bank, broadly defined, has been to shine a light on deserving sectors, and to provide capital to facilitate value creation. Through our biweekly KindredCast podcast, daily Take a Break newsletter, and social media channels, we seek to engage a variety of demographics that could benefit from stories and perspectives across our ecosystem. And it raises a profound question: what do you choose to protect, to defend at all costs? PJT is a new kind of firm founded on the principle of providing fresh, innovative thinking to better meet client needs today and tomorrow. How much do LionTree employees make? 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. 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. 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. Up-and-Coming Elite Boutique Investment Banks (UCEBs) - LionTree Advisors, Zaoui & Co., Robey Warshaw, Lakeside Capital Advisers, . We see potential activity for such companies, including consolidation and asset divestitures, as well as more growing down business plans. The UK environment is particularly challenging, with many mergers (such as Viasat/Inmarsat) under tight scrutiny. Contact. 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. We must be mindful of the heightened influence of both creators and platforms on the information we consume, and on our public discourse. The interplay between content and distribution has been critical since the dawn of mass media, and the calculus is always shifting. 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. 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. He held his position through not one but two recessions and was reviled for his efforts at the time. . We expect the growing value of sports rights to be a major theme in 2023 and beyond. LionTree is not providing or undertaking to provide any financial, economic, legal, accounting, tax or other advice or recommendation in or by virtue of this letter. 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. New business ideas and growth initiatives spurred by heavy investments were in vogue due to 0% interest rates. Since 2017, Kindred Media has always served as a vehicle of expression for LionTree. Gaming reaches more than four billion people worldwide (and growing), equally shared between men and women. 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. 11/16/2022 5:48 PM. 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. 23 salaries (for 11 job titles) Updated 1/13/2023. To sign up for our newsletters, clickhere. We are likely not out of the woods, making it difficult for any CEO and investor to time the bottom. 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. To do the unexpected, so we can look back and wonder why we didnt act sooner. Lion Tree Weekly Capital Markets Dashboard The streaming model in its current form is not the answer for manyas the industry has learned to varying degrees of frustration. 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. Incoming 2023 Investment Banking Summer Analyst at LionTree LLC Compared to a record 2021, global M&A volume has decreased in 2022 but remains on a positive trajectory compared to 2020. 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. With higher cost of capital, organic investments will require clear metrics and competitive business rationales so that shareholders can gain confidence they will see a satisfactory return. In life, the onset of a new decade is a moment to reflect. Candidates for the 2023 Summer Internship Program: Are currently enrolled as an undergraduate student. Location is worldly; momentum is moral. The yield curve also remains inverteda leading indicator of recession over the last 50 years. (When was the last time anyone went back and rewatched an episode of House of Cards?). However, during these uncertain times, to cross the threshold into the public markets requires shareholders to believe in you. 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. We need a bridge to get to the other side, and it is built on three pillars: creativity, community, and capital. Shedding of non-core assets and expenditures can enable scaled players to focus on their core business and deliver value to shareholders. 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. Introduction. Our purpose guides us in all that we do, internally and externally. The successes of an everyman like MrBeast and others like him reveal that, in the currency of this vast, youthful ecosystem, relatability and authenticity are gold, while talent is silver. 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. Augmented reality is yet another digital content experience that is gaining traction and will transform our perception of physical spaces, including retail, museums, education, travel, and beyond. Full Time Programs Begin your financial career as an Analyst at Stifel. This will take creativity, trust, and community. Growing down, I call it. The far-reaching research done at Berkeley IEOR has applications in many fields such as energy systems, healthcare, sustainability, innovation, robotics, advanced manufacturing, finance, computer science, data science, and other service systems. 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. Im proud of the way weve established the firm as a community of forward-thinking advisors, CEOs, investors, creatives, and others, across industries and continents, intently focused on helping each other, and on having an impact (and some fun along the way). This puts a premium on creative dealmaking and M&A, structuring, and access to long-term shareholdersand this is what we at LionTree excel at. 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). Historically, including in the 1980s, the Fed funds rate has had to exceed the rate of inflation to temper its rise. 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. Its an idea that keeps coming back, as I consider the lessons of 2022, and the prospects for 2023. Jeffrey Hirsh's Phone Number and Email. Turbulent times teach us that momentum is no guarantee of stability, and hubris is as dangerous as inertia. US 2023 Global Advisory Summer Analyst. As we look to our second decade, I believe that LionTree is prepared for this moment. 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. So, cash must be put to work and inflation can be a double-edged sword. The challenge is how to respond. 1. LionTree is an independent investment and merchant bank focused on media, technology, telecommunications and consumer-related industries with ~$750bn in total transaction value. Our model gets smarter over time as more people share salaries on Glassdoor. Strong leaders are made both in and for difficult times. When rates rise and the return thresholds elevate, we are forced to choose; innovation and inorganic activity come at a higher cost. The uncertainty principle, in quantum mechanics, gives us a powerful metaphor for the contingency of our knowledge. It is said that you can win the World Cup without a great . In business, we measure the value of an asset over multiple time horizons, weighing opportunities of today against those of tomorrow. Most notable for Porsche, ~40% of the book was snapped up by just four investors, and ~75% was composed of only 20 investors. The Spectrum Internship Experience. Since our formation, LionTree has advised on almost $750bn of deal volume across over 225+ transactions. If you encounter any sign in issues, please email events@liontree.com It is surrounded by a nexus of other experiences, such as betting, character-driven content, merchandise, and overall engagement. In your resume title, please indicate whether you are interested in Technology, Gaming (Interactive Entertainment), or both groups. 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. What that period dramatizes is a central dynamic of our own time: the necessity of contraction and recalibration for the prospect of future stability and momentum. 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. T 404.495.7000. Books for me are a way transport myself to a different moment or mindset, offering a break from the routine. But a compass is not enough. 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 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. Not an easy path but they would be better positioned working together on any reinvention than working alone. Throughout the first decade of LionTree, weve strived to remain grounded yet curious, principled yet adaptive, expansive yet self-correcting. Thanks for your interest in the 2022 Corporate Strategy Summer Analyst position. In that model, Reference Shareholders provide what I call partnership capitalconcentrated, centralized, sustained through uncertainty, backed by committed advice, and allocated to maximize not short-term gain but long-term, transformational value. First name. After all, no one climbs a mountain alone. In anything, the arc of life is also a governing framework for your priorities. Alma mater. Clearly one benefit of globalized trade in the recent super cycle has been its deflationary impact. Sometimes the best offense is a good defense. While a decision against Google would seem to impose a crippling amount of legal risk on platforms, what is revealing is that the plaintiff does indeed have a case under the law, written two years before Google was founded in a garage. 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. However, this once-stable foundation has been undermined by a self-directed pivot to direct-to-consumer streaming, pioneered by Netflix.