Our Services Investment Banking What We Deliver Global Reach Sometimes the best offense is a good defense. 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. If you have any thoughts or suggestions on the new site, please share them with us. 2020 - 2023. But the prominent investment banker isn't content to simply facilitate M&A transactions. Growing down, I call it. Take a Break and Daily from Kindred Media. He held his position through not one but two recessions and was reviled for his efforts at the time. As a famous philosopher may have remarked during the French Revolution, the streaming revolution is eating its own children. On to the next. 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. Creative dealmaking experiences tailwinds when the public markets, surely not as open as they used to be, are challenged. Such leaders, finding opportunity in the gaps and dislocations of a turbulent period, will emerge as the new industrialists of our time. Ralph Waldo Emerson. But it requires strong management teams (which I believe the industry is lucky to have) and making profitability the priority. 1y. 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. 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. We expect the growing value of sports rights to be a major theme in 2023 and beyond. Boards approved strategies they never would have previously and will be even less likely to approve in the coming year. We see potential activity for such companies, including consolidation and asset divestitures, as well as more growing down business plans. 4.0 GPA IB. Given their tried, tested, and proven profitability, the integration of gaming is here to stay, despite an engagement pullback from Covid highs. Location is worldly; momentum is moral. Raine hasnt started yet and liontree nyc doesnt have their app open so must be liontree sf. As a summer analyst, you will be fully immersed in the day-to-day activities of our San Francisco office and the program is designed to provide a realistic view of our full-time Investment Banking Analyst Program. Rank: Senior Monkey | 77 . This letter is provided by LionTree LLC solely for informational purposes and is provided as of the date indicated above. Availabilities are open for our San Francisco office. 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. Growing down is a mindset that allows us to focus on what is indispensable. Read More. You were just a person who wanted to build a business. And while I appreciate those who leverage their success and platform for meaningful causes, after many lessons we must be more careful before idolizing those who are undeserving. As has been revealed by the markets, its not enough to bet big on the future. 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. 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. 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. It's a full-time, 10-week commitment from May 31, 2023 through August 4, 2023. Availabilities are open for our San Francisco office. 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. Books for me are a way transport myself to a different moment or mindset, offering a break from the routine. 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. This gap, this paradox, we must overcomefor our society at large, and particularly for our children. LionTree is a differentiated global investment and merchant banking firm focused on companies in the technology, media, telecom and consumer-related industries. 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. The 'Analyst' role is an entry-level position for the brightest and most capable university graduates. But even as we anticipate a return to abundance, we must be mindful of scarcity. The reality, however, has been the reverse: social media has left us more disconnected. In the coming period, creativity and innovation will emerge from the CEOs who have demonstrated their ability to play to their competitive advantagetheir edge. Most notable for Porsche, ~40% of the book was snapped up by just four investors, and ~75% was composed of only 20 investors. First name. The market has currently priced in a rising rate environment through the first half of 2023, peaking at around 5% by mid-year. 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. So, cash must be put to work and inflation can be a double-edged sword. Companies will have to look inward to determine what they need to succeed, and what they dont. For the Class of 2025, LionTree Advisors is now collecting resumes for our 10-week Summer 2024 Internship Program. LionTree offers a 10-week summer analyst program for rising seniors. Last name. The root word in Hebrew for counsel also means tree. Weve dealt a lot with uncertainty, leaving most with feelings of exasperation. 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. 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. Clearly one benefit of globalized trade in the recent super cycle has been its deflationary impact. In the midst of these global crosscurrents, 2023 will be a year of adjusting assets, discovering new leadership, rethinking structures, and rebuilding relationshipsas well as establishing some for the first time. If you are interested in applying, please submit your resume through the below Handshake submission. 2022 was a challenging year. New business ideas and growth initiatives spurred by heavy investments were in vogue due to 0% interest rates. It requires a deep-rooted structureagain, that treeand a well-defined purpose. So, with inflation (as measured by CPI) at around 7%, we may be underestimating the trajectory of rates heading into 2023. Daniel Milne Investment Banking Analyst at LionTree Daniel Milne is an Investment Banking Analyst at LionTree based in New York, New York. Lion Tree Weekly Capital Markets Dashboard This will take creativity, trust, and community. 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. Privacy Policy We provide training, experience, access to clients and mentoring by senior team members who are the best in the business. . Alma mater. Even though Top Gun: Maverick was a sequel, its star power and mastery of storytelling were stupendous. 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. At any given moment, we can measure our position or value in the world. Builders sent him planks from unbuilt houses; unemployment stayed above 10% for nine straight months and mortgage rates hit nearly 17% (nearly unthinkable today). There are several factors underlying the geopolitical currents roiling the globe: Russias unprovoked invasion of Ukraine; a strained relationship between the West and China; tensions inside and with Iran; and the uneven rise of the Global South. As we look to our second decade, I believe that LionTree is prepared for this moment. But its willingness to spend more than $220 billion on infrastructure and development to welcome global fans and sponsors was declarative. 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. As a result, companies are reallocating resources away from growth experiments, and streamlining cost structuresmost visibly via growing down the fixed-cost base of their operations, including headcount. LionTree is an independent investment and merchant bank focused on media, technology, telecommunications and consumer-related industries with ~$750bn in total transaction value. 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. LIV Golf's David Feherty oddly claims Greg Norman was more recognizable than Michael Jordan in '80s and '90s Feherty left NBC in favor of an analyst job with LIV last summer 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. Sometimes the rules themselves will need to be changed to allow these processes. These burdens, as we have seen recently, impose heavy obstacles to profitability. 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). For both companies and countries, the breakdown of larger networks offers opportunity for the strengthening of nearer ties. 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. Growing Down. These anchor investors, who fit my description of Reference Shareholders, serve as bastions of confidence, inducing other investors to join in. Second, the ceaseless supply of new content ends up devaluing that content over time, as is the case with any asset inflation. LionTree represents clients ranging from large-cap leaders to emerging growth companies. Only once we know our position, can we find our momentum. T 404.495.7000. 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. LionTree offers a 10-week summer analyst program for rising seniors. 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. 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. If you are interested in applying, please submit your resume through the below Han Founded in 2012, LionTree has offices in New York, San Francisco, London and Paris. Not an easy path but they would be better positioned working together on any reinvention than working alone. Strong leaders are made both in and for difficult times. (When was the last time anyone went back and rewatched an episode of House of Cards?). Reference over Interesta different kind of RoI. Many companies that have gone public since 2019 largely did so in a highly supportive growth at all costs environment. As a summer analyst, you will be fully immersed in the day-to-day activities of our San Francisco office and the program is designed to provide a realistic view of our full-time Investment Banking Analyst Program. Adversity is the prosperity of the great. They create an asymmetric relationship between the product and the consumer: the moment the consumer isnt getting what they want, the relationship is over. 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 puts a premium on creative dealmaking and M&A, structuring, and access to long-term shareholdersand this is what we at LionTree excel at. The information, statements, comments, views, and opinions provided in this letter are general in nature and (i) are not intended to be and should not be construed as the provision of investment advice by LionTree, (ii) do not constitute and should not be construed as an offer to buy or sell any securities or to make or consider any investment or course of action, and (iii) may not be current. We must recall one of the most celebrated early promises of the internet, that it can function as a democratic public square. 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. A most recent case study is Qatarat first glance, seemingly an incongruous place to host a World Cup. 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. Twitters chaotic transition has been clarifying, prompting employees, investors, and the general public to think critically about the role we want this company to play in our societywhere words and actions do matter. Day-to-day responsibilities will include: financial analysis and modeling, company and industry research, preparing client presentations and contributing . 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