Shedding of non-core assets and expenditures can enable scaled players to focus on their core business and deliver value to shareholders. 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. LionTree Chairman & CEO Aryeh B. Bourkoff shares his reflections and outlook for the year ahead. LionTree offers a 10-week summer analyst program for rising seniors. Our purpose guides us in all that we do, internally and externally. 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. This period of slowdown is temporary, in my view, but necessary to return to fundamental long-term growth. 2023 will likely not be easy. Work collaboratively in a high-performing team to create financial and economic analysis that can be presented to CEOs, CFOs, and Boards of prospective companies, Research new industries and sectors to come up with ideas in the new sectors, Help create analysis and materials relevant for merger, acquisition and sale of companies, Help create analysis on request of Board of Directors of clients to advise on various situations such as defense, acquisition or capital raise, Serve as a respected partner to key constituents, including regulators, business units, shareholders and the board, Advanced technical and quantitative skills suited to economic and financial research, and strong knowledge of Microsoft Excel and PowerPoint, Possess excellent leadership, interpersonal and communication skills; strong teamwork and collaboration skills; self-motivated and resourceful; possess project and process management capabilities; demonstrate strong analytical and critical thinking skills, 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and telecom (TMT) companies beat EBITDA expectations by ~20% while exceeding revenue expectations by ~2%, clearly doing more with less (Sources: Bloomberg, FactSet). Protection against imminent and obvious threats, such as hurricanes or wildfire. 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. 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. Moreover, history gives us reason for optimism. Second, the ceaseless supply of new content ends up devaluing that content over time, as is the case with any asset inflation. LionTree. Alma mater. Join to apply for the 2023 Summer Analyst Program - New York role at Fitch Ratings. Not all change, however, is sustainablesometimes progress hits a brick wall and must be rethought, especially when the assumptions on which it is based have shifted. 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. Profitability, sustainability, and viability of business models are crucial as we enter a new phase. 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. I returned to a book this year called Scarcity, which reads: Follow the thread of scarcity long enough, and it leads back to abundance. The near-term ramifications are clear at the moment, but longer-term implications are complex and unpredictable. Read More. Your preference will be taken into consideration, but not guaranteed. LionTree is an independent investment and merchant bank focused on media, technology, telecommunications and consumer-related industries with ~$750bn in total transaction value. Digital Real Estate Monthly These lessons have become especially apparent in the light of the retrenchment or failure of once high-flying, pre-profitability, or subscale businesses benefitting from an infinite growth at zero cost mentality, as companies, newly responsible for their excess liabilities accumulated during the pandemic, adapt to an environment that is changing from relative abundance to relative scarcity. 1/16/2023 11:26 PM. Benefits include professional development sessions, networking opportunities, and mentorship. Last name. Lion Tree Weekly Capital Markets Dashboard So how do we emerge, what feels like yet again? 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. This letter is provided by LionTree LLC solely for informational purposes and is provided as of the date indicated above. This will take creativity, trust, and community. The UK environment is particularly challenging, with many mergers (such as Viasat/Inmarsat) under tight scrutiny. As Ive suggested, this growing down requires creativity, community, and capital. 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. 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. For the Class of 2024, LionTree Advisors is now collecting resumes for our 2023 Summer Analyst program. We provide training, experience, access to clients and mentoring by senior team members who are the best in the business. Offsetting this activity (particularly from platform players) is the question of regulatory scrutiny. 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. Summer Analyst Program 2023 USA Global Advisory Country: United States of America Division: Global Advisory Program: Summer Internship Duration: 10 weeks Programme Description Summer Analysts will focus on a broad range of Mergers and Acquisitions, Debt Advisory, Restructuring, and Equity Capital Markets advisory assignments. After all, no one climbs a mountain alone. Protection of the common necessities, such as health and financial stability. Day-to-day responsibilities will include: financial analysis and modeling, company and industry research, preparing client presentations and contributing . If you have any thoughts or suggestions on the new site, please share them with us. The streaming model in its current form is not the answer for manyas the industry has learned to varying degrees of frustration. 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. It is said that you can win the World Cup without a great strikera great goal scorerbut you cant win it without a great goalie. 2020 - 2023. 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. 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. The reality, however, has been the reverse: social media has left us more disconnected. Your back catalog is depreciating rather than appreciating in line with traditional library economics. 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. 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. 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. These pressures show no sign of abating, and conflict looms. Gaming reaches more than four billion people worldwide (and growing), equally shared between men and women. Have a track record of academic excellence and participation in campus activities. His loftier goal is to help rewrite the narrative for . 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. The current media paradigm has several of its own weaknesses, as well. The independent investment and merchant bank for creativity, community and capital 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. For companies, a renewed focus on core metrics is key. But it is exactly in such periods that strength is forged. The U.S. remains home to many of the strongest, most transparent, most technologically advanced, and most influential companies and entrepreneurs. 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. 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? Unfortunately this position has been closed. For companies with meaningful capital structure or liquidity issues, unfortunately it is time for recalibrationin expectations, ambitions, and the growth-at-all-cost mentality. While social media thrives on disagreement, media is the override in that it offers common groundan immensely valuable thing in a fractured social landscape. Glassdoor provides our best prediction for total pay in today's job market, along with other types of pay like cash bonuses, stock bonuses, profit sharing, sales commissions, and tips. 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. Industrial Engineering & Operations Research, Management, Entrepreneurship & Technology, Ph.D. Industrial Engineering & Operations Research. 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. 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. Given these realities, we will be in wait-and-see mode, with considerable risk that rate hikes extend beyond current expectations, making 2023 a challenging year for incremental investment and growth initiatives. In your resume title, please indicate whether you are interested in Technology, Gaming (Interactive Entertainment), or both groups. LionTree Founder & CEO Aryeh B. Bourkoff joined CNBC's Squawk Box this morning to share his outlook for the media industry in 2023. 2023 will be a year of growth; its just that not all growth is up and to the right. Boards approved strategies they never would have previously and will be even less likely to approve in the coming year. 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. As the regions rulers understand, old paradigms dont last forevereven the hydrocarbon one on which their wealth has relied. 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. Sometimes you have to grow down to grow uplike the roots of a tree, an image I left you with last year as we were exiting a less grounded market cycle. 2019 - 2022. 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. Kindred on the Kurb: What is the Biggest Problem Facing the Country Today? 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. 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. When rates rise and the return thresholds elevate, we are forced to choose; innovation and inorganic activity come at a higher cost. Scarcity follows abundance. At a time when the reasons for uncertainty are multiplyingscarcity, inflation, geopolitical turmoilwe must return to the fundamentals, to the measures of intrinsic value that allow investors and managers to find their footing. It will test our strategy, resources, and relationships. Rising rates will take time to play out. Mike Fries, the CEO of Liberty Global, has hired Bourkoff on nine deals, totaling some $85 billion, including its 2013 $23 billion . I recently secured my junior year internship summer analyst position (summer 2023) at a large US bulge bracket for Sales & Trading in NYC. 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