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. 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. When rates rise and the return thresholds elevate, we are forced to choose; innovation and inorganic activity come at a higher cost. 1y. In times of scarcity, we are forced to look inward to recalibrate. 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. 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. To his credit, Elon Musk has recognized that strong new leadership will be essential as the company rebuilds stability and trust (and following a challenging period of growing down). 11/16/2022 5:48 PM. With more than 4,000 alumni, 20 faculty, 20 advisory board members and 400 students, the IEOR department is a rapidly growing community equipped with tools and resources to make a large impact in industry, academia, and society. 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. We must recall one of the most celebrated early promises of the internet, that it can function as a democratic public square. Strategic asset sales create opportunity for potential consolidators seeking to repackage media assets to create must-have offerings that enhance a holistic customer experience, with the added benefit of spreading costs over a broader asset base. Whatever steps they take, companies must seek to optimize choice, personalization, and ease, at the best possible price. If you have any thoughts or suggestions on the new site, please share them with us. Most of us recognize that slowdowns are inevitable; the harder task is to accept the unpredictability that accompanies them. . 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. Historically, including in the 1980s, the Fed funds rate has had to exceed the rate of inflation to temper its rise. Read More. Kindred Media now averages more than 1 million impressions per month. We are likely not out of the woods, making it difficult for any CEO and investor to time the bottom. Just as the industry shift to streaming creates unhealthy side-effects, a shift to AVOD may present its own challenges, particularly amid a possible advertising slowdownthough media CEOs remain cautiously optimistic (at best, and the market could shift quickly). It's a full-time, 10-week commitment from May 31, 2023 through August 4, 2023. Streaming Now: Profitability Over Subscriber Growth. 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, Demonstrated strong interest in financial services industry, markets and macro-economic trends impacting various sectors, Deep knowledge of technology, media and telecommunications sector, Proficiency with Microsoft Excel and PowerPoint, .fl-node-5b298c0daefc0 > .fl-row-content-wrap {background-color: #003262;}.fl-node-5b298c0daefc0 .fl-row-content {max-width: 1231px;} .fl-node-5b298c0daefc0 > .fl-row-content-wrap {margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;} .fl-node-5b298c0daefc0 > .fl-row-content-wrap {padding-top:20px;padding-right:20px;padding-bottom:20px;padding-left:20px;}.fl-animated.fl-slide-in-up {animation: fl-slide-in-up 1s ease;-webkit-animation: fl-slide-in-up 1s ease;}@-webkit-keyframes fl-slide-in-up {from {-webkit-transform: translate3d(0, 50%, 0);transform: translate3d(0, 50%, 0);visibility: visible;}to {-webkit-transform: translate3d(0, 0, 0);transform: translate3d(0, 0, 0);}}@keyframes fl-slide-in-up {from {-webkit-transform: translate3d(0, 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unemployment stayed above 10% for nine straight months and mortgage rates hit nearly 17% (nearly unthinkable today). Previously, Alex was an Investment Analyst & Intern a t The Baupost Group and also held positions at The City of Ann Arbor, Michigan. Jeffrey Hirsh's Phone Number and Email. Strong leaders are made both in and for difficult times. Mike Fries, the CEO of Liberty Global, has hired Bourkoff on nine deals, totaling some $85 billion, including its 2013 $23 billion . 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 might learn that, in fact, we simply had too much all along. But to guide your own momentum, as an individual or institution, requires humility and self-awareness. For both companies and countries, the breakdown of larger networks offers opportunity for the strengthening of nearer ties. Books for me are a way transport myself to a different moment or mindset, offering a break from the routine. The just announced Microsoft acquisition of a 4% stake in the London Stock Exchange is yet another example, and representative of the sorts of transactions by strategics that I expect to see more of in 2023. What are your essentials, the resources and relationships you cant do without? 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. A form of preservation and defense that gives you strength and the ability to play offense. Employer: LionTree . This perspective is crucial, because those who believe they see a light at the end of the tunnel as we head into the New Year may well be mistaken. Breakingviews category Adobe's lose-lose Figma bind, article with image February 24, 2023. 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. Thanks for your interest in the 2022 Corporate Strategy Summer Analyst position. This year, we highlighted the music sector to our partners, which led to the formation of MUSIC, a joint venture to invest in the evolution of the music industry, backed by $200 million in longterm capital. 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. At any given moment, we can measure our position or value in the world. Parrish Hall 135 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. 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. 2022 was a challenging year. 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. "Our LT Weekly Update is a comprehensive weekly analysis aimed at helping our key corporate and investor clients cut through the noise and stay in front of what we view as the most important themes and developments driving the digital economy.". And it raises a profound question: what do you choose to protect, to defend at all costs? 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. Full Time Programs Begin your financial career as an Analyst at Stifel. As a result, the IPO door for growth stories is now much harder to open. But its willingness to spend more than $220 billion on infrastructure and development to welcome global fans and sponsors was declarative. Faculty research in Berkeley IEOR specializes in stochastic processes, optimization, and supply chain management. 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. What are the investable opportunities now that unprofitable growth initiatives make less sense? 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. We need a bridge to get to the other side, and it is built on three pillars: creativity, community, and capital. 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. - Leslie Mallon, Head of LionTree Public Markets. U.S. TMT has shown particular resilience, including parties seeking to consolidate (Adobes $20bn acquisition of Figma, Broadcoms $70bn acquisition of VMware, Microsofts attempted acquisition of Activision Blizzard for $68bn), to use M&A for market expansion (Amazons $1.6bn acquisition of iRobot and $3.8bn acquisition of OneMedical; Oracles$28bn acquisition of Cerner, Googles $4.7bn acquisition of Mandiant), or to expand into new geographies (e.g., Naver, the Google of South Korea, with its announced acquisition of Poshmark). 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. The good news is that abrupt changes can be healthy; their swiftness is helpful in resetting expectations. We seek talented, highly motivated individuals with exceptional experience who can embody our culture and values as creative, team-oriented and hard-working professionals. In 1997, Microsoft made a $1bn investment in Comcast, which sparked support and re-rating of cable industry multiples as capital expenditures were on the rise and Microsoft wanted greater access to the home through cable set top boxes. 2) Will consumers tune-in, particularly when theres a price tag involved? While our foundation has been advisory and M&A, we always knew we would want to be multi-product, under constant reinvention to build around the needs of our community. Alex Cherry is an Investment Banking Summer Analyst at LionTree based in New York, New York. Creative dealmaking experiences tailwinds when the public markets, surely not as open as they used to be, are challenged. LionTree. However, after getting experience in a small investment banking/Private . 23 salaries (for 11 job titles) Updated 1/13/2023. Intern/Summer Analyst (316) $409. 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. The moment is upon us and 2023 will be a period of retrenchment and resetting of both foundations and priorities that will allow us to navigate this uncertainty and emerge stronger. So how do we emerge, what feels like yet again? 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 . LionTree has built a successful track record by leveraging its unique insights and relationships to assist clients across its integrated product set: Investment Banking Advisory, Public Markets / IPO Advisory and Merchant Banking Investments. These burdens, as we have seen recently, impose heavy obstacles to profitability. 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. As I reflect on a decade of transformation across the landscape and in the markets, media remains the override. For example, given that broadcasters are in danger of being left behind, regulation could be adjusted to allow further consolidation. Welcome to the new Career Services website! 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. Comcast's stock traded up. Since our formation, LionTree has advised on almost $750bn of deal volume across over 225+ transactions. Telecommunicationseven cable and broadbandwill be an interesting area to focus on in 2023 as companies double down on the decentralized power of their networks vis-a-vis the devices that rely upon them. These anchor investors, who fit my description of Reference Shareholders, serve as bastions of confidence, inducing other investors to join in. In life, the onset of a new decade is a moment to reflect. The watershed case of Gonzalez v. Google hinges on the difference between providing a platform for content, and promoting that content, to some users but not otherswhether this form of selection and targeting is protected by Section 230 of the 1996 Communications Decency Act. . Rebundling the Landscape: Whats Your Edge? 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. As Ive suggested, this growing down requires creativity, community, and capital. 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). When the balance of the world shifts, perspectives change. 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. 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. 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. The interplay between content and distribution has been critical since the dawn of mass media, and the calculus is always shifting. 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. Together we must grow down, to emerge together, renewed, again. 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 puts a premium on creative dealmaking and M&A, structuring, and access to long-term shareholdersand this is what we at LionTree excel at. But its not just about getting smaller. Adversity is the prosperity of the great. 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). 2020 - 2023. 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. The 'Analyst' role is an entry-level position for the brightest and most capable university graduates. Team-Oriented and hard-working professionals on almost $ 750bn of deal volume across 225+. 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