As the regions rulers understand, old paradigms dont last forevereven the hydrocarbon one on which their wealth has relied. Incoming 2023 Investment Banking Summer Analyst at LionTree LLC The 'Analyst' role is an entry-level position for the brightest and most capable university graduates. 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. 2020 - 2023. 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. 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. 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. 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). Second, the ceaseless supply of new content ends up devaluing that content over time, as is the case with any asset inflation. The Abraham Accords, a profound realignment of regional dynamics, are one of those breakthroughs that we couldnt have imagined 50 years ago. 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. Software Weekly The Creator Economy: Platform & Responsibility, Its the first year since 1969 that treasuries and equities are both down, user-generated content representing 39% of time spent with streaming media, Ritz and Escoffier: The Hotelier, The Chef, and the Rise of the Leisure Class, When Women Lead: What They Achieve, Why They Succeed, and How We Can Learn from Them, From Strength to Strength: Finding Success, Happiness, and Deep Purpose in the Second Half of Life, Metahuman: Unleashing Your Infinite Potential, Power Failure: The Rise and Fall of an American Icon, Build: An Unorthodox Guide to Making Things Worth Making, A Bankers Journey: How Edmond J. Safra Built a Global Financial Empire, Play Nice But Win: A CEOs Journey from Founder to Leader, The General Theory of Employment, Interest and Money, Leadership: Six Studies in World Strategy Hardcover, Alexander and the Terrible, Horrible, No Good, Very Bad Day, The End of the World Is Just the Beginning: Mapping the Collapse of Globalization. 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. 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. . Expertise is a base metal. Scarcity follows abundance. And LionTree is a strategic partner to Griffin Gaming Partners; weve helped assemble more than $1 billion to invest in and advise on the growth of interactive entertainment, from content to infrastructure, from mobile to the metaverse. This lends some perspective on the adjustments making their way through the private markets, where lowered valuations make an exit more difficult. Digital Real Estate Monthly 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. Im also reminded of transactions that exemplify the concept of Reference Shareholders, i.e., sources of partnership capital aimed to endorse long-term growth and transformation through cycles. 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. Porsche possesses the qualities first-out-the-gate companies will need to break through, and so far, its stock performance has proven durable. He is the founder and chief executive officer of LionTree LLC, a global investment and merchant banking firm focused on media . 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. If you are interested in applying, please submit your resume through the below Han In 1979, when inflation was above 11% annually, Paul Volcker allowed interest rates to floatwhich they did, higher and higher, reaching a stratospheric 19% for the Fed funds rate by 1981. 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. Many companies that have gone public since 2019 largely did so in a highly supportive growth at all costs environment. The market has currently priced in a rising rate environment through the first half of 2023, peaking at around 5% by mid-year. We continue to see pockets of vitality from cash-rich technology and internet companies as they take advantage of their relative strength in a fragmented market. For companies, a renewed focus on core metrics is key. Candidates should be class of 2023 and top academic performers who are willing to work hard in an unstructured environment that values . Not an easy path but they would be better positioned working together on any reinvention than working alone. So, cash must be put to work and inflation can be a double-edged sword. It holds true in business, andfor those of you watchingin the worlds most popular sport. Swarthmore, PA 19081. It teaches us that although economic downturns are not kind, they are conducive to visionary entrepreneurship. If you have encountered an issue with the site, including concerns about accessibility due to a disability, pleaseshare your feedback with us. As LionTree grows, Kindred Media has grown with it. 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. Learn more about our facultys research, student activities, alumni game-changers, and how Berkeley IEOR is designing a more efficient world. Given the difficulty of precisely measuring individual company trajectories in the current moment, judicious leadership teams are preparing for a prolonged downturn, indeterminate in its timing, impact, and duration. High proficiency in Microsoft Office suite. Companies will have to look inward to determine what they need to succeed, and what they dont. It is not an easy task, but it is an essential one. Operations Research & Management Science, B.S. Adversity is the prosperity of the great. At stake were about $65m in fees, a huge amount for a company with fewer than 50 employees, according to estimates from Freeman & Co. Now, with Charter-TWC and more than 50 transactions worth more . What it reveals is the perpetual lag of law and regulation behind the many-headed Hydra of technological change. 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. First name. It holds true in business, andfor those of you watching in the world's most popular sport. Upon completion of the Program, Summer Analysts have the opportunity to receive full-time Analyst offers for a post-graduation starting date. 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. 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. LionTree was founded in 2012 and has offices in New York, San Francisco, London and Paris to serve a global client base. 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. 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). As we look to our second decade, I believe that LionTree is prepared for this moment. The ability to be a steady hand, and to engage in leading transactions and investments, is made possible by a network of trust and support; and we are nothing without the friends, supporters, and colleagues who are the pillars of this firm. 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. 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. As an example, in Q3 a broad subset of technology, media, and telecom (TMT) companies beat EBITDA expectations by ~20% while exceeding revenue expectations by ~2%, clearly doing more with less (Sources: Bloomberg, FactSet). Seeing scarcity as an opportunity to go deep within, in order to emerge with what is required to go beyond even your original expectations. As I reflect on a decade of transformation across the landscape and in the markets, media remains the override. As an Analyst, you will have the opportunity to work on projects leveraging your expertise to help our clients more confidently make decisions . Historically, including in the 1980s, the Fed funds rate has had to exceed the rate of inflation to temper its rise. Download PDF. It will test our strategy, resources, and relationships. Up-and-Coming Elite Boutique Investment Banks (UCEBs) - LionTree Advisors, Zaoui & Co., Robey Warshaw, Lakeside Capital Advisers, . 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. Gaming Weekly Thanks for your interest in the 2022 Corporate Strategy Summer Analyst position. They know their location but must continually adjust their momentum. If the first mountain is about building up the ego and defining the self. 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. 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. Meanwhile, Netflix is experimenting with ways to embrace theatrical to help bolster topline revenues, while also driving subscribers and protecting its core product. As we consider the leadership qualities that are essential, trust, along with its corollary, credibility, will be a crucial assetacross both the private and public sectors, leaders of both companies and countries. Reference over Interesta different kind of RoI. LionTree Chairman & CEO Aryeh B. Bourkoff shares his reflections and outlook for the year ahead. Activities and Societies: Tennis (Club Captain), Private Equity Society (Head of Research & Events) Year 1: First (Mathematics, Statistics, Economics, Financial Accounting, Managerial Accounting) Year 2: First (Mathematics, Statistics, Regression, Actuarial Science, Finance) Sometimes the rules themselves will need to be changed to allow these processes. These pressures show no sign of abating, and conflict looms. Just as it did in the 80s, that dynamic will favor those who are self-aware and patient, aiming for long-term opportunity rather than chasing lower conviction near-term growth. 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. University of California, San Diego ( BA) Title. While we can attempt to understand the current state of affairs, we can only guess at the acceleration of changes to the global paradigm that has governed our decision-making for the last half century. But you can search our 40 open jobs by clicking here . The U.S. remains home to many of the strongest, most transparent, most technologically advanced, and most influential companies and entrepreneurs. Read More. The arrival of big tech platforms highlighted the benefits of broad distribution, established through e-commerce (Amazon), devices (Apple), or streaming built on cheap money (Netflix). But it is exactly in such periods that strength is forged. Gaming companies also make money! As an early celebrationreflection, reallyfor my 50th birthday, I spent a weekend with close friends in the American West. 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. If the first mountain is about acquisition, the second mountain is about contribution.. 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. Shedding of non-core assets and expenditures can enable scaled players to focus on their core business and deliver value to shareholders. In fact, part of the reason leverage ratios have trended up over time is the low absolute cost of financing. Our purpose guides us in all that we do, internally and externally. 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. 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