I also see an increase in private investments in public companies, as markets seek to provide capital support for management strategies. 2023. But that reconsideration is itself an opportunity. 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. And it raises a profound question: what do you choose to protect, to defend at all costs? "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.". 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. Careers at Moelis. Hear they pay above street and in line with other top boutiques though. How much do LionTree employees make? So, cash must be put to work and inflation can be a double-edged sword. 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. Our model gets smarter over time as more people share salaries on Glassdoor. The Spectrum Internship Experience. In life, the onset of a new decade is a moment to reflect. As an early celebrationreflection, reallyfor my 50th birthday, I spent a weekend with close friends in the American West. Job posted 6 hours ago - Deloitte is hiring now for a Full-Time Deloitte Risk & Financial Advisory Analyst - Technology (Summer/Fall 2023, Winter 2024) in Milwaukee, WI. Contact. LionTree. 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. 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). Contact. However, during these uncertain times, to cross the threshold into the public markets requires shareholders to believe in you. One legendary media executive once said to me: When I was finding my way, we didnt even use the term entrepreneur. Founder and CEO of LionTree LLC. We seek to match long-term-oriented CEOs with long-term shareholders, enabling companies to play to their competitive advantageand we align ourselves with the outcome through our own capital. So, when it comes to sports, expect media rights packages to be further divided. 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. University of California, San Diego ( BA) Title. In anything, the arc of life is also a governing framework for your priorities. As individuals and as institutions, we have a responsibility to speak out against hateful extremism, and these efforts must be backed by responsible moderation and regulation. Chinas growth has slowed in part because of these factors, which also have led to social unrest, causing doubt and hesitation among both domestic and foreign companies and investors. The verbal link has made me think deeply about what weve built at LionTreewhere we are today, where well be tomorrow, and our tentpoles throughout. As a result, the IPO door for growth stories is now much harder to open. The estimated base pay is $119,540 per year. 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? 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. We are at a moment of inflection, reflection, and self-adjustment for government institutions in the West, corporations, and capital markets. As a summer analyst, you will have the opportunity to: Obtain a strong foundation in financial analysis through training from LionTree professionals as well as third-party providers, Have the opportunity to work on live client assignments alongside LionTree deal teams, Present financial and strategic analysis to the firms leadership during your final project, Attend orientation and firm events where you will learn about LionTree and the industry while meeting members of the firm globally, Access to an invaluable peer network of interns as well as an assigned mentorship team and senior firm leaders, 500 College Ave. Scale still matters, including as a means to profitability. Last Update. 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. 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). The independent investment and merchant bank for creativity, community and capital Together we must grow down, to emerge together, renewed, again. If you encounter any sign in issues, please email events@liontree.com 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. In the coming period, creativity and innovation will emerge from the CEOs who have demonstrated their ability to play to their competitive advantagetheir edge. There is still over $700bn of private equity dry powder waiting to be deployed, but the credit cost associated with deployment of that capital is its highest in close to 10 years. 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. On the buzzy Liked by Stanley Sunata 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. For example, given that broadcasters are in danger of being left behind, regulation could be adjusted to allow further consolidation. Second, the ceaseless supply of new content ends up devaluing that content over time, as is the case with any asset inflation. 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). The root word in Hebrew for counsel also means tree. However, after getting experience in a small investment banking/Private . 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. Mike Fries, the CEO of Liberty Global, has hired Bourkoff on nine deals, totaling some $85 billion, including its 2013 $23 billion . LionTree offers a 10-week summer analyst program for rising seniors. 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. 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. Join to apply for the 2023 Summer Analyst Program - New York role at Fitch Ratings. Lion Tree Weekly Capital Markets Dashboard There is still a window for local broadcasters to use their remaining distribution leverage to reinvent themselves, moving away from content dependence on the networks and distribution dependence on the cable companies. 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. Relationships of this kind, characterized by discerning advice and long-term, value-added capital, will be crucial in an environment characterized by difficult decisions and the necessity to make do with less. Companies will have to look inward to determine what they need to succeed, and what they dont. What better example than the global spectacle of the World Cup, the first in an Arab nation? Sometimes the best offense is a good defense. For companies, a renewed focus on core metrics is key. 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. Greenhill also offers summer Analyst opportunities for undergraduates in the summer before their senior year. 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. Tech companies are engaging in accelerated workforce reductions, and the same is true for the worlds largest content producers as they also begin to moderate their growth in content expenditures beyond 2022. This gap, this paradox, we must overcomefor our society at large, and particularly for our children. I realized, afterwards, that this idea of growing down is itself a form of protection. If you are interested in our program, please submit your resume to this posting. It states that, if we know the position of a particle, we cannot know its momentum; and vice versa. 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. The yield curve also remains inverteda leading indicator of recession over the last 50 years. The good news is that abrupt changes can be healthy; their swiftness is helpful in resetting expectations. 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. 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). The uncertainty principle, in quantum mechanics, gives us a powerful metaphor for the contingency of our knowledge. This means identifying and honing your edge, whatever it may be, and pursuing the structures that allow you to do thatpaving a power alley in which to accelerate once shareholders and capital markets create a more favorable environment. 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. 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. Availabilities are open for our San Francisco office. To take the other football, its like returning a kick-off. 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. His loftier goal is to help rewrite the narrative for . Growing down, I call it. Since 2017, Kindred Media has always served as a vehicle of expression for LionTree. Welcome to the new Career Services website! Learn more about our facultys research, student activities, alumni game-changers, and how Berkeley IEOR is designing a more efficient world. (They prompt us to wonder, what achievements of the future are unimaginable todayand how do we start imagining them?) If you have any thoughts or suggestions on the new site, please share them with us. j***@liontree.com. In your resume title, please indicate whether you are interested in Technology, Gaming (Interactive Entertainment), or both groups. 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 the EU, the sale of Giphy represents the first time a global regulator has unwound a completed transaction by Big Tech, and Illuminas $8bn acquisition of Grail was approved in the U.S. but blocked by the EU competition authority, despite the target having little presence in the EU (this decision is currently under appeal). Availabilities are open for our San Francisco office. Toward these ends, we see several opportunities at play across the landscape. We are always evolving to meet the demands of a changing landscape, helping our partners seize opportunity at the intersection of technology, media, and culture, while also preparing for the future, building across products, thematics, and geographies. 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. Your preference will be taken into consideration, but not guaranteed. 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. Ritz and Escoffier: The Hotelier, The Chef, and the Rise of the Leisure Class by Luke Barr, When Women Lead: What They Achieve, Why They Succeed, and How We Can Learn from Them by Julia Boorstin, From Strength to Strength: Finding Success, Happiness, and Deep Purpose in the Second Half of Life by Arthur C. Brooks, Metahuman: Unleashing Your Infinite Potential by Deepak Chopra, Power Failure: The Rise and Fall of an American Icon by William D. Cohan, Build: An Unorthodox Guide to Making Things Worth Making by Tony Faddell, A Bankers Journey: How Edmond J. Safra Built a Global Financial Empire by Daniel Gross, Play Nice But Win: A CEOs Journey from Founder to Leader by James Kaplan and Michael S. Dell, The General Theory of Employment, Interest and Money by John Maynard Keynes, Leadership: Six Studies in World Strategy Hardcover by Henry Kissinger, When We Cease to Understand the World byBenjamin Labatut, Reminiscences of a Stock Operator by Edwin Lefvre, Thomas Jefferson: The Art of Power by Jon Meacham, Scarcity by Senhil Mullainthan & Eldar Shafir, The Revolutionary: Samuel Adams by Stacy Schiff, Vogue X Music byEditors of American Vogue,andJonathan Van Meter, Alexander and the Terrible, Horrible, No Good, Very Bad Day by Judith Viorst, Stockholm: City of Islands and Water by Jeppe Wikstrm & Per Kallstenius, Translated by Ruth Urbom, The End of the World Is Just the Beginning: Mapping the Collapse of Globalization by Peter Zeihan. At any given moment, we can measure our position or value in the world. 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