We must be mindful of the heightened influence of both creators and platforms on the information we consume, and on our public discourse. 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. (Go Tritons!). 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. Accessibility Policy New business ideas and growth initiatives spurred by heavy investments were in vogue due to 0% interest rates. Ultimately, a greater issue is the real growth rate and its impact on inflation-adjusted earnings. The lowest points in the treasury yield curve are the 10-year and 30-year, leaving high-yield companies that cant access debt beyond seven or eight years relatively disadvantaged in the current market environment, due to both spreads and absolute rates. 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). Growing down is a mindset that allows us to focus on what is indispensable. Careers at Moelis. 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. . This gap, this paradox, we must overcomefor our society at large, and particularly for our children. 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. Whats the Difference Between an Agent and a Manager? These confines are both self-selected, and inflicted upon us by algorithms, which risk deepening our social and political divisions by drawing the like-minded together, and radicalizing users by luring them to the extremes of antisemitism, racism, and all sorts of noxious beliefs. 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. Cowen's Investment Banking Summer Analyst Program is a ten-week internship that offers an unparalleled experience for undergraduate students. Rebundling the Landscape: Whats Your Edge? LionTree Chairman & CEO Aryeh B. Bourkoff shares his reflections and outlook for the year ahead. The yield curve also remains inverteda leading indicator of recession over the last 50 years. So, with inflation (as measured by CPI) at around 7%, we may be underestimating the trajectory of rates heading into 2023. Greenhill also offers summer Analyst opportunities for undergraduates in the summer before their senior year. 2023 will likely not be easy. For the Class of 2024, LionTree Advisors is now collecting resumes for our 2023 Summer Analyst program. 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. Select notable transactions include: advising Naver on its $1.2bn acquisition of Poshmark, Take-Two Interactive on its $12.7bn acquisition of Zynga, The Athletic on its sale to the New York Times, MGM Studios on its $8.5bn sale to Amazon, WarnerMedia (AT&T) and Discoverys ~$140bn merger, Viacom on its $47bn merger with CBS, Pandora on its $3.5bn sale to SiriusXM, and Charter on its $78.7bn acquisition of Time Warner Cable. Meanwhile, a groundswell of content and creativity is developing outside the confines of traditional media. These dynamics have been thrown into positive relief by developments in China, where the government continues its push toward centralization, evident not only in its Covid restrictions (now being scaled back), but in its industrial policies. 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. The return on investment is simply higher than for those with a distribution disadvantage. Moreover, history gives us reason for optimism. 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. The root word in Hebrew for counsel also means tree. But its not just about getting smaller. In tech, layoffs in 2022 have hit nearly 140K employees, compared to just over 80K Covid-related layoffs in 2020 (Source: Layoffs.fyi). 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. 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. Breakingviews category Adobe's lose-lose Figma bind, article with image February 24, 2023. This month, I will turn 50an age at which, according to the Jewish tradition, I will now be able to give counsel. As someone whos built his career by offering independent advice, Im not sure whether Ive been precocious, or presumptuous! For the Class of 2025, LionTree Advisors is now collecting resumes for our 10-week Summer 2024 Internship Program. The successes of an everyman like MrBeast and others like him reveal that, in the currency of this vast, youthful ecosystem, relatability and authenticity are gold, while talent is silver. Early Career Programs - Careers | BlackRock 68,324 Investment Banking Analyst Graduate Jobs - ZipRecruiter Liontree Llc New York, NY Type. Take a Break and Daily from Kindred Media. T 404.495.7000. Moelis & Company offers a collaborative, diverse and entrepreneurial environment where experienced professionals can continue to learn, grow and enhance . This year, we witnessed an IPO success story with Volkswagens listing of Porsche in September; it encapsulates what I believe will shape the first successful IPOs over the next 12 months until investors gain confidence in new issuances. Certainty and uncertainty are a package deal. 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. Clearly one benefit of globalized trade in the recent super cycle has been its deflationary impact. Availabilities are open for our San Francisco office. It's a full-time, 10-week commitment from May 31, 2023 through August 4, 2023. Rather than working primarily against each other in streaming wars, the industry will likely have to work better together. Investment Banking Analyst at LionTree. At the time of the transaction, Comcast CEO Brian Roberts said, Microsoft has attached no strings and called the investment a strong vote of confidence in the industry; Wall Street very quickly agreed. The estimated base pay is $119,540 per year. Your preference will be taken into consideration, but not guaranteed. In anything, the arc of life is also a governing framework for your priorities. Indeed, expertise, as well as creativity, may be in the process of being usurped by generative AI, which puts the power of creation in the hands of anyone with a basic keyboardfrom ChatGPT (text to dialogue) to DALL-E (text to imagery), to Midjourney (text to animation), and many others not mentioned here. What is the price of a security compared to its long-term value, both on an absolute and relative basis, and over time? 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. We seek to both advise and invest in our relationships and will be doing so amid dislocations and crosscurrents where independent, differentiated capital and long-term shareholder support will come at a premium. 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. Associates (208) $257. 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. We will have to wait and see if the trend keeps pace in Q4, which accounted for ~30% of the total buybacks for the full year 2021. 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. What it reveals is the perpetual lag of law and regulation behind the many-headed Hydra of technological change. One would expect the slowdown to persist for the near future, but I am more optimistic about the sustainability of M&A deal flow. 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). . 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. Each of these is intertwined with the other. Kindred Media now averages more than 1 million impressions per month. LionTree offers a 10-week summer analyst program for rising seniors. One legendary media executive once said to me: When I was finding my way, we didnt even use the term entrepreneur. Porsche possesses the qualities first-out-the-gate companies will need to break through, and so far, its stock performance has proven durable. The facts are clear. 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. As a result, the IPO door for growth stories is now much harder to open. New Denver Broncos head coach Sean Payton said at the NFL Scouting Combine that he tried to lure former Broncos head coach Vic Fangio back to Denver before hiring another former Broncos head coach . On the buzzy Liked by Stanley Sunata Password (8+ characters) Incoming 2023 Investment Banking Summer Analyst LionTree LLC Apr 2022 - Present 11 months. Summer Analysts will focus on a broad range of Mergers and Acquisitions, Debt Advisory, Restructuring, and Equity Capital Markets advisory assignments. Read More. This period of slowdown is temporary, in my view, but necessary to return to fundamental long-term growth. Liontree LLC and The Raine Group SA 2023 Recruiting/Interview Timeline? 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. 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. For my 50th birthday, I received books of all kinds and while Ive yet to make it through all of them, I am excited to share a subset of them as a window into the relationships I hold dear. With higher cost of capital, organic investments will require clear metrics and competitive business rationales so that shareholders can gain confidence they will see a satisfactory return. LionTree is a differentiated global investment and merchant banking firm focused on companies in the technology, media, telecom and consumer-related industries. 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. 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). 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