These dynamics bring with them new responsibilities. Location is worldly; momentum is moral. How much do LionTree employees make? Alex Cherry is an Investment Banking Summer Analyst at LionTree based in New York, New York. What are the investable opportunities now that unprofitable growth initiatives make less sense? 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). I see several trends contributing deal activity: 1) M&A to simplify conglomerates, including potential asset divestitures for both public and private companies as they use capital to de-lever or refocus on their edge; 2) stock-for-stock mergers for both private and public companies, where relative valuation declines are less of an issue and where financial synergies are expected to be the highest; and 3) I do foresee return of the leveraged buyout market in the second half of the year, as there is still abundant cash in private equity coffers, as financing banks clean up their balance sheets and as price stability or at least visibility returns. LionTree does not make any representation or warranty as to the accuracy or completeness of any of the information, statements, comments, views or opinions contained in this letter, and any liability therefor (including in respect of direct, indirect or consequential loss or damage of any kind whatsoever) is expressly disclaimed. At any given moment, we can measure our position or value in the world. Intern/Summer Analyst (316) $409. Breakingviews category Adobe's lose-lose Figma bind, article with image February 24, 2023. As we move into our second decade, seeking to bolster our triple currency of creativity, community, and capital, we see our greatest strength in our relationships that have enabled us to even reach this point. Parrish Hall 135 2022 was a challenging year. The U.S. remains home to many of the strongest, most transparent, most technologically advanced, and most influential companies and entrepreneurs. These burdens, as we have seen recently, impose heavy obstacles to profitability. 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. 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. The firm has expertise in a wide range of verticals including film/TV, telecom/cable, music, sports, emerging tech and more. 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. Accessibility Policy These pressures show no sign of abating, and conflict looms. Office closed daily from 121pm for lunch. For companies with meaningful capital structure or liquidity issues, unfortunately it is time for recalibrationin expectations, ambitions, and the growth-at-all-cost mentality. Read More. High proficiency in Microsoft Office suite. The difficulty of knowing both location and momentum is that they are not just different things, but on different planes. As Churchill said, Its no use saying, We are doing our best. You have got to succeed in doing what is necessary. The challenge is to maintain an abundant mindset, and a purposeful one, in times of scarcity. 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. Whatever steps they take, companies must seek to optimize choice, personalization, and ease, at the best possible price. What that period dramatizes is a central dynamic of our own time: the necessity of contraction and recalibration for the prospect of future stability and momentum. LionTree offers a 10-week summer analyst program for rising seniors. The market has currently priced in a rising rate environment through the first half of 2023, peaking at around 5% by mid-year. What it reveals is the perpetual lag of law and regulation behind the many-headed Hydra of technological change. His clients seem to love him. For the content companies, this means a focus on creativity to produce absorbing content across formats and audiences, profitably, and working with the industry to find the best home for that content. Kindred on the Kurb: What is the Biggest Problem Facing the Country Today? . Other feature hits and episodic content from Black Panther: Wakanda Forever to The Peripheral to Woman King (fill in whatever youve loved this year) continue to inspire and excite. The pandemic was an accelerator for change. The Abraham Accords, a profound realignment of regional dynamics, are one of those breakthroughs that we couldnt have imagined 50 years ago. Scarcity follows abundance. 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. Given lower valuations, many private companies will have to navigate structural considerations as they consider capital raises or mergers, increasing the prevalence of preferred waterfall issues in private sales and/or mergers. This year weve seen myriad governments turn over, from the UK to Italy to Sri Lanka, and change party hands, including in Israel and Sweden, while we ponder the future in the U.S. 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. 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. I realized, afterwards, that this idea of growing down is itself a form of protection. And finally, protection against threats that we do not see, neither predicted nor apparentthe most dangerous of all. 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. Sometimes the rules themselves will need to be changed to allow these processes. While enabling a new ethos of individuality, vulnerability, and (supposed) authenticity, these platforms have the potential to divide us into echo chambers, cementing ideology at the expense of dialogue. As I reflect on a decade of transformation across the landscape and in the markets, media remains the override. Together we must grow down, to emerge together, renewed, again. Adversity is the prosperity of the great. But to guide your own momentum, as an individual or institution, requires humility and self-awareness. In tech, layoffs in 2022 have hit nearly 140K employees, compared to just over 80K Covid-related layoffs in 2020 (Source: Layoffs.fyi). 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. The 'Analyst' role is an entry-level position for the brightest and most capable university graduates. Boards approved strategies they never would have previously and will be even less likely to approve in the coming year. 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. We might learn that, in fact, we simply had too much all along. Gaming reaches more than four billion people worldwide (and growing), equally shared between men and women. Our model gets smarter over time as more people share salaries on Glassdoor. Cowen's Investment Banking Summer Analyst Program is a ten-week internship that offers an unparalleled experience for undergraduate students. 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. Rather than working primarily against each other in streaming wars, the industry will likely have to work better together. 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. 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. When the balance of the world shifts, perspectives change. 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. LionTree. - Leslie Mallon, Head of LionTree Public Markets. The independent investment and merchant bank for creativity, community and capital 2023 will be a year of growth; its just that not all growth is up and to the right. With Zedge CEO Jonathan Reich. Rising rates will take time to play out. 2023 will likely not be easy. 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). Second, the ceaseless supply of new content ends up devaluing that content over time, as is the case with any asset inflation. This letter is provided by LionTree LLC solely for informational purposes and is provided as of the date indicated above. 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). This period of slowdown is temporary, in my view, but necessary to return to fundamental long-term growth. 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. Corporate and political leaders understand its power well, as we see in Sam Bankman-Frieds recent media tour, clearly intended to shape public opinion in advance of what is shaping up to be a very uphill legal battle. Previously, Daniel was a Sales & Trading Summer Analyst at Read More Daniel Milne's Phone Number and Email Last Update 11/9/2022 12:29 AM Email d***@liontree.com Engage via Email Contact Number (212) ***-**** But the prominent investment banker isn't content to simply facilitate M&A transactions. Given their tried, tested, and proven profitability, the integration of gaming is here to stay, despite an engagement pullback from Covid highs. Read More. 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. 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). In this paradigm, with its front-end model of continuous gratification of consumer demand, you are only as great as your last piece of content. Crypto Weekly Privacy Policy While this is difficult work, these leadership decisions are necessary. Looking ahead, I expect continued strong activity in the software and video game spaces,to name two. 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). 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. LionTree was founded in 2012 and has offices in New York, San Francisco, London and Paris to serve a global client base. Apply today at CareerBuilder! Meanwhile, a groundswell of content and creativity is developing outside the confines of traditional media. 1y. 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. Join to apply for the 2023 Summer Analyst Program - New York role at Fitch Ratings. The current media paradigm has several of its own weaknesses, as well. (Go Tritons!). In business, we measure the value of an asset over multiple time horizons, weighing opportunities of today against those of tomorrow. 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. Its an idea that keeps coming back, as I consider the lessons of 2022, and the prospects for 2023. 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. 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. Founded in 2012, LionTree has offices in New York, San Francisco, London and Paris. 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. (When was the last time anyone went back and rewatched an episode of House of Cards?). Shedding of non-core assets and expenditures can enable scaled players to focus on their core business and deliver value to shareholders. It is not an easy task, but it is an essential one. 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