The estimated base pay is $119,540 per year. Moelis & Company offers a collaborative, diverse and entrepreneurial environment where experienced professionals can continue to learn, grow and enhance . 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. The uncertainty principle, in quantum mechanics, gives us a powerful metaphor for the contingency of our knowledge. 2023. He is the founder and chief executive officer of LionTree LLC, a global investment and merchant banking firm focused on media . 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. AMC Networks Chairman Jim Dolan may have said it best: We are primarily a content company, and the mechanisms for the monetization of content are in disarray. Knowing your strength is a virtue and can lead to clarity around what needs work. 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. "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.". Turbulent times teach us that momentum is no guarantee of stability, and hubris is as dangerous as inertia. Gaming reaches more than four billion people worldwide (and growing), equally shared between men and women. The root word in Hebrew for counsel also means tree. Looking ahead, I expect continued strong activity in the software and video game spaces,to name two. 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). It holds true in business, andfor those of you watchingin the worlds most popular sport. 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. Thanks for your interest in the 2022 Corporate Strategy Summer Analyst position. (They prompt us to wonder, what achievements of the future are unimaginable todayand how do we start imagining them?) Aryeh B. Bourkoff (born 1972) is an American businessman and documentary producer. If you have encountered an issue with the site, including concerns about accessibility due to a disability, pleaseshare your feedback with us. As a result, the IPO door for growth stories is now much harder to open. Certainty and uncertainty are a package deal. When rates rise and the return thresholds elevate, we are forced to choose; innovation and inorganic activity come at a higher cost. 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. 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. 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. 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. Kindred Media now averages more than 1 million impressions per month. 2023 will likely not be easy. 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. 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. Your back catalog is depreciating rather than appreciating in line with traditional library economics. 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. As we look to our second decade, I believe that LionTree is prepared for this moment. 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. The most salient of these dynamics, the U.S./China rivalry, will be the defining feature of 21st century geopolitics; and this economic (hopefully not military) competition has implications for trade, currency, and commodity markets, and for globalized efficiency. This is a learning-intensive program designed to give you essential business insights and hands-on experience in your field of choice. As an early celebrationreflection, reallyfor my 50th birthday, I spent a weekend with close friends in the American West. Upon completion of the Program, Summer Analysts have the opportunity to receive full-time Analyst offers for a post-graduation starting date. 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. For both companies and countries, the breakdown of larger networks offers opportunity for the strengthening of nearer ties. Most notable for Porsche, ~40% of the book was snapped up by just four investors, and ~75% was composed of only 20 investors. Companies with pricing power, greater control over their supply chains, and the ability to consolidate their advantages are in stronger positions. Office closed daily from 121pm for lunch. In life, the onset of a new decade is a moment to reflect. On the buzzy Liked by Stanley Sunata In this vision, the exchange of diverse opinions, combined with easy access to information, would make society more tolerant, open-minded, and well-informed. But the prominent investment banker isn't content to simply facilitate M&A transactions. Throughout the first decade of LionTree, weve strived to remain grounded yet curious, principled yet adaptive, expansive yet self-correcting. Feb 24, 2021. . With cheap money in the rearview, 2023 will be the time for self-awareness and reflection on what is possible, and what is not possible, when it comes to streaming. LionTree Founder & CEO Aryeh B. Bourkoff joined CNBC's Squawk Box this morning to share his outlook for the media industry in 2023. To resolve the streaming wars, the onus is on the industry to find the quickest path to a more sustainable equilibrium.To get there, assets will need to be reshuffled to diversify business models, free up cash, or even create new entities. Sometimes you have to grow down to grow uplike the roots of a tree, an image I left you with last year as we were exiting a less grounded market cycle. Previously, Alex was an Investment Analyst & Intern a t The Baupost Group and also held positions at The City of Ann Arbor, Michigan. Meanwhile, Netflix is experimenting with ways to embrace theatrical to help bolster topline revenues, while also driving subscribers and protecting its core product. . At the most basic level, DTC models are inherently flawed. In business, we measure the value of an asset over multiple time horizons, weighing opportunities of today against those of tomorrow. 1. Compared to a record 2021, global M&A volume has decreased in 2022 but remains on a positive trajectory compared to 2020. We would expect some of these trends to reverse, putting pressure on equity markets and more speculative growth investments and transactions. 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). 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. Raine hasnt started yet and liontree nyc doesnt have their app open so must be liontree sf. In the coming period, creativity and innovation will emerge from the CEOs who have demonstrated their ability to play to their competitive advantagetheir edge. First, it leads to high spending to continuously create fresh content, a mode in which even the benefits of scalehaving hundreds of millions of global subscribersare no guarantee of sufficient (if any) cash flows. Creative dealmaking experiences tailwinds when the public markets, surely not as open as they used to be, are challenged. The facts are clear. Alma mater. However, during these uncertain times, to cross the threshold into the public markets requires shareholders to believe in you. If the first mountain is about acquisition, the second mountain is about contribution.. While this is difficult work, these leadership decisions are necessary. I also see an increase in private investments in public companies, as markets seek to provide capital support for management strategies. 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? 11/16/2022 5:48 PM. These anchor investors, who fit my description of Reference Shareholders, serve as bastions of confidence, inducing other investors to join in. Last name. 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. Of the four largest investors, three were sovereign wealth funds (Norges, ADQ, QIA), and the other was T. Rowe Price. 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. While the fragmented landscape creates more ad space to fill, two questions are top of mind: 1) Will there be enough to go around? This number represents the median, which is the midpoint of the ranges from our proprietary Total Pay Estimate model and based on salaries collected from our users. Operations Research & Management Science, B.S. Employer: LionTree . Glassdoor provides our best prediction for total pay in today's job market, along with other types of pay like cash bonuses, stock bonuses, profit sharing, sales commissions, and tips. And finally, protection against threats that we do not see, neither predicted nor apparentthe most dangerous of all. In times of scarcity, we are forced to look inward to recalibrate. But even as we anticipate a return to abundance, we must be mindful of scarcity. 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. 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. 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. 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. Liontree LLC and The Raine Group SA 2023 Recruiting/Interview Timeline? 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). LionTree is not providing or undertaking to provide any financial, economic, legal, accounting, tax or other advice or recommendation in or by virtue of this letter. 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. In my view, many of the ruling class parties (whether they won or underperformed, like the GOP) lack youthful, decisive, innovative leadership that has executable ideas suited to the times. It is said that you can win the World Cup without a great . 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, 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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. Rather than working primarily against each other in streaming wars, the industry will likely have to work better together. 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. What this illustrates is that its very hard to be both content creator and distributor. The firm has expertise in a wide range of verticals including film/TV, telecom/cable, music, sports, emerging tech and more. With a non-deductible 1% excise tax on buybacks occurring after the end of this year as part of the Inflation Reduction Act, it wont be surprising if confident companies seize the opportunity. It is surrounded by a nexus of other experiences, such as betting, character-driven content, merchandise, and overall engagement. 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. 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. 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. For the Class of 2025, LionTree Advisors is now collecting resumes for our 10-week Summer 2024 Internship Program. In the case of large media entities with higher levels of debt, divesting of non-core assets could provide the financial flexibility required to achieve or enhance profitability in their core business, and play to their strengthsfor example, Hasbros divestiture of parts of its eOne entertainment division. LionTree Chairman & CEO Aryeh B. Bourkoff shares his reflections and outlook for the year ahead. Moreover, history gives us reason for optimism. He held his position through not one but two recessions and was reviled for his efforts at the time. 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. The increased cost of capital and overall caution of management teams and investors has led to a slowdown in dealmaking. 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. When the balance of the world shifts, perspectives change. Vice President (38) $392. Email. 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 . 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). Most of us recognize that slowdowns are inevitable; the harder task is to accept the unpredictability that accompanies them. 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. The far-reaching research done at Berkeley IEOR has applications in many fields such as energy systems, healthcare, sustainability, innovation, robotics, advanced manufacturing, finance, computer science, data science, and other service systems. Predicted nor apparentthe most dangerous of all do not see, neither predicted nor most. Over their supply chains, and overall engagement, Summer Analysts have opportunity! Telecom/Cable, music, sports, emerging tech and more working primarily against each in. Looking ahead, I spent a weekend with close friends in the software video... 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