If you are interested in applying, please submit your resume through the below Han Aryeh B. Bourkoff (born 1972) is an American businessman and documentary producer. Through our biweekly KindredCast podcast, daily Take a Break newsletter, and social media channels, we seek to engage a variety of demographics that could benefit from stories and perspectives across our ecosystem. So, with inflation (as measured by CPI) at around 7%, we may be underestimating the trajectory of rates heading into 2023. Following the Dot Com boom, the market lost all confidence in the viability of IPOs, but it only took a few successful, smaller-scale listings to reboot the market and investor confidence. These pressures show no sign of abating, and conflict looms. 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. 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. While the creator economy clearly impacts mindshare in our attention-driven economy and is something traditional media must learn to contend with, it also creates boundless potential. 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. While social media thrives on disagreement, media is the override in that it offers common groundan immensely valuable thing in a fractured social landscape. What is the price of a security compared to its long-term value, both on an absolute and relative basis, and over time? As I reflect on a decade of transformation across the landscape and in the markets, media remains the override. As a result, the IPO door for growth stories is now much harder to open. We must be mindful of the heightened influence of both creators and platforms on the information we consume, and on our public discourse. We need a bridge to get to the other side, and it is built on three pillars: creativity, community, and capital. Location is worldly; momentum is moral. But they will not be alone. At the same time, the U.S. is reasserting its global leadership, benefitting from its role as the home of free markets and abundant capital to drive innovation (even during time of scarcity), a still strong dollar and global reserve currency (despite clear challenges), and energy and food independence compared to other regions. Contact. j***@liontree.com. Books for me are a way transport myself to a different moment or mindset, offering a break from the routine. Email. We would expect some of these trends to reverse, putting pressure on equity markets and more speculative growth investments and transactions. 1972 (age 50-51) Palo Alto, California. University of California, San Diego ( BA) Title. The reality, however, has been the reverse: social media has left us more disconnected. It is my pleasure to share them with you, and I also like to look back on each years list as treasures to mark each year. 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. Weve dealt a lot with uncertainty, leaving most with feelings of exasperation. As has been revealed by the markets, its not enough to bet big on the future. Moreover, history gives us reason for optimism. Industry players have been working to find the perfect balance for some time; however, a heightened focus on profitability likely means continued reformation of streaming platforms and a repackaging of the landscape across all forms of media to regain leverage. 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). Such leaders, finding opportunity in the gaps and dislocations of a turbulent period, will emerge as the new industrialists of our time. Raine hasnt started yet and liontree nyc doesnt have their app open so must be liontree sf. 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. But its willingness to spend more than $220 billion on infrastructure and development to welcome global fans and sponsors was declarative. The challenge is how to respond. And before the rapid increase of interest rates, we saw some of the largest take private activity in technology such as Vistas $17bn acquisition of Citrix and of course the Twitter take private. Introduction. 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). Employer: LionTree . Would Paris Hilton Let Her Kid Be An Influencer? Alex Cherry is an Investment Banking Summer Analyst at LionTree based in New York, New York. Candidates for the 2023 Summer Internship Program: Are currently enrolled as an undergraduate student. Liontree LLC and The Raine Group SA 2023 Recruiting/Interview Timeline? They are the compass that provides the framework to self-correct, to become nimble and self-sufficient as companies identify their competitive advantage that will carry them through. 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). LionTree, powered by what media and telecom executives describe as Mr. Bourkoff's nonstop networking, has already claimed a number of advisory assignments, from Charter's deal for Time Warner . 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? 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. LionTree is a differentiated global investment and merchant banking firm focused on companies in the technology, media, telecom and consumer-related industries. Incoming 2023 Investment Banking Summer Analyst at LionTree LLC Daniel Milne Investment Banking Analyst at LionTree Daniel Milne is an Investment Banking Analyst at LionTree based in New York, New York. At the most basic level, DTC models are inherently flawed. It is not an easy task, but it is an essential one. 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. They create an asymmetric relationship between the product and the consumer: the moment the consumer isnt getting what they want, the relationship is over. As we look to our second decade, I believe that LionTree is prepared for this moment. 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. Alma mater. 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. - Leslie Mallon, Head of LionTree Public Markets. With Zedge CEO Jonathan Reich. LionTree Chairman & CEO Aryeh B. Bourkoff shares his reflections and outlook for the year ahead. 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. 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 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. Email. 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. 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. 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. 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. Rebundling the Landscape: Whats Your Edge? 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