What it reveals is the perpetual lag of law and regulation behind the many-headed Hydra of technological change. Associates (208) $257. New business ideas and growth initiatives spurred by heavy investments were in vogue due to 0% interest rates. 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. Office closed daily from 121pm for lunch. Accessibility Policy This is growing down, and ultimately, the upside to downturns. 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. 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. Just as it did in the 80s, that dynamic will favor those who are self-aware and patient, aiming for long-term opportunity rather than chasing lower conviction near-term growth. Telecommunicationseven cable and broadbandwill be an interesting area to focus on in 2023 as companies double down on the decentralized power of their networks vis-a-vis the devices that rely upon them. During my recent travels to the Gulf region, many described its rise as the New Europe, in contrast to the Old Europe, which is experiencing a relative decline due to demographic, political, and economic slowdown, exacerbated by dependence on foreign energy and resurgence of territorial conflict. The current media paradigm has several of its own weaknesses, as well. But its not just about getting smaller. 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. Meanwhile, Netflix is experimenting with ways to embrace theatrical to help bolster topline revenues, while also driving subscribers and protecting its core product. 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. Operations Research & Management Science, B.S. 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. Second, the ceaseless supply of new content ends up devaluing that content over time, as is the case with any asset inflation. 1/16/2023 11:26 PM. 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. But it requires strong management teams (which I believe the industry is lucky to have) and making profitability the priority. . Shedding of non-core assets and expenditures can enable scaled players to focus on their core business and deliver value to shareholders. For instance, the Biden administrations CHIPS law, along with related restrictions, serves both to hamper Chinas military-industrial rise, and to revitalize American manufacturing of a critical resource. 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. In your resume title, please indicate whether you are interested in Technology, Gaming (Interactive Entertainment), or both groups. 23 salaries (for 11 job titles) Updated 1/13/2023. If you have any thoughts or suggestions on the new site, please share them with us. However, after getting experience in a small investment banking/Private . The difficulty of knowing both location and momentum is that they are not just different things, but on different planes. Such leaders, finding opportunity in the gaps and dislocations of a turbulent period, will emerge as the new industrialists of our time. 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. But even as we anticipate a return to abundance, we must be mindful of scarcity. Software Weekly Scale still matters, including as a means to profitability. These pressures show no sign of abating, and conflict looms. The LionTree platform, spanning strategic and financial advisory, capital markets, and merchant banking, is meant to serve CEOs and entrepreneurs through any cycle. 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). 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. 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. Full Time Programs Begin your financial career as an Analyst at Stifel. Rather than working primarily against each other in streaming wars, the industry will likely have to work better together. For example, given that broadcasters are in danger of being left behind, regulation could be adjusted to allow further consolidation. Password (8+ characters) Inflation, and the responses to it by governments, banks, and investors, have dominated the headlines. Historically, the role of a bank, broadly defined, has been to shine a light on deserving sectors, and to provide capital to facilitate value creation. 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. 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. Since our formation, LionTree has advised on almost $750bn of deal volume across over 225+ transactions. I also see an increase in private investments in public companies, as markets seek to provide capital support for management strategies. While a decision against Google would seem to impose a crippling amount of legal risk on platforms, what is revealing is that the plaintiff does indeed have a case under the law, written two years before Google was founded in a garage. LionTree represents clients ranging from large-cap leaders to emerging growth companies. Lion Tree Weekly Capital Markets Dashboard For us too, this period is a time to probe, to question paradigms and enlarge perspectives. The Spectrum Internship Experience. For the Class of 2025, LionTree Advisors is now collecting resumes for our 10-week Summer 2024 Internship Program. Toward these ends, we see several opportunities at play across the landscape. LionTree offers a 10-week summer analyst program for rising seniors. But its willingness to spend more than $220 billion on infrastructure and development to welcome global fans and sponsors was declarative. 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. While the fragmented landscape creates more ad space to fill, two questions are top of mind: 1) Will there be enough to go around? 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. Sometimes the rules themselves will need to be changed to allow these processes. I realized, afterwards, that this idea of growing down is itself a form of protection. 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. He held his position through not one but two recessions and was reviled for his efforts at the time. High proficiency in Microsoft Office suite. To take the other football, its like returning a kick-off. Questions of responsibility and liability will soon be addressed by the Supreme Court. 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. 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. What better example than the global spectacle of the World Cup, the first in an Arab nation? Raine hasnt started yet and liontree nyc doesnt have their app open so must be liontree sf. Im also reminded of transactions that exemplify the concept of Reference Shareholders, i.e., sources of partnership capital aimed to endorse long-term growth and transformation through cycles. But to guide your own momentum, as an individual or institution, requires humility and self-awareness. 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. I recently secured my junior year internship summer analyst position (summer 2023) at a large US bulge bracket for Sales & Trading in NYC. Last name. "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.". 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. 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. Jeffrey Hirsh's Phone Number and Email. 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. 210123. 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. 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. What are your essentials, the resources and relationships you cant do without? 1972 (age 50-51) Palo Alto, California. If you are interested in applying, please submit your resume through the below Han This perspective is crucial, because those who believe they see a light at the end of the tunnel as we head into the New Year may well be mistaken. 2019 - 2022. Given their tried, tested, and proven profitability, the integration of gaming is here to stay, despite an engagement pullback from Covid highs. On the buzzy Liked by Stanley Sunata 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. But they will not be alone. 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. (Go Tritons!). 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). Compared to a record 2021, global M&A volume has decreased in 2022 but remains on a positive trajectory compared to 2020. And while there are still hardware hurdles to overcome in virtual reality, and the technology is still in its early days, I view both augmented and virtual reality as a means of expanding the reach of live experiences in the digital realm. Greenhill also offers summer Analyst opportunities for undergraduates in the summer before their senior year. We would expect some of these trends to reverse, putting pressure on equity markets and more speculative growth investments and transactions. Industrial Engineering & Operations Research, Management, Entrepreneurship & Technology, Ph.D. Industrial Engineering & Operations Research. 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. LionTree is an independent investment and merchant bank focused on media, technology, telecommunications and consumer-related industries with ~$750bn in total transaction value. 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. . Mike Fries, the CEO of Liberty Global, has hired Bourkoff on nine deals, totaling some $85 billion, including its 2013 $23 billion . 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. With leadership comes responsibility, and all the consequences it may entail. We must recall one of the most celebrated early promises of the internet, that it can function as a democratic public square. The UK environment is particularly challenging, with many mergers (such as Viasat/Inmarsat) under tight scrutiny. What is the price of a security compared to its long-term value, both on an absolute and relative basis, and over time? Your back catalog is depreciating rather than appreciating in line with traditional library economics. LionTree does not undertake any obligation whatsoever to provide any form of update, amendment, change or correction to any of the information, statements, comments, views, or opinions set forth in this letter. 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. Industrial Engineering & Operations Research, management, Entrepreneurship & Technology, Gaming ( Interactive Entertainment ), or groups! 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