Offsetting this activity (particularly from platform players) is the question of regulatory scrutiny. 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). With Zedge CEO Jonathan Reich. In this vision, the exchange of diverse opinions, combined with easy access to information, would make society more tolerant, open-minded, and well-informed. 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. The return on investment is simply higher than for those with a distribution disadvantage. Its customary for me to share a list of (audio)books that I have gathered over the course of the yearfrom friends, mentors, family, travels, and more. What it reveals is the perpetual lag of law and regulation behind the many-headed Hydra of technological change. Coming out of the GFC, the stimulatory stance taken by the Fed was never paused, ultimately just shifting in name alone to modern monetary policy. There is no historical precedent to this experiment, leaving many to wonder: Was this a good idea to begin with? Additional mistakes may have been made with monetary and fiscal policy in the last two years, but rest assured, central banks are now closely focused on fighting inflation with all tools available, and 2023 may be a good year to win this fight as we head into a more politically charged 2024 environment in the U.S. While scarcity plays a starring role in many important problems, abundance sets the stage for it. Once on stage, scarcity captures our attention and forces the self-correction that eventually makes future growth possiblefor leaders, companies, and countries. Notable transactions include advising Charter on its $78.7bn acquisition of Time Warner Cable, Take Two on its $12.7bn acquisition of Zynga, eBay on its $9.2bn sale of eBay Classifieds to Adevinta, MGM on its $8.5bn sale to Amazon, Apollo Funds on its $5.0bn acquisition of Verizon Media, Starz Networks on its $4.6bn sale to Lionsgate, and Snap on its $3.4bn IPO. 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. We are excited for these innovations and very closely focusing on transformational organic and inorganic activity in areas such as healthcare technology, security, privacy and digital identity, education as well as vertical software and marketplacesguided by our informed experience with technological change and pattern recognition as we advise CEOs and industries on growth, capital structure, potential transactions and partnerships, and overall competitive position. High proficiency in Microsoft Office suite. Breakingviews category Adobe's lose-lose Figma bind, article with image February 24, 2023. With more than 4,000 alumni, 20 faculty, 20 advisory board members and 400 students, the IEOR department is a rapidly growing community equipped with tools and resources to make a large impact in industry, academia, and society. A form of preservation and defense that gives you strength and the ability to play offense. But they will not be alone. To that end, here is some of our favorite Kindred Media content from 2022: Recognizing The Patterns In Our Historical Moment with Niall Ferguson, Closed Loop Partners Ron Gonen on Sustainable Capitalism, Introducing: Listen On Purpose with Rachel Kraus, Paris Hilton and Carter Reum: Catching Up With The Original Influencer, With A Good Ass Job, Skys The Limit: SpringHills Maverick Carter, Medias Next Chapter with Malcolm Gladwell, Take-Two Interactives CEO Strauss Zelnick Hits His Stride, Tim Ferriss On Finding Success In The Uncomfortable Moments, From the Messy Middle to the Near Future with Adobes Scott Belsky, NFTs Made Easy (and Green!) 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. 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. 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. Employer: LionTree . So, when it comes to sports, expect media rights packages to be further divided. 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. There is still a window for local broadcasters to use their remaining distribution leverage to reinvent themselves, moving away from content dependence on the networks and distribution dependence on the cable companies. Upon completion of the Program, Summer Analysts have the opportunity to receive full-time Analyst offers for a post-graduation starting date. 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. (See, for instance, European objections to Made in America electric vehicles.). Looking ahead, I expect continued strong activity in the software and video game spaces,to name two. Together we must grow down, to emerge together, renewed, again. The challenge is how to respond. The U.S. remains home to many of the strongest, most transparent, most technologically advanced, and most influential companies and entrepreneurs. Comcast's stock traded up. More than half of the Fortune 500 companies were founded during a recession or bear marketfrom General Motors in the downturn following the Panic of 1907, to Microsoft during the oil crisis of the 1970s. Early Career Programs - Careers | BlackRock 68,324 Investment Banking Analyst Graduate Jobs - ZipRecruiter Liontree Llc New York, NY Type. 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. Linear broadcasters are maintaining respect when it comes to reaching scaled audiences, so leagues will want to continue to find new ways to monetize media rights between tech and traditional distribution to maximize their reach and income. 1y. While Im turning 50, LionTree also celebrated a pivotal birthday this year: 10 years. To do the unexpected, so we can look back and wonder why we didnt act sooner. 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? Gaming companies also make money! 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. LionTree CEO Aryeh Bourkoff is a master dealmaker.. 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. It is said that you can win the World Cup without a great strikera great goal scorerbut you cant win it without a great goalie. At the most basic level, DTC models are inherently flawed. Introduction. Going forward, however, the onshoring or friendshoring of manufacturing and innovation is a pressure point for inflation and corporate strategy. 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. You were just a person who wanted to build a business. And while I appreciate those who leverage their success and platform for meaningful causes, after many lessons we must be more careful before idolizing those who are undeserving. At the same time, the outlook for advertising is uncertain and affiliate revenues that have been used to fund streaming initiatives are accelerating their decline. But a compass is not enough. So, cash must be put to work and inflation can be a double-edged sword. Meanwhile, Netflix is experimenting with ways to embrace theatrical to help bolster topline revenues, while also driving subscribers and protecting its core product. These burdens, as we have seen recently, impose heavy obstacles to profitability. Faculty research in Berkeley IEOR specializes in stochastic processes, optimization, and supply chain management. Netflix has been able to cross the Rubicon and reach a profitable scale after a decade of investment. 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. Learn more about our facultys research, student activities, alumni game-changers, and how Berkeley IEOR is designing a more efficient world. Our Services Investment Banking What We Deliver Global Reach This period of slowdown is temporary, in my view, but necessary to return to fundamental long-term growth. The interplay between content and distribution has been critical since the dawn of mass media, and the calculus is always shifting. Compared to a record 2021, global M&A volume has decreased in 2022 but remains on a positive trajectory compared to 2020. If you have any thoughts or suggestions on the new site, please share them with us. After all, no one climbs a mountain alone. Gaming Weekly 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. Summer Analysts will focus on a broad range of Mergers and Acquisitions, Debt Advisory, Restructuring, and Equity Capital Markets advisory assignments. If you are interested in applying, please submit your resume through the below Han Download PDF. Digital Real Estate Monthly When the balance of the world shifts, perspectives change. 11/16/2022 5:48 PM. This puts a premium on creative dealmaking and M&A, structuring, and access to long-term shareholdersand this is what we at LionTree excel at. This year, I was touched to see that many friends and close contacts appreciate the significance of a book in marking a moment in time, to learn from and to reflect. 2023 will likely not be easy. This lends some perspective on the adjustments making their way through the private markets, where lowered valuations make an exit more difficult. Second, the ceaseless supply of new content ends up devaluing that content over time, as is the case with any asset inflation. As LionTree grows, Kindred Media has grown with it. 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. Raine hasnt started yet and liontree nyc doesnt have their app open so must be liontree sf. 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. Toward these ends, we see several opportunities at play across the landscape. For example, given that broadcasters are in danger of being left behind, regulation could be adjusted to allow further consolidation. The root word in Hebrew for counsel also means tree. Certainty and uncertainty are a package deal. In the EU, the sale of Giphy represents the first time a global regulator has unwound a completed transaction by Big Tech, and Illuminas $8bn acquisition of Grail was approved in the U.S. but blocked by the EU competition authority, despite the target having little presence in the EU (this decision is currently under appeal). For us too, this period is a time to probe, to question paradigms and enlarge perspectives. Founder and CEO of LionTree LLC. For the Class of 2022, LionTree Advisors is now collecting resumes for Investment Banking Analyst program with a start date of July 2022. 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. 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. At stake were about $65m in fees, a huge amount for a company with fewer than 50 employees, according to estimates from Freeman & Co. Now, with Charter-TWC and more than 50 transactions worth more . 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 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. 210123. Its about revisiting business models to focus on your strengths and building around thatcorrecting the distracting abundance of the past that may have led to misallocation of capital and priorities. Download PDF most technologically advanced, and the calculus is always shifting the Rubicon and reach a profitable scale a. For those with a start date of July 2022 and corporate strategy 2022, LionTree celebrated! Wanted to build a business LionTree Advisors is now collecting resumes for investment Banking Analyst Program with a start of! 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