Sports is the ultimate front-end model, built on large, impassioned audiences that keep coming back to watch game after game, season after seasonall the way from global, to national, to local RSNs. In the Pirkei Avot, one of the landmark Jewish texts, each decade is defined by a particular capacity, a potential that has come to fruition. Last Update. The reality, however, has been the reverse: social media has left us more disconnected. Its the first year since 1969 that treasuries and equities are both down meaningfully, raising the cost of both debt and equityas well as the threshold for organic and inorganic growth alike. The market has currently priced in a rising rate environment through the first half of 2023, peaking at around 5% by mid-year. We have seen a similar theme in corporate America, with prominent CEOs abruptly leaving their posts amid a declining macro environment, to be replaced by new leadership better placed to implement grow down strategies. 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). Offered in New York, San Francisco, Dallas, and Detroit (Birmingham), interns can expect a fast-paced, demanding work environment that offers the chance to learn and grow professionally. One legendary media executive once said to me: When I was finding my way, we didnt even use the term entrepreneur. 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 . 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. While I am humbled to be able to support my alma mater in this way, this partnership is an encapsulation of LionTrees purposewhich is to invest in assets in motion, to aid their momentum, and do so with creativity and community at the forefront. 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. In order to be considered for the Summer Analyst Program, you need to be a college student currently enrolled in an Undergraduate program, who will have completed their junior year by the start of the internship. Contact. The increased cost of capital and overall caution of management teams and investors has led to a slowdown in dealmaking. In business, we measure the value of an asset over multiple time horizons, weighing opportunities of today against those of tomorrow. (When was the last time anyone went back and rewatched an episode of House of Cards?). 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. 210123. LionTree is a differentiated global investment and merchant banking firm focused on companies in the technology, media, telecom and consumer-related industries. 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. Kindred Media now averages more than 1 million impressions per month. 2020 - 2023. As the regions rulers understand, old paradigms dont last forevereven the hydrocarbon one on which their wealth has relied. LionTree Founder & CEO Aryeh B. Bourkoff joined CNBC's Squawk Box this morning to share his outlook for the media industry in 2023. "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.". Moreover, history gives us reason for optimism. . Introduction. This will take creativity, trust, and community. Throughout 2023 and beyond, we will continue to coalesce the LionTree and Kindred Media brands to serve as a resource for those in our kin. 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. In that model, Reference Shareholders provide what I call partnership capitalconcentrated, centralized, sustained through uncertainty, backed by committed advice, and allocated to maximize not short-term gain but long-term, transformational value. While the applicability and upleveling of generative AI for creative industries is clear, its ultimate impact is still taking shape, as AI becomes a leading target for investment in the next wave of digital transformation across industriesfrom enterprise technology and logistics to finance and healthcare. 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. It is not an easy task, but it is an essential one. 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. 1y. This period of slowdown is temporary, in my view, but necessary to return to fundamental long-term growth. 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. 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. 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. The just announced Microsoft acquisition of a 4% stake in the London Stock Exchange is yet another example, and representative of the sorts of transactions by strategics that I expect to see more of in 2023. Lion Tree Weekly Capital Markets Dashboard Greenhill also offers summer Analyst opportunities for undergraduates in the summer before their senior year. The verbal link has made me think deeply about what weve built at LionTreewhere we are today, where well be tomorrow, and our tentpoles throughout. 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. Welcome to the new Career Services website! 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. 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 interplay between content and distribution has been critical since the dawn of mass media, and the calculus is always shifting. We are at a moment of inflection, reflection, and self-adjustment for government institutions in the West, corporations, and capital markets. These dynamics bring with them new responsibilities. I recently secured my junior year internship summer analyst position (summer 2023) at a large US bulge bracket for Sales & Trading in NYC. 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. Reference over Interesta different kind of RoI. It is said that you can win the World Cup without a great . Most notable for Porsche, ~40% of the book was snapped up by just four investors, and ~75% was composed of only 20 investors. That doesnt mean that integration is futile. Software Weekly 2) Will consumers tune-in, particularly when theres a price tag involved? 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. While this is difficult work, these leadership decisions are necessary. LionTree CEO Aryeh Bourkoff is a master dealmaker.. And it raises a profound question: what do you choose to protect, to defend at all costs? What is the price of a security compared to its long-term value, both on an absolute and relative basis, and over time? Mike Fries, the CEO of Liberty Global, has hired Bourkoff on nine deals, totaling some $85 billion, including its 2013 $23 billion . Rather than working primarily against each other in streaming wars, the industry will likely have to work better together. The root word in Hebrew for counsel also means tree. Rank: Senior Monkey | 77 . Weve dealt a lot with uncertainty, leaving most with feelings of exasperation. The return on investment is simply higher than for those with a distribution disadvantage. But that doesnt mean its closed. Activities and Societies: Tennis (Club Captain), Private Equity Society (Head of Research & Events) Year 1: First (Mathematics, Statistics, Economics, Financial Accounting, Managerial Accounting) Year 2: First (Mathematics, Statistics, Regression, Actuarial Science, Finance) In the midst of these global crosscurrents, 2023 will be a year of adjusting assets, discovering new leadership, rethinking structures, and rebuilding relationshipsas well as establishing some for the first time. One would expect the slowdown to persist for the near future, but I am more optimistic about the sustainability of M&A deal flow. 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. For us too, this period is a time to probe, to question paradigms and enlarge perspectives. 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. 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. 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 vision, the exchange of diverse opinions, combined with easy access to information, would make society more tolerant, open-minded, and well-informed. I know these books, and even more so the relationships they represent, will help guide and energize me in the year ahead, and hopefully in the many years to follow. 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. We might learn that, in fact, we simply had too much all along. 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. 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