Currently an A-to-A at a well-known independent advisory in NY. Considering sticking around the for the long haul, but interested in covering media/entertainment/digital gaming.
Any insights or thoughts on Liontree, Moelis LA, or Morgan Stanley LA? Any other names to consider? Interested in culture as much as dealflow and rep in the industry.
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My buy-side perspective (haven't worked AT any of these banks but have worked WITH all you listed and more on various deals, received tons of pitches, etc.) is the following. What I'll say is this is an area where the EBs are starting to dominate IMO. The names you listed are all good places to land, although I'd put MS LA last. LionTree is likely the best platform to be at, although you will likely be doing more sellside than buyside work there. They're on a lot of big name and high profile deals in the space and their network is pretty good (mostly due to Aryeh's reputation). Another bank I'd recommend looking into is Guggenheim. I wouldn't have thought it at first but they're very active in the space. Moelis LA also good in terms of the deals they've been on but I'm sure you've read the stories about the culture so caveat emptor on that one. Banks to avoid: BofA are basically non-existent in the space. They'll be brought in on the larger mega deals for financing but if you're looking for advisory experience I'd stay away. Similar story for a lot of the other BBs, save for GS/MS/JPM.
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Aryeh covers lots of top clients from NYC but Liontree SF seems to be where the gaming and digital entertainment is done out of.
Between Moelis LA and MS LA do you think the rep of Moelis is better longer term even with the bulge bracket MS brand?
That's true - if you want to do digital media and gaming then yes SF probably better than NYC, but it's not like you'd be totally excluded from those staffings as a NYC based analyst (totally guessing but I'm sure they cross staff across offices). And 100% I'd take Moelis LA over MS LA if your focus is media & entertainment and your goal is to work on highest profile deals. As mentioned though you will certainly pay the culture and lifestyle price for that.
Ever consider leaving for the buyside or media and ent. corp dev?
As a non-MS/Moelis banker in LA who interviewed at both offices, happy to provide some color. From what I've seen over the past 3 years, Morgan Stanley's Media & Entertainment franchise in LA has grown considerably starting with the hire of Brian Stearns in 2018. They work with Movie Studios, Music, Live Entertainment, Diversified Media, Sports & Online Video clients, and were Lead Left Bookrunner on Warner Music's IPO last year. They're also currently working on the potential sale of MGM Studios along with LionTree. They work closely with the NY Media & Communications group and often cross-staff on deals. Client coverage out of the LA office includes Activision, AEG, CAA, Disney, Lionsgate Entertainment, Live Nation, MGM Studios, Sony Pictures Entertainment, etc. Moelis has 3 MDs that broadly cover media/entertainment out of LA, but their bread and butter is broadcasting, cable, publishing, satellite, etc. Liontree is also a great firm and is currently working on the Sale of Quibi's Assets. Their SF office has a team that covers Interactive Entertainment/Video Gaming Advisory and Investing (Griffin Gaming Partners), which also seems like a great opportunity. Additionally, I would recommend that you look into Allen & Co. and Raine.
Thanks! Incredibly helpful. Any insight on culture of the teams?
Agree based on my recruiting experience. Which is why I don't understand the hype around moe in LA. It's mostly a niche area of media as you said, with some activist defense and consumer retail sprinkled in. Very little RX.
Bump
Allen & Co is legendary, but definitely a shop for rainmakers vs. juniors. What's the sweat level across Moelis, MS and Liontree? Is culture that bad at MoCo?
If I recall correctly, CVP was on many of the recent major media deals? Anyone have insight there?
Closes their LA office. But NYC has done some major sell sides. But they were 1 of 4 banks on deals. Usually had GS, MS, Liontree or others around the deal too. Lots of special committee and Board advisory.
How does Solomon partner fair considering that their M&A head was the head of Morgan Stanley?
How is Laz NY perceived in the space?
JPM TMT
Allen, Liontree, Moelis LA, RBC LA, JPM has a entertainment team
PJT is also in the mix, right?
Media/Entertainment banking typically involves providing financial services and advice to companies in the media and entertainment industry, such as film studios, television networks, music labels, and digital media companies. This sector has unique financing needs and challenges, such as complex royalty structures, long production cycles, and rapidly changing consumer preferences.
BB/EB refers to bulge bracket and elite boutique investment banks, respectively. Bulge bracket banks are the largest and most well-known investment banks, with a global presence and a wide range of services. Elite boutique banks, on the other hand, are smaller and more specialized, often focusing on specific industries or regions.
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