Multiplex Cable TV Networks as a division of a multinational media and entertainment conglomerate. A Advertising Sales Finance and Reporting Executive Search Review
Network Advertising Sales Finance and Reporting
Search Vice President Advertising Sales Finance & Reporting
Location New York, NY
Search Firm Filcro Media Staffing
Officer in Charge Tony Filson (TF)
Reporting to President of TV Network Sales
Cable TV Network multicast multiplex with 100 million + subs - Entertainment, News, Reality and Music programming.
The President of Network Sales identified Filcro Media Staffing (FMS) and Tony Filson (TF ) to conduct the search for a Vice President of Finance based on Filcro Media Staffing completing similar media centric financial searches at this TV Network and the parent company. The president wanted to optimize financial operations and financial reporting on a national basis. This new executive was to be a strategic change agent who could analyze process as the Network reached closer to the $1 Billion USD mark in the near future.
Industry and Sector Inclusion
- Broadcast Television Networks
- Cable TV Networks
- Satellite Networks
- Advertising Agencies
- Media Sales and Buying Environments
Filcro Media Staffing is Retained
Filcro Media Staffing Officer in Charge of Search Tony Filson was asked to commence a search in the markets surrounding New York, NY and Chicago, IL to avoid a West Coast corporate relocation if possible. Tony Filson concurred that a suitable universe of candidates with the appropriate Financial reporting experience within the Network's compensation range could be identified in the targeted geographics. New York and Chicago offered an ample “Media Financial Reporting” population to establish a suitable search universe in a brief period of time.
Filcro Media Staffing initially identified Major Broadcast Network, MSO and Cable Network financial executives to establish a diverse and large search universe from both geographics.
Establishing national continuity and the efficacy of reporting structures to enhance Network Sales Revenue Generation from a tactical and strategic perspective were one of the President's primary goals here. It was important that each executive brought forward could emulate their current modality in the new TV Network.
As this search was being conducted to establish a new line of financial reporting and the President was intimately involved in establishing the skills and experience required prior to Filcro Media recruiting and establishing three tiers for candidate universe compilation; the President would have ample latitude in identifying an ideal Vice President.
The clear definitions provided by the President were his “ideal” and no changes were made during the search process. The President was clear as to what he was seeking in skills and experience. Based on Network strategic initiatives this new financial executive would require an unusual capacity for growth in a relatively brief period. It was essential that this Vice President of sales financial be capable of and have a proven track record of functioning with autonomy strategically as a change agent charged with transforming process and accountability to optimize revenue.
The Financial Reporting and Management skills required offered some challenges at the onset based on the tactical and strategic role this person would play in developing the Network's national financial infrastructure in Washington, DC; New York, Chicago, Los Angeles and Detroit. After the first week of recruitment it became apparent that New York as opposed to Chicago was going to be our primary focus during the search process.
A person who could quickly examine sales and financial process on a granular level and look at a “deal” to determine if it’s the “right deal” for the Network was essential. This person could then emulate their skills in others in the five national sales offices. We sought confirmation below, on and above line that these mentoring skills were a solid part of the new Vice President’s experience and capacity. We also sought assurances that if the new Vice President was transferred to the client company that they would remain effective, given the clients unique culture and reporting structures.
Challenges Facing the New Vice President of Advertising Sales Finance
- Generate analysis of actual vs. plan vs. forecast and explain variances, highlight trends, and identify risks and opportunities.
- Track and maintain Registered and Closed Budgets for the Broadcast Upfront.
- Create competitor analysis illustrating growth projections against competitors and the industry's overall projected growth.
- Develop customized excel financial modeling of deal information and pricing details.
- Develop the rate card in support of the company's overall sales strategy including calculating total and average impressions, cpm’s, average unit rates, and revenue built based on programming
- Create program revenue analysis and forecasts providing variances to the budget and pacing vs. prior year.
- Prepare and distribute the audience deficiency liability report to determine the $ amount of make goods that need to be aired and it's impact on the division's P&L.
- Work in conjunction with credit manager to review and act on collection concerns
- Review commission reports
- Liaison with Network and Corporate CFO and staff
- Hire and Train Directors and Financial Analysts in the Network’s other sales offices.
Filcro Media Staffing Recruitment Solution
Filcro Media Staffing proceeded to Identify the "best in industry" financial executives with the proper sales experience to facilitate the financial reporting and strategic goals desired by the Network's President.
The mix of analysis and strategic involvement on a “deal” level were key factors in the tiering of candidates. The Network required a person who could function with autonomy across all lines within sales and also financially report to corporate independently or as a team member in a multibillion dollar U.S. based media and entertainment conglomerate.
A hard-line audit or sales analysis executive would not work at this Network so we looked for those most apt to relate to broadcasting and non-broadcasting executives with the same effectiveness. We wanted an executive who could relate to those outside of the broadcasting industry by providing detailed sales financial models utilizing traditional reporting methodologies that every CFO or EVP of Finance could relate to and more importantly justify. The soft skill sets and capacity to articulate concisely to a board or executive committee and justify findings were essential as reporting into Divisional and Corporate finance on the CFO, Treasury and Compliance levels were real scenarios.
Successful Vice President of Finance Recruited
A Senior Director of Finance who currently was also responsible for Network Sales Analysis with extensive Network financial advertising sales experience with one of the world’s largest media and entertainment companies in their cable TV multiplex, MSO and corporate environments.
Within both TV Network and MSO environments this financial executive had proven himself in every area of concern relevant to the goals established for this executive search.
This executive autonomously managed revenue analysis, yield management and budget development for a Major Cable Network's advertising sales planning group for their multiple Networks (multiplex). His responsibilities included preparing advertising revenue analysis, maintaining revenue forecasting models, budget tracking, assisting in the annual budget development process, managing commercial inventory utilization, conducting monthly reconciliation’s with financial teams and developing new reporting tools for management. His technology acumen with specific software utilized in the broadcasting industry were also “ideas” as they were being implemented in the client company and this new Vice President could lead this finance technology effort.
Prior to the above position this executive was a Senior Strategic Planning Analyst in New Business Development and facilitated the financial analysis and marketing analysis for multiple networks (multiplex) owned by another major media and entertainment conglomerate. His capacity to identify strategic partnership opportunities for programming and interactive services, development of business models, revenue reporting, content licensing, budget development and management of the cable/interactive media plans for strategic partners in conjunction with Network production and operations teams, honed his ability to work across all lines business. His experience reporting directly to the Network President and Vice President of New Business Development as well as functioning as lead with Arthur Andersen and Ernst & Young, prepared him well for the duties he would take on at the new Network and the reporting structures he would implement when interacting with the CFO (corporate).
This Duke under grad, London School of Economics and Columbia Business School, MBA with extensive broadcasting experience proved to be an exceptional fit from a strategic and tactical perspective for the Network. This executive is an active member of the community and a gentleman is every sense of the word. He is a vital, proactive asset to the company and has received recognition for his devotion, work ethic and quality of work product.
Since completing this search the executive has been promoted in a brief period of time and has successfully instituted financial policy, functioned as a change agent and hired financial directors and analysts to institute the strategic goals set by the President when Filcro Media Staffing was retained