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A media finance executive search case history for a cable TV Network as a division of a multinational media and entertainment conglomerate for a New York City based vice president of advertising sales finance and reporting
 Vice President
Network Advertising Sales Finance and Reporting
Location: New York, NY - USA
Client: Cable TV Network with 100 million + subs - Entertainment, News, Reality and Music programming for on-air and digital broadcasting
Search Firm Filcro Media Staffing
Officer on Charge Tony Filson
Client Situation: The President of Network Sales identified Filcro Media Staffing (FMS) and Tony Filson (TF ) to conduct the search based on the firm completing similar media centric financial searches at the Network and the parent company.
The president wanted to optimize financial operations, revenue optimization and financial reporting on a national basis. This new executive was to be a strategic change agent who could analyze financial process within context of national ad sales as the Network reached the billion dollar revenue mark. This executive would work closely with senior management in their executive offices and travel as required to institute the strategic and tactical policies to implement the President's initiatives in the five Network sales offices to include: New York, Chicago, Los Angels, Washington DC and Detroit.
Industry and Sector inclusion:
- Broadcast Television Networks
- Cable TV Networks
- MSO’s
- Satellite Networks
- Advertising Agencies
- Media Sales and Buying Environments
- Digital, OEM and OTT Broadcasters
- TV Divisions of Motion Picture Studios
Filcro Media Staffing Commences Search
The Filcro Media Staffing Officer in Charge of Search, Tony Filson commenced the search in 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 media ad sales financial reporting experience within the Network’s compensation range could be identified in the targeted geographics, based on experience with similar searches. New York and Chicago offered ample “Media Financial Reporting” populations to establish a suitable search universe at the desired cadence.
Filcro Media Staffing identified Major Broadcast Network, MSO and Cable Network financial executives establishing a diverse and ample search universe from both geographics. There were approximately twenty primary experience areas of interest that every candidate would have meet prior to being tiered for the search and then subsequent examination of management styles, mentoring and cultural fits.
Establishing continuity in the national sales organizations’ financial reporting to optimize Network sales revenue was one of the President's primary goals here. It was important that each executive brought forward could implement reporting that allowed the ad sales organization to anticipate vs. being reactionary and capitalize on inventory where appropriate.
As this search was being conducted to establish a new line of financial reporting, the President was intimately involved in collaboratively establishing the skills and experience required. Prior to Filcro Media recruiting and establishing three tiers of candidates for universe compilation; the President and Tony Filson established consensus so ample latitude could be expressed in two areas, to identify the ideal Vice President.
The clear definitions set forward at the onset were “ideals” and no changes were ever needed 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 Finance have a proven track record of functioning with autonomy strategically as a change agent charged with transforming process and accountability to optimize TV Network 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. Everyone was very pleased with the planning and results.
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 too. This person could then emulate their thought process / workflow in others in the five national sales offices. We sought confirmation below, on and above line that these mentoring / training skills were a solid part of the new Vice President's experience. We also sought assurances that the new Vice President would remain effective, given the clients unique culture and reporting structures.
Challenges the Vice President of Advertising Sales Finance
- Generate analysis of actual vs. plan vs. forecast and explain variances, highlight trends, and identify risks and opportunities based on new metrics and analytics outside of traditional C3/C7 and upfront projections. Primary data was to be established vs. secondary as advantages to corporate reporting and the sales organization.
- 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 financial modeling of deal information and pricing details that would become available through the full cycle of the sales process.
- 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 TV programming and Digital properties.
- 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 each sales division's P&L.
- Work in conjunction with credit manager to review and act on collection concerns
- Review ad sales commission reports
- Act as liaison with Network and Corporate CFO and staff to include; finance, reporting, accounting, audit and treasury as required.
- Hire and train Financial Directors and or Financial Analysts in the Network's other sales offices to assure there would continuity across the national sales organization.
The Filcro Media Staffing Solution: Filcro Media Staffing proceeded to Identify "exceptional" financial executives with the proper sales experience to facilitate the financial reporting and strategic goals desired by the 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 as a cross-functional team member in a multibillion dollar U.S. based media and entertainment conglomerate. It was very important to us that process, workflow, and reasoning be able to be articulated “clearly” from conceptualization to planning, executing and brining solutions to fruition. We needed to emulate these traits in those that would be reporting to this executive in remote offices so we expected each financial executive who made the final tier to have exemplary mentoring and development skills.
 The highly skilled audit and sales analysis executives we interviewed with spot on experience and hard skills would not work at this Network without the proper soft skills. We embraced those most apt to relate to a broadcasting culture that is unlike anything else in the industry. We wanted an executive who could relate to those outside of the broadcasting division to corporate by providing detailed sales financial models utilizing traditional reporting methodologies that every CFO or EVP of Finance could relate to and more importantly justify by explaining broadcasting to non-broadcasting executives at times. 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 Recruited: A Senior Director of Finance who 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 reporting environments.
Within both TV Network and MSO experience 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 was also an “ideal” 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 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 at 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. 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. This was a highly successful search.
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Mobile
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Cable TV & MSO
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Broadcast TV
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Radio
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Online & OTT
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Multicast & OEM
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DOOH
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