It’s that time again, and communciations attorney Lee Shubert cautions against taking a cavalier approach to license renewal certifications. “Be mindful that your station license is probably your most valuable business asset, and that it is at jeopardy during the license,” he says in the latest issue of Financial Manager.
Ad sales can’t benefit the bottom line until the payments are received. Renaming the credit and collection function will help to shift internal perceptions about its importance to the success of the business.
Knowing the facts and developing the very best credit practices are essential for optimizing your ad sales operation. Eliminating old misperceptions can help media companies develop better compensation and credit liability practices that protect their own interests while fostering a win-win relationship with valuable industry players.
As non-traditional media revenue continues to increase in leaps and bounds, the need for more diligent credit sleuthing grows along with it. LIN Media’s credit and collections chief Greg Frost has some tips for how you can avoid coming up short when dealing the new breed of advertisers and their agencies.
At Media Finance Focus 2011 (May 15-17 in Atlanta), the MFM and its BCCA subsidiary will recognize 11 industry executives who have aided the organization, made significant contributions to the media industries and inspired others. The award recipients: William Fitzsimmons, Michael Denson, Robin Szabo, Dwight Delapenha, Robert Amos, William Waters, Dean Rohrbaugh, George Stella, Wanda Borges, Bruce Nathan and Peter Gallo.
The bundling of services presents new accounting challenges for properly recognizing revenue from multiplatform content distribution deals. Things have changed from the days of broadcast-only deals for programming, when accountants used tried-and-true standards maintained by the Financial Accounting Standards Board and the Securities and Exchange Commission.
We may not be able to put a moratorium on new media, but we can incorporate it into the time-shifting and TV everywhere solutions that capitalize on the changes in consumer behavior they are creating. More help in understanding the new media will be available at the MFM annual conference in Atlanta in May.
Rather than seeking leverage and advantage in retrans negotiations, cable operators and broadcasters should look for ways to collaborate and avoid the service disruptions that harm both parties. That collaboration could come in the form of joint local sales efforts and carriage of multicast channels.
As you rush to respond to the dual pressures of year-end deadlines and the many expectations inherent in the holiday season, I urge you to take a few minutes to reflect on ways you can be a better boss and can help foster the best management practices within your organization.
Measures such as streamlining and automating much of the credit application process and involving ad sales in ongoing monitoring of their clients’ risk profile have reduced the time required to provide credit approvals and created a transparent and consistent credit and collections process.