As new media ventures become a bigger part of the businesses of broadcast and cable companies, the Broadcast Cable Financial Management Association (BCFM) is changing its name to Media Financial Management Association (MFM). President and CEO Mary Collins says the organization will also seek to expand its membership, since new media companies face the same FCC and SEC issues as traditional media companies.
“We were looking at what would best serve our members,” Collins said of the name change, which originated with the organization’s strategic planning committee. She noted that the companies which have long been involved with BCFM – ratio, TV and cable operators – now also have new media operations. Meanwhile, she says, there doesn’t appear to be a “home” for the financial people at standalone new media companies, so MFM will welcome them to membership. For example, she noted, “Google is getting into our businesses, selling spots, so their financial people should be comfortable with us.”
Just like broadcast and cable companies, new media companies have to deal with FCC regulations and the SEC issues are generally the same for all types of media companies. So, the board of directors has adopted a plan to market MFM’s programs and services to companies who are becoming part of the media landscapt by virtue of their involvement in online, mobile, iTV and other new media platforms.
The new website for the organization, by the way, will be mediafinance.org.
RBR/TVBR observation: Seems like a smart move to us. The old name pretty much screamed “old media,” while the organization’s members were rapidly developing new media businesses and many of the major issues being dealt with concerned those new media ventures. After all, the financial folks at broadcast and cable companies already knew a lot about the financial issues of their traditional businesses. Also, why not try to bring in new media members not attached to radio, TV and cable companies, since their financial and regulatory issues are generally the same as the new media issues being faced by current BCFM…er, make that MFM…members.