CFO Studio Magazine with Craig Steeneck, CFO, Pinnacle Foods

20 WWW.CFOSTUDIO.COM 3rd QUARTER 2015 Nine hour-long panels were held in the afternoon time slot. Included were discussions on running not-for-profits, machine-to-machine technologies, and financing growth. Three others provided CPE credits: “The evolving role of the CFO,” for example, presented by Bank of America Merrill Lynch. Managing Thousands of Fans: A panel on the business of sports franchises was the right topic at the right time in the right place. Held immediately after lunch, this general session moderated by Robert Raiola, sports and entertainment group man- ager for public accounting firm O’Connor Davies, drew a rapt audience to hear David Denen- berg, senior vice president, global media distribution and business affairs of the NBA; Bri- an Friedman, CFO of the New York Jets; and Charlie Mierswa, executive vice president of busi- ness operations and CFO of the Brooklyn Nets. Both Mierswa and Friedman described high-pressure jobs during the playing season and a more relaxed off-season. “I feel like the NFL season is compara- ble to dog years,” said Friedman. “It is such an intense period.” The in-season/off-season divide means cash flow is irregular, but, said Friedman, “The NFL has television contracts and there’s a certain consistency to the cash flowwith that.” Sponsorships, too, contribute revenue that’s not tied to the playing season. “The nice thing about the off- season is we begin selling for the next season, so I’m really only ever exposed for a half-season’s cash flow,” said Mierswa. The panel discussed branding in the context of the transforma- tion of the New Jersey Nets to the Brooklyn Nets. “We didn’t just transfer the brand. We cre- ated a new fan base in Brooklyn,” said Mierswa. He described an “emotional buildup” for fans and potential fans, achieved by un- veiling elements of the Brooklyn Nets brand bit by bit. He said the team kept 15–20 percent of prior fans. Denenberg said that social media “gives you that one-to- one relationship with fans, and when you reply directly to that fan and explain the rationale for the policy, it does a world of good.” But he and Mierswa both mentioned, no one has figured out yet how to monetize a social media strategy. All told, the audience got in- sights into three big-name sports franchises that they’d never have heard on sports radio or ESPN. “I FEEL LIKE THE NFL SEASON IS COMPARABLE TO DOG YEARS, IT IS SUCH AN INTENSE PERIOD.” — BRIAN FRIEDMAN, NEW YORK JETS 2:15 PM