ahhhaaaaa
Figured it out
In my case I did not actually have the managed media server component installed on my target servers.
Resolution
Log onto the server that you want to setup as a managed media server.
Open up the backup exec admin console.
goto tools\serial numbers and Installation
hit next 3 times and check the option for Managed Media Server underneath Backup Exec for Windows servers
You will then be prompted for the hostname of your CASO, enter that and after 3 mins and a quick service restart, you will be in business
Kinda silly that you get the option to set a CASO in the tools menu when you do not have the actual component installed though.