08/02/2006

In a new strategic move into the music industry, Nordisk Film, part of Scandinavian giant Egmont Group, has hired the highly experienced music executive Michael Ritto to head its entertainment company, simultaneously taking a 50% share in Ritto’s Music Business Organisation (MBO), Denmark’s current leading music company.

This week, Ritto will step into his new position as Managing Director of Nordisk Film, a spot left vacant since Kenneth Plummer’s resignation last August. The new Nordisk boss will bring with him over 25 years of experience in the music industry. In 1978, he established Medley Records together with Poul Bruun then worked as Managing Director for EMI’s Danish and Scandinavian divisions for almost two decades. In 2004, he and Benny Bach co-founded the Music Business Organisation, now Denmark’s top music company with ten wholly or partly-owned record companies in Denmark, Sweden and Norway, including Copenhagen, ReArt and Alarm.

By becoming co-owner of MBO, Nordisk Film intends to establish synergies between the film and music industries to exploit products often retailed in the same stores that appeal to the same audiences.

"Michael Ritto is an obvious choice for the position of Managing Director of Nordisk Film," said Steffen Kragh, President and CEO of Egmont. "He embraces both creative and commercial insight. Through his work with the managers of Egmont companies and business areas, I am sure he will introduce a host of ideas to Nordisk Film and ensure that we continue to create exciting stories and experiences through the visual and audio media".

Nordisk Film develops, produces and distributes moving images throughout the Nordic region, including feature films, animated films, commercials, music videos, DVDs, TV and electronic games. The company has a current staff of 1,200 people and generated a total revenue of €289m in 2004. MBO has 60 employees and boasted a €26.6m in revenue in 2005.