Michael Ritto, 47, assumes the position as new Managing Director of the Egmont division Nordisk Film today, Monday 6 February, 2006. Nordisk Film will also become co-owner of MBO, Denmark’s leading music company.
Today, Michael Ritto assumes the position of Managing Director of Nordisk Film. Michael Ritto has many years’ experience in the recording industry and has been a driving force in companies engaged in creative development. Coupled with extensive experience from the media world through board memberships of such organizations as the trade association IFPI, GRAMEX and recently The Danish Film Institute, this has given Michael a solid industry background. He has also been actively involved in the development of digital music distribution.
Steffen Kragh, President and CEO of Egmont, comments:
“Michael Ritto is an obvious choice for the position of Managing Director of Nordisk Film. 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 new ideas to Nordisk Film and ensure that we continue to create exciting stories and experiences through the visual and audio media.”
Michael Ritto, Managing Director, says:
“For me, Nordisk Film is a factory of ideas and dreams which, founded on the traditions of the nearly 100-year-old company, should provide a playground where creative people can give their talent free rein and produce good entertainment for consumers. I am proud to have been given the opportunity to lead a company that commands such an important place in the Danish cultural heritage. All my life, I have worked to help creative people give their best by striking the right balance between creativity and structure on commercial market terms. We face many exciting challenges, which I am looking forward to tackling.”
Michael Ritto started his career in the record industry as a messenger boy in 1974. In 1978, he established Medley Records together with Poul Bruun, followed by 12 years as Managing Director of the Danish and Scandinavian divisions of the British record company, EMI. In 2004, together with Benny Bach, he co-founded MBO, The Music Business Organisation, which is currently Denmark’s leading music company and has released a significant number of DVD titles.
Michael Ritto replaces Ole Larsen, acting Managing Director of Nordisk Film since Kenneth Plummer’s resignation in August 2005. Ole Larsen will continue as a member of the Nordisk Film divisional management group in his position of Chief Financial Officer together with Mikkel Berg, Vice President, Marketing. Benny Bach, 44, will continue as Managing Director of MBO and simultaneously join Nordisk Film’s divisional management group. Benny Bach acquired his extensive experience and in-depth understanding of the entertainment industry through his association with EMI and as co-founder of the Elap Music, CMC Records and MBO companies.
Michael Ritto will also become a member of Egmont’s Group Management. As of today’s date, Michael Ritto has resigned as a member of the board of The Danish Film Institute.
MBO incorporated in Nordisk Film
Nordisk Film has acquired a stakeholding in MBO with an option to acquire a holding of up to 50%. MBO runs operations in Denmark, Norway and Sweden, and consists of a series of wholly or part-owned record companies: Copenhagen, RecArt, CMC, Alarm and My Way Music.
The music industry has numerous interfaces in common with the games, movie and TV industries, where MBO and Nordisk Film will seek to establish synergies. The products are often retailed in the same stores and appeal to the same types of consumer. The work processes also resemble each other in terms of working with creative environments and identifying future potential in new, digital media.
Further information is available from:
Egmont Corporate Communications:
Henrik Harring Jørgensen (+45 23 33 02 65),
Nordisk Film Communications:
Irene Mikkelsen (+45 40 11 67 16).
