Danish music industry veteran Michael Ritto has taken the role as managing director of Nordisk Film, the country's biggest film and TV production company.

Danish music industry veteran Michael Ritto has taken the role as managing director of Nordisk Film, the country's biggest film and TV production company.

At the same time, Nordisk Film has acquired an undisclosed stake in multi-faceted music group Music Business Organization A/S, for which Ritto was joint owner and co-CEO. Nordisk has an option to take up to 50% of the equity in the company within 12 months. Financial terms of the deal were not disclosed.

The 47-year-old Ritto co-founded MBO in April 2004 with his former EMI Denmark colleague Benny Bach. Bach will continue as CEO of MBO and has simultaneously joined Nordisk's board of directors.

MBO A/S comprises 10 units, including labels CMC and Copenhagen Records. The group claimed a 17.2% market share of the Danish albums market in year ending May 31, 2005, according to the national affiliate of the IFPI.

"All my life I've worked with creative people, getting them to deliver their best and finding the balance between creativity and structure within the framework of the market," says Ritto. "Some exciting tasks lay ahead of us and I look forward to tackling them."

"There are many opportunities in (Nordisk) that match MBO's ideas," says Ritto.

In taking the new role at Nordisk, Ritto has resigned from the board of the state funded Danish Film Institute.

Ritto and business colleague Paul Bruun founded Medley Records in 1978 and sold the company to EMI in 1992. Ritto then became MD of the amalgamated company EMI-Medley. He remained at the helm of EMI Denmark until the end of 2003.

Ritto has also served as chairman of the Danish branch of IFPI from 2000 until the fall of 2005.