Jorgen Madsen Named New CEO of Sweden's Modern Times Group

COLOGNE, Germany - Jorgen Madsen will take over the top job at Swedish broadcasting conglomorate Modern Times Group (MTG), replacing Hans-Holger Albrecht, who will leave to run telecommunications group Millicom International Cellular as president and CEO from September 15.

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Madsen is currently executive VP of MTG's Nordic Broadcasting operations and has been with the group in various executive positions since 1994. He takes over one of Europe's largest media groups, with more than 60 branded channels across 36 countries. MTG is strongest in Scandinavia, Eastern Europe and in Russia, where it is the largest single shareholder in CTC Media, with a 38 percent stake in the Moscow-based media group.

MTG has had mixed results so far this year: half year sales increased to $991 million (SEK 6,776 million) but net profits slipped slightly to $133 million (SEK 908 million). MTG shut down TV3, its money-losing TV operation in Slovenia, earlier this year but extended its footprint in the Baltics, acquiring Latvian broadcaster LNT last month for an undisclosed sum.

Just this week the group signed a deal to buy an 80 percent in Swedish broadband group Zitius, with an option to take full control of the company in 2016.