Polish media group TVN appoints new CEO

Former SBS chief executive Markus Tellenbach

LONDON -- Former SBS chief executive Markus Tellenbach has been appointed president and CEO of leading Polish media group TVN, in a management reshuffle that sees current CEO Piotr Walter demoted to deputy CEO and chief financial officer Karen Burgess step down with immediate effect.

The moves were announced as TVN announced net profits down 28% to 149 million Zlotys ($50 million) and has seen a ratings slide in recent months.

Tellenbach currently serves on the supervisory board of TVN as well as for the News Corp-controlled Sky Deutschland, signaling possible future cooperation between the two. In a briefing he told analysts his focus would be on growing the Polish digital platform 'n' which TVN recently acquired from the ITI group, its biggest shareholder.

TVN said the restructuring was aimed at "further strengthening" company operations.

Shares in TVN were up 10% to 15 Zlotys ($5) on the news, the highest level in almost a year.