Friday, adult media content provider Private Media Group Inc. (PRVT) stated that Ilan Bunimovitz would replace Berth Milton as CEO with immediate effect. The company also said that, Peter Cohen, COO, is leaving in connection with the selection.
The Barcelona, Spain-based company said that Milton, a member of the Board of Directors and a major shareholder will continue to serve as President and Chairman of the Board. Bunimovitz, a member of the Board of Directors and a major shareholder, has been Executive Vice President of Private's Online Media Division since January 2009 when the company acquired San Francisco based GameLink LLC, a leading US adult retail portal and eCommerce provider founded by Bunimovitz in 1993. Bunimovitz indicated that he will be dividing his time between Private Media's European and US operations.
President and Chairman of the Board Milton said, "We are delighted with the appointment of Ilan as CEO. Ilan is one of the great pioneers of adult entertainment online and his track record speaks for itself. Over the past two years, Private Media has been significantly changing its business model and adapting its products for new media. The acquisition of GameLink in January has accelerated this change and incorporated major online retail assets and digital expertise into Private. With Ilan, a leading authority on new media adult content management and distribution, I am confident that Private will complete its transition to new media by successfully melding high class international adult content with cutting edge digital commercialization via online, wireless and broadcast."
Milton thanked Peter Cohen for his work as COO. He noted that Peter honed Private's digital strategy, which generated significant growth in new media and integrated GameLink into the Group.
Bunimovitz underlined that company's brand equity and premium quality content makes Private a natural leader in the adult entertainment industry.
Private Media is currently trading at $1.23, down $0.04 or 3.15%, on a volume of 33,450 shares on the Nasdaq.
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