ER enlists new CE

ER replaces founder and chief executive in move to appease shareholders.
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Entertainment Rights has appointed Nick Phillips, former UK boss of the American music group, Warner, as its new chief executive.

Phillips takes over from Michael Head, who has held the position for the past nine years, and is tasked with delivering value to shareholders and re-establishing their confidence in the struggling firm, which has seen its shares fall by 73 per cent in the last 12 months.

The owner of Postman Pat, Rupert Bear and Basil Brush has also confirmed it is in preliminary talks with two potential buyers, but said investors were unlikely to accept offers.

"The company reiterates there can be no certainty that any offer for the company, if made, will be at a level which would receive sufficient support from shareholders," it said in a statement.

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