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Loudeye names new CEO

Michael Brochu takes the helm as digital-media company raises estimates for its fourth quarter.

Digital-media company Loudeye on Tuesday named Michael Brochu its new president and chief executive officer.

Brochu, who has been serving on Loudeye's board of directors since December 2003, will succeed Jeffrey Cavins, who left to pursue other opportunities.

Before joining Seattle-based Loudeye, Brochu was president and CEO of Primus Knowledge Solutions, which was acquired by Art Technology Group in November 2004. He also has worked for electronics game publisher Sierra On-Line.

Also on Tuesday, Loudeye said that its fourth-quarter results will be better than earlier estimates. The company now expects revenue for the quarter to be around $6.3 million, higher than it had previously estimated. The company sees its net loss, however, at or near the higher end of its previously announced range of between $4.8 million and $5.2 million.

"We generated record revenues in the fourth quarter due to strong performance in our digital music store business where we experienced a significant increase in transaction volumes," Larry Madden, chief financial officer of Loudeye, said in a statement.

Earnings results for the fourth quarter and the year will be released on March 1.