RealNetworks promotes 3 executives

RealNetworks shares rose 29 cents, or 4.2 percent, to $7.15.

The company, which also operates the Rhapsody online music service and provides the RealPlayer media player, promoted John Giamatteo, 41, to chief operating officer and Harold Zeitz, 45, to COO of the games unit, effective immediately.

Giamatteo was most recently the company's president of technology products and services and internal operations. As COO, he will be in charge of corporate strategy and RealNetwork's interests in partnerships and joint ventures.

Zeitz has been an executive in the company's media software and services and games units. He will keep running the games unit in his new position, and lead the spinoff of the business into a separate, public entity.

RealNetworks said in May that it intended to spin off its casual games business into a separate company and distribute the shares to RealNetworks stockholders.

The company said at the time that before spinning off the business it may hold an initial public offering and sell as much as 20 percent of the company's stock.

Also on Tuesday, RealNetworks named Mike Lunsford, 40, as executive vice president in charge of strategic ventures. Lunsford has been a strategic adviser to the company since January.