Three suspects have been arrested in connection with the cold-blooded killing of Cyprus media boss Andis Hadjicostis who was shot dead outside his home in Nicosia.

Mr Hajicostis was ambushed on Monday by two men while getting out of his car and shot twice at close range. The 42-year-old father of two was chief executive of the Dias Media group, one of the island's largest, and is credited with revolutionising the local TV industry.

The arrests took place on Thursday night and the suspects - thought to be Cypriots - will appear in court today. The three are believed to be the gunman, the getaway driver and the person who organised the killing.

View of Cypriot capital, Nicosia, by sk12 (Flickr)