Jeff Zucker signs new contract
Will stay on as NBC Uni president-CEO for three more yearsLast week was a busy dealmaking time for GE.
The company not only closed its long-awaited $37.5 billion merger agreement with Comcast to create an enlarged NBC Universal but also quietly signed a new three-year contract with NBC Universal president and CEO Jeff Zucker to keep him at the company through 2013.
Last week, Comcast and GE said that Zucker will be CEO of the new joint venture, which is 51% owned by Comcast and 49% by GE, reporting to Comcast COO Steve Burke.
Because the Comcast deal is expected to take up to 18 months to clear regulatory hurdles, Zucker's new pact would allow him to run the new NBC Uni for at least another year and a half.
A long-term contract in Hollywood is rarely an employment guarantee (NBC Entertainment president Kevin Reilly famously was ousted three months after signing a new three-year deal at the network), but securing Zucker, who has run NBC Uni since 2007, could provide stability during the transition period and first key months of getting the combined company off the ground.
Nellie Andreeva reported from Los Angeles; Georg Szalai reported from New York.