NBC Universal starts Comcast transition

Two teams will begin meeting in January

Two transition teams will meet weekly starting in January, charged with guiding the creation of a revamped NBC Universal jointly owned by Comcast and GE.

Heading what is known as the "operational transition team" is Salil Mehta, NBC Uni's president of business operations, strategy and development; the "administrative transition team" is led by Bob Victor, Comcast's senior vp strategic and financial planning.

"I will be overseeing their efforts, along with Comcast's COO Steve Burke and CFO Mike Angelakis," NBC Uni CEO Jeff Zucker wrote in a letter to employees.

Comcast's lead representative on the Mehta-led team is Comcast Programming Group CFO Joe Donnelly.

"This team will focus on planning all aspects of how the two programming and digital groups will operate together after the deal closes," Zucker wrote. "We will look to Salil and his team to develop an overall schedule, identify programming and marketing opportunities, recommend organizational structures, etc."

Jeff Shell, president of the Comcast Programming Group, and Jeff Gaspin, chairman of NBC Uni TV Entertainment, will be heavily involved.

NBC Uni's lead representative on the Victor-led group is John Eck, president of NBC TV network and media works.

"This team's goal will be to plan for all administrative aspects of how the joint venture will operate after the deal closes," including benefits, accounting, taxes and legal matters, Zucker wrote.

Angelakis and NBC Uni CFO Lynn Calpeter will have significant role on the Victor-led team.

Zucker said the planning "will be conducted in a manner consistent with the rules of conduct that have been put in place that prohibit our two companies from acting as one combined company prior to closing."

Comcast and GE announced their deal to make NBC Uni a joint venture owned 51% by the former and 49% by the latter two weeks ago. Government regulators are expected to debate the matter for about a year, and possibly demand significant concessions, before approving the transaction.

Read Zucker's complete letter to employees on the next page.



Just two weeks after our big announcement, I'm pleased to let you know that we have set up the two transition teams for our joint venture with Comcast. The teams will start meeting weekly after the New Year and will guide our planning until the deal closes. I will be overseeing their efforts, along with Comcast's Chief Operating Officer Steve Burke and CFO Mike Angelakis.

The Operational Transition Team will be led by Salil Mehta, our President of Business Operations, Strategy and Development. Joe Donnelly, CFO, Comcast Programming Group, will be Comcast's lead representative working with Salil.

This team will focus on planning all aspects of how the two programming and digital groups will operate together after the deal closes. We will look to Salil and his team to develop an overall schedule, identify programming and marketing opportunities, recommend organizational structures, etc.

Jeff Shell, President of the Comcast Programming Group, and Jeff Gaspin, Chairman, NBCU TV Entertainment, will both be heavily involved with this team.

The second team is the Administrative Transition Team, which will be led by Comcast's Bob Victor, Senior Vice President, Strategic and Financial Planning. John Eck, President of NBC TV Network and Mediaworks, will be NBCU's lead representative working with Bob.

This team's goal will be to plan for all administrative aspects of how the joint venture will operate after the deal closes. Bob and his team will address benefits, accounting, taxes, cash management, information services, polices and other legal matters, etc. In January the administrative transition team will develop an overall schedule and reach out to various executives from Comcast, NBCU and GE to work through specific transition initiatives.

Mike Angelakis and our CFO Lynn Calpeter will both be heavily involved with this team.

Let me emphasize that all the work of these two teams will be focused on transition planning relating to the operations of the joint venture after the close, and will be conducted in a manner consistent with the rules of conduct that have been put in place that prohibit our two companies from acting as one combined company prior to closing. To this end, business interactions between the companies (including information requests) should be coordinated through the transition team leaders.

If you have a question about the integration process going forward, you can reach out to the transition team leaders or to Rick Cotton, NBCU General Counsel, or Scott Seeley, SVP of Corporate and Transactions.

This is the beginning of what will be a thorough and well-thought-out process that will involve many of us across every area of both companies. I will be sure to keep you up to date as our progress continues.
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