Steve Burke replacing Jeff Zucker
Cable giant COO assumes control of NBC UniversalComcast and GE announced Sunday that COO Steve Burke will replace Jeff Zucker, who stepped down Friday as CEO of the company the cable giant is acquiring, NBC Universal.
The confirmation that the well-regarded Burke is taking the reins will no doubt fuel the already-raging speculation as to which executives will be seated when the music stops, including NBC Uni cable chiefs like Lauren Zalaznick and Bonnie Hammer. But Comcast at this point at least is planning to hold off on further announcements until the deal is closer to its conclusion.
It seems clear that Comcast believes the government will approve the merger within 90 days. Burke wants to be prepared with a new team before formal approval occurs.
But Comcast is awkwardly situated because the deal has not gotten the required federal blessing and because it is dealing with the sensitivities of GE, which will hold 49% of the company post-merger.
Comcast and GE also will be in and out of quiet periods when they are legally precluded from making public statements in the weeks ahead due to earnings announcements and bond offerings.
At this point the company's posture is that Burke means to run NBC Uni with no No. 2 filling what had been the Zucker position. That would give him an extraordinary number of direct reports as the company is now structured but clearly further change is on the way.
In a statement, the cable giant asserted that Zucker will continue to serve as CEO until the transaction is complete, and that no other personnel announcements would be made until then.
"Steve Burke is an experienced, talented and visionary leader with over 25 years in the media and entertainment industry," said Comcast CEO Brian L. Roberts. "Steve is one of the most well-respected executives in the industry, and I am confident that he will lead NBCU forward to a new era of growth."
The announcement was not a surprise given Burke had notified Zucker two weeks ago that he didn't have a future at Comcast once the merger is completed.