NBCUniversal CEO Steve Burke to step down next year

By Kenneth Li

(Reuters) – NBCUniversal Chief Executive Steve Burke will step down next year and will be replaced by NBCUniversal Film and Entertainment Chairman Jeff Shell (LON:), a source familiar with the matter said.

The executive shuffle comes as the Comcast Corp-owned (O:) news and entertainment company prepares to wade into the streaming war with a new advertising-supported service, Peacock, as one of the last entrants in an industry occupied by tech and media giants Netflix Inc (O:), Apple Inc (O:) and Walt Disney Co (N:). AT&T Inc (N:) is also set to launch its HBO Max streaming service next May.

Peacock, which NBCUniversal is expected to discuss at an investor and press meeting in January, is expected to launch in April.

Burke, whose contract ends August 2020, is not expected to seek another role at Comcast nor will he go to another company, the source said, shooting down speculation he was considering a role at Comcast, possibly to run UK-based pay TV service Sky.

An NBCUniversal representative was not immediately reachable for comment. The executive move was first reported by Variety.

Burke joined Comcast in 1998 and ran its cable division during a period of rapid expansion of its high-speed internet service. He became CEO of NBCUniversal by 2011 after Comcast took control of the media company from General Electric (NYSE:) in 2010.

Before Comcast, Burke spent over a decade at Disney, whose CEO Bob Iger is set to retire by 2021.

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