CMCSA Comcast Corporation

By Colin Kellaher 

Comcast Corp. said Steve Burke, chief executive of NBCUniversal, plans to retire next August following the Summer Olympics in Tokyo.

Jeff Shell, who currently oversees the company's film and network television businesses, will become CEO of NBCUniversal on Jan. 1, while Mr. Burke assumes the role of chairman, Comcast said Monday.

Upon Mr. Burke's retirement, Mr. Shell will report directly to Brian Roberts, chairman and CEO of Comcast, the company said.

The Wall Street Journal on Friday reported that Mr. Burke, who also is a senior vice president of Comcast, was planning to step down when his current contract expires after a two-decade run at the cable and entertainment giant.

The 61-year-old Mr. Burke has served as NBCUniversal chief since Comcast acquired control of the company in 2011. The role oversees a sprawling operation that includes the NBC broadcast network, the Universal studio and theme parks, cable channels such as MSNBC, USA Network and Bravo and Spanish-language network Telemundo.

Mr. Burke's main objectives during his remaining time at NBCUniversal are overseeing next April's launch of Peacock, the company's direct-to-consumer streaming service, and coverage of the 2020 Summer Olympics in Tokyo, people familiar with the matter said.

A 14-year Comcast veteran, Mr. Shell has held a variety of positions including overseeing international operations and cable networks such as the company's regional sports channels. In his current post, he essentially is in charge of all entertainment content in the television and movie operations.

Mr. Shell will likely face myriad challenges as CEO. Like all broadcast networks, NBC has endured sharp rating declines over the past decade as viewers cancel pay-TV service and flock to streaming platforms. On the positive side, NBC is threatening this year to surpass CBS as the most-watched network. NBCUniversal's cable networks face similar issues. MSNBC has been a bright spot. Like other cable news channels, its ratings got a lift in recent years from interest in the coverage of Donald Trump's candidacy and administration.

Joe Flint contributed to this article.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

December 16, 2019 09:44 ET (14:44 GMT)

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