Burke, who'll oversee NBC Universal, sets 5-year deal
Comcast has struck a five-year employment pact with Stephen Burke, the No. 2 exec at Comcast, who will oversee NBC Universal once the cabler’s transaction with General Electric is completed.
Deal keeps Burke, who is exec veep-chief operating officer as well as prexy of the Comcast Cable division, in the Comcast fold through December 2014 and recognizes the “substantially increased responsibilities” with the pending Peacock takeover, according to a Securities and Exchange Commission filing from Comcast on Tuesday.
Burke’s base salary for the coming year will be $2.2 million, the same as it has been since March 2008. Exec is getting a $3 million signing bonus, plus he will be eligible for two cash bonuses of $3 million each during the course of the contract.
He received a restricted stock grant valued at $6 million after signing the contract, and he’ll receive another $6 million restricted stock grant by the time the NBC U deal closes, or by June 30, whichever comes first. And Burke will earn more than $11 million in deferred compensation over the course of the contract, according to the filing.
Comcast also has cut a new three-year contract for another key player in the NBC U deal, chief financial officer Michael Angelakis, as well as a five-year deal with general counsel Arthur Block, according to the filing.