NBCU Chief Steve Burke Gets Pay Hike in Contract Renewal
Burke’s renewal includes a nearly 20% salary bump to $2.6 million, effective Sept. 1. Burke’s cash bonus will remain at 300% of his base salary.
The exec VP of Comcast and chief executive officer of NBCUniversal will also receive a performance-based bonus of $5 million, contingent on Burke staying in the job for at least 13 months. The bonus will come as a split between restricted stock and deferred compensation. Comcast must also meet certain performance standards: Operating cash flow at the end of June 2014 must equal 101% of operating cash flow as of June.
Friday’s SEC filing credited Burke with integrating NBCUniversal and its businesses into Comcast and improving the latter’s bottom line. Under Burke’s tenure, Comcast sold its stake of A&E in a $3 billion deal, purchased the 50% of Universal Orlando that they didn’t already own, as well as the half of MSNBC.com they didn’t already own.
Burke’s previous deal, set in 2009, was set to expire next year.