Wednesday, December 23, 2009

The Wall Street Journal

Comcast Corp. agreed to pay Chief Operating Officer Steve Burke signing bonuses of $18 million in cash and stock, as part of a five-year contract extension following Comcast's successful conquest of NBC Universal.

Mr. Burke's new contract was disclosed Tuesday in a securities filing.

Mr. Burke will oversee the integration of NBC Universal into Comcast. Comcast agreed this month to buy control of the television and movie company from General Electric Co. for about $13.75 billion in cash and assets. The deal now faces as much as a year of review in Washington.
Michael Angelakis, Comcast's chief financial officer, also signed a contract extension, the filing said. As part of his agreement, extending three years, Mr. Angelakis will receive signing bonuses of $9 million in cash and stock.

Mr. Burke's signing bonuses comprise $6 million in cash and $12 million in restricted stock, with half of each granted at signing and the remainder when the NBC Universal deal closes, or by June 30 at latest. Mr. Angelakis's signing bonuses are structured similarly. Neither man's new contract increases his base salary or normal cash bonus opportunity.

A Comcast spokeswoman said the company entered the new agreements "with Steve and Michael because they are the best in the business, and their roles in leading the integration of NBC Universal are critically important."

Printed in The Wall Street Journal, page B4 December 23, 2009

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