Media Blog

NBC Loses Big on Olympics, Leno

Fox Business News (emphasis mine):

Jeff Zucker, who will be president and chief executive of NBC Universal following its sale of a majority interest to Comcast Corp. (CMCSA: 20, 1.19, 6.33%), will make a base salary of $6.3 million in 2010, though his total compensation could be $20 million or more.

According to documents filed in connection with a $4 billion bond offering for NBC Universal – currently a unit of General Electric (GE: 19.48, 0.6216, 3.3%) – Zucker is guaranteed a bonus of $1.5 million for “good performance,” but he could get a performance bonus between $2 million and $4.5 million.

The filing also shows that some noteworthy corporate events took their toll on the business. The operating loss from broadcasting the Vancouver Winter Olympics and a charge for killing Jay Leno’s 10 p.m. show combined to sap $233 million from the company’s results, according to the documents.

What’s more, under General Electric’s long-term performance plan, he could receive double his base salary, or $12.6 million, assuming that he is awarded the payout in 2010. His current long-term performance award vests when GE sells a 51% stake to Comcast.

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