NBCUniversal chief Steve Burke's contract with Comcast has been extended through 2018, and he will receive a raise and $5 million bonus.
The contract was renewed effective today through Aug. 31, 2018. In an SEC filing, Comcast said his base salary will increase to $2.6 million, and that he will continue to be eligible for a bonus equaling 300 percent of his base salary. Because of "extraordinary progress" in improving the company's businesses and results, he will also receive a $5 million performance bonus, Comcast said.
The bonus is contingent on Comcast's operating cash for the year ending June 30, 2014 equalling 101 percent of its operating cash flow for the previous year.
Burke, the chief executive officer of NBCU, oversees the company’s news, sports and entertainment networks, motion picture company, television production operations, television stations group, and theme parks.
He assumed this role in January 2011, when Comcast took a controlling interest in NBCU from General Electric.
He previously served as chief operating officer of Comcast Corporation. He joined Comcast in 1998 as president of Comcast Cable. Prior to Comcast, he was The Walt Disney Company's president of ABC Broadcasting.