NBC Universal Names Morgan Stanley Media Banker as Finance Chief
September 07, 2011, 8:46 PM EDTBy Alex Sherman
Sept. 7 (Bloomberg) -- NBC Universal, the entertainment company controlled by Comcast Corp., named Morgan Stanley investment banker Stuart J. Epstein as chief financial officer.
Epstein was the global head of media and communications at Morgan Stanley and a managing director of the firm, New York- based NBC Universal said today in an e-mailed statement.
Comcast is bringing aboard a longtime adviser, according to the statement. Epstein played a key role in creating the venture that gave Comcast, the largest U.S. cable service, a 51 percent stake in NBC Universal, owner of the broadcast network, movie studio and cable channels Bravo and USA.
“He is a smart, capable leader with a deep understanding of the media business,” NBC Universal Chief Executive Officer Stephen Burke said in the statement. “He will be a great cultural fit for NBCU.”
Epstein replaces Lynn Calpeter, who returned to General Electric Co. to become CFO of the company’s energy unit, according to a July statement. GE, which once held the majority stake in NBC Universal, is Comcast’s minority partner in the media venture.
Comcast added 68 cents, or 3.3 percent, to $21.39 today in Nasdaq Stock Market trading. The shares have declined 2.6 percent this year.
--Editors: Anthony Palazzo, Rob Golum
To contact the reporter on this story: Alex Sherman in New York at asherman6@bloomberg.net
To contact the editor responsible for this story: Anthony Palazzo at apalazzo@bloomberg.net
