“NBCUniversal CEO Jeff Shell Steps Down Amid Allegations of Inappropriate Conduct”

Jeff Shell, CEO of NBCUniversal, is stepping down from his position following an investigation into a complaint of alleged inappropriate conduct with a female colleague. Comcast, the parent company, announced that Shell admitted to having an “inappropriate relationship with a woman in the company”. He has served as the top executive of the media and entertainment group since January 2020, overseeing a vast empire ranging from NBC television networks to the Universal film studios, parks and resorts. His team, including Universal chair Donna Langley and Mark Lazarus, head of the television and streaming business, will now report to Mike Cavanagh, Comcast’s President. There is no succession plan yet, but potential replacements could include Lazarus, news chief Cesar Conde, and Linda Yaccarino, head of global advertising and partnerships. Matt Lauer and Universal vice-chair Ron Meyer were fired previously for staff’s claims of inappropriate behavior. Peacock, a streaming service led by Shell, had more than 20 million customers, but it still lags behind Netflix and Disney Plus. MoffettNathanson analysts raised concerns about whether Peacock could achieve winning scale or attractive long-term margins as the service reported a $978 million loss in earnings in the fourth quarter, and the forecast predicts losses to peak this year at around $3 billion.