Jeff Immelt wants to see other people – including a casual encounter with Tom Freston – before he makes a commitment to Jeff Zucker.
The NBC Universal wunderkind, who rose from “Today” show producer to the No. 2 executive at the network and the person in line to succeed Chief Executive Bob Wright, now faces a less certain future as Immelt, head of General Electric, the network’s parent, recently launched an informal search for outsiders that could take over Wright’s post.
One source close to the company insisted Zucker was still the likely successor – as GE execs have said publicly – and described the search as a necessary step to convince Wall Street and GE’s board that a wide range of candidates were vetted.
Immelt, in a statement given to The Post, said, “I have confidence in the leadership team at NBC Universal. I’m a fan of Jeff Zucker’s. There is no search.”
Wright, 63, recently celebrated 20 years at the network and insiders say he hasn’t decided when to step down, insisting that Wright is intent to stay on until NBC claws its way out of the cellar. In recent years the one-time network TV king, which once dazzled audiences with shows such as “Seinfeld” and “Friends,” sank to fourth place in the ratings.
While it is still early to render a verdict on the new fall primetime season, there are glimmers of hope for NBC. During premiere week, NBC ranked second in the key 18-49-year-old demographic, with an 18-percent jump in viewers from a year ago. And its drama, “Heroes,” was the best performing fall drama premiere for NBC in five years.
In addition, at the Emmy Awards in August, NBC raked in 14 awards, more than any other broadcast network.
Nevertheless, GE – which insists Zucker is still the heir apparent – has begun an informal process to search for an outside candidate to take over for Wright, and has reached out to numerous executives, including former Viacom CEO and MTV founder Freston, who was recently sacked by controlling shareholder Sumner Redstone, according to several sources.
One source described it as “due diligence” and not a “formal search.”
The stepped-up succession planning comes amid a broader review on GE’s part of the future of NBC Universal ahead of the date when minority partner, the French conglomerate Vivendi, can begin cashing out its stake.
Beginning in 2007, Vivendi can liquidate its 20 percent stake in NBC Universal. GE, which owns the other 80 percent, would either have to split off NBC Universal in to a separate public company – which would allow Vivendi to cash out by selling to the public – or write a hefty multi-billion dollar check to buy out Vivendi.
Some analysts value NBC Universal at close to $40 billion – meaning GE would be on the hook for at least $8 billion if it decided to acquire Vivendi’s share.
Of course, Vivendi could agree to delay exercising its rights and maintain its stake, as it did this year. As part of the 2003 deal in which GE bought Universal from Vivendi and combined it with NBC, Vivendi could begin cashing out in 2006.
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Wright’s Wrongs:
* Last-place standing in TV ratings
* Lukewarm box office from Universal Studios
* Possible cashing out of Vivendi’s 20% stake