(Bloomberg) -- Steve Burke, a Comcast Corp. executive and stalwart of the entertainment industry, is stepping down as the head of NBCUniversal next year, handing the reins to lieutenant Jeff Shell, according to a person familiar with the matter.

Burke will leave when his contract expires in August, said the person, who asked not to be named discussing private information. Shell, the head of the film side of NBCUniversal, was given additional duties in a January shake-up, setting the stage for him to take over the business.

Variety on Thursday reported Burke’s coming departure.

Burke’s exit comes at a challenging moment for NBCUniversal. The business -- a sprawling entertainment operation that includes NBC, Universal Pictures and theme parks -- is preparing to launch a streaming platform called Peacock next year.

The new service is up against a crowded field of competitors, including Netflix Inc., AT&T Inc.’s HBO Max, Walt Disney Co.’s Disney+ and Apple Inc.’s TV+.

There’s long been speculation that either Shell or Mark Lazarus, who oversees broadcast, cable, sports and news at NBCUniversal, would replace Burke as head of the business. But it wasn’t clear that a change would come this soon.

Burke is one of the most powerful people in the entertainment industry, and his departure will reverberate through Hollywood and New York. He began running the business in 2011 after Comcast took control of NBCUniversal from General Electric Co. He previously served as operating chief at Comcast, helping turn it into the largest U.S. cable provider.

Before joining Comcast in 1998, Burke was president of ABC Broadcasting at Disney. He also helped start Disney’s retail stores.

Burke, 61, also has served on the board of Berkshire Hathaway Inc. for the past decade.

To contact the reporter on this story: Gerry Smith in New York at gsmith233@bloomberg.net

To contact the editors responsible for this story: Nick Turner at nturner7@bloomberg.net, John J. Edwards III

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