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* Comcast, GE to make Zucker head of new joint venture

* Terms do not include a mandated exit for Zucker

* Comcast, GE still negotiating structure of new board

(Adds timeline, company comment, merger reasons)

By Jui Chakravorty

NEW YORK, Nov 10 (Reuters) – Comcast Corp (CMCSA.O) and
General Electric Co (GE.N) have agreed to make NBC Universal
CEO Jeff Zucker the head of their proposed joint venture, but
the structure of a new board is still being negotiated, sources
familiar with the matter said.

The two sides have been in talks to reach a deal that would
give Comcast a 51 percent stake in the NBC Universal venture,
which would also house the cable networks now belonging to
Comcast. They recently agreed to value NBC Universal at about
$30 billion, sources previously told Reuters.

Under the terms being discussed, Zucker will lead the new
entity, with no clauses for him to leave after a specific
period, the sources said on Tuesday. They spoke on condition of
anonymity because the details have not been made public.

Comcast declined comment. NBC did not return calls seeking
comment.

As part of the proposal, NBC Universal would become a joint
venture, 51 percent owned by Comcast and 49 percent by GE.
Comcast would contribute around $4 billion to $6 billion in
cash, as well as its collection of cable networks to pay for
its stake.

There has been a lot of speculation about who would head
the new company, especially since Peter Chernin — the former
president of News Corp (NWSA.O) — has been advising Comcast.

The sources said Zucker would be chief executive, but no
decisions had been made on what role Chernin might play, if
any. Discussions about what the new board would look like are
ongoing, the sources said.

NEXT FEW DAYS CRITICAL

One of the sources said progress made in the talks over the
next few days are “critical” and would determine how quickly
the deal gets done.

Vivendi, which owns 20 percent of NBC Universal and has to
agree to a deal, is in talks with GE and is determined to get
the best value for its investment. Those talks are progressing,
but “going slow,” one of the sources said.

Every year between mid-November and mid-December, Vivendi
has to decide whether to exercise its “put” option to sell its
NBC Universal stake.  Continued…