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THR reports that CEO Mindy Herman's rumored departure from E! Networks has been made official. Should we say it or should you say it? Mindy Herman ankle!s E! We always think that's going to feel better than it actually does.

Funny, the party line from E! earlier this afternoon was that Herman wasn't going anywhere. Maybe they meant she wasn't going anywhere right at that second. Guess it was a bit of a smokescreen while the brass tried to make the situation look a little more mutual.

UPDATE: The press release is printed after the jump, or available here.

Comcast Corporation and E! Networks Announce That Mindy S. Herman to Step Down From Top Post at E! Networks


Comcast Asks Herman to Help With Transition

PHILADELPHIA and LOS ANGELES, May 27 /PRNewswire/ — Comcast Corporation
(Nasdaq: CMCSA, CMCSK) and E! Networks announced today that Mindy S. Herman
has decided to leave her post as President and CEO. She has been asked by
Comcast to assist in the transition and will remain in her position until
later this year.
"Comcast has become one of the most respected media companies in our
industry and I am honored that Brian Roberts gave me the opportunity to grow
E! and the Style Network into two of the world's most recognizable
entertainment and lifestyle brands," said Ms. Herman. "The Comcast executive
team has been supremely supportive of our work, and now, with the solid team
we have in place, I know that the networks will continue to flourish," Ms.
Herman added.
"Mindy has done an excellent job during her four years as President and
CEO of E!" said Brian L. Roberts, Chairman, President and CEO of Comcast.
"During her tenure, she has developed and led a talented management team that
has grown E!'s subscribers from 59 million to 85 million and style's
subscribers from 7 million to an expected 40 million by the end of 2004, grown
the network's revenues from just over $200 million to $350 million in 2003,
and increased operating cash flow from $58 million to more than $160 million
in 2003. Last year was E!'s most watched year ever. Mindy and her senior
management team have created a great success story in the cable industry. I'm
glad that Mindy has agreed to assist with the transition," Roberts added.
"This was not an easy decision for me and more than anything else, I will
really miss the tremendously talented team of executives that I leave behind
at E! and style," Ms. Herman said. "But we have accomplished essentially
everything that we set out to do when I joined E! Networks in early 2000.
This is a logical time for me to transition to the next phase of my career.
And with the recent birth of my son, it is a once-in-a-lifetime opportunity
for me to spend a little more time with my family and to pursue other
entrepreneurial interests," added Herman.
Ms. Herman and her management team have shepherded tremendous growth at E!
in terms of subscribers, revenues, cash flow, and viewership. Four of the
five highest rated years in E!'s history were during Herman's tenure. E! has
become the destination for awards show coverage with the network's highest
rated Oscar (2000 and 2002), Grammies (2004), Golden Globes (2001) and Emmy
coverage (2002). The network has also successfully delivered its advertisers
one of the most desirable audiences in cable, ranking #3 among all ad-
supported cable networks with affluent, educated, urban adults.
In 2002, E! underwent an elaborate rebranding initiative spanning all
areas of the network - including on-air and online. Style has also been
rebranded to set the stage for its expanded distribution numbers. In 2003,
the E! International Network was launched, and it remains the world's only
global 24/7 channel focused on the world of entertainment.
During Herman's tenure, E! Studios was created and E! shifted its focus to
develop more with outside producers. In both 2003 and 2004, both E! and style
successfully launched more series than at any time in their history.
Ms. Herman joined E! Networks in 2000 from In Demand L.L.C. as President
and CEO. From 1990 through 1998, Ms. Herman held a number of executive
positions with News Corporation, including Executive Vice President of FOX
Television Studios. She also served on the board of directors of both Regency
Television and Natural History New Zealand, as well as News Corp.'s global
marketing committee. She joined FOX Television Studios after serving for two
years as Executive Vice President, Business Operations, Tele-TV, a startup
joint venture created to develop a 135-channel, all-digital television
service.
Ms. Herman is the recipient of the 2002 Woman of Vision in Cable Award and
serves on the CTAM Board of Directors. In 2003, she was honored by Girls Inc.
as a strong role model for young women at the 9th Annual Celebration Luncheon.
Most recently, she was honored with the Larry Stewart Leadership and
Inspiration Award at the 8th annual Prism Awards.
A national search will be commenced to find a successor to Ms. Herman.