By Joe Flint 

Comcast Corp.'s NBC is expected to elevate Lester Holt to permanent anchor of its "Nightly News" broadcast, while his embattled predecessor Brian Williams will remain at the network in an as-yet-undisclosed role, a person familiar with the matter said.

Mr. Williams was taken off the air in February after revelations he exaggerated a story from his days covering the war in Iraq in 2003. For the past four months, Mr. Holt has been anchoring the broadcast in an interim capacity.

NBC may park Mr. Williams at its cable news channel MSNBC, where he previously was an anchor. An NBC News spokeswoman declined to comment. The moves by NBC, first reported by CNN, could be announced as early as Thursday.

Mr. Williams's fall from the anchor perch has transfixed the media world. While the evening newscasts no longer have the audiences they did 25 years ago, given the rise of cable news and online media, they remain influential and anchor positions are considered among the most prestigious jobs in American journalism.

Audiences for all three network news shows have risen over the past several years, though they are still trying to find a formula to attract younger viewers.

In Mr. Holt, NBC gets an anchor with a different style than Mr. Williams, who parlayed his prominence into late-night appearances, sitcoms and even an appearance as host of NBC's "Saturday Night Live." Mr. Holt, by contrast, has kept a much lower profile, although he hasn't been immune to poking fun at himself in bits on "Today" and other NBC shows.

Since Mr. Holt took over on an interim basis, "Nightly News" has held its own in the ratings against ABC's "World News Tonight" and CBS's "Evening News," which also helped make the case to elevate him. In addition to "Nightly News," Mr. Holt also co-anchors the weekend edition of "Today" and anchors NBC's news magazine "Dateline."

Mr. Williams wasn't the only figure at NBC caught up in the turmoil. Just weeks after he was suspended for six months, NBC replaced Patricia Fili-Krushel as chairman of the NBCUniversal News Group with Andy Lack, who had run NBC News from 1993 to 2001.

While Ms. Fili-Krushel is a close confidante of NBCUniversal Chief Executive Steve Burke, her leadership of the news group came under heavy criticism over not only the handling the Williams situation but also challenges at other shows including "Today" and "Meet the Press."

Mr. Williams's woes began in late January when a story he had told about being on a helicopter that came under attack in Iraq in 2003 was challenged. Mr. Williams subsequently acknowledged the story was false and apologized, saying he had been in a trailing helicopter.

Initially, NBC executives had hoped Mr. Williams could weather the storm with his credibility intact. When NBC suspended him for six months, Mr. Burke said Mr. Williams "deserves a second chance and we're rooting for him."

The network tapped Richard Esposito, an NBC producer, to oversee a deeper inquiry into his work, including reporting on stories such as Hurricane Katrina and the Arab Spring.

As more questions were raised, the odds of Mr. Williams returning as anchor grew longer. In addition, inside NBC News, dissent grew among the rank and file over giving the star anchor another chance.

The return of Mr. Lack was seen as a positive sign for Mr. Williams as the two enjoyed a close relationship during his first tenure at the network. However, the anger toward Mr. Williams's transgressions quickly outweighed any personal sentiment Mr. Lack had for the anchor.

Write to Joe Flint at joe.flint@wsj.com

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