They’re the famous names who have become the faces of the biggest TV networks in the country, but everyone from morning television to the hosts of late night may have to take a pay cut as their contracts come up for renewal.
And it appears nobody is immune with the pay of everyone from anchors Robin Roberts and Savannah Guthrie to hosts Jimmy Kimmel and Stephen Colbert coming under scrutiny as networks attempt to secure value for money from their talent.
It could see the nation’s television landscape shift in what would be the biggest transformation in years as the contracts of some of its biggest stars come up for renewal one by one.
One big takeaway: the days of $20million deals may be numbered.
Networks are likely to replace high-priced veterans with lesser-known but more affordable talent, marking the end of an era for some of television’s most iconic figures.
NBC will have the opportunity to make savings after Hoda Kotb, 60, announced her departure from the Today show in early 2025. Co-host Savannah Guthrie is still under contract for another year, but her renewal might face similar budget restrictions.
At ABC, some of the highest-paid stars are the anchors of Good Morning America, where George Stephanopoulos, 63, Robin Roberts, 63, and Michael Strahan, 52, each have contracts worth around $25 million annually.
The cost-cutting trend will redefine the look of national broadcasters giving rise to a new generation of hosts and anchors who will shape the future of American television – likely at a fraction of the cost.
The ongoing transformations in the television industry, driven by economic necessity, is a sure sign broadcasters are entering an era where even the most recognizable names are no longer immune from budget cuts.
First on the chopping block could be one of the biggest earners at MSNBC, Rachel Maddow, 51, who is currently on a $30million-a-year contract.
Maddow currently only hosts her show once a week, which sees NBCUniversal paying her a massive $600,000 per episode.
But her contract is believed to be up for review following the 2024 election, and with the current economic conditions in broadcasting, it’s unclear if she can continue to command such a high salary.
Maddow’s reduced presence on air has already sparked discussions about whether her level of compensation is sustainable.
‘They’re really taking a gamble there,’ said Jeffrey Sconce, a professor in Northwestern University’s Screen Cultures program to The Wrap. ‘I’m kind of surprised that they are willing to pay that much to go from five nights a week to once a week.’
First on the chopping block could be one of the biggest earners at MSNBC, Rachel Maddow, 51, who is currently on a $30million-a-year contract which is due to end after the election
NBC Today anchor Hoda Kotb, 60, announced last month she is stepping down from Today early next year. Co-host Savannah Guthrie, 52, left, still has more than a year to run on her contract
Staying at 30 Rock, NBC will have the opportunity to make some savings after Hoda Kotb, 60, announced her forthcoming departure from the Today show in early 2025.
Even if she had stayed, it is doubtful whether Kotb would have managed to secure another $20 million-a-year deal.
Co-host Savannah Guthrie is still under contract for another year, but her renewal might face similar budget restrictions.
While Guthrie could have some leverage due to Kotb’s departure, the era of $20million salaries may be drawing to a close.
There had been rumors swirling that Guthrie had been plotting a departure of her own.
‘There was chatter that Savannah was planning her own exit strategy for next year after the election, but Hoda has made that all but impossible,’ one source told Page Six last week.
Had Hoda Kotb, left, decided to stay at NBC, she would have been very unlikely have secured another $20 million-a-year contract, those familiar with such negotiations have suggested. Co-host Savannah Guthrie, 52, is pictured center alongside Jenna Bush Hager, 42,
NBC Today anchor Hoda Kotb, 60, announced last month she is stepping down from Today early next year. Co-host Savannah Guthrie, 52, left, still has more than a year to run on her contract
Both Roberts, 63, and Strahan, 52, still have more than a year left to run on their current contracts
‘Savannah has talked a lot about not wanting to overstay her welcome on Today. My hunch is that Hoda completely scooped her. Of course, nobody at NBC wants Savannah to leave. I think if the bosses had their way she would be here for life. She is the beating heart of Today — there is so much support for her,’ the source added.
Still, her $20million salary falls well short of Matt Lauer who had been making a staggering $25million – before he was ousted over a sexual harassment scandal in 2017.
NBC is already restructuring its operations, including cutting down the number of live episodes for its late-night talk shows.
‘Next year’s going to be a bloodbath,’ a news executive at 30 Rock told the Daily Beast. ‘All these big moneymakers, they’re all gone.’
At ABC, some of its highest-paid stars are the anchors of Good Morning America, where George Stephanopoulos and Robin Roberts, both 63, and Michael Strahan, 52, each have contracts worth around $25 million annually.
But the company is in the middle of financial restructuring having just laid off 300 people as part of a ‘cost-saving initiative.’
Disney has ordered GMA to slash its bottom line by $19 million.
Ditching one of the anchors would instantly save Disney tens of millions of dollars but the ABC News trio has been a winning formula for years with GMA winning the ratings war.
Stephanopoulos who last signed in 2019 and then received a significant pay bump in 2021 has already begun negotiations with Disney for a new deal
It’s believed that behind-the-scenes staffers such as bookers and producers will be the ones to bear the brunt of the job cuts rather than any top talent.
Although Roberts and Strahan still have more than a year left on their contracts, Stephanopoulos who last re-signed in 2019 and then received a significant pay bump in 2021 has already begun negotiations with Disney for a new deal.
Before joining ABC, Stephanopoulos famously worked in the Bill Clinton White House as a senior adviser and communications director.
Strahan joined GMA in 2016 after co-hosting Disney-produced syndicated daytime talker Live with Kelly and Michael. He last re-signed with ABC in 2021 for four years.
Insiders believe that all three may face significant pay cuts as their contracts come up for renewal.
Even with the show’s continued dominance in the morning news ratings, the network is unlikely to maintain such high salaries amid financial constraints.
But the network also has something of a talent drought with no obvious rising stars in the running to replace any of the trio.
‘There’s still no one in a position to cultivate current and new talent at the network ‘It makes no sense that they still haven’t hired a No. 1 and a No. 2 [in the talent department]. They have people who are good, but they don’t have the experience to deal with high-caliber talent,’ an insider told Page Six last month.
The Today Show and Good Morning America were averaging around 5 million viewers around a decade ago but now their audiences have been cut in half.
And as their viewers age, their hold on younger audiences is almost non-existent – with around 600,000 viewers in the 25 to 54 age range.
CBS has also started scaling back its star talent, a trend that’s evident with Norah O’Donnell at CBS Evening News.
O’Donnell, who took over the seat in 2019, renegotiated her contract with CBS News in 2022 but saw her pay cut from $8million a year to just under $4million amid rumors she was going to be replaced.
One source suggested CBS execs gave O’Donnell a ‘low ball’ offer which they expected her to reject, and were taken by surprise when she actually accepted it.
It followed numerous reports that O’Donnell had clashed with the then CBS News co-president Neeraj Khemlani, a no-nonsense, budget-cutting exec who had reportedly cast a wide net searching for her potential replacement.
Khemlani left the news division in August 2023 after a two-year stint plagued by HR complaints and clashes with employees.
During her tenure, Norah O’Donnell has seen ratings plunge by about 25 percent and CBS is expected to replace her with a less costly team of anchors once her contract expires
CBS has already let go of former anchor Jeff Glor, 49, who was making just $2million
Maurice DuBois, left, and John Dickerson will head up the show with John Dickerson
During her tenure, O’Donnell has seen ratings plunge by about 25 percent and CBS is expected to replace her with a less costly team of anchors once her contract expires.
O’Donnell, 50, will move to a new role as senior correspondent where she will focus on bigger interviews and reporting for other shows including 60 Minutes.
‘She’s been put out to TV journalism pasture,’ one insider told the New York Post. ‘It’s like being sent to the graveyard of special projects.’
In March 2022, speculation ran rampant in the industry that CBS might axe O’Donnell to her alleged ‘toxic behavior’ and purported $65,000-a-year wardrobe allowance.
O’Donnell’s publicist Cindi Berger denied the accusations at the time, telling the Post: ‘It’s a clothing allowance, every news anchor has one. That figure is incorrect.
CBS has already let go of former anchor Jeff Glor, 49, who was making just $2million, and as parent company Paramount undergoes layoffs and cost-cutting, O’Donnell’s future at the network looks increasingly uncertain.
Maurice DuBois and John Dickerson will head up the revamped Evening Newsshow with 60 Minutes Executive Producer Bill Owens stepping in as supervising producer.
Dubois, 58, has been an anchorman for WCBS-TV in New York City and CBS Network while political correspondent Dickerson, 56, anchors The Daily Report with John Dickerson on the news division’s streaming network.
‘The day of the media icon, the standout, stand-alone center-stage TV personality, is coming to end,’ said Frank Sesno, a professor of media and public affairs at GWU and former CNN DC bureau chief.
Colbert’s contract runs through 2026, but the show is only making new episodes four days a week
Jimmy Kimmel’s current contract with ABC run’s through 2025 although he recently told the LA Times that he believed it might be his ‘last contract’. Jimmy Fallon’s contract has been extended until 2028
Even late-night television hasn’t escaped cost-cutting measures.
Shows like NBC’s Tonight Show with Jimmy Fallon, ABC’s Jimmy Kimmel Live!, and CBS’s The Late Show with Stephen Colbert have all reduced their schedules to four-day weeks, with no new episodes being produced on Fridays.
The shift highlights the growing pressure on networks to reduce expenses, even for long-established programs.
All three hosts make roughly the same earning between $15 and $16million each for around 170 episodes a year.
Kimmel’s current contract with ABC run’s through 2025 although he recently told the LA Times that he believed it might be his ‘last contract’.
Fallon’s contract has been extended until 2028 while Colbert’s runs through 2026.
NBC had even considered axing Late Night with Seth Meyers, who earns $5million, while CBS opted not to renew The Late Late Show after James Corden’s departure. Corden was pulling in around $6million a year.
After a 28 year run, the late night was scrapped from the schedules.
NBC had even considered axing Late Night with Seth Meyers, who earns $5million
The cost cutting is all as a result of major broadcasters tightening their belts.
It could mean high-profile talents deal with some belt-tightening of their own and face a future where their multi-million-dollar salaries are slashed, or perhaps be replaced altogether.
The crux of the issue is that traditional television revenues are in decline.
‘We have had a tremendous shake-up in how TV is delivered and received, and the business is going through a major struggle trying to retain and grow revenues,’ said Joe Peyronnin, a former television news executive who now teaches journalism at New York University told the Wall Street Journal.
Networks like ABC, NBC, and CBS are seeing shrinking advertising revenues from their legacy cable and broadcast operations while the growing reliance on streaming services hasn’t been as profitable as hoped, leaving a significant financial gap.
It means network bosses are having to reevaluate their talent rosters, making stars who command hefty paychecks vulnerable to salary cuts or being made redundant altogether.
