In a surprising announcement, Hoda Kotb revealed that she will be stepping down as anchor of NBC’s “Today” show, a move influenced partly by the network’s proposal to cut her substantial salary. Reports indicate that Kotb, who reportedly earned over $20 million annually, faced pressure from NBC executives who deemed her contract unsustainable amid the changing landscape of broadcast news.
Negotiations Bust
NBC executives communicated to her agents that her high salary was no longer justifiable, particularly in light of the show’s declining ratings, Puck News reports. The “Today” show, which averaged nearly 4.7 million viewers in September 2014, has seen its numbers plummet to approximately 2.5 million this month, despite still leading in ratings over competitors like “Good Morning America.”
In her announcement during Thursday’s broadcast, Kotb expressed her desire to turn the page at 60 and pursue new opportunities. She shared that her decision, made in August, was painful but felt right. “As I write this, my heart is all over the map,” Kotb said. “I know I’m making the right decision, but it’s a painful one. And you all are the reason why. They say two things can be right at the same time, and I’m feeling that so deeply right now. I love you and it’s time for me to leave the show.”
Kotb has spent 26 years at NBC, including 10 years on “Dateline” and significant time on the “Today” show, where she co-anchored the 7 a.m. slot for six years. It’s unclear whether her future projects will involve.
The media landscape is undergoing a dramatic shift, with many experts predicting a “bloodbath” for high-profile anchors as networks adjust to economic pressures and declining viewership, The Daily Beast reports.
“Next year’s going to be a bloodbath,” a news executive inside 30 Rock told the outlet. “All these big moneymakers — they’re all gone.”
Industry Cuts
CBS News, for example, has renewed Gayle King‘s contract, securing its top star amidst significant budget cuts. At 69, the “CBS Mornings” co-host’s decision comes during a challenging period for CBS and parent company Paramount Global, which is working to slash $500 million from its budget in preparation for a merger with Skydance next year, The New York Post reports. Some media outlets note that King might have accepted a salary reduction from her previously reported $13 million. Meanwhile, CBS is restructuring its nightly news show with lesser-known — and less expensive — anchors John Dickerson and Maurice DuBois taking over co-anchoring duties, replacing high-profile Norah O’Donnell, who in 2022 took a pay cut from $8 million a year to $3.8 million.