America’s television landscape could be about to change for good with the contracts of some of the nation’s biggest stars about to come up for renewal at a time when major broadcasters are looking to slash spending costs. This could force familiar household names on the main networks — from morning shows to late-night talk shows — to take a drastic cut in pay or leave the networks altogether. Part of the problem media companies face now is diminishing returns from ad revenue. Good Morning America anchors like George Stephanopoulos, Robin Roberts and Michael Strahan each have deals worth $25 million a year and will struggle to command such a hefty pay packet by the time contract negotiations come around. Ditching one of the anchors would instantly save ABC tens of millions of dollars. Talent agents warn that the days of $20 million players are over. NBC’s Today anchor Hoda Kotb announced last month that she's stepping down early next year. Had she decided to stay, it’s unlikely she would have secured another $20 million-a-year contract. Today and Good Morning America were averaging around 5 million viewers around a decade ago, but now their audiences have been cut in half. As their viewers age, their hold on younger audiences is almost non-existent. CBS Evening News anchor Norah O’Donnell will soon be replaced by a trio of anchors, few of whom are big names, but all of whom are less economically demanding. CBS Evening News anchor Jeff Glor, who had been demoted to anchoring only the Saturday edition of CBS Mornings, but still at a hefty salary, was recently let go. MSNBC’s Rachel Maddow may be among to first major names to have their pay deal reviewed. She is currently on a $30 million-a-year contract, but that comes to an end after the election. NBC's Tonight Show with Jimmy Fallon, CBS's Late Show with Stephen Colbert and ABC's Jimmy Kimmel Live are all working 4-day weeks, while there’s word that Late Night with Seth Meyers may be scrapped entirely. The phasing out of veteran talent will most likely accelerate when it comes time for contracts to be renewed.
America’s TV Celebrities Could Be In For a Rude Awakening
America’s television landscape could be about to change for good with the contracts of some of the nation’s biggest stars about to come up for renewal at a time when major broadcasters are looking to slash spending costs. This could force familiar household names on the main networks — from morning shows to late-night talk shows — to take a drastic cut in pay or leave the networks altogether. Part of the problem media companies face now is diminishing returns from ad revenue. Good Morning America anchors like George Stephanopoulos, Robin Roberts and Michael Strahan each have deals worth $25 million a year and will struggle to command such a hefty pay packet by the time contract negotiations come around. Ditching one of the anchors would instantly save ABC tens of millions of dollars. Talent agents warn that the days of $20 million players are over. NBC’s Today anchor Hoda Kotb announced last month that she's stepping down early next year. Had she decided to stay, it’s unlikely she would have secured another $20 million-a-year contract. Today and Good Morning America were averaging around 5 million viewers around a decade ago, but now their audiences have been cut in half. As their viewers age, their hold on younger audiences is almost non-existent. CBS Evening News anchor Norah O’Donnell will soon be replaced by a trio of anchors, few of whom are big names, but all of whom are less economically demanding. CBS Evening News anchor Jeff Glor, who had been demoted to anchoring only the Saturday edition of CBS Mornings, but still at a hefty salary, was recently let go. MSNBC’s Rachel Maddow may be among to first major names to have their pay deal reviewed. She is currently on a $30 million-a-year contract, but that comes to an end after the election. NBC's Tonight Show with Jimmy Fallon, CBS's Late Show with Stephen Colbert and ABC's Jimmy Kimmel Live are all working 4-day weeks, while there’s word that Late Night with Seth Meyers may be scrapped entirely. The phasing out of veteran talent will most likely accelerate when it comes time for contracts to be renewed.