CBS Renews Gayle King Contract While Working to Slash $500M From Its Budget

CBS News has renewed the contract of its top star , Gayle King , despite the network grappling with significant budget cuts , according to several sources who spoke with New York Post . The 69-year-old co-host of CBS Mornings has agreed to stay on the network’s last-place morning show during a challenging period for CBS and its parent company, Paramount Global , which is currently slashing $500 million from its budget ahead of a proposed merger with Hollywood studio Skydance next year.

While the specifics of King’s new contract, including her salary and the duration of the extension , remain undisclosed, insiders speculate that she may have accepted a pay reduction from her reported $13 million salary after intense negotiations .

“Gayle genuinely cares about people ,” a source close to King shared with The Post . “She’s the kind of person who would take a pay cut to protect jobs on her show.”

Despite CBS Mornings trailing behind its competitors in ratings, King’s re-signing demonstrates that CBS News leadership still places high value on her, even as CBS Evening News faces internal challenges under the network’s CEO , Wendy McMahon.

“Gayle is the real deal in front of and behind the camera. This is great news for her and for CBS,” said another source.

Last month, The Post exclusively revealed that CBS CEO Wendy McMahon is investing in the CBS Mornings brand with plans to expand the show to a third hour in select markets. “Securing Gayle King is a key move for CBS, as she remains a central figure on the morning show,” a third network source noted.

“Locking down Gayle King solidifies a major part of CBS, which is what the morning show is,” a third network source said.

Employees were surprised when Evening News anchor Norah O’Donnell announced in July that she would be stepping down after the presidential election to become a special correspondent.

Following her announcement , McMahon unveiled a revamp of the nightly news program , which will now be co-anchored by CBS News veteran John Dickerson and WCBS-TV’s Maurice DuBois—both lesser-known and more cost-effective choices.

Despite CBS Mornings , co-hosted by King, Nate Burleson, and Tony Dokoupil, still ranking third in the morning show competition , it has made gains in the highly coveted 25 to 54 age demographic, closing in on ABC’s Good Morning America . According to Nielsen data , CBS Mornings has outperformed GMA in the 25 to 54 demographic 17 times this season . In the second quarter of the year, CBS Mornings trailed GMA by just 68, 000 viewers in this key demographic.

Overall, CBS attracted 2.1 million total viewers and 426,000 viewers in the 25 to 54 demographic during the second quarter, trailing GMA , which had 2.8 million total viewers and 494,000 in the demo, and NBC’s Today , with 2.7 million total viewers and 620,000 demo viewers.

CBS insiders attribute some of the momentum at CBS Mornings to King’s interviews with high-profile figures , including music mogul Jay-Z , Cherelle Griner ( wife of WNBA star Brittney Griner ), rapper Megan Thee Stallion , and Kenneth Walker , boyfriend of Breonna Taylor .

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