CBS News has renewed the contract of its biggest star, Gayle King, even as the Tiffany Network faces severe cost-cutting, according to information obtained by The Washington Post.
The 69-year-old “CBS Mornings” co-host's decision to return to the bottom-ranked morning show comes at a tumultuous time for CBS and parent company Paramount Global, which are struggling to cut $500 million from their budget ahead of a proposed merger with Hollywood studio Skydance next year.
Terms of the contract, including her compensation or the length of the extension, were not immediately disclosed.
Sources speculate that King may have taken a cut from his reported $13 million salary after weeks of tough negotiations.
“Gale is a people person,” a source close to King told The Post on Thursday. “She's the type of person who would take a pay cut to ensure employment for her show.”
CBS and King declined to comment.
The move, the people said, signals the high regard CBS News executives still hold King in, even as the CBS Evening News has recently faced turmoil under network CEO Wendy McMahon and its morning show has struggled in the ratings.
“Gale is the real deal both in front of and behind the camera, and this is great news for her and for CBS,” said another source close to the deal.
Last month, The Washington Post exclusively reported that McMahon was investing in the “CBS Mornings” brand and launching a third hour of programming in select markets.
“Shutting out Gayle King strengthens a staple of CBS, which is morning programming,” a third network source said.
Employees were shocked when “Evening News” anchor Norah O'Donnell announced in July that she was leaving the network, which ranked third after the presidential election, to become a correspondent.
McMahon then announced a revamp of the evening news show, with lesser-known, less-paid co-hosts — CBS News veteran John Dickerson and WCBS-TV anchor Maurice Dubois.
“CBS Mornings,” under the helm of King, Nate Burleson and Tony Dokopil, remains in third place but has gained some ground among advertiser-coveted 25-54 age groups against ABC's standard-bearer, “Good Morning America.”
According to Nielsen data this season, “CBS Mornings” beat “GMA” 17 times among adults 25-54.
In the second quarter of this year, “CBS Mornings” trailed “GMA” in viewership by just 68,000 viewers.
For the quarter as a whole, CBS drew 2.1 million total viewers and 426,000 in the demo.
This was second only to “GMA,” which had 2.8 million total viewers and 494,000 in the demo.
NBC's “Today” drew 2.7 million total viewers and 620,000 in the demo.
CBS officials said King's coverage is helping “CBS Morning” gain momentum, citing recent interviews with music mogul Jay-Z, Sherrelle Griner, wife of WNBA star Britney Griner, rapper Megan Thee Stallion and Breonna Taylor's boyfriend Kenneth Walker.
“Why ruin something that's working? ABC is struggling and CBS has real momentum in the morning hours,” a CBS source said of King's renewal. “It's a win-win.”
