Karl Stefanovic may be next on the chopping block at Channel Nine as reports suggest executives have asked the popular presenter to take a massive pay cut.
The Today co-anchor, 50, who is said to be raking in $1.5million a year for his cushy breakfast show job, could face the axe if he refuses to reduce his salary.
According to insiders, Olympian Todd Woodbridge is waiting in the wings to replace the TV host and willing to be paid half his salary, reported Woman’s Day on Monday.
‘Some of Nine’s highest paid talent, including Karl [Stefanovic] and Hamish [Blake] are being asked to consider taking pay cuts,’ a source told the publication.
‘There’s a big push to consider Todd as a replacement for Karl at Today… He was one of the breakout stars in Paris as part of Nine’s Olympic on-air team.’
The Tipping Point host, 53, impressed execs so much they had him cover the Paralympics as well, ‘which is one of the biggest signs bosses could be grooming him for a role at Today’.
The four-time Olympian ‘made it clear he is open to being paid half of what Karl is making’, which the insider says has put pressure on the veteran TV presenter.
They added: ‘The big bosses would be looking at how seamlessly Matt [Shirvington] has fit in at Sunrise and thinking Todd could emulate that success with his athlete’s work ethic and personable interview skills.’
Karl Stefanovic, 50, (pictured) may be next on the chopping block at Nine as reports suggest executives have asked the popular presenter to take a massive pay cut
Daily Mail Australia have contacted Nine for comment.
It comes as profits at media giant Nine Entertainment have fallen almost a third to $134.9 million for the full year – as execs cuts costs by axing hundreds of roles.
The company’s accounts released to the share market last month show its net profit for 2023/24 was 31 per cent lower than the previous year.
Nine owns some of Australia’s biggest media platforms including Channel Nine, streaming service Stan, talkback radio stations 2GB and 3AW, The Sydney Morning Herald, The Age and the Australian Financial Review.
Its annual revenue was $2.6 billion, down three per cent, with earnings before interest, taxes and depreciation (EBITDA) at $517 million, down 12 per cent.
In June, long-time chair Peter Costello announced he would leave the company, following an altercation with a journalist at Canberra airport.
According to insiders, Olympian Todd Woodbridge, 53, (pictured) is waiting in the wings to replace the TV host and willing to be paid half his salary, reported Woman’s Day on Monday
New chair Catherine West said in a statement the company was performing well in a challenging market.
Chief executive Mike Sneesby, who came under fire from his employees when he carried the Olympic torch in Paris, agreed with her assessment.
‘In a year of challenging economic and advertising market conditions, there were some clear positives in this result,’ he said.
At digital streamer Stan, EBITDA increased 24 per cent to $46 million, while at real estate website Domain, profits lifted 26 per cent to $137 million.
But it was a different story for Nine’s larger TV and publishing divisions: EBITDA for the television division fell 32 per cent to $208 million, publishing profits fell seven per cent to $153 million, while audio division profits plunged a third to $8.4 million.
Nine began the current financial year with strong audiences and revenue across platforms thanks to its broadcast of the Paris Olympics and Paralympics, Mr Sneesby said.
The Today co-anchor who is said to be raking in $1.5million a year for his cushy breakfast show job, could face the axe if he refuses to reduce his salary. Pictured with wife Jasmine
The Paris Games coverage reached an unprecedented national daily average audience of almost 10 million people.
Nine spent $305 million to secure the Olympic broadcast rights including the Games in Brisbane in 2032.
While Games-related advertising and subscription revenue is expected to total more than $160 million, the company said it expected the venture to break even.
Nine cut costs by $65million during 2023/24 and in June said it would eliminate 200 jobs or about four per cent of its almost 5000 staff.
‘From our nationwide team of almost 5000 people, around 200 jobs are expected to be affected across Nine, including some vacant and casual roles not being filled,’ Mr Sneesby said earlier this month.
‘In order for us to be able to keep investing in digital growth opportunities across Nine, we must continue to responsibly manage costs through the cycle.’
It comes amid the Nine bloodbath which has seen hundreds of jobs axed after a big profits hit. Pictured: Karl with Nine CEO Mike Sneesby
The job cuts include 38 positions in the high-profile news and current affairs broadcast team, which included 9News and 60 Minutes.
Additionally, 90 jobs will be eliminated from Nine’s publishing division, affecting roles at The Sydney Morning Herald, The Age, and The Australian Financial Review.
The cuts came as a commercial deal with social media giant Meta, which owns Facebook and Instagram, ended.
Nine expects to cut underlying costs by another $50 million in the 2025 financial year, making for a cost reduction of about $100 million over two years, said chief financial officer Matt Stanton.