CNN denies it’s looking to cut anchor salaries

After The Wrap published a story claiming CNN is looking to slash anchor salaries to save money, a network source has denied the report to NewscastStudio.

The network noted it does not comment on employee matters such as a salaries and would not comment on any specific staffer, but did say there are no plans to cut salaries.

The Wrap’s report goes on to cite a purported list of anchor salaries. A network source told NewscastStudio that the numbers listed by The Wrap are not accurate, so they are no longer being published here.

While high salaries aren’t at all uncommon in network and cable news, it could be argued that CNN may be paying a premium for talent who don’t draw in the number of viewers needed to make the shows rate higher, which, in turn, could lead to higher revenue. 

CNN has been battling ratings woes across many of its dayparts, though it still is expected to remain profitable. 

The network is also already facing some anchor changes. Earlier in February 2024, it announced it was canceling “CNN This Morning” in its current form and having “Early Start” anchor Kasie Hunt take over on its hours, with her show also taking on the “This Morning” name. “NewsCentral” will move up and two existing anchors were added to the schedule with new shows after that show ends.

All that means that “This Morning” anchors Poppy Harlow and Phil Mattingly, meanwhile, don’t appear to have an anchor desk to land at, though the network said it is in talks about their future.

If Harlow and Mattingly are looking at a new show , there aren’t many timeslots available on the schedule for them to anchor and it’s not clear if the network would still need to keep paying the value of their current contracts if they took on lower-profile duties, such as reporting, so the net savings may not be there. They could also negotiate early exits.

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Thompson also announced that editorial production for the new “This Morning” would shift to Atlanta, meaning no regularly-scheduled daily morning programming would have editorial teams in New York. An unspecified number of staffers are expected to lose their jobs due to this change, though they are being encouraged to interview for other roles within the company, including potential options to relocate to Atlanta or elsewhere. It’s not clear how much that will save CNN, though it’s probably unlikely any of those would count toward the $50 million anchor budget cut since it doesn’t directly involve talent.

Thompson already announced that the network would combine its digital and linear newsrooms in the hopes of streamlining workflows and eliminating redundancies. He’s also been moving forward with making the network more “digital first.” 

The drive to save money comes at a time when WBD, who bought CNN parent Turner Broadcasting in 2022, is pushing to improve ratings while also making CNN more efficient. WBD itself is reportedly exploring merging with another media giant, with Paramount Global one of the prominent names mentioned. Such a merger could see CNN and CBS News combining operations, which would likely lead to significant cost savings.

Many media companies are also, despite hinging hopes on a lucrative year of election ad spending, cutting staff at the same time, including many from newsrooms, leaving industry watchers concerns about the amount of original journalism that will be available to consumers. 

Uncertainty with the future of linear TV of streaming and how the economy might affect the advertising market as a whole are also making some financial chiefs at media companies wary.

Correction: This story has been updated extensively to report CNN’s denial of the original Wrap report.