CBS News has renewed the contract of its biggest star Gayle King — even as the Tiffany Network continues to face brutal cost-cutting, The Post has learned.
The 69-year-old CBS Mornings co-host’s decision to return to the late-night morning show comes at a tumultuous time for CBS and parent company Paramount Global, which is in the throes of downsizing $500 million dollars from the next budget. for the proposed merger with Hollywood studio Skydance next year.
Terms of the deal — including her compensation and the length of the contract extension — could not be immediately learned.
Sources speculated that King took a cut of her reported $13 million salary after weeks of tough negotiations.
“Gayle cares about people,” a source close to King told The Post on Thursday. “She’s the kind of person who would take a pay cut to save work for her show.”
CBS and King declined to comment.
Insiders noted that the signing proves that CBS News brass still values King — though her show’s ratings lag behind its morning rivals — even as the CBS Evening News has recently faced turmoil under the network’s CEO. Wendy McMahon.
“Gayle is the real deal in front of and behind the camera. This is great news for him and for CBS,” another source close to the deal said.
Last month, The Post exclusively reported that McMahon was investing in the “CBS Mornings” brand with the launch of a third hour in select markets.
“Gayle King’s ban solidifies a huge part of CBS, which is what the morning show is,” a third network source said.
Staff were shocked when Evening News anchor Norah O’Donnell revealed in July that she was leaving the third-place broadcast after the presidential election to become a special correspondent.
Since then, McMahon announced a revamp of the nightly newscast, which will now be co-anchored by lesser-known and less expensive anchors CBS News veteran John Dickerson and WCBS-TV anchor Maurice DuBois.
Although “CBS Mornings” — which is anchored by King, Nate Burleson and Tony Dokoupil — remains in third place, it has gained some ground in the advertiser-coveted demographic of viewers ages 25 to 54 against standard-bearer ABC “Good Morning America.”
According to Nielsen data for this season, “CBS Mornings” has beaten “GMA” 17 times in adults 25 to 54.
In the second quarter of the year, “CBS Mornings” trailed “GMA” by just 68,000 viewers in the demo.
Overall for the quarter, CBS reached 2.1 million total viewers and 426,000 viewers in the demo.
It followed “GMA,” which had 2.8 million total viewers and 494,000 demo viewers.
NBC’s “Today” grabbed 2.7 million total viewers and 620,000 viewers in the demo.
CBS insiders said King’s coverage has helped build momentum on “CBS Mornings,” citing some of her recent interviews with music mogul Jay-Z, Cherelle Griner, wife of WNBA star Brittney Griner, rapper Megan thee Stallion and Breonna Taylor’s boyfriend, Kenneth Walker. .
“Why mess with something that works? ABC is struggling and CBS has real momentum in the morning,” a CBS insider said of the King renewal. “This is a win-win.”
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