Report: Gayle King may be on thin ice as CBS News' 'losses' revealed
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Gayle King is facing an uncertain future at CBS News as a shocking report claims the network is facing annual losses of around $50 million. According to Dylan Byer’s Puck newsletter, the network, which Skydance Media’s David Ellison recently acquired, plans to reduce talent salaries amid a restructuring of the news division. However, CBS refuted the claims of significant losses, telling the Daily Mail that “CBS News is losing ‘around $50 million a year’ is inaccurate. In fact, the division is currently profitable.”

Meanwhile former CNN journalist Oliver Darcy reported in his Status newsletter that 'many industry watchers saw the scoop as a harbinger of painful cost-cutting.' Darcy noted that Paramount's new chief, former NBCUniversal president Jeff Shell, has shared his desire to make cuts in order to run the network more efficiently. He said sources told him someone inside the network may have leaked the inaccurate losses report to justify massive cuts.

Former CNN journalist Oliver Darcy, writing in his Status newsletter, reported that many in the industry view this news as an indication of impending budget cuts. Darcy highlighted that Paramount’s new leader, former NBCUniversal president Jeff Shell, intends to make reductions to boost network efficiency. Sources suggested to Darcy that an insider might have leaked the false report to provide grounds for significant cutbacks.
As Darcy wrote, 'a report of $50million in annual losses would all but guarantee drastic belt-tightening at CBS News.' The report comes as gossip about Gayle King's future at the third-place network reached a high this month. Sources told Daily Mail that King may be on the way out as her $15million-a-year contract is up next May.

Darcy expressed that a report of $50 million in yearly losses would likely necessitate severe cost-cutting at CBS News. This report coincides with rising rumors concerning Gayle King’s status at the network, especially considering her $15 million annual contract ends next May. According to sources, there’s a strong possibility CBS News’ new management might not renew King’s contract.

King's contract will 'most likely' not be renewed by CBS News' new owners at that point, one source said. Another conceded King's departure was indeed likely, but that conversations were still being had. Staffers at the Tiffany Network spoke with Fox News on the matter as well. One addressed swirling internal talk about Skydance CEO David Ellison - the son of MAGA billionaire Larry Ellison - pulling the plug on King as co-host.

One source mentioned that King’s contract will probably not be renewed by CBS News’ new owners. Another admitted that King’s exit is likely, though discussions are ongoing. Network staff also shared insights with Fox News about internal chatter regarding Skydance CEO David Ellison’s potential decision to replace King.

The staffer said current network leadership has 'started to groom' Adriana Diaz as a sort of 'heir' to King in case her contract is not renewed. Another report by the New York Post claimed King and executive producer Shawna Thomas have alienated viewers with ultra-progressive programming. Ratings for the last-place morning show, once a cash cow for the network, have dropped to below 2million in recent months, according to Nielsen figures cited by the Post.

A staff member revealed that the current leadership is preparing Adriana Diaz as a potential successor to King if her contract ends. The New York Post reported that King and executive producer Shawna Thomas have disconnected from viewers due to highly progressive programming. The once highly-rated morning show now draws less than 2 million viewers recently, according to Nielsen data referenced by the Post.
Meanwhile Gayle lost between 20 to 30 percent of her audience in the last three weeks when compared to last year in the coveted 25- to 54-year-old demographic. 'The audience doesn't want woke. It doesn't like progressive and provocative bookings,' one of the sources told The Post. The morning show audience wants optimism and cheer and joy and what they were producing is at odds with audience expectations.'

In the past three weeks, King’s ratings fell between 20 to 30 percent compared to last year among viewers aged 25 to 54. Sources told The Post, “The audience doesn’t want woke. It doesn’t like progressive and provocative bookings.” The audience desires positivity and happiness, contrasting with the show’s current approach, which seems misaligned with their expectations.

Gayle signed a contract extension last year for between $13 and $15million that is scheduled to end in May 2026, a source told The Post. Skydance Media, which is to take over running CBS likely won't offer Gayle the same deal given the ratings, the source added. The potential morning show shake up comes as CBS canceled The Late Show with Stephen Colbert, whose own reported $15million contract also ends next May.

Gayle signed a contract extension last year for between $13 and $15million that is scheduled to end in May 2026, a source told The Post. Skydance Media, which is to take over running CBS likely won’t offer Gayle the same deal given the ratings, the source added. The potential morning show shake up comes as CBS canceled The Late Show with Stephen Colbert, whose own reported $15million contract also ends next May.

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