It’s true in just about any business — the higher your total compensation, the bigger the target on your back when it comes to cost-cutting measures in tough times.
And times have been tough at CNN for some years now.
As a result, some of the network’s best-known names may be facing the “chopping block” in the near future, according to an unnamed source who spoke to In Touch Weekly.
The source, whom the outlet described as a “network insider,” listed some household names who might be looking for work in the near future because of cost-cutting efforts at the struggling network.
That list included Anderson Cooper, Chris Wallace, Jake Tapper and Wolf Blitzer, the source claimed.
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Anderson knows he’s on the chopping block because he makes a whopping $20 million a year,” the source told In Touch. “He’s already started looking for a new gig!” [emphasis original]
“Chris Wallace takes $8 million and figures he’s a likely target, too!” the source added, again emphasizing his or her point with an exclamation point.
“Everybody knows the focus is on cutting costs,” the unnamed person also said. “No one is safe!” [From exclamation points, apparently — Ed. note]
In Touch cited other anonymous “insiders” as claiming that Blitzer and Tapper — who reportedly pull down an annual $15 million and $8 million, respectively — were also expecting possible pink slips.
Will anyone be able to turn CNN around?
With ratings being bad for some time, new CEO Mark Thompson has little choice but to find ways to reduce costs.
According to In Touch, 2023 was the worst ratings year CNN had seen since 2014. It was also the worst year ever for CNN among “coveted” viewers aged 25-to-54.
The outlet cited multiple sources who said that Thompson had no respect for highly paid news “stars,” and would prefer to hire personalities with a proven history of building viewership themselves on social media platforms like YouTube.
“CNN is trying to keep up with the news landscape and become a digital-first provider,” one source told In Touch. “It makes sense for them to pursue anchors who have already established a presence there — especially if TV becomes history in their portfolio!”
In Touch reported that most of the “heavy hitters” had contracts that would keep them employed through the November presidential election, but added, with its own exclamation point this time, that “after that, all bets are off!”
Thompson had cut bonuses to CNN employees — reportedly including some of the “big names” — in January, according to the New York Post, which cited its own unnamed source who was also fond of exclamation points.
“It’s a five-point plan to make five-point plans,” the unnamed “media executive” told the Post about Thompson’s strategy to turn the network around.
“In other words, there is no plan, but we are really planning to make lots of plans. And rest assured, there are lots of people overseeing the planning to make plans. And Mark is overseeing all of the people planning to make plans. So don’t worry. We’ve got this totally under control!”
Another unnamed “insider” described Thompson’s plans to the Post as “rearranging the deck chairs on the Titanic.”
