Journalists in CNNincluding some of the network's biggest names, are living in fear of “imminent” layoffs and pay cuts as its new CEO tries to shore up its finances amid declining ratings.
This is according to Anklerwhich reported on Wednesday that 77-year-old Chris Wallace, who has already been relegated to the weekend program, is among the network's biggest names whose future is in limbo.
Wallace's $8.5 million contract signed by former CNN chief Jeff Zucker to lure him away from Fox News three years ago has reportedly expired and he was spotted in CEO Mark Thompson's office on Tuesday.
Chris Wallace's future at CNN is said to be in limbo. The 77-year-old joined CNN in January 2022 after 18 years at Fox News.
Reuters/Mike Blake
Sources said Ankler this “flat is new” CNN, where Thompson, hired late last summer, is poised to rebuild the network by adding reporting duties, denying pay raises, cutting positions and even moving some operations from New York back to much cheaper Atlanta.
“If you don't get an offer in a few months, you're in a dangerous position,” the CNN employee told CNN. Ankler contract negotiations. “This anxiety has spread everywhere.” Ankler reported that more than 15 CNN insiders echoed this sentiment.
Sources added to Ankler what network dozens of national correspondents— say they have mid- to high-six-figure incomes — are especially at risk for salary or entire job cuts. CNN's website lists 92 people as on-air “reporters and correspondents.”
“Mark has made it clear that he doesn’t like the traditional style of television programming we make,” one employee told the news agency.. “He needs nervous people. He doesn't need people who look like a regular presenter, and it turns out that [edgy] people are cheaper.”
Nielsen data shows CNN had 853,000 total viewers last month – a third less than rival Fox News, which had 2.5 million viewers, and far less than fellow left-leaning network MSNBC, which had 1.4 million viewers.
In addition to fewer viewers, CNN's profits are also reportedly suffering from redundancies between its digital operations and on-air programming, which were previously seen as “two different worlds” but are slowly moving closer to becoming one.
“This place needs to be turned on its head,” one employee told Antler. “It doesn't work because no one is watching. It needs a radical overhaul.”
That means management cuts could be significant, the sources said. Anklerand that on-air correspondents may soon be given responsibilities that were not previously required of them. This reportedly includes reporters being asked to write their own scripts, produce, shoot vertical shots for TikTok videos and write their own digital articles.
Another area that could take a big hit is CNN's strong political team in the Washington bureau. Ankler reported that Thompson believes CNN is “overly focused on politics” and needs more travel and entertainment news.
Other cost-cutting measures reportedly include withholding wage increases in contract negotiations – no matter how big the name is.
Jake Tapper, 55, agreed to a new three-year contract with Thompson this year but was unable to secure a salary increase from the $7 million he was making annually. The same is reportedly true for 76-year-old Wolf Blitzer, whose contract was renewed at his previous salary of $3 million a year.
“Mark has made it clear that the cable business will be important to revenue for years to come,” the CNN veteran reportedly said, “but it’s not what’s going to save us in the long run.”
