Karl Stefanovic could be next to be axed by Channel Nine as reports suggest executives have asked the popular presenter to take a massive pay cut.
The 50-year-old Today co-host, who is said to earn $1.5 million a year for his cushy morning show gig, could be fired if he refuses to take a pay cut.
According to confidential sources, Olympic athlete Todd Woodbridge is waiting to replace the TV presenter and is willing to receive half of his salary, Woman’s Day reported on Monday.
“Some of Nine’s highest-paid talent, including Karl (Stefanovic) and Hamish (Blake), are being asked to consider taking pay cuts,” a source told the publication.
‘There’s a lot of pressure to consider Todd as Karl’s replacement on Today… He was one of the rising stars in Paris as part of Nine’s on-air Olympic team.’
The Tipping Point presenter, 53, impressed executives so much that he was asked to cover the Paralympics too – “which is one of the biggest signs bosses could be grooming him for a role on Today”.
The four-time Olympian has “made it clear he is open to being paid half of what Karl earns,” which the source said has put pressure on the veteran TV presenter.
They added: ‘The big bosses would be watching how seamlessly Matt (Shirvington) has fitted into Sunrise and thinking Todd could emulate that success with his athlete-like work ethic and personable interview skills.’
Karl Stefanovic, 50 (pictured), could be next to be axed by Nine as reports suggest executives have asked the popular presenter to take a massive pay cut.
Daily Mail Australia has contacted Nine for comment.
This comes as media giant Nine Entertainment’s profits have fallen by almost a third to $134.9 million for the full year as executives cut costs by eliminating hundreds of roles.
The company’s accounts published on the stock market last month show its net profit for 2023/24 was 31 percent lower than the previous year.
Nine owns some of Australia’s largest media platforms, including Channel Nine, streaming service Stan, radio stations 2GB and 3AW, The Sydney Morning Herald, The Age and the Australian Financial Review.
Its annual revenue was $2.6 billion, down 3 percent, with earnings before interest, taxes and depreciation (EBITDA) of $517 million, down 12 percent.
In June, long-time chairman Peter Costello announced he was leaving the company following an altercation with a journalist at Canberra Airport.
According to confidential sources, Olympian Todd Woodbridge, 53 (pictured), is waiting in the wings to replace the TV presenter and is willing to be paid half his salary, Woman’s Day reported on Monday.
New president Catherine West said in a statement that the company was performing well in a challenging market.
Chief executive Mike Sneesby, who was criticised by his staff when he carried the Olympic torch in Paris, agreed with her assessment.
“In a year of difficult economic and advertising conditions, there were some clear positives in this result,” he said.
At digital streamer Stan, EBITDA rose 24 percent to $46 million, while at real estate website Domain, profits rose 26 percent to $137 million.
But it was a different story for Nine’s larger television and publishing divisions: TV division EBITDA fell 32 per cent to $208 million, publishing division profits fell seven per cent to $153 million, while audio division profits fell by a third to $8.4 million.
Nine has started the current financial year with strong audiences and revenue across all platforms thanks to its broadcast of the Paris Olympic and Paralympic Games, Sneesby said.
The Today co-host, who is said to earn $1.5 million a year for his cushy morning show gig, could be fired if he refuses to take a pay cut. He is pictured with his wife Jasmine.
Coverage of the Paris Games reached an unprecedented national average daily audience of nearly 10 million people.
Nine spent $305 million to secure Olympic broadcast rights, including the Brisbane Games in 2032.
While revenue from gaming-related advertising and subscriptions is expected to top $160 million, the company said it expected the business to break even.
Nine has cut costs by $65 million over 2023/24 and in June said it would cut 200 jobs or about four per cent of its nearly 5,000-strong workforce.
“Of our national team of almost 5,000 people, around 200 jobs are expected to be impacted across Nine, including some vacant and casual roles that will not be filled,” Sneesby said earlier this month.
“For us to continue to invest in digital growth opportunities at Nine, we must continue to responsibly manage costs throughout the cycle.”
The incident comes amid the Nine carnage, which has seen hundreds of job losses following a huge drop in profits. Pictured: Karl with Nine chief executive Mike Sneesby
The job cuts include 38 positions across the high-profile news and current affairs broadcast team, which included 9News and 60 Minutes.
In addition, 90 jobs will be cut from Nine’s editorial division, affecting roles at The Sydney Morning Herald, The Age and The Australian Financial Review.
The cuts came after it ended a commercial agreement with social media giant Meta, which owns Facebook and Instagram.
Nine expects to reduce underlying costs by another $50 million in the 2025 financial year, representing a cost reduction of about $100 million over two years, chief financial officer Matt Stanton said.