A new report claims that multiple big names at CNN could be let go as the network puts financial stability over famous faces.
The report in In Touch says that Anderson Cooper, Chris Wallace, Wolf Blitzer and Jake Tapper could all be axed as CEO Mark Thompson prepares a radical plan to cut costs.
“Anderson knows he’s on the chopping block because he makes a whopping $20 million a year. He’s already started looking for a new gig!” a source described as a “network insider” told In Touch.
“Chris Wallace takes $8 million and figures he’s a likely target, too!” the source said, noting with $15 million for Blitzer and $8 million for Tapper, the cuts could make a major dent in CNN’s costs.
“Everybody knows the focus is on cutting costs,” the source said. “No one is safe!”
Trending:
The report said most contracts for major CNN hosts will not expire until after November’s election.
“CNN is trying to keep up with the news landscape and become a digital-first provider,” In Touch quoted another source as saying.
“It makes sense for them to pursue anchors who have already established a presence there — especially if TV becomes history in their portfolio,” the source said.
On Friday, Thompson sent a memo to staff about the “changing economics of television” and the need for a “more sustainable economic footing” for CNN.
Do you believe CNN is losing popularity?
“Change is never easy, but I’ve been struck by how many of you have come up to me or emailed me since then to say that you’re up for the challenge but want to know HOW and WHEN the change is going to happen,” Thompson wrote, according to the New York Post.
Thompson outlined a five-part plan under headings that included “Building our digital future,” “A global integrated multimedia news operation,” “Future-proofing TV production,” “Developing new sources of revenue” and “Communication and culture.”
One source the Post called an “insider” said the plan means less than it seems for the beleaguered network.
“It’s a five-point plan to make five-point plans,” said source said.
“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!”
“He is rearranging the deck chairs on the Titanic,” the Post quoted another source it did not name as saying.
Late last month, CNN informed employees that they would not be getting the full amount of their yearly bonuses, according to the New York Post.
Last year, employees received 90 percent of what was promised. This year, it will be in the range of 75 percent.
“The tone of the email was that it was a year of stabilization. It basically said we did really well to launch new shows and to stabilize the ship but we ran into some of the same headwinds as other media companies,” the Post quoted what it said was an “insider” as saying.
