Today host Karl Stefanovic is ‘trying to hold onto his $2.5million-a-year salary’ amid contract negotiations with Nine as the media industry cuts costs
He’s one of Australia’s most high-profile television stars, but Karl Stefanovic is reportedly struggling to hold onto his huge pay cheque.
According to a report in The Australian on Monday, the 45-year-old Today host is currently on a $2.5million-a-year salary.
But with the Australian media industry cutting costs due to the coronavirus recession, it’s looking unlikely that Karl will maintain his salary when his contract ends at the end of the year.
A-list talent: He’s one of Australia’s most high profile television stars, but Karl Stefanovic is reportedly struggling to hold onto his huge pay cheque. Pictured on Today with co-host Allison Langdon
The Australian reported that Karl’s agent, Mark Morrissey, had been trying his hardest to secure Karl’s current salary moving forward, but it was proving to be difficult.
At the moment, the beloved TV star earns $1.5million from his job hosting Today, and an additional $1million as a drive time radio host on 2GB.
But after reportedly approaching Channel Nine for a pay increase for his client moving forward, Morrissey was apparently turned down.
Nicely compensated: According to a report in The Australian on Monday, the 45-year-old Today host is current on a $2.5million-a-year salary
According to The Australian, the network would prefer Karl to focus on his job hosting Today, rather than have the added distraction of working for 2GB.
And with Today falling behind Channel Seven’s Sunrise and ABC News Breakfast in the ratings, Nine feels Karl needs to be present now more than ever.
The network has apparently made the veteran TV host a generous offer of between $1.2million and $1.5million a year.
Taking a cut: With the Australian media industry cutting costs wherever possible, it’s becoming increasingly difficult for Karl to maintain his current salary when his contract ends at the end of the year
He will reportedly receive the full $1.5million if Today improves its standing in the ratings.
Channel Nine declined to comment when approached by Daily Mail Australia.
Karl was famously axed from the program in December 2018, after 14 years of hosting the long-running TV show.
Tough times: The Australian reported that Karl’s agent, Mark Morrissey, had been trying his hardest to secure Karl’s current salary moving forward, but it was proving to be difficult
His departure was effective immediately, with Channel Nine’s director of news, Darren Wick, saying it was ‘time for him to step off’.
In November last year, it was announced Karl would be returning once again alongside Allison Langdon after the show suffered record low ratings under new hosts Deborah Knight and Georgie Gardner.
‘Yes, I am as shocked about this as everyone else. It’s not something that I thought would come up again,’ Karl told The Sydney Morning Herald at the time.
Big money: At the moment, the beloved TV star earns $1.5million from his job hosting Today, and an additional $1million as a drivetime radio host on 2GB