CBS News has renewed the contract of its biggest star, Gayle King, even as the Tiffany Network continues to face brutal cost cuts, The Post has learned.
The 69-year-old “CBS Mornings” co-host’s decision to return to the bottom-ranked morning show comes at a tumultuous time for CBS and its parent company Paramount Global, which is in the midst of a $500 million budget cut ahead of its proposed merger with Hollywood studio Skydance next year.
Terms of the deal, including his compensation and the length of the contract extension, could not immediately be learned.
Sources speculated that King accepted a portion of his reported $13 million salary after weeks of tough negotiations.
“Gayle cares about people,” a source close to King told The Post on Thursday. “He’s the kind of person who would take a pay cut to save jobs for his program.”
CBS and King declined to comment.
Experts said the move shows CBS News officials still value King despite the morning show’s poor ratings, even as “CBS Evening News” has recently faced turmoil under network CEO Wendy McMahon.
“Gayle is a true star in front of and behind the camera. This is great news for her and for CBS,” said another source close to the deal.
Last month, The Post exclusively reported that McMahon was investing in the “CBS Mornings” brand by launching a third hour in select markets.
“Gayle King’s departure consolidates an important part of CBS, which is what the morning show is,” a third network source said.
Staffers were shocked when “Evening News” anchor Norah O’Donnell revealed in July that she was leaving the show, which ranked third after the presidential election, to become a special correspondent.
McMahon has since announced a revamp of the nightly news show, which will now be co-anchored by lesser-known and less expensive anchors, CBS News veteran John Dickerson and WCBS-TV anchor Maurice DuBois.
Though “CBS Mornings” — hosted by King, Nate Burleson and Tony Dokoupil — remains in third place, it has gained some ground in advertisers’ coveted 25- to 54-year-old demographic over ABC standard-bearer “Good Morning America.”
According to Nielsen data for this season, “CBS Mornings” has outperformed “GMA” 17 times among adults 25-54.
In the second quarter of the year, “CBS Mornings” trailed “GMA” by just 68,000 viewers in the demo.
Overall for the quarter, CBS achieved 2.1 million total viewers and 426,000 viewers in the demographic.
It ranked behind “GMA,” which had 2.8 million total viewers and 494,000 demo viewers.
NBC’s “Today” drew 2.7 million total viewers and 620,000 viewers in the demographic.
CBS sources said King’s coverage has helped boost the momentum of “CBS Mornings,” citing some of her recent interviews with music mogul Jay-Z, Cherelle Griner, the wife of WNBA star Brittney Griner, rapper Megan thee Stallion and Breonna Taylor’s boyfriend Kenneth Walker.
“Why mess up something that works? ABC is struggling and CBS has a big push in the morning,” a CBS source said of King’s renewal. “This is a win-win.”
