Channel 9 looking to hold onto Karl with huge new deal

Karl Stefanovic is reportedly on the verge of securing a staggering $3 million-a-year contract, even as Nine Entertainment embarks on a major cost-cutting drive and other broadcasters tighten their belts.

According to The Australian, the 50-year-old Today host is negotiating a new multi-year deal that would see his salary climb from his already impressive $2.8 million agreement signed in 2022. Network executives are said to be eager to keep Stefanovic, with reports suggesting he was prepared to walk if offered a lesser sum.

The proposed pay rise comes at a time when Nine has signalled a need to slash $100 million in costs by 2027 as part of its “strategic and cultural transformation”. The broadcaster has already undergone significant restructuring, letting go up to 200 staff last year, mainly from its print divisions, after Meta abandoned commercial arrangements with Australian news outlets. Additional changes included axing Nine Darwin’s local bulletin, scaling back the Gold Coast bulletin, and scrapping long-running shows like Millionaire Hot Seat, Australian Ninja Warrior, and My Mum, Your Dad.

The network’s willingness to retain its marquee star at a premium stands in stark contrast to reports of salary cuts for other high-profile figures. Veteran journalist Liz Hayes was rumoured to be among those facing a pay cut before her departure from Nine earlier this year after a 44-year tenure.

Meanwhile, over at Channel 7, Sunrise hosts Natalie Barr and Matt Shirvington are believed to earn significantly less than Stefanovic, with salaries said to be around $1 million each, despite Sunrise continuing to dominate the breakfast TV ratings.

It’s not just Nine grappling with challenges. The broader broadcasting industry is facing turbulence amid a soft economy and shifting viewer habits. Ten recently announced it will axe The Project after almost 16 years and more than 4,500 episodes, with the final show airing Friday, June 27. The move is part of a broader shake-up that will see Deal or No Deal take the 7pm slot and a new national one-hour news and current affairs program launch at 6pm.

As Australian networks navigate the pressures of a changing media landscape, Stefanovic’s rumoured bumper pay rise is sure to spark debate about the future of big-ticket broadcast salaries.

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