Update - 2/4, 11:46 AM | Lachlan Markay: CBS News President Sean McManus has denied that the network will cut Couric's pay. Details below.
Katie Couric may be getting a taste of her own populist medicine. When the Dow hit 10,000 last October, she (and other network news personalities) used the opportunity to bemoan massive payments to Wall Street bankers. But now the populist sentiment has turned on her. She faces dramatic pay cuts as CBS News downsizes.
Couric, shown in a, er, file photo at right, "makes enough to pay 200 news reporters $75,000 a year! It's complete insanity," one CBS News insider told the Drudge Report. "We report with great enthusiasm how much bankers are making, how it is out of step with reality during a recession. Well look at Katie!"
The employee was referring to Couric's roughly $14 million annual salary, the highest in network news. That salary may be cut dramatically in the face of massive layoffs at CBS News branches in Washington, San Francisco, Miami, London, Los Angeles and Moscow.
CBS News has been one of the most outspoken networks against massive Wall Street bonuses and executive payments. The "Early Show" hosted economist Peter Morici late last year to whine that "it's absolutely unfair for Wall Street to be paying itself record bonuses. The taxpayers made these bonuses possible by loaning Wall Street money at near zero rates. This is all quite unseemly and inappropriate."
Couric herself has also been critical on occasion. She said last year, "Pick up today's Wall Street Journal and you'll read banks and securities firms are on track to pay their employees record amounts this year. And, you pick up The New York Times and you'll see some workers are being forced to take huge pay cuts."
Days later, she recounted on Evening News that "Taxpayers all over the country were outraged when they heard that companies they helped bail out turned around and gave their executives huge bonuses."
Couric probably would have been better off staying away from criticisms of executive bonuses. Her $300,000 per week salary was sure to raise eyebrows in the event of layoffs.
Maybe as a rule of thumb, multi-millionaires should just avoid inciting class warfare, for their own sake if no one else's.
UPDATE: CBS News President Sean McManus told the Huffington Post: "Nobody in the business works harder than Katie and I can tell you unequivocally that there have been and are no plans and not even a single discussion about making a change or renegotiating."
Kevin Williamson of National Review says insiders have told him the same: "Categorical denial: Looks like Couric's $300,000 a week is safe for now."
—Lachlan Markay is an associate with Dialog New Media. You can follow him on Twitter and Facebook.
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Sexism...
Wed, 02/03/2010 - 11:48 ET by dervish...claims in 5... 4... 3... 2...
14 million?............
Wed, 02/03/2010 - 12:21 ET by Patriot IIgimme a break, this bimbo isn't worth a dollar two ninety eight!!!!
Fat Cat Katie?
Wed, 02/03/2010 - 12:28 ET by allanfWell I'm sure Katie will give the laid off employees some cake to eat.
High pay
Wed, 02/03/2010 - 11:57 ET by sevenIs she the highest paid in the Obama administration?
Where are the pay czars???
If Katie were a MLB player................
Wed, 02/03/2010 - 11:56 ET by averageschmoeIf Katie were a MLB player she would have been released years ago when her numbers suffered and CBS remained in 3rd place. Better yet, if she was an executive at the bank I just was let go from she would have been out of a job last year too. Too bad Katie........................
Perky Katie
Wed, 02/03/2010 - 11:57 ET by BO STINKSWhat a delicious, wonderful way to start the day! It doesn't get much better than hearing that CBS is laying off lots of people. Katie may have to *shudder* downsize her lifestyle. Her screaming outrage will heard all over Manhatten. Hah!
Liberal Hypocrites: Change the channel when the Super Bowl comes on. We don't want to offend your delicate sensibilities.
no more perks?
Wed, 02/03/2010 - 12:22 ET by jon_torlinGuess she'll have to lay off the lipo and botox....
-Jon
Couldn't happen to a better
Wed, 02/03/2010 - 11:59 ET by motherbeltCouldn't happen to a better lady.....
Well, unless Rachel Maddow got laid off......
Maddow?
Wed, 02/03/2010 - 16:36 ET by sevenMaddow isn't a lady.
mb
Wed, 02/03/2010 - 19:30 ET by cajun2Please dont use "Maddow" and "got laid" in the same sentence. Pewww
Now don't you be a dissin
Thu, 02/04/2010 - 08:26 ET by bolivarmy sweetie Rachel...she is cute and has a nice way about her. Of course her preferences preclude involvement with the likes of me but, nobody's perfect. She is not a bad lookin woman but her spewage makes all that sour in the belly. I can only watch about 3 minutes of her "show" and then have to return to anything but MSNBC.
I have no use for liberal thinking - it is just so......passe.
Maybe Hollywood actors
Wed, 02/03/2010 - 11:59 ET by libfailShould also take a pay cut for their movies since the economy is down. Especially since they know it all.
http://libfail.com
You're kidding,
Wed, 02/03/2010 - 12:00 ET by motherbeltYou're kidding, right?
Those people are priceless to this administration!
“The employee was
Wed, 02/03/2010 - 12:04 ET by ninerdog“The employee was referring to Couric's roughly $14 million annual salary, the highest in network news.”
So much for that women don’t make as much as men BS
Who gets better ratings?
Wed, 02/03/2010 - 12:23 ET by sshuffield70Katie Couric or David Letterman?
http://thedailystooge.blogspot.com/
This story gets even better......
Wed, 02/03/2010 - 12:28 ET by BlondeIf you read to the end of the Drudge link, you'll find this:
Dan Rather wants Obama to help save the news
Oh ho! I am sooooo laughing. Isn't that just too rich for words? They've been hoisted upon their leftest petards, awash in sinking ratings, and fleeing viewers/readers, and now they're crying for a bailout. The irony........
I hope he fails, too.
Couric
Wed, 02/03/2010 - 13:31 ET by merlin61I love it, I love it, I love it.
Blonde, Yeah I read all
Wed, 02/03/2010 - 14:12 ET by Six String SpiffBlonde, Yeah I read all of that too. To hear these people had tears well up while talking about journalism is beyond pathetic. ESPECIALLY coming from liar extraordinaire Dan Rather!
Bwaahahahahahahahahahaha!
Oh this is such poetic justice.
Plus of course Dan's tears
Wed, 02/03/2010 - 14:16 ET by bigtimerPlus of course Dan's tears are welling up-both of his court case against CBS has been rejected, twice if memory serves.
Can't ya feel his pain folks...poor, poor Dan.
'Doubling down on stupid is not a particularly good idea'~Breitbart
Yo Spiffmeister!
Wed, 02/03/2010 - 14:20 ET by BlondeGood job on that Coakley defeat, fella. Way. To. Go.
What goes around comes around.....and it's coming faster and faster....so fast these leftists can't get out of the way.
Can you say trainwreck? I knew you could. :)
I hope he fails, too.
Are the accountants at CBS
Wed, 02/03/2010 - 12:37 ET by midnight cowboyAre the accountants at CBS news all on crack?
Lemme see.
You have a 3rd place news organization who has just been exposed for fraud forcing it's long term leftest anchor to resign. You try something new to boost ratings by paying a just as ideological leftest, except younger and female, 14 mil a year. The result? Your gamble skyrockets the network to nowhere. The network remains in 3rd place with a net loss of viewership. So, after 3 and a half years the ratings plunge even more and the answer to help the bottom line is to remove numerous rank and file salaried employees while leaving the gaping 14 million dollar hole in the bow of the SS CBS wide open filling up with red ink.
So lets's see, Rush goes on TLC, gets record ratings, Palin goes on Oprah, gets record ratings, Beck moves to FNC gets record ratings. Maybe CBS should try to.....nah, I thought a saw a pattern or something here emerging.
And these elites think the rest of us are idiots.
The hilarious irony is...
Wed, 02/03/2010 - 12:43 ET by c5thenBecause of the contract, they would probably still have to pay Katie all of the money she was due till the end of her contract even if they fired her. So the money is wasted either way...whether she sits in front of the camera or spends her time at home and shopping.
Throw 'da bums out!!!
Before it's too late.
Limbaugh as CBS News Host
Wed, 02/03/2010 - 13:20 ET by allanfIf Moonves were interested in making money with the Evening News, he'd hire someone like Rush Limbaugh to host it. But it is about politcs not money.
allanf... Right you
Wed, 02/03/2010 - 13:24 ET by bigtimerallanf...
Right you are...just imagine if that ever happened (we know it won't, Rush wouldn't do it) but for the heck of it...what great fun it would be to watch the leftist talking heads EXPLODE!
'Doubling down on stupid is not a particularly good idea'~Breitbart
"whether she sits in front
Wed, 02/03/2010 - 14:22 ET by Six String Spiff"whether she sits in front of the camera or spends her time at home and shopping."
Exactly, the money is gonzo anyway. CBS reaps what it sows!
Here is an old adage...
Wed, 02/03/2010 - 12:40 ET by c5thenKatie, Diane, Keith, Chris, Brian, etc, etc....
People who live in glass houses should not throw stones.
This is the slippery slope that was talked about in the blogoshpere and on conservative web-sites but virtually ignored by the liberal media. If you start to villify the "rich" while being one of them, you are either hypocritical or very stupid.
Almost everyone dreams, plans or hopes to become at least financially independant if not "rich". By demeaning that existance and villifying those who have acheived it, they are demeaning the "American Dream".
Why does it matter to CBS or NBC or ABC, etc. who is sitting in front of the camera reading the news? Is it because they are not simply delivering raw data to their audience but instead trying to sell a product which has a bias to it? Who would really care if the "anchor" position were rotated around among the most senior editors and journalists at the network? I really don't think that any of their ratings would go down (how much worse could they get) but would instead go up.
Throw 'da bums out!!!
Before it's too late.
Kaaaaakaaakaaakateeeeeeeeee,
Wed, 02/03/2010 - 12:43 ET by buddycKaaaaakaaakaaakateeeeeeeeee, share with the little people.
Don't think the high
Wed, 02/03/2010 - 12:46 ET by MidAmericaDon't think the high paid celebrity news readers at NBC and ABC aren't starting to sweat a little bit. This will come their way eventially.
~Just wait till taxes skyrocket
Wed, 02/03/2010 - 12:50 ET by choselife4xKatie will turn Republican so fast and hard it'll cause a hiccup in the earth's rotation.
"my solution is to destroy children"--mamabear's cure for poverty 12/08/09
Very funny
Wed, 02/03/2010 - 16:02 ET by octaviojThat was a very funny comment. Maybe not Republican but definitely free market conservative.
Katie:
Wed, 02/03/2010 - 13:49 ET by NDanielsonIt's time to start squabbling about how many welfare recipients will now go without, because of your dwindling payroll taxes. Oh, maybe you and Obama can work out a deal where you can still contribute by raising taxes on the rich, the once rich, and the poor. Think - trickle down economy. Now you're even more worthless to the American people, really.
If they made her give back
Wed, 02/03/2010 - 13:16 ET by mattmIf they made her give back twice the money she's made since becoming anchorette she'd still have been way overpaid.
mattm... ...and that's
Wed, 02/03/2010 - 13:21 ET by bigtimermattm...
...and that's stretching it!
Rush is talking about this now...he's also saying he's hearing Katie Cupcake wants Oprah's seat when she leaves.
As to me, I could care less about any of these critters...I watch none of them.
'Doubling down on stupid is not a particularly good idea'~Breitbart
bt -- and man, is that one
Wed, 02/03/2010 - 13:49 ET by Jack Bauerbt -- and man, is that one HUMUNGOUS seat Oprah has.
Jack.. Lol...you got that
Wed, 02/03/2010 - 13:54 ET by bigtimerJack..
Lol...you got that right!
Maybe Michellemabelle would be a better fit.
'Doubling down on stupid is not a particularly good idea'~Breitbart
Yes let's play the CLASS
Wed, 02/03/2010 - 13:31 ET by Jack BauerYes let's play the CLASS WARFARE GAME...
because people like Katie Couric love to play that against others.
I did some research and it seems when Couric negotiated her contract, the average yearly salary of a firefighter was $41,000.
So how many firefighters could be employed for the $14,000,000 she gets a year.
Re K-K-K-Katie
Wed, 02/03/2010 - 13:27 ET by slickwillie2001To fix See-BS news, find the guy that decided this dipstick is worth $14+million a year, and fire him or her. There's a start.
Network and cable news started going downhill when they went the Hollywood route and started giving us celebrity newsreaders. CNN (for example) built their brand by giving the folks regular people reading balanced news. They can recover if they go back to the simple old formula.
not surprised
Wed, 02/03/2010 - 13:30 ET by cajun2There will more cuts in the private sector. First the wall street fat cats, tax the rich, now its tax the middle class. Katie should go first, and then it will be the NFL, MLB, and then I cant wait til they hit Hollywood. Come on cheerleaders, its called "share the wealth". Didnt these idiots realize that he was talking about ALL the rich?
Maybe some Capitalism needed in the Newsrooms
Wed, 02/03/2010 - 13:43 ET by Red JeepPerhaps news readers should be paid by the number of viewers. Say 50 cents or a dollar per viewer. At a dollar a viewer the news reader of a show that averaged 4 million viewers as an average yearly audience would get a 4 million dollar pay for the year. The more viewers the more money. Could be an incentive to report the news fairly and be curious once again about all things political. Stop bias by omission. Put the whole staff on a pay scale based on viewership.
Man, think of the money MSNBC would save on the salaries of its hosts from 5 PM to 11 PM if a per viewer pay scale was started! Chris Matthews would get a hell of a pay cut.
RJ... Love your idea...of
Wed, 02/03/2010 - 13:52 ET by bigtimerRJ...
Love your idea...of course we all know that would never happen...still love it though...the news and real reporting with real facts would have to happen, a change would have to happen when it comes to the leftist talking heads with an agenda...they will never have that happen though.
Seriously, it's their loss and our gain when it comes right down to the bottom dollar...in more ways than one.
'Doubling down on stupid is not a particularly good idea'~Breitbart
Thank you!
Wed, 02/03/2010 - 14:20 ET by Red JeepWe have had “pay per view” TV shows. I really think it is time for TV employee’s salaries to be “pay per viewer.”
She'll still be able to afford
Wed, 02/03/2010 - 13:58 ET by carolina09that brown lipliner. Ewww.
Lipliner? Olbermann has the exact same brown ring
Wed, 02/03/2010 - 14:06 ET by SickofLibsHeh.
Right now I'm channeling
Wed, 02/03/2010 - 21:36 ET by rockyracoonRight now I'm channeling the movie "Broadcast News," as this story reminds me of it.
Facts are like kryptonite to the liberal.
I don't see how Couric's
Wed, 02/03/2010 - 15:03 ET by Another Dead KennedyI don't see how Couric's salary would be reduced. If she's under contract and covered by AFTRA, the odds of a cut in salary are pretty slim.
Her contract's up
Wed, 02/03/2010 - 16:13 ET by dervishin 2011.
Meanwhile, the CBS suits say she's worth every penny, and if it costs them a few dozen behind-the-scene employees, so be it.
Not surprised
Wed, 02/03/2010 - 15:57 ET by octaviojI wish I could say I am surprised. Some of us have been saying for quite some time that when you set arbitrary values such as 250,000 or 200,000 or whatever you will always find soemone disgruntled about the number and the number will always come down. It is also the reality of the market. She does not need to be paid 14 million if she does not bring the value to the company. And if the company tries to reduce her salary she does not need to accept. I do not care if she gets paid 14 million or 41 million as long as CBS perceives her value to be that much. Simple as that.
Hourly Wage
Wed, 02/03/2010 - 17:43 ET by miss911ninjaJust for fun I did the math using "blue collar" calculations. If her annual salary is 14 million, and she works 50 weeks a year, that comes to $280,000 a week. Let's allow for the possibility that she works five 12-hour days. That's 70 hours a week. Which translates into $4,000.00 an hour!
I double checked it.
$4,000 an hour?
Wed, 02/03/2010 - 18:37 ET by SickofLibsHey, that's almost as much as Spitzer's favorite ho.
$66.67 per minute!
Wed, 02/03/2010 - 18:54 ET by miss911ninja$66.67 per minute!
Contract or Not
Wed, 02/03/2010 - 16:53 ET by slickwillie2001If K-K-Katie refused to work for $7m, and went to court or threatened to sue over it, what do we think that would do to her ratings?
Give Katie a break
Wed, 02/03/2010 - 20:22 ET by rfpzzzzzGive Katie a break , she has to let them do her hair and makeup and dress her and then read a prompter for about 20+ minutes , 5 days a week. Is $14M really enough?
And on Hump Day to
Wed, 02/03/2010 - 22:33 ET by stormy67And on Hump Day to boot.
I love the sweet smell of irony in morning.
Katie Couric
Wed, 02/03/2010 - 22:38 ET by justbob223This woman is paid waaaaaay more than she's worth. Where's the outrage?
Well...of course.
Thu, 02/04/2010 - 00:07 ET by Travis NoodleShe is a typical liberal, lame-stream media, hypocrite.