CBS News, once regarded as one of the most prestigious news divisions in American broadcast history, is now facing a financial crisis that has put some of its most recognizable stars in jeopardy. Reports indicate the network lost an estimated $35 million in a single year, prompting its parent company, Paramount Skydance Corporation, to consider drastic cost-cutting measures. For a brand that has built its reputation on household names and star power, the leaked list of personalities rumored to be on the chopping block has stunned audiences. At the top of that list is Gayle King, one of CBS’s most recognizable and influential anchors, whose name alone has long been associated with credibility, celebrity access, and morning television prestige.
The situation comes amid sweeping changes at Paramount, which recently merged with Skydance in an $8 billion deal. David Ellison, the new CEO, and Jeff Shell, the president, are said to be determined to trim $2 billion from the company’s budget. While Ellison has publicly referred to CBS as “underappreciated,” insiders say he and Shell view it as a significant financial burden, one they would potentially offload if the right opportunity arose. To them, CBS News is not a profit center but a drag on the corporation’s bottom line, forcing the leadership team to look at painful reductions in talent salaries and operational costs.
Among those facing uncertainty are three of the network’s most high-profile figures: Gayle King, John Dickerson, and Maurice DuBois. All three are veteran journalists with established reputations, but all are also tied to programs that have seen ratings decline in recent years. According to Puck’s Dylan Byers, King could face a pay cut or even an end to her $15 million contract, which runs through May of next year. Dickerson and DuBois, meanwhile, are expected by many insiders to “almost certainly” be removed from their positions as co-anchors of CBS Evening News.
For Gayle King, the idea of her departure is particularly shocking. At 70, she has been a defining presence on CBS Mornings, often credited with bringing warmth, authority, and star appeal to the network. She is also one of the most expensive anchors in television, with a contract that reflects her stature. Yet her program, once a ratings powerhouse, has slipped to last place among the major network morning shows, dipping below two million viewers. Critics argue that her progressive-leaning style of coverage has alienated parts of the audience, while supporters say she remains one of CBS’s most trustworthy and admired figures. Either way, she has become the face of the financial debate playing out at CBS.
John Dickerson and Maurice DuBois, both widely respected journalists, stepped into the Evening News anchor roles earlier this year after Norah O’Donnell’s exit. However, their tenure has been marred by plummeting ratings. The program has lost more than 1.2 million viewers since moving away from the traditional format established by figures like Walter Cronkite, Dan Rather, and Katie Couric. Sources told Variety that CBS plans to change strategy again, with one anchor expected to spend more time in the field covering major stories while the other oversees the broadcast from the studio. Still, the looming cuts raise the question of whether either Dickerson or DuBois will be given the opportunity to see that strategy through.
The rumored shake-up is not happening in isolation. Just weeks earlier, CBS made the surprise decision to cancel Stephen Colbert’s late-night program, a move officially described as financial but widely speculated to be politically influenced. Colbert, an outspoken critic of Donald Trump, had built his show into a cultural touchstone, but it was costly. Now, with King, Dickerson, and DuBois under review, observers worry that CBS is stripping away the very personalities that have defined its identity, reducing the network to a leaner but less distinctive version of itself.
The political overtones are hard to ignore. Former President Trump himself recently mocked Gayle King on Truth Social, declaring, “Gayle King’s career is over. No talent, no ratings, no strength!!!” His words came amid growing questions about whether the Trump administration’s approval of the Paramount-Skydance merger has indirectly influenced CBS’s current cost-cutting priorities. With the network viewed as financially vulnerable, every move is under intense scrutiny, both from viewers and from political observers looking for signs of bias.
What is clear is that the crisis at CBS is real. Byers reported that CBS News’s advertising revenue is expected to drop another $50 million by year’s end, a trend line that he said was “moving in the wrong direction, and fast.” Although CBS has officially denied that the news division is losing money, calling it “currently profitable,” industry insiders suggest the financial pressures are too great to ignore. The economics of television news, once considered untouchable, are shifting rapidly, and even legacy networks are no longer immune.
For audiences, the potential loss of King, Dickerson, and DuBois would represent more than just a change in personnel. It would signal a profound transformation of a network that has long prided itself on being one of the pillars of American journalism. Gayle King in particular has become a symbol of CBS’s identity over the past decade. To see her removed—or forced to take a reduced role—would be a seismic change, the kind that could alter the way viewers see the entire network.
As CBS navigates this crisis, the fate of its biggest stars hangs in the balance. For a network that has endured decades of change, from the Cronkite era to the present day, this may be one of its most defining moments. The leaked list of potential cuts has left audiences stunned, but the name at the very top—Gayle King—has left them in shock. Whether she stays, leaves, or negotiates a compromise, the decision will shape not only CBS’s future but also the legacy of one of television news’s most recognizable voices.
