CBS is reportedly preparing for one of the biggest shakeups in its recent history as the network struggles to contain mounting financial losses. According to a report by Dylan Byers of Puck, CBS is losing around thirty-five million dollars a year, and several of its most recognizable on-air talents may soon be out of a job. Among those potentially affected are CBS Mornings co-host Gayle King and CBS Evening News co-anchors John Dickerson and Maurice DuBois, all of whom could either face pay cuts or be removed from their positions entirely.
The looming cuts are part of a larger effort by CBS’s parent company, the newly merged Paramount Skydance Corporation, to slash costs across its operations. CEO David Ellison and company president Jeff Shell are reportedly aiming to trim two billion dollars companywide, with CBS News expected to shoulder much of that reduction. Although Ellison has previously described CBS as one of Paramount’s most “underappreciated” assets, insiders say he and Shell view the division as a financial liability. “He and Shell see CBS as a significant cost burden, and would probably offload it if they could,” Byers wrote, adding that the two executives plan to “rightsize” the company by cutting salaries, reducing operational expenses, and laying off staff.
Byers initially reported that CBS News was losing fifty million dollars a year, but later revised that figure to thirty-five million. Even so, the losses are severe enough to trigger widespread concern within the company. A CBS spokesperson denied the report, insisting that the news division is “currently profitable.” However, Byers countered that he was reliably told advertising revenue is expected to drop by fifty million dollars by the end of the year. “The trend lines here are moving in the wrong direction, and fast,” he wrote, warning that traditional Hollywood economics “will not save anyone” as the network confronts the harsh realities of modern media consumption.
The stars at the center of the turmoil are among CBS’s most recognizable figures. Gayle King, age seventy, John Dickerson, fifty-seven, and Maurice DuBois, sixty, have each spent years at the forefront of the network’s programming. King, who earns an estimated fifteen million dollars annually, is under contract until next May. According to sources, her deal “most likely” will not be renewed, and executives have already begun grooming CBS News anchor Adriana Diaz as a possible successor.
Tensions have reportedly been rising behind the scenes as CBS News struggles to maintain its relevance. According to the New York Post, both King and her executive producer Shawna Thomas have alienated some viewers with what critics describe as overly progressive programming. Ratings for CBS Mornings, once one of the network’s strongest franchises, have dipped below two million viewers in recent months. Former President Donald Trump, a frequent critic of the network and its anchors, recently took aim at King on Truth Social, writing, “Gayle King’s career is over. No talent, no ratings, no strength.”
Meanwhile, the evening lineup has also suffered. Dickerson and DuBois stepped in earlier this year to replace Norah O’Donnell as co-anchors of CBS Evening News, but the move has not paid off. The show’s ratings have fallen sharply, losing more than 1.2 million viewers since the change. According to Variety, CBS executives are developing a new format designed to revitalize the broadcast. Under the new plan, one anchor will take on more field reporting duties to cover major breaking stories, while the other will remain in the studio to host the nightly broadcast solo, in the tradition of former anchors like Katie Couric, Dan Rather, and Walter Cronkite.
Ellison, the son of billionaire Larry Ellison, is said to view CBS News as a legacy institution with little upside potential. Despite his earlier praise for the network, insiders claim he and Shell consider the division more of a burden than a strategic advantage. The network’s New York headquarters, once a proud symbol of broadcast excellence, is now emblematic of a costly business model that is struggling to adapt to the streaming era.
The concern over declining ratings and internal restructuring comes just weeks after CBS made another shocking decision: the cancellation of The Late Show with Stephen Colbert. Executives claimed the move was financially motivated, citing the high cost of Colbert’s three-year contract, but many observers believe politics may have played a role. Colbert, a vocal critic of former President Trump, was one of the most outspoken liberal voices on late-night television. With the Paramount–Skydance merger requiring approval from Trump-era regulators, some insiders have speculated that the decision to end Colbert’s show was at least partially influenced by political considerations.
For CBS, the situation paints a picture of a once-dominant network now caught in a storm of financial strain, political scrutiny, and changing viewer habits. If the reports are accurate, the impending cuts could mark the end of an era for some of its most established journalists, while signaling a new and uncertain chapter for the network’s future. Whether these drastic measures will save CBS or further weaken its standing in the competitive media landscape remains to be seen, but one thing is clear: the network’s identity as a powerhouse of American news is now under serious threat.
