News stars pivot as TV networks cut back
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Illustration: Rebecca Zisser/Axios
A major talent shakeup announced Tuesday at CBS represents broader challenges hitting the TV news industry during one of the most consequential elections in history.
The big picture: For now, TV news networks are enjoying a ratings bump thanks to a seismic news cycle, but that won't last forever. Disruption across networks is expected as their parent companies explore mergers and cost-cutting measures to prepare for the digital future.
Driving the news: Longtime CBS anchor Norah O'Donnell — who announced yesterday she's stepping down as host of CBS Evening News and taking on a new senior correspondent role — tried to make a case for optimism about her new role.
- "I don't need to tell you what a transformative time our business is facing. I see this as an opportunity," she said in a note to staff.
- O'Donnell, who has been with CBS for well over a decade, will take on a new role conducting major interviews and leading editorial packages across the network's TV shows, streaming platforms, and Paramount+, the streamer owned by CBS parent Paramount.
- "She will have the real estate and flexibility to leverage big bookings on numerous platforms, including primetime specials, 60 Minutes, CBS News Sunday Morning, and more," CBS News CEO Wendy McMahon said in a staff note.
Between the lines: The shift allows CBS to reimagine the show for an era where budgets are tight and more content consumption is moving towards digital.
- Paramount earlier this month struck a deal to merge with Skydance Media, in an arrangement that is expected to deliver $2 billion of synergies.
Flashback: Even before O'Donnell took over the show five years ago, and moved its base from New York to Washington, CBS Evening News consistently ranked third to ABC and NBC in ratings.
- A CBS spokesperson did not confirm whether the network plans to move the show back up to New York.
- McMahon assured staff that CBS News "remains committed to its mission," but did not immediately announce a successor or next steps for the show.
The big picture: More networks are looking for ways to trim fat on the TV side to invest in new digital opportunities.
- CNBC announced last week it was ending its 7:00 p.m. ET show, "Last Call," in favor of airing cheaper reruns of Shark Tank.
- CNN earlier this year abruptly ended its new morning show, and shifted one of its anchors to an elevated correspondent role.
Zoom in: Longtime TV news executives who led national news organizations for years have exited amid the changes.
- Ingrid Ciprián-Matthews, a CBS veteran who was named president in 2023, stepped down earlier this month in anticipation of the Paramount merger changes.
- Longtime CNN bureau chief Sam Feist announced in May he was leaving the network to become CEO of C-SPAN.
- ABC News President Kim Godwin resigned in May. The network has yet to name a successor.
Zoom out: In an era where brands and personalities matter more than ever to news outlets, networks are eager to work out deals for TV talent who can make news, regardless of the platform.
- Rachel Maddow, MSNBC's highest-rated anchor, signed a major deal last year to reduce her weekday prime-time hosting duties to one night per week, while she worked on bigger projects, such as documentaries and podcasts, that can be accessed across NBC News platforms.
- Sean Hannity, Shannon Bream and other Fox News anchors have their own series on Fox's streaming service, Fox Nation.
- NBC News tapped some of its linear talent stars, such as Hallie Jackson and Tom Llamas, to host streaming shows on NBC News Now in 2021.
