‘It’s Like Survivor’: Cable News Braces For The Great Pay Cut

March 01, 2024

Cable news networks make some of their money from advertising and most of their money from affiliate fees paid by cable carriers. Fox Corporation’s cable properties, which include Fox News, earned $1.4 billion in advertising and $4.1 billion in affiliate fees in 2023. Yet the salaries commanded by the networks’ stars are increasingly out of touch with this bleak reality. Networks have cracked down in recent years on their contributor rosters, slashing pay or declining to renew contracts entirely. “The cable bundle remains our largest and most important revenue stream,” Fox Corp. CEO Lachlan Murdoch said in November.