Karl Stefanovic asked to take massive pay cut or face the axe amid mass bloodbath at Nine – as another popular presenter is ‘groomed’ for his job

Karl Stefanovic could be next to be sacked from Channel Nine, with executives reportedly asking the popular presenter to take a significant pay cut.

The 50-year-old Today co-host, who reportedly earns $1.5 million a year from his cushy breakfast show job, could be fired if he refuses to take a pay cut.

Olympic athlete Todd Woodbridge is ready to replace the TV presenter and is willing to receive half his salary, Woman’s Day reported on Monday.

Some of Nine’s highest paid talent, including Karl [Stefanovic] and Hamish [Blake] “They are being asked to consider taking a pay cut,” a source told the publication.

‘There is a great need to consider Todd as a replacement for Karl on Today… He was one of the big stars in Paris as part of Nine’s Olympic on-air team.’

The 53-year-old presenter of Tipping Point impressed the executives so much that they also let him participate in the Paralympic Games. ‘That is one of the biggest signs that the management wants to prepare him for a role on Today’.

The four-time Olympian “made it clear he’s open to a salary half of what Karl earns,” which the insider says has put pressure on the veteran TV presenter.

They added: ‘The big bosses would be looking at how seamlessly Matt [Shirvington] fits Sunrise and I think Todd can match that success with his athletic work ethic and personal interviewing skills.’

Daily Mail Australia has reached out to Nine for comment.

This comes as full-year profit at media giant Nine Entertainment fell by almost a third to $134.9 million as executives cut costs by cutting hundreds of roles.

Figures published by the company on the stock exchange last month showed that net profit for 2023/24 was 31 percent lower than the previous year.

Nine owns some of Australia’s largest media platforms, including Channel Nine, streaming service Stan, talk radio stations 2GB and 3AW, The Sydney Morning Herald, The Age and the Australian Financial Review.

Annual revenue was $2.6 billion, down 3 percent, while earnings before interest, taxes and depreciation (EBITDA) was $517 million, down 12 percent.

In June, long-time chairman Peter Costello announced he was leaving the company after an altercation with a journalist at Canberra airport.

Olympic athlete Todd Woodbridge, 53, (pictured) is set to replace the TV presenter and is willing to take half his salary, Woman’s Day reported on Monday.

New Chairman Catherine West said in a statement that the company is performing well in a challenging market.

CEO Mike Sneesby, who came under fire from employees when he carried the Olympic torch in Paris, agreed with her.

“In a year of challenging economic and advertising market conditions, there were some clear positives in this result,” he said.

At digital streamer Stan, EBITDA rose 24 percent to $46 million, while profit at real estate website Domain rose 26 percent to $137 million.

It was a different story for Nine’s larger TV and publishing divisions, with EBITDA for the TV division down 32 percent to $208 million, publishing profit down seven percent to $153 million and audio profit down a third to $8.4 million.

According to Sneesby, Nine started the current financial year with a large audience and strong revenue across all platforms thanks to its coverage of the Paris Olympic and Paralympic Games.

The Today co-host who reportedly earns $1.5 million a year for his cushy breakfast show job could be fired if he refuses to take a pay cut. Pictured with wife Jasmine

Coverage of the Paris Games reached an unprecedented national daily audience of nearly 10 million people on average.

Nine spent $305 million to secure broadcast rights to the Olympic Games, including the 2032 Games in Brisbane.

While revenue from games’ advertising and subscriptions is expected to total more than $160 million, the company expects the business to break even.

Nine has cut costs by $65 million by 2023/24 and announced in June it would cut 200 jobs, about four percent of its nearly 5,000 workforce.

“Of our national team of almost 5,000 people, approximately 200 jobs in Nine are expected to be affected, including a number of vacancies and temporary roles that will not be filled,” Mr Sneesby said earlier this month.

‘To continue investing in digital growth opportunities within Negen, we need to manage costs responsibly throughout the cycle.’

It comes amid the Nine bloodbath that has seen hundreds of jobs cut following a major profit slump. Pictured: Karl with Nine CEO Mike Sneesby

The leading news and current affairs program, which also included 9News and 60 Minutes, is cutting 38 jobs.

In addition, 90 jobs will be cut at Nine’s publishing division. These include jobs at The Sydney Morning Herald, The Age and The Australian Financial Review.

The cuts came after a commercial deal with social media giant Meta, owner of Facebook and Instagram, expired.

According to CFO Matt Stanton, Nine expects to reduce underlying costs by a further $50 million by the 2025 financial year, equating to cost savings of around $100 million over two years.