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 may be next on the chopping block at Channel Nine as reports suggest executives have asked the popular presenter to take a massive pay cut.

The Today co-anchor, 50, who is said to be raking in $1.5million a year for his cushy breakfast show job, could face the axe if he refuses to reduce his salary.

According to insiders, Olympian Todd Woodbridge is waiting in the wings to replace the TV host and willing to be paid half his salary, reported Woman’s Day on Monday. 

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

‘There’s a big push to consider Todd as a replacement for Karl at Today… he was one of the breakout stars in Paris as part of Nine’s Olympic on-air team.’

The Tipping Point host, 53, impressed execs so much they had him cover the Paralympics as well, ‘which is one of the biggest signs bosses could be grooming him for a role at Today’. 

The four-time Olympian ‘made it clear he is open to being paid half of what Karl is making’, 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] has fit in at Sunrise and thinking Todd could emulate that success with his athlete’s work ethic and personable interview skills.’

Daily Mail Australia have contacted Nine for comment. 

It comes as profits at media giant Nine Entertainment have fallen almost a third to $134.9 million for the full year – as execs cuts costs by axing hundreds of roles. 

The company’s accounts released to the share market last month show its net profit for 2023/24 was 31 per cent lower than the previous year.

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

Its annual revenue was $2.6billion, down three per cent, with earnings before interest, taxes and depreciation (EBITDA) at $517million, down 12 per cent.