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XXXXX DRUDGE REPORT XXXXX TUE APRIL 23 2002 15:41:22 ET XXXXX CONTRACT SHOWDOWN: PETER JENNINGS FACES DRAMATIC PAY CUT; STANDS TO LOSE MILLIONS **World Exclusive** Marking a U-turn in media celebrity payouts, ABC anchor Peter Jennings is being asked to take an unprecedented salary cut, the DRUDGE REPORT has learned. As budget concerns spread throughout the network's news division, Jennings, 63, is being asked to make a "reasonable adjustment" in compensation, according to top sources -- a "reasonable adjustment" which could cost Jennings millions! The WORLD NEWS TONIGHT anchor's current contract, set to expire, guarantees nearly $10 million a year. But fresh talks between Jennings and the network -- currently being described as "informal" -- center on the news veteran's willingness to consider a new $7.5 million a year rate, according to insiders. "[ABC NEWS PRESIDENT David] Westin has orders to get the budget in order," reveals a top source. "The entire newsroom has gone under the knife, there have been so many cuts, now it's Peter's turn... Yes, it is going to be a very delicate dance." It is not immediately clear if Jennings will consider a reduction in pay and stay on at ABC NEWS. "Managment's hope is Peter will understand how salaries must begin to reflect current [economic] times," a network source said from New York. Complicating maters for all involved, GOOD MORNING AMERICA co-anchor and WORLD NEWS sub, Charlie Gibson, has also entered into new contract negotiations. "To have Charlie working on a new contract at the same time as the anchor question with Peter hits the wall is nothing short of an insurance policy," a top ABC source, who demanded anonymity, explained. MORE Eyebrows were raised around ABC last month when Peter Jennings's wife, Kayce Freed, who worked for the network's 20/20 mag, left to pursue a freelance career. MORE The coming months are shaping up to be a season of intrigue for big network news anchors. While ABC navigates through a Peter Jennings renewal, NBC's Tom Brokaw, 62, will also see his contract lapse. On whether he will stay or go, Brokaw told Elizabeth Jensen of the LOS ANGELES TIMES: "Give me your home phone number, and you'll be the first person I tell." The summer knows. Developing... <<< ----------------------------------------------------------- Filed by Matt Drudge Reports are moved when circumstances warrant http://www.drudgereportArchives.com for updates (c)DRUDGE REPORT 2002 Not for reproduction without permission of the author |
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