Does Today Regret Hiring Megyn Kelly Yet?
The exact calculations that determine a morning-show anchors salary are complex; in many ways, the n..
The exact calculations that determine a morning-show anchors salary are complex; in many ways, the negotiation process is probably more art than science. But whatever variables combined to grant Megyn Kelly a reported $23 million for the Today show, NBC may be wishing it hadnt been quite so generous. According to The Wall Street Journal, Kellys paycheck costs twice the combined salaries of her predecessors, Al Roker and Tamron Hall—and so far, her ratings arent justifying the expense.
In an interview with the Journal, Kelly pointed out that her show is still relatively new—and that any new project needs a little time to find its groove. “Our show is a baby. Were six months old,” Kelly said. “Morning TV is obviously new to me, and Im figuring it out as we go . . . I think any show needs about a year to just find its footing.”
Thats true; especially when a known figure is adjusting to a new format, a grace period can be necessary. Just look at Stephen Colbert, whose initial performance as David LettermansLate Show replacement spurred some premature doomsaying before the comedian found his mojo and turned the series into a Nielsen winner. Kelly is trying to pull off a similar cable-to-broadcast transformation, albeit with a more severe shift in audiences; her Fox News viewers were older and more conservative, while Todays viewers skew younger and female. As shes continued her rebrand as a morning show personality, Kelly has had to contend with both her old, prosecutorial persona and also the positions and perspectives she famously defended on Fox News—like, for instance, her insistence that Santa Claus is white.
Ratings for Kellys Today are down 18 percent from what they were during Roker and Halls day, the Journal reports—and among Todays key demo, ages 25 to 54, ratings have dropped a whopping 28 percent since last season. Plus, while Kellys show has seen plenty of high-profile lows—including a feud with Jane Fonda following an awkward interview in which Kelly asked Fonda, on air, about her plastic surgery—it has failed to achieve any comparably buzzy highs. Meanwhile, Live with Kelly and Ryan, which the Journal notes is Kellys biggest competitor, has more than doubled its lead over her Today hour.
Before Kelly took over her Today hour, Hall and Roker co-hosted Todays Take in that time slot. When NBC News cancelled the program to make room for Kelly, Hall left the network—reportedly leaving a multi-million-dollar deal on the table. Months after Kellys shaky start at NBC, first with her Sunday newsmagazine that quickly tanked and then her Today debut, another, more dire situation shook 30 Rock: Matt Lauer was fired from Today following multiple allegations of sexual misconduct.
NBC News Chairman Andrew Lack defended Kelly with a firm, if uninspiring, statement to the Journal: “Megyn has continued to prove that shes a tremendously skilled, hard-hitting journalist, who adds valuable insight and analysis to all she touches.” Meanwhile, the Journal notes that Kellys show has received an Emmy nomination for best informative talk show. “Im proud of the journalistic work weve been accomplishing,” Kelly told the Journal. “The ratings are important, theres no question, but its not the only metric.” Still, its worth remembering just how much Kelly is costing NBC—because her salary is not the only expense.
Per the Journal,Megyn Kelly Today is vastly more expensive for NBC than its predecessor was; its budget is higher, and its redesigned studio cost almost $10 million, not including rent. Sources “familiar with Today economics” raised the question of whether Kellys hour can remain profitable in the long run, while others alleged it generates less revenue than its predecessor. An NBC representative told the Journal that the show is profitable. Still, some affiliates are not pleased with its performance; the vice president and general manager of one Kentucky affiliate station told the Journal, “Were certainly not happy with the Nielsen numbers,” and its easy to see why: for that station, viewership for Kellys hour has dropped by 40 percent from last year, when Roker and Hall were still hosting.
Yes, Kelly still has time to turn all of this around. Again, things also looked pretty dire for Colbert for a while before he teamed up with Chris Licht and found his groove, just in time for politics to shift the late-night conversation. But regardless, its worth wondering how NBC is feeling about its multi-million-dollar bet on Kelly. Whether the network hoped she could attract some new, more conservative viewers, or simply believed that Kelly had the chops to make breezy conversation about all the various, more innocuous topics of the day, the shows current performance is likely not exactly what theyd hoped for.
Get Vanity Fairs HWD NewsletterSign up for essential industry and award news from Hollywood.Laura BradleyLaura Bradley is a Hollywood writer for VanityFair.com.
