Hoda Kotb has decided to quit 'Today' after NBC offered to cut her $20 million salary Report

Hoda Kotb's surprise announcement this week that she will step down as anchor of NBC's “Today” was in part because the network asked her to take a pay cut, Pak News reported Friday.

According to Puck, he earned more than $20 million a year, a salary network executives said could no longer be justified given the changing broadcast landscape.

“NBC executives loved Hoda and knew her value to the brand, but also made it clear to her agents that such stratospheric deals were no longer justified due to the industry's inexorable decline,” as the steep ratings decline affecting “Today” and competitors like “Good Morning America,” Pak reported.

As of September, 2014, “Today” had a total audience of 4.672 million. However, this month, the show averaged 2.536 million despite narrowly beating rivals on other networks.

Representatives for NBC did not immediately respond to a request for comment from TheWrap.

Kotb announced during Thursday's episode of “Today” that he will step down and transition to an unspecified different role at NBC in early 2025.

In a memo to staff that Kotb also read on-air, he said that after realizing his decision in August “it's time for me to turn the page at 60 and try something new.”

“When I write this, my heart is all over the map,” Kotb continued. “I know I'm making the right decision, but it's painful. And all of you are the reasons why. They say two things can be right at the same time, and I feel that deeply right now. I love you and it's time for me to quit the show.”

Kotb spent 10 of his 26 years at NBC's “Dateline,” seven in the 7 a.m. “Today” hour and 16 in the 10 a.m. hour. He helped launch the fourth hour of the show along with Kathie Lee Gifford and Jenna Bush Hager.