In a significant shakeup at CBS, Norah O’Donnell is set to vacate her role as anchor of the “CBS Evening News” after the 2024 presidential election, amidst sweeping cost-cutting measures by parent company Paramount Global. This move comes as the network, historically known for its journalistic giants like Edward R. Murrow and Walter Cronkite, grapples with declining viewership and financial pressures.

O’Donnell, who took the reins at “CBS Evening News” in 2019, will be stepping down from the anchor chair after five years marked by falling ratings and internal strife. Despite signing a new contract in 2022, O’Donnell’s salary was reportedly slashed significantly from the $8 million per year she initially commanded, as detailed by The Post.

Ratings for the “Evening News” have plummeted by about 25% under O’Donnell’s leadership, cementing its position as a distant third behind ABC’s “World News Tonight” and NBC’s “Nightly News.” “She deserves to lose her job,” a CBS insider candidly remarked, reflecting the frustration within the network over its flagging news show.

Following her departure, O’Donnell, 50, will transition to a new role as a senior correspondent. In this capacity, she will focus on high-profile interviews and contribute to other CBS shows, including the prestigious “60 Minutes.” However, the move has been characterized by some insiders as a demotion, likening it to being “sent to the graveyard of special projects.”

O’Donnell’s exit comes in the wake of CBS News president Ingrid Ciprian-Matthews’ recent resignation and as CBS CEO Wendy McMahon embarks on an aggressive cost-cutting campaign. Paramount Global is expected to slash $500 million from its budget ahead of a planned merger with Skydance Media.

The departure also signals a broader shift at CBS News, which will temporarily rely on rotating anchors after O’Donnell’s exit, according to Puck News. This transition comes at a time when CBS News, despite having a storied legacy, has struggled to compete in a rapidly changing media landscape.

Despite her struggles with ratings, O’Donnell did manage to secure some notable interviews during her tenure. In a farewell note, she highlighted the achievements of her team, including Emmy, Murrow, and DuPont awards, and reflected on memorable moments such as broadcasting from aircraft carriers, the Middle East, and interviewing Pope Francis.

CBS CEO Wendy McMahon praised O’Donnell’s contributions, describing her as a journalist with a “superpower” for securing and delivering high-impact interviews. “Norah’s work here is legendary,” McMahon said. “She has several major interviews in the works that will be equally memorable and momentous.”

In a media environment where traditional news networks are increasingly overshadowed by digital platforms, the challenges facing CBS are emblematic of broader industry trends. As CBS News undergoes this latest transformation, the future of its evening news broadcast remains uncertain.