It looks like Craig Melvin‘s new job on The Today Show will be coming with a hefty raise.
NBC announced this week that Melvin will be replacing Hoda Kotb as the lead co-anchor on the first hour of Today when she retires in January 2025. And a recent report from Us Weekly reveals just how much the Today anchor will be earning in his new role.
A source estimates he will be making around “$5 or $6 million” a year, which is quite a jump from what the $3 million he reportedly makes now, per New York Post.
The source noted that Melvin’s colleagues “are overwhelmingly happy for him.”
Another inside source said Melvin was a “standout” choice for the role. “He has been steady Eddie for seven years – alongside Savannah and Hoda,” the first source said of Melvin. “It was the right choice, the clear choice, the choice that everybody could get behind. He is so beloved.”
Kotb also praised her co-anchor on Today With Hoda & Jenna, where she and Jenna Bush Hager expressed how “thrilled” they are for him.
“We are so excited that our friend Craig Melvin will be taking over the 7 next to Savannah,” Kotb said. “I’m so happy for this guy. Because number one, he’s a good human being, he’s one of those guys who’s worked hard and done all the right things.”
She added, “I’ve said to Craig, I said, ‘Honey, you’re made for this job.’ When he walks outside and he sees the crowd, that’s his happy place. That’s where he shines.”
A report from Puck alleged Kotb was earning more than $20 million a year at NBC. This is after 26 years with the network in which she’s been a lead host on both The Today Show and Today With Hoda & Jenna.
The Puck piece claimed her decision to retire may have been a result of the network proposing they slash her pay. “NBC executives loved Hoda and knew her value to the brand, but also made clear to her agents that such stratospheric contracts were no longer justifiable given the industry’s inexorable decline,” the outlet reported.
Melvin appears to be looking forward to the new job.
“I am beyond excited and grateful,” Melvin said on Today when they announced the news. “I’ve enjoyed just a lifetime of blessings and this is the latest in a long line of blessings.”
Kotb’s final day on The Today Show is set for Friday, Jan. 10, after which Melvin will take over.