Jay Leno Taking 50 Percent Pay Cut, Contract Extended to 2014

Now going to be paid $15 million a year

NBC executives are finally speaking out about the latest in the Jay Leno saga.

In an interview with the Wall Street Journal, the network confirmed an earlier report that Leno took a 50 percent paycut last month, which the publication said brings his salary down to roughly $15 million a year. As The Hollywood Reporter has independently confirmed, doing so helped NBC cut the show's $100 million budget by about 20 percent. As part of the arrangement, which reportedly began with a conversation between Leno and NBC entertainment chairman Bob Greenblatt last spring, the long-running host extended his contract to Sept. 2014, putting to rest any near-term questions about his future at NBC.