Part 4/9:
Amidst this turmoil, ABC's parent company, Disney, negotiated a new contract with Stephanopoulos. The decision to renew his contract, despite the financial fallout from the settlement, seemed motivated by a desire to avoid further repercussions—“blood on their hands,” as phrased by network insiders. Stephanopoulos’ new deal came at a considerable reduction, from his previous salary of $20 million annually to an undisclosed, but significantly lower amount.
Reports suggest that relationships between Stephanopoulos and Disney executives played a crucial role in maintaining his position. His connections with influential figures such as Bob Iger, Jerry Seinfeld, and Michael J. Fox likely contributed to his retention, even amid cost-cutting measures due to Disney’s financial struggles.