Big-Name Anchors Going Independent, Making Money in the Substack Era
April 8, 2025, 1:33 AM PDT — The media landscape is undergoing a seismic shift, and at its epicenter are big-name news anchors abandoning the polished studios of cable giants for the uncharted waters of Substack. Once the pinnacle of journalistic prestige—anchoring a prime-time slot on CNN, MSNBC, or Fox News—is losing its luster, as luminaries like Jim Acosta, Joy Reid, and Don Lemon trade corporate constraints for the freedom and financial upside of independent platforms. Welcome to the Substack era, where these household names are not just surviving but thriving, raking in millions while reshaping how news is delivered in an age of Trump tariffs, market upheaval, and audience fragmentation.
The Exodus from Legacy Media
The trend kicked off in earnest earlier this year, with Jim Acosta’s January 28 departure from CNN marking a turning point. After nearly two decades at the network, the former White House correspondent—known for sparring with Trump—rejected a midnight slot in CNN’s reshuffle, opting instead to launch The Jim Acosta Show on Substack. Hours after his final broadcast, where he vowed never to “bow down to a tyrant,” Acosta was live on his new platform, greeting 109,000 subscribers by January 31—a number that’s since ballooned to 282,000, with over 10,000 paying, per Daily Mail. At $5 to $10 a month per subscriber, Acosta’s on pace to clear $1 million annually, outstripping his CNN salary estimated at $700,000.
Joy Reid followed suit in March, exiting MSNBC after The ReidOut was axed in a February lineup shakeup. The network’s only non-white primetime host began posting regularly on Substack, swapping sleek sets for her living room and a more unfiltered voice. Don Lemon, ousted from CNN in 2023 and dabbling on YouTube for a year, joined the fray on April 4, rounding out a trio of cable stars who’ve embraced what The New York Times calls a “harbor for stranded television anchors.” By Monday, posts on X noted Lemon’s Substack debut, with one user quipping, “From pancake makeup to iPhone broadcasts—the future of news is casual.”
This isn’t a retreat—it’s a reinvention. Substack, launched in 2017 as a newsletter hub, has morphed into a juggernaut for independent voices, fueled by the collapse of traditional media, Trump’s polarizing return, and platforms like X throttling external links. “Substack used to terrify corporate journalists who feared losing power,” one X post observed. “Now, Acosta, Lemon, and Reid are flocking there.” The platform’s appeal? Creative control, direct audience access, and a subscription model that turns fans into revenue—free from editorial gatekeepers or advertiser whims.
The Money Game: From Salaries to Subscriptions
The financial upside is staggering. Acosta’s 10,000-plus paid subscribers could net him $600,000 to $1.2 million yearly, dwarfing what many cable anchors earn outside the top tier—where stars like Sean Hannity pull $25 million but mid-tier hosts hover below $1 million. Reid, with a reported $3 million MSNBC salary, is poised to match or exceed that if her Substack scales similarly, leveraging her loyal progressive base. Lemon, whose CNN exit came with a $24.5 million severance, is betting on his outspoken style to convert free YouTube viewers into Substack payers—early signs suggest he’s off to a strong start.
Substack’s model—taking 10% of subscription revenue, leaving creators with 90%—is a goldmine compared to cable’s rigid pay structures. New York Magazine reports that politics, especially anti-Trump content, is the platform’s most lucrative category, and these anchors are cashing in. Acosta’s daily Trump critiques, Reid’s racial justice takes, and Lemon’s unscripted rants resonate with audiences fatigued by network polish. “I’m part of the independent media revolution,” Acosta told Daily Mail, a far cry from his CNN days when he didn’t even know what Substack was.
Others have paved the way. Matt Taibbi, a bestselling author, left Rolling Stone for Substack in 2020, reportedly earning over $2 million annually from 40,000 subscribers. Bari Weiss, ex-New York Times editor, commands a similar haul, while Nate Silver’s election forecasts draw thousands. The platform’s top earners—like historian Heather Cox Richardson with over 400,000 subscribers—prove news can pay big when it’s direct-to-consumer. For anchors, it’s a chance to ditch the “overpaid A-lister” label, as ex-ABC reporter Tara Palmeri put it, and build empires on their terms.
Why Now? Trump, Tariffs, and a Broken Media Model
The timing isn’t random. Trump’s second term, launched with a $5 trillion tariff blitz—34% on China, 10% on all imports—has upended markets and news cycles. Bitcoin’s plunge below $75,000 and a 60% recession risk flagged by JPMorgan amplify the chaos, driving audiences to trusted voices unfiltered by corporate spin. “Allure’s joining Substack for The Beauty Chat—even magazines see the shift,” New York Magazine noted, highlighting a broader media exodus as X, Facebook, and TikTok falter as distribution hubs.
Cable news, meanwhile, is bleeding. MSNBC’s February overhaul axed Reid and Alex Wagner, while CNN’s post-election cuts sidelined Acosta. Lester Holt’s March exit from NBC Nightly News for Dateline and Norah O’Donnell’s January farewell from CBS Evening News signal a reckoning—ratings are down, trust is eroding, and ad dollars are drying up. “Legacy media’s buttoned-up approach is dying,” Palmeri warned in Daily Mail, predicting overpaid anchors’ days are numbered. Substack offers an escape hatch: no network execs, no midnight graveyard shifts—just a microphone and an audience.
The Trump factor looms large. Acosta’s White House battles—Trump once tried to ban him—forge a persona tailor-made for Substack’s anti-establishment vibe. Reid’s progressive fire and Lemon’s Trump-era clashes thrive in a space where politics is king. “Anti-Trump publishers are killing it,” The New York Times observed, and these anchors are betting their cable-honed brands can translate to solo success.
The Risks and Rewards
It’s not all rosy. Substack’s casual ethos—Acosta’s iPhone streams, Reid’s home setups—demands authenticity, but technical glitches or burnout could alienate fans. Competition is fierce; alongside Taibbi and Weiss, figures like Pete Buttigieg tease political runs on the platform, while Michael Moore and Dan Rather vie for eyeballs. “Just because you have a name doesn’t mean you have a following,” Fox’s Greg Gutfeld mocked Acosta, though his 282,000 subscribers beg to differ.
Piracy and audience fatigue loom too—Salman Khan’s Sikandar leak hit its Eid 2025 haul, a cautionary tale for digital ventures. Yet Substack’s video push, live streams, and podcast options give anchors tools to diversify. “The future of news is casual,” one X post mused, and these stars are banking on it—trading pancake makeup for raw connection.
A New Media Frontier
For viewers, it’s a mixed bag. Fans on X cheer the freedom—“Acosta’s unfiltered Trump takes are gold”—while others lament losing polished broadcasts. Critics like Keith Olbermann, who blasted MSNBC’s Reid exit as “racist,” see a hollowing out of diverse voices in mainstream slots. Yet the anchors argue they’re reaching more people, unshackled. “I’m still reporting from Washington,” Acosta said post-CNN, a vow he’s kept with daily Substack drops.
As Trump’s tariffs reshape the globe—a €2,300 iPhone looms—and cable news stumbles, the Substack era crowns a new breed of media moguls. Acosta, Reid, and Lemon aren’t just surviving; they’re building empires, proving that in 2025, the anchor chair isn’t a studio desk—it’s a laptop, a subscription, and a direct line to the people. The old guard may scoff, but the money talks louder.
