It’s the end of an era! On September 26, Hoda Kotb announced that she’ll be stepping down from the Today show early next year. The 60-year-old has been a beloved part of NBC News for nearly three decades — and with cohost Savannah Guthrie since 2018, one half of the morning show’s first all-female anchor team. “I realized it was time for me to turn the page at 60,” a teary Hoda, surrounded by her fellow hosts, said on the show, adding that she was eager to “try something new.”

While the single mom of two cited that she hopes to spend more time with her daughters, an insider tells Closer much of her departure has to do with simple math. “Hoda was in contract negotiations but didn’t get the money or the deal she wanted,” notes the source. (Hoda pulled in a reported $7 million per year. Her costar Jenna Bush Hager, 42, in contrast, earned a reported $4 million.) Says the insider, “It’s a warning shot to other big-name stars and anchors that the days of huge contracts are over.”

Hoda Kotb’s Homes: Inside Today Host’s Houses in NYC

Inside Hoda Kotb’s Homes: Check Out the ‘Today’ Host’s Beautiful Houses

Indeed, as viewership splinters, even the most popular morning-show stars have been forced to find other revenue streams, adds the source. Weatherman Al Roker, for example, can be seen shilling for BMW. “They know the writing is on the wall,” says the insider.

As for Hoda, expect a long and memory-filled goodbye over the next several months. “I will miss you all desperately,” she wrote on Instagram after the announcement. “But I’m ready and excited.”