As well as accepting a £3 million decrease in his annual salary, it is reported that BBC presenter Jonathan Ross has also agreed to shorten his contract from three to two years.
"Jonathan is happy to stay at the BBC and is fully aware he needs to take a pay cut," revealed a source close to the 49-year-old.
The news came in the wake of the Conservative Party pushing for more transparency at the BBC.
The Tories had threatened to reveal top earners' wages should the BBC continue to keep pay a secret as has been done in the past.
BBC executives say the star's Friday night show would have continued to air anyway, even if Wossy had refused the cut in pay.
Graham Norton was touted as a possible replacement presenter.
In 2008 Jonathan came under intense scrutiny on his Radio 2 show when he and Russell Brand made a series of prank calls to actor Andrew Sachs.
Over 40,000 complaints were received and the presenter was suspended for three months.
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