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SATURDAY UPDATE: Jay Leno’s spokesman has now issued this statement: “Jay’s foremost concern is for the wonderful people who work for The Tonight Show. He did what was necessary to ensure their well-being.”

BREAKING… EXCLUSIVE… FRIDAY 8:30 PM: NBC insiders tell me The Tonight Show went through “downsizing” today and that 20 staffers lost their jobs. Others tell me the number is more like 25, and producers were forced to take pay cuts or lose their jobs. I’ve also learned that Jay Leno took what is being described as a “tremendous” pay cut to “save as many people’s jobs as he could”. Leno’s Tonight Show is consistently the #1 late night talk show in both households and demographics, except for some anomalies when Leno does get beaten. And that’s despite the fact that the network’s primetime ratings have been dismal for many years or that Leno himself was harshly criticized by the media for that January 2010 standoff with Conan O’Brien. Even so, The Tonight Show has been and still is a cash cow for NBC. So what happened to merit the downsizing? “I don’t think ad sales are off. I just think the people who bought this company, Comcast, wants to go through everything at NBC and get their money back,” an NBC insider tells me. “It’s hard to go through those kinds of cuts. It’s more a network issue than a late-night issue. And I would say that Jay doesn’t get credit for digging out of a gigantic hole every single night. He’s a very valuable guy to NBC and someday everyone will understand that. He does a great job.”

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The downsizing also comes just 5 days after First Lady Michelle Obama appeared as a guest for the third time on The Tonight Show: high unemployment, job creation, and taxing the rich vs the poor all are issues in the 2012 president campaign. Leno has said publicly that he’s able to bank his entire Tonight Show salary and live on the hefty fees he makes from his hectic personal appearance schedule. Leno’s new salary is reportedly $27M-$30 million a year. He reportedly brings home another $15M-$20M a year from his other gigs.

Leno replaced Johnny Carson as host of The Tonight Show in 1992 after having been a regular substitute host since 1987. He “officially” ended hosting of The Tonight Show in 2009 when Conan O’Brien started on June 1st. Leno was going to be paid for all of 2009 by NBC even though he was only working six months of it. When his ratings dipped, O’Brien was asked to move The Tonight Show‘s time slot later to make room for Leno’s return at 11:30 PM. O’Brien refused. NBC gave Conan a $40M payoff (including salaries for his staff) to leave The Tonight Show hosting job which Leno resumed in 2010.

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