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Craig Melvin, 45, will be taking over for “Today” anchor Hoda Kotb when she steps down. The move will give him a big salary bump, as Us Weekly reports that he’ll make about $5 million to $6 million in his new role. He allegedly makes $3 million per year now.

Melvin, an NBC News veteran of almost 14 years, will take the anchor chair in January, a week before Hoda Kotb’s final appearance as co-host.