Jay Leno takes 50 percent pay cut, extends contract

UNDATED (WHDH) -- Late-night talk show host Jay Leno took a 50 percent pay cut, last month, at "The Tonight Show" as part of a budget chopping effort.

It took his salary down to $15 million, helping to slash the show's $100 million annual budget by about 20 percent.

Leno also extended his contract, for another two years, to May 2014.