CNN is planning to wield the axe on some of its high-paid staff after dismal election ratings that cap off a disastrous period for the cable news network.

According to an explosive new report from Puck, network executives will unleash sweeping lay-offs in a bid to save the network's flailing reputation.

It comes after the departure of stalwart Chris Wallace, and amid reports senior stars like Wolf Blitzer and Jake Tapper have both been denied raises.

There is no mention of who may be on the chopping block.

The highest paid stars include Anderson Cooper - who rakes in $20million a year - Erin Burnett ($6million) and rising star Kaitlan Collins ($3million).