For $50k, Nine's Alex Cullen nicknamed Adrian Portelli on live TV. He never expected this.

If you're a fan of the Today Show, you may have clocked that Alex Cullen has been missing from this week's episodes.

The longtime Channel 9 host has found himself embroiled in controversy after accepting a $50,000 payment in exchange for using a specific nickname on-air, by instruction from Australian billionaire Adrian Portelli.

Yep, that's the same bloke who bought every house on The Block in 2024.

Now, we have a major update: Cullen is stepping down, permanently.

Watch Brooke Boney's beautiful speech on Today about changing the date. Post continues after video. 

On Friday, it was announced that the presenter would be wrapping up his role with Today and Nine.

"As most of you are well aware, our colleague Alex Cullen has not been on air with us this past week," Karl Stefanovic told viewers.

"There has been widespread reporting on the circumstances surrounding this, what I can say is that last night, Alex and Nine agreed that he would finish with the network."

"Alex has, of course, been part of the Today family for five years now. He's always ready with a smile and a laugh and without hesitation, speaking for all of us here, we can say that we are going to miss him terribly, that's for sure," co-host Sarah Albo added.

Karl said: "Alex is a terrific fella. What you see is what you get and he has been a great mate to all of us over these years. We wish Alex, his wife Bonnie and his beautiful kids all the very best for the future."

So, how did this all unfold?

The incident stems from Portelli's frustration with being nicknamed 'Lambo Guy', despite being known for having a $3 million McLaren Senna GTR craned into his high-rise apartment.

Portelli has long said that the nickname is an attempt to "degrade" him.

In response to continued use of the nickname in media coverage, Portelli put out an open invitation for a media personality to be the first to call him 'McLaren Man' on air, in exchange for the huge sum. $50k to be exact.

Cullen took up Portelli's invitation, working the title into the Today show on Friday, January 17.

Following the on-air mention, Portelli transferred the promised $50,000 to Cullen.

"We have a winner! Well played sir," Portelli posted in an Instagram story with a screenshot of a bank transfer of $50,000.

The Nine Network immediately took action, with Cullen agreeing to stand down while the matter was under review.

"Nine is taking this matter extremely seriously," a Nine spokesperson said earlier. "Appropriate action has been promptly taken, including arranging for the funds to be returned. While we review the circumstances in which this occurred, Alex has agreed to stand down."

Renee Bargh, Alex Cullen, Karl Stefanovic, Jayne Azzopardi and Tim Davies attend the Nine 2025 Upfronts. Image: Getty.

Portelli addressed the scandal on Tuesday, saying he hoped Cullen did not lose his job over the incident. Portelli also shared screenshots proving he had donated $25,000 each to The Salvation Army and RSPCA in Cullen's name.

"I've kept pretty quiet about what unfolded with Alex, but even before he'd heard from Ch9, we had a conversation where he expressed his desire to donate the money. That speaks volumes about his character," he said on Tuesday night.

"Alex, you're an absolute gentleman. If Ch9 let you go (though I really hope they don't!), I'd be more than happy to collaborate with you on something. True class, mate!"

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A post shared by Adrian Portelli (@adrian_portelli)

The controversy has highlighted some of the ethical boundaries in place for journalists in Australia.

The acceptance of such payments violates the Media Entertainment and Arts Alliance (MEAA) Journalist Code of Ethics, which bans journalists from accepting gifts that could compromise their independence or using their position for personal gain.

Kyle Sandilands came to the defence of Cullen on Monday morning, saying he didn't like "the vibe" of the situation.

"He's a very good presenter this Alex guy. He makes a quick $50,000 on that, does anyone care about that?" Kyle said on radio. "I don't like the whole vibe of it."

Portelli made The Block history last year by secretly purchasing all five Phillip Island properties for a whopping $15.03 million in November. He subsequently offered the entire resort in a giveaway through his company LMCT+. The winner, Holly from Ballarat, chose the $8 million cash prize instead of the properties.

Cullen joined Channel 9's Today Show in late 2019 after leaving Channel 7 when its program Sunday Night was axed.

He began as a sports presenter on Today in 2020.

Feature image: Channel 9/Instagram@lcmt+.