Experienced journalist Chris Wallace left his position at CNN after a three-year tenure, bringing to an end his notable term at the news network. Wallace, aged 77, confirmed his choice in an exclusive interview with The Daily Beast, revealing his interest in exploring independent outlets such as streaming and podcasting.
Having started at CNN in 2021 after an almost 20-year career with Fox News, Wallace clarified that his choice to leave was not rooted in dissatisfaction with the network. He stated, “I have nothing but positive things to say. CNN has been very good to me.” Wallace, a seasoned journalist, pointed out the rapidly changing media landscape where streaming platforms and podcasts have emerged as the new arenas for content producers.
Wallace’s decision to depart from CNN coincides with the network grappling with falling viewer ratings and heightened competition from digital platforms. His move is perceived as indicative of a wider trend where veteran media professionals are exploring new media formats.
Mark Thompson, CNN CEO, acknowledged the significant contributions of Wallace, expressing, “Chris Wallace is one of the most respected political journalists in the news business.” Thompson has been enacting large-scale changes to modernize the legacy news network, including the elimination of hundreds of positions throughout the organization.
Wallace was reportedly informed that his two low-rated shows were set to be canceled and his significant salary drastically reduced prior to his announcement of leaving the network.
Earning an estimated $7 million annually, Wallace was told he could remain as an analyst but with a substantially reduced salary as part of CEO Thompson’s extensive cost-cutting efforts.
Recently, the network has been experiencing a significant drop in viewership, hitting an all-time low. CNN posted its poorest performance in the crucial 25-54 age demographic since 2000.
Wallace’s unexpected choice to part ways with CNN and a lucrative contract instead of opting for renegotiation marks a significant moment in the history of cable TV. This decision comes at a time when other CNN anchors are facing potential job losses or salary reductions.
As he looks to the future, Wallace expressed excitement about the opportunities ahead, albeit with uncertainty about his exact next steps.
