CNN anchor Chris Wallace has parted ways with the network after being informed that his two shows were being canceled as part of a broader shake-up amidst CNN’s declining ratings.

Wallace, who reportedly earned $7 million annually, was the first high-profile departure in what insiders describe as a looming “staffing bloodbath.”

🚨BREAKING: Former Fox News Host Chris Wallace has been fired by CNN!

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According to Puck News, CNN CEO Mark Thompson informed Wallace that both Who’s Talking to Chris Wallace, a weekly interview series, and The Chris Wallace Show, a Saturday morning panel, would be discontinued.

Wallace was offered a significantly reduced role as an analyst with a lower salary but chose to leave instead, journalist Dylan Byers reported.

Wallace, a former Fox News Sunday anchor, claimed his departure was his own decision. “It doesn’t matter what was or wasn’t said in that meeting because I had already decided with my wife six months ago to leave CNN,” Wallace told Puck. “Any further speculation is irrelevant.”

Wallace said he was “excited” about the opportunity to explore new ventures. “This is the first time in 55 years I’ve been between jobs. I am actually excited and liberated by that,” he stated. “Not knowing is part of the challenge. I’m waiting to see what comes over the transom. It might be something that I haven’t thought of at all.”

After 18 years at Fox News, Wallace joined CNN in 2021 as a marquee name for its ill-fated streaming service, CNN+.

The service launched in March 2022 but was shuttered just a month later due to poor subscriber numbers. Wallace remained at CNN after the streaming platform’s collapse but struggled to maintain relevance in the network’s declining ratings landscape.

CNN’s ratings woes have intensified in recent months. Earlier this week, it was reported that the network suffered its worst ratings in the coveted 25-54 age demographic in 25 years, with only 61,000 viewers in that group tuning in on the Tuesday following Election Day.

This marks the network’s lowest audience in that demographic since June 27, 2000, when Bill Clinton was president.

Prime-time programming has also seen steep declines, averaging 483,000 viewers since Election Day.

By comparison, Fox News drew 3.4 million viewers in the same time slot. Election Day coverage further highlighted CNN’s struggles, with 5.1 million viewers tuning in—lagging behind MSNBC’s 6.01 million and Fox News’ dominant 10.32 million.

As CNN faces increasing competition from both traditional cable networks and streaming platforms, CEO Mark Thompson, credited with revitalizing The New York Times during his tenure there, is tasked with reversing the network’s fortunes.

Media analysts, however, suggest the challenge of turning CNN around could be even greater given the erosion of cable TV viewership in favor of digital alternatives.

Wallace’s departure marks the beginning of what many expect to be a wave of staffing reductions at CNN. Reports indicate that hundreds of employees, including several prominent on-air personalities, may face layoffs in the coming months.

Despite the ratings collapse and restructuring, CNN’s highest-paid anchors, including Anderson Cooper ($20 million annually), Erin Burnett ($6 million), and Kaitlan Collins ($3 million), remain among the network’s most recognizable faces.

However, whether these stars can help stabilize CNN’s viewership remains an open question as the network attempts to rebuild its audience.

Original article:

Veteran journalist Chris Wallace has announced he is leaving CNN to pursue new media opportunities, including streaming and podcasting.

Wallace, 77, revealed his decision in an interview with The Daily Beast on Monday, saying he plans to step away from his current role at the end of the year.

77-year-old Chris Wallace will quit CNN and walk away from a seven-figure salary rather than renegotiate his contract. His plan is to go into independent streaming or podcasting, pointing to Joe Rogan and Charlamagne tha God’s reach as inspiration.

Legacy news outlets are losing… pic.twitter.com/W8osi6V1q1

— Charlie Kirk (@charliekirk11) November 12, 2024

Wallace, who joined CNN after 18 years as the anchor of Fox News Sunday, told the outlet that the decision to leave CNN felt “liberating.” “This is the first time in 55 years I’ve been between jobs. I am actually excited and liberated by that,” he said.

His departure comes shortly after he hosted CNN’s coverage of the 2024 election night.

While Wallace indicated his interest in exploring the streaming and podcasting spaces, he said he has not yet solidified any specific plans. “Not knowing is part of the challenge. I’m waiting to see what comes over the transom. It might be something that I haven’t thought of at all,” he explained.

Despite his uncertainty, he emphasized, “I am clearly not going to become a hard-right or hard-left advocate. It’s just absent from my DNA.”

JUST IN: Chris Wallace to quit CNN as he apparently seems to think the mainstream media is dying, says he is thinking about getting into podcasting.

Wallace told the Daily Beast that streaming and podcasting is “where the action seems to be.”

“This is the first time in 55 years… pic.twitter.com/SI1iXlO32H

— Collin Rugg (@CollinRugg) November 12, 2024

Wallace joined CNN in 2021 initially to anchor programming on the now-defunct CNN+ streaming service, which was discontinued shortly after its launch in 2022.

Since then, he has anchored The Chris Wallace Show on Saturday mornings and hosted Who’s Talking to Chris Wallace?, which streams on Max.

According to Wallace, his decision was not driven by negative experiences at CNN. “I have nothing but positive things to say,” he remarked, adding that CNN had been “very good to me.”

CNN Chairman and CEO Mark Thompson commended Wallace for his contributions, describing him as “one of the most respected political journalists in the news business with a unique track record across radio, print, broadcast television, cable television, and streaming.”

Wallace, whose storied career began in 1973 at a local Chicago TV station, has worked with major networks such as NBC’s Meet the Press, The Today Show, and ABC’s PrimeTime Live.

Over the years, he has won three Emmys and interviewed high-profile figures, including presidents Ronald Reagan, Barack Obama, and President-elect Donald Trump, as well as global leaders like Vladimir Putin.

A significant factor in Wallace’s decision was his family’s support.

He and his wife Lorraine had discussed his future plans earlier this year and decided he would stay through the 2024 election cycle.

Wallace, a father of six and grandfather of nine, shared that his family simply wants him to be happy and to keep working. “They do not want to have to worry about entertaining me,” he said.

Wallace also confirmed that he plans to continue contributing to his Countdown book series, which has previously covered historical events like the 1960 presidential election and the hunt for Osama bin Laden.

This announcement comes amid financial and operational challenges at CNN, as the network grapples with lagging ratings against rivals Fox News and MSNBC.

The industry has seen similar moves recently, as notable figures such as Today Show host Hoda Kotb, who announced her upcoming departure to pursue new ventures, also step away from longstanding roles.

As CNN faces rumored restructuring and budget cuts, Wallace’s departure adds to the shifting media landscape, with many veteran broadcasters exploring new formats and independent projects.

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