Veteran broadcaster Chris Wallace has left CNN after three years, sparking widespread speculation about the reasons behind his departure. While Wallace has publicly attributed his exit to a desire to explore opportunities in podcasting and streaming, recent reports suggest deeper factors influenced his decision, including cancelled shows and a significant salary cut.
Chris Wallace, who joined CNN in 2021 after an 18-year tenure at Fox News, revealed in an interview with Puck News that his decision to leave had been made well in advance. "I had already decided with my wife six months ago to leave CNN," Wallace stated. According to The Independent, Wallace emphasised that discussions about his future role or salary at CNN were irrelevant because his decision to depart had already been made.
Shows Cancelled and Salary Reduced
Per reports from The New York Post, Wallace was informed that his two shows, Who's Talking to Chris Wallace? and The Chris Wallace Show, were being cancelled due to low ratings. His programmes consistently underperformed, with the most recent broadcast of The Chris Wallace Show drawing just 450,000 viewers and 85,000 in the key 25-to-54 age demographic.
CNN CEO Mark Thompson reportedly offered Wallace the opportunity to remain at the network as an analyst, but with a drastically reduced salary. Wallace, who was previously earning a reported $7 million annually, declined the offer, instead opting to explore new opportunities outside of CNN.
Financial Challenges at CNN
Wallace's departure comes amidst a broader cost-cutting initiative at CNN. According to CTV News, the network has been grappling with plummeting ratings and budget constraints. CNN recently recorded its worst ratings in a key demographic in 25 years, with just 61,000 viewers aged 25 to 54 tuning in during a pivotal post-election week.
Primetime ratings have also dropped significantly, averaging 483,000 viewers compared to Fox News's 3.4 million. As a result, the network has been slashing salaries and denying raises to high-profile anchors like Jake Tapper and Wolf Blitzer.
A Shift to Streaming and Podcasting
Wallace has expressed enthusiasm about exploring opportunities in the evolving media landscape. "When I look at the media landscape right now, the people who are going independent, whether it's podcasting or streaming, that seems to be where the action is," Wallace told The Daily Beast. He described his career transition as liberating, stating, "This is the first time in 55 years I've been between jobs. I am actually excited and liberated by that."
Wallace's move is emblematic of a broader industry shift, where traditional broadcast figures are increasingly pivoting to digital platforms to reach audiences.
Legacy and Next Steps
As the son of legendary CBS broadcaster Mike Wallace, Chris Wallace has built an illustrious career spanning decades. Known for his impartial political analysis and incisive interviews, he has moderated key debates and interviewed global leaders, including Presidents Barack Obama, Donald Trump, and Vladimir Putin.
Though Wallace's next steps remain unclear, his departure from CNN marks a significant moment in the shifting dynamics of broadcast journalism. As CNN navigates its challenges and Wallace explores the digital frontier, the veteran journalist's legacy as one of the most respected names in news remains intact.
