Long-standing media professional Chris Wallace has announced his departure from CNN after a tenure of three years, marking the end of his high-visibility role at the network. In an exclusive conversation with The Daily Beast, the 77-year-old broadcaster confirmed his intentions to venture into independent platforms such as streaming and podcasting.
Wallace, who shifted to CNN in 2021 after a nearly 20-year tenure at Fox News, clarified that his decision was not triggered by any dissatisfaction with the network. “I have nothing but positive things to say. CNN has been very good to me,” he underlined. The seasoned journalist pointed out the rapid evolution of the media landscape where streaming platforms and podcasts have emerged as the new avenues for content creators.
Wallace’s decision comes amidst a period of dwindling ratings for CNN and the increasing rivalry from digital platforms. This move is indicative of a wider trend among seasoned media professionals exploring new media formats.
CNN CEO Mark Thompson expressed his acknowledgment of Wallace’s contributions, stating, “Chris Wallace is one of the most respected political journalists in the news business.”
As per reports, Thompson is planning a large-scale revamp of the organization, which includes eliminating hundreds of positions across the network with the objective of modernizing the legacy news network.
The network’s viewership has witnessed a historic low, with CNN reporting its poorest performance in the crucial 25-54 age demographic since 2000, registering an average of merely 61,000 viewers in that category on a recent Tuesday.
Rather than renegotiating his contract, Wallace’s unexpected choice to leave CNN and a seven-figure salary is a notable development in the realm of cable TV. This leaves other news anchors at CNN at risk of either termination or salary reductions.
As for the future, Wallace expressed enthusiasm about potential opportunities, though he remains undecided about his next move.
