Chris Wallace left CNN after news of broadcasts being canceled: report

On By Littum

CNN anchor Chris Wallace was reportedly told his two poorly rated shows would be canceled and his massive salary cut before the veteran journalist announced he would be leaving the network.

Wallace, who was paid a reported $7 million a year, was informed that he was welcome to stay on as an analyst, but at a much lower salary as part of CEO Mark Thompson’s massive cost-cutting initiatives, according to Puck News.

Instead, Wallace announced earlier this week that he was leaving CNN, portraying the move in a Daily Beast interview as a pivot to podcasting and streaming — because “that’s where the action seems to be,” he said.

CNN’s Chris Wallace resigned from the network after he reportedly learned his shows would be canceled. CNN

Wallace insisted he was not involved in any discussions with CNN bosses about a future role, claiming he made the decision to leave before any discussions took place.

“It doesn’t matter what was or wasn’t said in that meeting because I had already decided six months ago with my wife to leave CNN,” Wallace told Puck News on Thursday. “Any further speculation is irrelevant.”

Wallace, who spent three years at CNN and 18 years at Fox News, said in his exit interview with the Beast that he was “excited” to be “between jobs.”

“It is the first time in 55 years that I have been between jobs. I am actually excited and relieved about it,” he said. “Not knowing is part of the challenge. I’m waiting to see what comes over the transom. It might be something I haven’t thought about at all.”

CNN hired Wallace in 2021 to be one of its big stars to lead its nascent streaming service, CNN+.

But as soon as Discovery merged with CNN parent Warner Media to form Warner Bros. Discovery, the new management shut down the expensive CNN+ and hundreds of employees.

Wallace stayed on and launched his shows, “Who’s Talking to Chris Wallace,” a weekly interview series originally set to air on CNN+ but now airing on Max, and the Saturday morning panel discussion program “The Chris Wallace Show.”

CNN chief Mark Thompson had decided to cancel Wallace’s shows and offer him an analyst position at a cheaper salary. Getty Images for Warner Bros. Discovery

Both shows suffered declining ratings — and there was much buzz among industry sources for some time that the anchor would not get another lucrative contract — especially as CNN faced its own abysmal ratings and overhaul under Thompson.

Earlier this week, it was reported that CNN suffered its worst ratings in a key demographic in a quarter century in the week following the presidential election.

That equated to an average of 61,000 viewers aged 25 to 54 who voted Tuesday, a week after the vote, making it the smallest viewership in that demo since June 27, 2000, when Bill Clinton was in the White House.

CNN employees are bracing for a carnage that could cost hundreds of jobs as the network struggles with flagging ratings. Nate Hovee – stock.adobe.com

Primetime coverage – between 8pm and 11pm – also saw declining ratings, averaging 483,000 since Election Day.

Fox News brought in 3.4 million, according to the network.

Meanwhile, in its most recent broadcast, “The Chris Wallace Show” drew 450,000 viewers and just 85,000 in the advertiser-coveted 25-to-54 demo, according to Puck.

Wallace resigned earlier this week, saying he was leaving CNN to pursue streaming and podcast opportunities. AP

The ratings certainly didn’t justify Wallace’s princely salary at a network slated to cut hundreds of jobs in the coming months.

CNN higher-ups are also taking a scalpel to the salaries of its biggest names.

The network recently refused to pay raises to Jake Tapper, who makes $7 million, and Wolf Blitzer, who is believed to be making about $3 million.