Seasoned journalist Chris Wallace is preparing to exit CNN, following a prominent three-year tenure at the network. The 77-year-old news veteran confirmed his planned departure in an exclusive interview with The Daily Beast, revealing his interest in exploring independent media opportunities such as streaming and podcasting.
Wallace began his journey with CNN in 2021, after spending almost 20 years at Fox News. He made it clear that his decision to leave was not fueled by any dissatisfaction with the network. “I have nothing but positive things to say. CNN has been very good to me,” he stated. Wallace further acknowledged the rapid shifts in the media landscape, with streaming and podcasting platforms emerging as the new arenas for content creators.
Wallace’s decision comes at a time when CNN is grappling with declining viewership numbers and rising competition from digital platforms. This move is perceived as part of a wider trend of seasoned media professionals seeking out new media formats.
CNN CEO Mark Thompson expressed appreciation for Wallace’s contributions, stating, “Chris Wallace is one of the most respected political journalists in the news business.”
Thompson is reportedly planning a major restructuring of the organization, which includes laying off hundreds of employees, in an effort to modernize the legacy news network.
The network’s viewership has hit an all-time low, with CNN registering its worst performance in the key demographic of 25-54 age group since 2000, averaging a mere 61,000 viewers on a recent Tuesday.
Wallace’s unexpected decision to part ways with CNN and forgo a seven-figure contract, instead of renegotiating it, marks a significant moment for cable TV. Other news anchors at CNN are also at risk of being laid off or facing salary reductions.
As he looks to the future, Wallace expressed enthusiasm for the potential opportunities but admitted he is still unsure about his next move.