Wallace, who was earning an estimated $7 million annually, was allegedly told that he could remain at the network as an analyst, albeit with a significantly reduced salary. This was part of CEO Mark Thompson's extensive cost-cutting measures, as reported by Puck News.
According to The New York Post, Wallace, instead of accepting the reduced role, announced earlier this week that he was leaving CNN. He painted his departure in a Daily Beast interview as a shift towards podcasting and streaming, stating, "that’s where the action seems to be." Wallace denied any negotiations with CNN executives about a future role, asserting that he had decided to leave before any such discussions occurred.
IN TRUE "BADA$$" FASHION, TRUMP EXTENDS THIS EXTREMELY CONTROVERSIAL INVITATION!
“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 News. “Any further speculation is irrelevant.”
Having spent three years at CNN and 18 years at Fox News, Wallace expressed excitement about being "between jobs" in his exit interview with the Beast. “This is the first time in 55 years I’ve been between jobs. I am actually excited and liberated by that,” he said. “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.”
TAYLOR LORENZ: I FELT JOY WHEN THE CEO WAS K*LLED
November 17, 2024
In 2021, CNN recruited Wallace to be a leading figure for its budding streaming service, CNN+. However, following the merger of Discovery with CNN-parent Warner Media to form Warner Bros. Discovery, the new management scrapped the costly CNN+ and laid off hundreds of staff members.
MARINE VET ACQUITTED: IS DANIEL PENNY THE RIGHT'S GEORGE FLOYD?
Despite these changes, Wallace continued to host his shows, “Who’s Talking to Chris Wallace,” a weekly interview series initially intended for CNN+ but now airing on Max, and the Saturday morning panel discussion program “The Chris Wallace Show.” Both shows struggled with declining ratings, and there was industry speculation that Wallace would not receive another lucrative contract, particularly as CNN grappled with its own dismal ratings and restructuring under Thompson.
JOE ROGAN KNOCKED OFF HIS PODCAST THRONE! GUESS WHO’S STEALING THE SPOTLIGHT ON SPOTIFY AND APPLE?
CNN's ratings woes were highlighted when it was reported that the network experienced its worst rating in a key demographic in 25 years in the week following the presidential election. This equated to an average of 61,000 viewers between the ages of 25 and 54 tuning in on the Tuesday after the vote, marking the smallest audience viewership in that demographic since June 27, 2000, when Bill Clinton was President.
CALIFORNIA'S NEW IMMIGRATION CLASH: SHERIFF VS. SUPERVISORS IN EPIC SANCTUARY SHOWDOWN
Primetime coverage also experienced a drop in ratings, with an average of 483,000 viewers since Election Day. In contrast, Fox News attracted 3.4 million viewers, according to the network's reports.
In its most recent broadcast, “The Chris Wallace Show” drew 450,000 viewers and just 85,000 in the advertiser-coveted 25-to-54-year-old demographic, according to Puck. These ratings certainly did not warrant Wallace’s hefty salary at a network that is set to cut hundreds of jobs in the upcoming months.
BILL CLINTON UNLOADS ON MEDIA OVER WIFE'S 2016 ELECTION DRAMA
CNN's top brass are also reportedly making cuts to the salaries of its biggest names. The network recently denied raises to Jake Tapper, who reportedly earns $7 million, and to Wolf Blitzer, who is believed to earn approximately $3 million. This move reflects the network's ongoing struggle with ratings and the need for cost-cutting measures.
