In a bittersweet farewell during The Chris Wallace Show on Saturday, longtime journalist and former Fox News anchor Chris Wallace addressed his departure from CNN, marking an unexpected end to his relatively brief tenure with the network he joined in 2022. Wallace’s departure, which he insists was a personal decision to explore new media opportunities, has left many observers questioning whether CNN’s plunging ratings and looming layoffs played a role.
Wallace expressed his gratitude to his audience, saying, “For those of you who are concerned—and thank you for your thoughtful notes—I decided to do this months ago and am excited to take on a new challenge.” He took a moment to appreciate his CNN colleagues, mentioning his “feisty” panel members and the dedicated team behind the scenes, though he admitted his “only regret” was leaving them behind.
Chris Wallace says goodbye to the panel on Saturday’s The Chris Wallace Show.https://t.co/jN2kLf5QD4
— Rusty (@Rusty_Weiss) November 17, 2024
This farewell, however, is shadowed by broader challenges at CNN. With ratings for CNN’s recent election coverage down 50 percent, the network has faced intense scrutiny over its programming decisions. Amid plummeting viewer numbers, CNN CEO Mark Thompson has reportedly been considering extensive layoffs, potentially affecting hundreds of staff. Some sources, including The Daily Mail, have speculated that Wallace’s departure was a casualty of these planned cutbacks, citing reports that the anchor was asked to take a pay cut and that his shows had been marked for cancellation. According to The Ankler, journalist Lachlan Cartwright reported over a month ago that Wallace’s exit might have stemmed from these budget-driven measures.
For his part, Wallace remains firm that his decision to leave was made months ago, with support from his wife. In an interview with Puck News, Wallace reiterated, “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.” Nevertheless, the timing has raised eyebrows, particularly since Wallace’s next move appears to be a plunge into the crowded podcasting and streaming world.
77-year-old Chris Wallace will quit CNN and walk away from a seven-figure salary rather than renegotiate his contract. His plan is to go into independent streaming or podcasting, pointing to Joe Rogan and Charlamagne tha God’s reach as inspiration.
Legacy news outlets are losing… pic.twitter.com/W8osi6V1q1
— Charlie Kirk (@charliekirk11) November 12, 2024
CNN’s ill-fated foray into streaming, CNN+, served as Wallace’s initial venture into the digital space—a venture that ended swiftly. Launched with significant fanfare in March 2022, CNN+ was meant to capitalize on the growing demand for streaming news content, with Wallace as one of its flagship anchors.
But in a staggering blow, CNN+ was shut down less than a month after its debut, becoming a symbol of CNN’s struggle to find its footing in the streaming era. Wallace was reportedly disillusioned by the project’s collapse, with reports describing “daily breakdowns” as the streaming platform’s prospects dimmed.
The rocky launch of CNN+ may have planted the seeds of doubt in Wallace’s mind about the network’s strategic direction. Now, inspired by figures like Joe Rogan and Charlamagne tha God, Wallace appears ready to chart a course toward podcasting—a field where he acknowledges he may not immediately find the massive reach enjoyed by the biggest names.
