CNN anchor Chris Wallace was reportedly told that two of his poorly rated shows would be canceled and his salary would be cut drastically before the veteran journalist announced he was leaving the network.
Wallace, who was reportedly being paid $7 million per year, was informed that he was welcome to remain as an analyst, but as part of CEO Mark Thompson’s massive cost-cutting initiative. At very low wages, According to Puck News.
Instead, Wallace announced earlier this week that he was exiting CNN, and in a Daily Beast interview characterized the move as a pivot to podcasting and streaming — because “that’s where the action seems to be.” Is,” he said.
Wallace insisted that he was not involved in any discussions with CNN executives about a future role, claiming that he had decided 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 with my wife six months ago 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”.
“This is the first time in 55 years that I am between jobs. I’m really excited and free about it,” he said. “Not knowing is part of the challenge. I’m waiting to see what happens on the transom. “It could be something I haven’t thought about at all.”
In 2021, CNN hired Wallace as one of its big stars to helm its emerging streaming service, CNN+.
But as Discovery merged with CNN-parent WarnerMedia and formed Warner Bros. Discovery, new management Expensive CNN+ and laid off hundreds of employees.
Wallace stayed on and launched his own show, “Who’s Talking to Chris Wallace”, a weekly interview series originally scheduled to air on CNN+ but now airs on Max, and the Saturday morning panel discussion program “The The Chris Wallace Show”.
Both programs suffered flagging ratings – and for some time there was much talk among industry sources that the anchor would not get another lucrative contract, especially as CNN was facing its extremely poor ratings and an 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.
It averaged 61,000 viewers among 25- to 54-year-olds on Tuesday, a week after the vote, making it the lowest viewership in that demo since June 27, 2000, when Bill Clinton was in the White House.
Primetime coverage – between 8 and 11 pm – also Ratings saw an average drop of 483,000 from election day.
Fox News reeled in 3.4 million, according to the network.
Meanwhile, according to Puck, in its most recent broadcast, “The Chris Wallace Show” attracted 450,000 viewers and only 85,000 viewers in the 25 to 54-year-old demo coveted by advertisers.
The ratings certainly don’t justify Wallace’s princely salary at the network. Hundreds of job cuts are planned in the coming months.
CNN’s top brass are also capping the pay of its biggest names.
Recently, the network denied increase Jake Tapper, who reportedly makes $7 million, and Wolf Blitzer, who is believed to make around $3 million.
