Chris Wallace, the former anchor for Fox News and CNN, has taken on a role as an advisor for a private equity firm that recently acquired a stake in the company owning CBS. This aligns with the network where his father, the iconic Mike Wallace, served as a correspondent on “60 Minutes.”
At 77, Wallace, who began his career as a newspaper reporter, has a rich media lineage. He’s not just the son of Mike Wallace; he’s also the son-in-law of Bill Leonard, a CBS News executive. His recent appointment as a senior advisor at Redbird Capital Partners, as noted by The New York Times, marks his return to a significant position in the industry.
After experiencing a decline in ratings during his time at CNN, where he had a tough exit last year, Wallace is now reporting directly to Redbird’s founder, Gerry Cardinale.
The firm has a substantial share in Skydance, a Hollywood production company led by David Ellison, who recently took control of CBS following approval for an $8 billion merger under the Trump administration.
This new position allows Wallace, who has limited experience at CBS aside from an internship in Chicago decades ago, the chance to potentially influence a news organization that his family has been closely associated with.
Wallace expressed a desire to support Ellison, confirming communication with the 42-year-old media entrepreneur managing CBS.
His close ties to the new leadership have sparked curiosity about the future direction of CBS News, especially after a series of chaotic years for the network.
There were significant challenges during the Trump presidency, including a $16 million lawsuit related to a “60 Minutes” interview, which stirred tensions between executives and journalists at CBS.
With Skydance at the forefront now, there are whispers about potential layoffs and cost-cutting measures based on Ellison’s vision.
David Ellison, son of tech billionaire Larry Ellison, has been openly supportive of Trump through his purchase of Free Press, a startup that criticizes mainstream media entities like CBS.
This connection raises questions about possible political leanings within CBS News, although Wallace vehemently disagrees with such speculation.
He emphasized Ellison’s intention to maintain a news organization that honors the principles of legendary figures like Walter Cronkite and his own father, Mike Wallace.
Wallace voiced concerns that rumors of ownership influence on editorial content are misleading. He remarked on the historical involvement of CBS News executives in monitoring and providing feedback on news segments—something he finds essential.
His career spans across major networks. He has covered the White House for NBC, anchored “Fox News Sunday” for nearly two decades, and joined CNN in 2021, although his time there was marked by challenges and disappointing ratings.
Reportedly earning $7 million annually, Wallace struggled to attract a significant viewership. His shows, “Who is Talking to Chris” and “The Chris Wallace Show,” posted weak numbers, often garnering only around 500,000 to 750,000 viewers.
In the key demographic of ages 25 to 54, he managed to capture about 85,000 viewers, which was insufficient for continued support from the network.
Following the 2024 election, executives decided to cancel both of his programs as part of a broader cost-cutting strategy. Although offered a lower-paying analyst role, Wallace chose to turn it down.
While he publicly framed his departure from CNN as a chance to pursue “new opportunities” in podcasts and digital media, the reality was more complicated. His programs faced cancellation, his salary was slashed, and there was a clear shift in CNN’s focus toward hosts who could draw better ratings.
Since leaving CNN last year, Wallace briefly considered starting a podcast or an independent news venture, but interest waned quickly.
When questioned about the possibility of returning to CBS, he remarked, “At this point, it’s not on the card.”
