CNN anchor Chris Wallace was reportedly told that two of his poorly rated shows would be canceled and that he would also take a significant pay cut before the veteran journalist announced his departure from the network.
Wallace, who was reportedly receiving $7 million a year, is welcome to remain as an analyst but is part of CEO Mark Thompson's extensive cost-cutting plans. I was informed that my salary was much lower. According to Pac News.
Instead, Wallace announced earlier this week that he was leaving CNN, describing the move in an interview with The Daily Beast as a pivot to podcasting and streaming — because “that's where the action seems to be.” body,” he said.
Wallace maintained that he had not had any discussions with CNN executives about his future role and that he decided to resign before any discussions took place.
“It doesn't matter what was said or not said in that meeting, because six months ago my wife and I had already decided to leave CNN,” Wallace told Pac News on Thursday. “Further speculation is irrelevant.”
Wallace, who spent three years at CNN and 18 years at Fox News, told The Beast in his exit interview that he was “thrilled” to be “in between jobs.”
“It's the first time in 55 years that I've had time off between jobs. I've actually been excited and liberated by it,” he said. “Not knowing is part of the challenge. I'm looking forward to seeing what comes beyond the transom. It may be something I never thought about.”
CNN hired Wallace in 2021 as one of the big stars leading its nascent streaming service CNN+.
But soon after Discovery merged with CNN's parent company Warner Media to form Warner Bros. Discovery, the new management laid off the expensive CNN+ and hundreds of staffers.
Wallace stayed on, appearing on the weekly interview series “Who's Talking to Chris Wallace?” (originally scheduled to air on CNN+ but now airing on Max) and the Saturday morning panel discussion show “The・Launched the Chris Wallace Show.
Both shows have been struggling in the ratings, and industry insiders have been wondering for some time that the anchor will be replaced by a new anchor, especially as CNN faces its worst ratings and overhaul under the Thompson administration. There was talk that he might not be able to secure a high-paying contract.
Earlier this week, it was reported that CNN had its worst ratings in a quarter century in key demographics in the week after the presidential election.
That's an average of 61,000 viewers between the ages of 25 and 54 watching on Tuesday, a week after the vote, and the most since June 27, 2000, when Bill Clinton was in the White House. This was the lowest number of viewers for this demo.
Prime-time coverage (8 p.m. to 11 p.m.) also saw ratings drop by an average of 483,000 viewers since Election Day.
Fox News had 3.4 million viewers, the station said.
Meanwhile, Pack said “The Chris Wallace Show” had 450,000 viewers in its most recent broadcast, but just 85,000 in the 25-54 demographic coveted by advertisers. .
Those ratings certainly don't justify Wallace's princely salary at a network that is slated to make hundreds of layoffs in the coming months.
CNN's top brass is also taking a stab at the salaries of its bigwigs.
Recently, the network denied raises to Jake Tapper, who is believed to make an estimated $7 million, and Wolf Blitzer, who is believed to make approximately $3 million.
