Chris Wallace has announced yet another career change after leaving Fox News a few years ago and moving to CNN, where his audience share decreased dramatically.
“The 77-year-old broadcaster said he will instead find a new home on an independent platform such as streaming or podcasting, which he described as ‘where the action seems to be,’” The Daily Beast reported.
“He highlighted how podcasters including Joe Rogan and Charlamagne tha God had set the agenda during the presidential election, but added, ‘I don’t flatter myself to think I will have that sort of reach,’” the outlet continued.
Wallace’s surprising decision to walk away from CNN at the end of his three-year, seven-figure contract, rather than renegotiate, marks a pivotal moment for cable TV. This move comes as other anchors face potential layoffs or salary cuts amid declining ratings and the financial strain caused by cord-cutting in the industry, the outlet noted further.
Wallace was a prominent figure in CNN’s election night coverage last week, accurately predicting that Kamala Harris would need a “miracle” to win as the first exit polls revealed the extent of her electoral challenges. He joined CNN in 2021 after spending 18 years at Fox News, where he conducted multiple interviews with Donald Trump and was widely criticized for the way he tried to fact-check Trump but not Joe Biden during a 2020 presidential debate.
“This is the first time in 55 years I‘ve been between jobs,” he told The Daily Beast. “I am actually excited and liberated by that.”
He is considering what streaming or podcast format would work for him, and added, “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.”
CNN sought to retain Wallace, but his decision to walk away before contract negotiations will likely be seen as a reflection of the network’s declining influence in the media landscape. Its ratings have consistently dropped, with its election night coverage lagging significantly behind Fox News. In comparison to competitors like Fox and MSNBC, CNN’s decline has been steeper and faster, leading to increased pressure to cut costs.
Wallace made clear to the outlet that his decision was not a criticism of his employers. “I have nothing but positive things to say. CNN has been very good to me,” he said.
The outlet added:
His move out of conventional broadcasting, after a career which has seen him win every major award, including three Emmys, comes at what TV executives call an existential moment for the industry. In September, Hoda Kotb caused shockwaves by quitting NBC’s Today Show, amid reports that she had refused to accept a contract lower than $20 million. Other network stars across TV are braced for cuts, while an NBC executive warned of a looming “bloodbath” after Kotb’s departure.
The crisis in conventional TV has been mirrored by a highly disrupted media landscape in which new stars are born on podcasts, streaming and social platforms and existing stars are looking to the same formats to reinvent themselves.
The most successful streamers or independent broadcasters to emerge from traditional television have so far been almost exclusively on the right.
In contrast, Wallace’s former CNN colleague Don Lemon has struggled to gain traction with his Don Lemon Show, which he launched in partnership with Elon Musk’s X, featuring a high-profile interview with the billionaire. However, Musk took issue with the questions and ended the deal. Meanwhile, left-wing commentator Mehdi Hasan has built a substantial following on Substack after leaving MSNBC, making Wallace’s decision to not align as a partisan figure stand out as unusual.
