Report: CNN's Wallace Left Over Money, Not to Podcast

Money, not a desire to expand into online media, was behind veteran journalist Chris Wallace's decision to leave CNN, a new report indicates.

Puck News reports that Wallace, who was on Fox News for 18 years before heading to CNN in 2021, decided to cut ties after the network informed him that his news programs, "Who's Talking to Chris Wallace?" and "The Chris Wallace Show" were going to be canceled and that his $7 million salary was about to be drastically cut.

Puck News further reported that CNN Chairman and CEO Mark Thompson told Wallace that he was welcome to remain on the network as an analyst but that he'd be making much less money.

Thompson, while confirming Wallace's exit, said he is "one of the most respected political journalists in the news business."

Wallace, a three-time Emmy winner, however, told Puck News that he hadn't taken part in any conversations about his future with the network or contract negotiations.

"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 commented. "Any further speculation is irrelevant."

When discussing his departure from CNN, Wallace, 77, told The Daily Beast last week that "the action" seems to be with people who are independent journalists, whether on podcasting or streaming.

"This is the first time in 55 years I've been between jobs," said Wallace. "I am actually excited and liberated by that."

Last week, reports said that a week after the presidential election on Nov. 5, CNN suffered its worst ratings in 25 years in the key demographic of viewers ages 25 to 54, when just 61,000 viewers in that age bracket tuned in, according to the New York Post.

Two other key CNN stars, Jake Tapper and Wolf Blitzer, were also denied salary raises, as the network seeks to cut costs, the Post reported.

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