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Veteran broadcaster Chris Wallace is leaving CNN after less than three years at the network.
"Chris Wallace is one of the most respected political journalists in the news business with a unique track record across radio, print, broadcast television, cable television and streaming," CNN CEO Mark Thompson said in a statement to Fox News Digital. "We want to thank him for the dedication and wisdom he’s brought to all his work at CNN and to wish him the very best for the future."
Wallace was offered a contract extension by CNN but chose to leave the network, a source familiar with the matter confirmed to Fox News Digital. His departure from CNN was first reported by The Daily Beast.
The 77-year-old told The Daily Beast he wants to go independent into streaming or podcasting.
CNN host Chris Wallace is leaving the network after less than three years. (Screenshot/CNN)
According to a report from The Ankler last month, Wallace had been offered "a new deal for significantly less than the $8.5 million pact he inked under former CNN boss Jeff Zucker."
Wallace joined CNN in 2022 as part of the network's ill-fated streaming service CNN+. After CNN+'s implosion, Wallace remained at the network and went on to host two different weekend talk show programs "Who's Talking with Chris Wallace?" and "The Chris Wallace Show," both receiving poor viewership.
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During the presidential election year, "The Chris Wallace Show" failed to crack 600,000 total viewers and averaged just 85,000 in the advertiser-coveted 25-54 demo.
Before CNN, Wallace hosted "Fox News Sunday" for 18 years.
He is expected to appear on the network through the end of the year.
Reports of CNN's financial woes are coming to a head with the 2024 election coming to a close. (Reuters)
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Wallace's exit comes as reports of CNN's financial woes may be coming to a head now that the 2024 election is over, signaling potential layoffs and salary cuts for on-air talent.
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