The real reason Chris Wallace is leaving CNN reportedly revealed

Veteran broadcaster announced he’s departing CNN after three years with the network

CNN’s Chris Wallace recently announced he was exiting the network to explore the podcast and streaming landscape. However, it appears there may be more to his departure than meets the eye.

On Monday (November 11), the broadcaster who signed a three-year contract with CNN in 2021 after 18 years with Fox News said he would be leaving the Warner Bros subsidiary.

“When I look at the media landscape right now, the people who are going independent, whether it’s podcasting or streaming, that seems to be where the action is,” the 77-year-old veteran broadcaster told The Daily Beast.

“This is the first time in 55 years I’ve been between jobs,” he added. “I am actually excited and liberated by that.”

Wallace’s exit was confirmed shortly thereafter by CNN chief executive Mark Thompson, who called him “one of the most respected political journalists in the news business.”

It’s since been claimed, in a new report published by Puck News, that Wallace’s exit came after he was informed his two shows – Who’s Talking to Chris Wallace? and The Chris Wallace Show – were getting canceled and his reported $7m annual salary was going to be massively slashed.

His salary reduction was part of the company’s wider cost-cutting initiatives, according to the outlet. It was also reported that Thompson had told Wallace he was welcome to stay with the network – but as an analyst with a much lower salary.

Chris Wallace announced he was departing from CNN after three years with the network (CNN)

Meanwhile, the three-time Emmy winner and son of 60 Minutes host Mike Wallace insisted that he did not partake in any contract negotiations or conversations about his future with the company.

“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,” he told Puck News. “Any further speculation is irrelevant.”

The Independent has contacted CNN for comment. A representative for Wallace was not immediately reachable.

Besides CNN and Fox News, Wallace has worked as a correspondent, anchor and host for several of the major news networks, including ABC, CBS and NBC.

Throughout his decades-long career, he has interviewed global leaders including US Presidents Barack Obama and Donald Trump, and Russian President Vladimir Putin. He’s also covered major events, such as the Supreme Court hearings for Brett Kavanaugh and Trump’s impeachment.

In 2020, Wallace became the only moderator to return to the debate stage to preside over the Joe Biden vs Donald Trump debate after having made his moderating debut for the final 2016 presidential debate between Hillary Clinton and Trump.