Key Takeaways:
– Seasoned journalist Chris Wallace departs from CNN three years after joining the network from Fox News.
– The post-2024 presidential election period is expected to witness significant cost-cutting across media houses.
– Wallace’s annual salary was reportedly around $8 million, making him a likely target for cost reduction.
– His exit follows that of Jeff Zucker, former CNN president, and the closure of the CNN+ streaming service.
– With moderate ratings for his weekend shows, Wallace’s final program on CNN is anticipated to air by this year’s end.
The Departure of Chris Wallace
After three impactful years at CNN following his transfer from Fox News, veteran journalist Chris Wallace has announced his resignation. The decision comes amidst rising anticipation of severe cost-cutting in media organizations after the 2024 presidential elections. As unanticipated as this development is, it does not cut ties completely, as Wallace harbors intentions of continuing active journalism either on a streaming platform or as a podcast host.
Ongoing Media Industry Adjustments
Wallace’s move away from CNN marks the onset of notable shifts in TV news dynamics. Aged 77, he is the first in what’s expected to be a string of high-profile journalists to bid goodbye to their news spaces. The reason behind these farewell waves? A post-election environment necessitating grand-scale cost-cutting across media institutions.
The High-Priced Poach Story
Wallace, who came to CNN from Fox News in late 2021, had a reported salary within the $8 million range. His considerable earnings made him a potential target in the cost-cutting initiative.
Evolution of Wallace’s Journey at CNN
Originally hired to grace CNN+ by then President Jeff Zucker, Wallace was part of the company’s maiden effort to launch a streaming service supplementing its cable operations. However, the chapter of CNN+ was closed soon after CNN transitioned into a component of Warner Bros. Discovery. As the torch of presidency passed from Zucker to Chris Licht, the structure of Wallace’s contract underwent changes as well.
On the cable network, he took over “Who’s Talking to Chris Wallace?”, where he efficiently conducted elaborate interviews with various celebrities. Demonstrating his versatility, Wallace steered a live discussion show on Saturday mornings in 2023 and appeared on CNN during special event coverage.
The Final Bow of A Stalwart
The swansong of “Who’s Talking to Chris Wallace?” will be broadcasted this Friday. The Saturday morning program is slated to run until the year concludes. Reflecting on an incredible journalistic journey, Wallace reminisces his 18-year tenure at Fox News that he left disenchanted.
Rewind to the Fox News Chapter
While he was at Fox, Wallace was a high-profile figure coming directly from a broadcast network to the conservative-inclined channel. Showcasing balance and precision, he moderated the presidential debates of 2016 and 2020.
However, his relationship with the channel was strained when a controversial documentary, disseminating false theories about the Capitol insurrection of January 6, 2021, aired on the Fox Nation streaming service.
A Look Into Wallace’s Illustrious Career
Coming from a family of journalists — being the son of the “60 Minutes” correspondent Mike Wallace — Chris Wallace held significant positions at NBC and ABC News. Before joining the ranks at Fox News, he was a correspondent at NBC, anchoring in Washington for “Today” and moderating “Meet the Press.” Between 1989 and 2003, he was a part of ABC News’ “Primetime Thursday” and “Nightline.”
As his extraordinary chapter on CNN wraps up, the industry awaits the next venture of the seasoned journalist. Wallace expressed his plans to stay active in the media world via streaming platforms or podcasts. His move indicates an evolving news landscape, with other major names in the industry likely to follow suit.