Chris Wallace has announced his departure from CNN after three years, citing a desire to explore independent platforms such as streaming or podcasting. This decision comes amid reports of impending layoffs at the network, which could affect its top stars.
In an interview with The Daily Beast, Wallace expressed gratitude towards CNN, stating, "I have nothing but positive things to say. CNN has been very good to me." He noted that this marks the first time in 55 years he is between jobs and feels "excited and liberated" by the change.
Wallace's contract with CNN was valued at $8.5 million per year. His exit coincides with a report from Puck indicating that CNN plans to implement layoffs affecting hundreds of employees due to declining ratings.
The network's ratings have suffered since the recent election, with Nielsen data showing that CNN garnered 419,000 total viewers and 91,000 viewers in the key demographic of ages 25-54 during Trump's election coverage.
Meanwhile, MSNBC has also experienced a significant drop in viewership, with a 54% decrease in primetime ratings since Election Day. The network has been criticized for its anti-Trump stance, and its ratings have declined as the political landscape shifts.
As Wallace moves on, CNN CEO Mark Thompson acknowledged his contributions, stating, "Chris Wallace is one of the most respected political journalists in the news business."