After three years at CNN, veteran broadcaster Chris Wallace is stepping down, announcing he’s ready for a fresh chapter in his storied 55-year career—this time likely on independent platforms like podcasting or streaming. At 77, Wallace seems energized by the idea of moving into new media, where he believes “the action seems to be,” as he told The Daily Beast.
Reflecting on this transition, Wallace shared that he feels both "excited and liberated" by the prospect of exploring avenues outside traditional broadcast news, marking a new beginning after decades in major networks including a prominent 18-year stretch at Fox News.
Wallace’s exit comes as CNN braces for significant internal changes. Under new CEO Mark Thompson, the network is reportedly looking at cost-cutting measures, with widespread layoffs predicted to impact hundreds of employees, including some of CNN's biggest stars.
While specific names haven’t been confirmed, anchors like Anderson Cooper, Jake Tapper, and Erin Burnett might be affected as CNN streamlines its on-air staff and assigns anchors a larger share of production responsibilities—a move expected to reshape CNN’s entire operational model.
JUST IN: CNN will be firing hundreds of employees including some of their top stars according to Puck News.
The news comes as CNN's Chris Wallace says he is not returning after his contract expires.
"In the next few months, I’m told, CNN will implement another round of layoffs… pic.twitter.com/oHn9uJVNL9
— Collin Rugg (@CollinRugg) November 12, 2024
CNN’s struggles mirror a wider downturn among legacy networks, which have seen significant ratings slumps, particularly in the wake of Donald Trump’s recent election victory. CNN’s audience numbers have declined sharply, as illustrated by Nielsen ratings: CNN’s coverage of Trump’s win saw a mere 419,000 total viewers, with only 91,000 tuning in from the key 25-54 demographic. MSNBC fared similarly, drawing only 596,000 total viewers, with 71,000 from the prime age range. These numbers reveal a steep drop in viewer engagement, especially when considering that cable news had once commanded millions during Trump’s earlier political tenure.
Wallace’s departure is emblematic of the profound shifts shaking up traditional media. Amid plunging viewership and shifting consumer habits, high-profile figures are increasingly eyeing independent platforms where they can maintain editorial freedom and capture audiences seeking on-demand content.
Wallace’s openness to podcasting reflects this transition—after all, podcasts offer a nimble, audience-directed alternative to the often restrictive formats of broadcast news. In his words, “not knowing is part of the challenge,” suggesting an openness to reinvention that aligns with the increasingly fluid landscape of news media.
CNN’s leadership, too, has acknowledged Wallace’s immense contributions. CEO Mark Thompson issued a statement expressing gratitude for Wallace’s dedication, describing him as "one of the most respected political journalists in the news business."
Thompson's sentiments underscore Wallace’s lasting impact across various media platforms, from print and radio to broadcast and streaming. However, CNN’s pivot suggests that even major media personalities aren’t immune to the winds of change as networks re-evaluate their structures in response to new audience demands and economic pressures.