He’s gone. After three years of trying to find his footing in a building that didn't seem to know where to put him, Chris Wallace is officially out at CNN. Honestly, if you’ve been watching the slow-motion car crash of cable news lately, this shouldn't come as a massive shock. But the details? They’re a bit more complicated than just a "mutual parting of ways."
CNN announces Chris Wallace is leaving the network at a time when the whole industry is basically on fire.
We’re talking about a guy who was the "big get." Back in 2021, when Jeff Zucker lured him away from Fox News after 18 years, it was treated like a seismic shift in journalism. Fast forward to now, and he’s looking at a digital landscape that feels more like the Wild West than the polished desk of Fox News Sunday.
The Money and the Math
Let’s talk about the elephant in the room: $7 million. Or $8.5 million, depending on which report you believe. That was Wallace’s annual salary. For a network like CNN, which has been hacking away at its budget under CEO Mark Thompson, that’s a lot of zeros for a Saturday morning show and a streaming program on Max.
According to reporting from Puck News and several other industry insiders, Thompson didn't just show Wallace the door. He reportedly offered him a path to stay. The catch? A massive pay cut.
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Imagine being told you can keep your job, but we're going to slash your paycheck by about 70 or 80 percent and maybe you can just be an analyst. Wallace, being the son of Mike Wallace and a man with a legacy to protect, chose the exit.
"This is the first time in 55 years I’ve been between jobs," Wallace told The Daily Beast. He sounded more relieved than worried. He’s 77, but clearly, he’s not ready to sit on a porch and talk about the "good old days" of 1980s broadcast news.
Why CNN+ Was the Original Sin
You can’t understand why CNN announces Chris Wallace is leaving the network without looking back at the disaster that was CNN+. Remember that? It lasted about 30 days.
Wallace was supposed to be the crown jewel of that streaming service. When it imploded, he became a man without a country. CNN tried to "cobble together" (their words, basically) a role for him. They gave him Who’s Talking to Chris Wallace? and The Chris Wallace Show.
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The ratings? Kinda brutal.
In a world where Fox News is pulling millions, Wallace’s weekend show was struggling to crack 600,000 viewers. In the "demo"—that 25-54 age range advertisers obsess over—the numbers were even grimmer, sometimes averaging only 85,000 viewers. You can’t justify a $7 million salary with 85,000 people watching. You just can't.
Where Does He Go Now?
Wallace keeps talking about "where the action is." To him, that’s podcasting and independent streaming.
- The Joe Rogan Effect: He’s seeing guys like Tucker Carlson, Don Lemon, and Megyn Kelly leave the "legacy" world and build their own empires.
- Total Control: No more producers telling him he has to interview a celebrity about their favorite taco recipe when he wants to grill a senator.
- The 2026 Landscape: We are moving into a year where people trust individual voices more than three-letter logos.
He’s already hinted that he’s heard "expressions of interest." Whether that means a deal with a platform like YouTube or a standalone subscription model remains to be seen. He’s looking for "liberation," and in today's media, liberation usually means a microphone and a high-speed internet connection.
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The Bigger Picture for CNN
This isn't just about one guy. It’s a signal. CNN is shrinking. Mark Thompson is pivoting the network toward a "digital-first" strategy, which is corporate-speak for "we can’t afford these massive TV contracts anymore."
If Chris Wallace—a titan of the industry—isn't safe, nobody is. The network is facing cratering ratings compared to Fox News, which saw a 16% jump in 2025. CNN is down double digits. They have to cut costs, and high-priced veterans are the easiest targets.
Moving Forward: What This Means for You
If you’re a fan of Wallace’s style—that old-school, tough-but-fair interrogation—you’re going to have to go find him. He’s likely not coming back to a traditional TV desk.
Actionable Insights for News Consumers:
- Diversify Your Feed: If you relied on CNN for "balanced" takes from people like Wallace, start looking at independent platforms. The "big voices" are moving to Substack, YouTube, and specialized podcast networks.
- Watch the "Old Guard" Exit: Expect more big names to leave legacy networks in 2026. The era of the $10 million news anchor is effectively over.
- Check for "The Chris Wallace Podcast": Keep an eye on the charts in the coming months. He hasn't announced his new home yet, but a man who has worked for 55 years straight doesn't stay quiet for long.
The departure is amicable on the surface, but it’s the end of an era. Wallace was perhaps the last "straight news" guy at a network that is increasingly forced to pick a side just to survive the ratings war. His exit isn't just a career move; it's a map of where the entire industry is headed.