First high-profile person to be affected by CNN layoffs, Anchor Chris Wallace

As the network deals with a staffing crisis in the face of declining ratings, CNN anchor Chris Wallace was the first network star fired. Wallace, who received $7 million a year was informed by CEO Mark Thompson that his two network shows were being cancelled, according to Puck News.

According to Puck News as part of CEO Mark Thompson’s extensive cost-cutting measures, he was welcome to continue working as an analyst but at a significantly reduced income.

In a Daily Beast interview, Wallace alternatively said his decision to leave CNN earlier this week as a shift to podcasting and streaming because, “that’s where the action seems to be.”

Wallace stated that he had not discussed a future position with CNN executives and that he made the choice to quit before any discussions took place. 

Wallace told Puck News on Thursday,“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.Any further speculation is irrelevant.”

After 18 years of employment with Fox News Sunday, Wallace moved to CNN in 2021 as a high-profile signee for the network’s failing CNN+ streaming program.

Wallace continued to work at the main news channel when CNN+ which debuted in March 2022 was discontinued a month later.

In the upcoming months, hundreds of CNN employees will be let go and Wallace is the first of many well-known faces to be let go.

According to reports earlier this week, the week following the presidential election saw the network’s lowest rating in a crucial demographic in 25 years.

During the week after the vote, an average of 61,000 viewers between the ages of 25 and 54 tuned in on Tuesday.

Since June 27, 2000 it had the lowest viewership in that group. With an average viewership of 483,000 since Election Day, primetime coverage which runs from 8 to 11 p.m has also seen difficulties. The network said that Fox News pulled in 3.4 million.