CNN anchor Chris Wallace was the first network star to get the chance, as the channel faces a staff massacre and declining ratings.
Puck news reported that Wallace, who was paid $7 million a year, was told his two shows at the network were being axed by CEO Mark Thompson.
He was told he could stay on in a greatly reduced role as an analyst at a much lower salary, but decided against it, according to journalist Dylan Byers.
Wallace, a former Fox News star, eventually quit, insisting his decision was entirely his own.
He now claims to be pursuing a career in ‘streaming or podcasting’, but it doesn’t appear he has a new job lined up.
The weekly interview series Who’s Talking to Chris Wallace and the Saturday morning discussion panel The Chris Wallace Show were on the chopping block when he quit.
Wallace claims he never discussed his options because he had already decided to leave. Thompson’s decision was reportedly relayed to Wallace’s agent.
“It doesn’t matter what was or wasn’t said at that meeting, because I and my wife had already decided six months ago to leave CNN,” Wallace told Puck.
Veteran CNN anchor Chris Wallace has become the first victim of cost-cutting at the network
CNN employees are “scared and frustrated” after learning the struggling network will face cuts and layoffs
“Any further speculation is irrelevant.”
Wallace had previously emphasized that he was “excited” to be “between jobs.”
‘This is the first time in 55 years that I have been between jobs. “I’m actually excited and liberated about that,” he said.
‘Not knowing is part of the challenge. I wait to see what comes across the mirror. It could be something I haven’t thought about at all.’
Wallace spent 18 years with Fox News Sunday, but moved to CNN in 2021 as the star signing for the network’s ill-fated CNN+ streaming service.
CNN+ launched in March 2022 and was shut down just a month later, leaving Wallace with the main news channel.
Wallace is the first of several famous faces to be shown the door at CNN in the coming months, with hundreds of staffers ready for the chop.
Earlier this week, it was reported that the network received its worst rating in a key demographic in a quarter century in the week after the presidential election.
On Tuesday, a week after the vote, an average of 61,000 viewers between the ages of 25 and 54 watched.
It was the smallest number of viewers in that demographic since June 27, 2000, when Bill Clinton was in the White House.
Primetime coverage – between 8pm and 11pm – also saw poor ratings, averaging 483,000 since Election Day. According to the channel, Fox News brought in 3.4 million.
CNN’s Election Day coverage also declined compared to previous cycles, with a huge drop in viewership as it fell below MSNBC for the first time since the company launched, according to The Hollywood Reporter.
CNN drew 5.1 million viewers, while MSNBC had 6.01 million viewers. Meanwhile, Fox News led with 10.32 million.
The network’s highest-paid stars include Anderson Cooper – who pulls in $20 million a year – Erin Burnett at $6 million, and rising star Kaitlan Collins at $3 million.
CEO Mark Thompspon was credited with transforming The New York Times into a media mega-brand with 10 million subscribers, top-ranked journalism and huge profits.
But media analysts say he faces an even tougher task in turning CNN around as cable TV stations continue to disappear under the influence of streaming giants.