Chris Wallace left CNN after news of his show’s cancellation.

CNN anchor Chris Wallace was reportedly told his two lower-rated shows would be canceled and he would take a hefty pay cut before the veteran journalist announced he would be leaving the network.

Wallace, who was earning $7 million a year, has been told he can remain as an analyst but at a much lower salary as part of CEO Mark Thompson’s massive cost-cutting plan. According to Puck News.

Instead, Wallace announced his departure from CNN earlier this week and described the move in a Daily Beast interview as a pivot to podcasting and streaming. Because “it looks like it’s going to be action,” he said.

CNN’s Chris Wallace reportedly resigned from the network after hearing that his show would be canceled. CNN

Wallace claimed that he was not involved in any discussions with CNN officials about his future role and that he decided to leave before any discussions took place.

“It doesn’t matter what was said or not said in that meeting because my wife and I decided to leave CNN six months ago,” Wallace told Puck News on Thursday. “Further speculation is inappropriate.”

Wallace, who spent three years at CNN and 18 years at Fox News, told the Beast in his exit interview: He was “excited” to be “between jobs.”

“This is the first time in 55 years that I have changed jobs. I was actually excited and liberated by it,” he said. “Not knowing is part of the challenge. I’m waiting to see what comes over the transom. “It may be something you never thought about,” he said.

CNN hired Wallace in 2021 as one of its big stars to lead its nascent streaming service, CNN+.

However, Discovery merged with CNN’s parent company, Warner Media, to form Warner Bros. As soon as Discovery was founded, a new management team was put in place. It laid off its expensive CNN+ and hundreds of employees.

Wallace went on to start his own show, “Who’s Talking to Chris Wallace.” The program was originally scheduled to air on CNN+ but now airs on Max, a weekly interview series that also airs the Saturday morning panel discussion program “The Chris Wallace Show.”

CNN President Mark Thompson decided to cancel Wallace’s show and offer him an analyst position at a lower salary. Getty Images for Warner Bros. Discovery

Both shows had poor viewership ratings. There have been many rumors for some time among industry sources that the anchor would not land another lucrative contract, especially as CNN was facing its worst ratings and overhaul under Thompson.

Earlier this week, it was reported that CNN had its worst ratings in key demographics in 25 years the week after the presidential election.

That’s an average of 61,000 viewers ages 25 to 54 on Tuesday, a week after the vote, the lowest viewership for that demo since June 27, 2000, when Bill Clinton was in the White House.

CNN employees are bracing for a carnage that could cost hundreds of jobs as the network struggles with declining ratings. Nate Hovey – Stock.adobe.com

Prime time (between 8 and 11 p.m.) After Election Day, average viewership dropped to 483,000.

Fox News earned 3.4 million, according to the network.

Meanwhile, in its most recent broadcast, “The Chris Wallace Show” drew 450,000 viewers in the advertiser-coveted 25-54 demo, but only 85,000, according to Puck.

Wallace resigned earlier this week, saying he was leaving CNN to pursue streaming and podcasting opportunities. AP

The ratings certainly didn’t justify Wallace’s Prince salary from the network. Hundreds of jobs are expected to be cut in the coming months.

CNN’s higher-ups are also taking a scalpel to celebrity salaries.

Recently, network rejected impression There’s Jake Tapper, who makes a reported $7 million, and Wolf Blitzer, who’s estimated to make around $3 million.