Broadcaster Chris Wallace is leaving CNN to pursue a future in streaming or podcasting

Chris Wallace is leaving CNN after three years as one of its biggest stars, he told the Daily Beast exclusively Monday.

The 77-year-old broadcaster said he would instead find a new home on an independent platform such as streaming or podcasting, which he described as “where the action seems to be.” He highlighted how podcasters like Joe Rogan and Charlamagne tha God set the agenda during the presidential election, but added: “I'm not flattering myself if I think I'll have that kind of reach.”

Wallace's surprise decision to leave CNN at the end of his three-year, seven-figure contract rather than renegotiate it is a turning point for cable television. It comes at a time when other hosts are being laid off or facing pay cuts as falling ratings and cable cuts hurt the industry's bottom line.

Wallace was one of the main faces of CNN's election night coverage last week, correctly predicting that Kamala Harris would need a “miracle” to win as early exit polls showed the extent of her electoral difficulties. He joined CNN in 2021 after 18 years at Fox News, where he repeatedly interviewed Donald Trump and received praise for his handling of the heated 2020 presidential debate between Trump and Joe Biden.

But he told the Daily Beast that his broadcast television career began in 1973 on local television in Chicago and spanned NBC The Today Show And Meet the pressABC's PrimeTime Live And Fox News Sunday before joining CNN — ends when his contract expires at the end of the year, and described it as “pretty liberating.”

“This is the first time in 55 years that I’ve been going back and forth between two jobs,” he said. “I’m really excited and relieved by it.”

Considering which streaming or podcast format would be right for him, Wallace added: “Not knowing is part of the challenge. I'll wait to see what comes across the mirror. It might be something I haven’t even thought about.”

CNN wanted to keep Wallace, but his decision to quit before contract negotiations is seen as a sign of CNN's waning influence in the media landscape. Its ratings have been steadily declining, with election night coverage lagging far behind Fox News. Relatively speaking, it has declined further and faster than its rivals Fox and MSNBC, creating pressure to cut costs.

Wallace emphasized that his decision was not a criticism of his employers. “I only have positive things to say. CNN was very good for me,” he said. He joined the streaming network CNN+ to become one of the key figures, but it was shut down by new CNN CEO Chris Licht a month after launching in March 2022. Wallace moderates The Chris Wallace Show on Saturday morning and Who's talking to Chris Wallace?which is streaming on Max.

CNN CEO and Chairman Mark Thompson said in a statement: “Chris Wallace is one of the most respected political journalists in the news business with a unique track record across radio, print, broadcast, cable television and streaming. We would like to thank him for the dedication and wisdom he has brought to all his work at CNN and wish him all the best for the future.”

His departure from conventional broadcasting, after a career in which he won every major award, including three Emmys, comes at what television executives are calling an existential moment for the industry. In September, Hoda Kotb caused a stir when she quit NBC's Today Show after reports that she refused to accept a contract worth less than $20 million. Other network TV stars are bracing for cuts, while an NBC executive warned of a looming “bloodbath” following Kotb's departure.

The crisis in conventional television is reflected in a highly disrupted media landscape, where new stars are being born on podcasts, streaming and social platforms and existing stars are looking to the same formats to reinvent themselves.

The most successful streamers or independent broadcasters that have emerged from traditional television have so far been almost exclusively right-wing. Tucker Carlson and Megyn Kelly have both garnered large online followings through a combination of polemics, conspiracies, effusive praise for Donald Trump and interviews with other MAGA personalities.

In contrast, Wallace's former CNN colleague Don Lemon has largely failed to gain a foothold with him Don Lemon Showwhich he launched in collaboration with Elon Musk's X and featured a sensational interview with the billionaire. But Musk objected to the questions and ended the deal. Left-wing polemicist Mehdi Hassan secured a large following on Substack after leaving MSNBC, meaning Wallace would be unusual if he were not a partisan fighter.

“I will clearly not become a supporter of the extreme right or the extreme left. It’s just missing from my DNA,” he said.

Instead, he said he would rely on his own brand, which he has honed over decades of interviews, to gain influence. “I have interviewed presidents, princes, kings and a saint, Mother Teresa,” he said.

Like other presenters, he also wrote popular stories. He is working on a supplement to his bestseller “Countdown” Series that previously covered the history of the atomic bombings of Hiroshima and Nagasaki; the 1960 presidential election; and the hunt for Osama bin Laden.

Wallace said he decided to go in a new direction after discussing his future with his wife Lorraine in the spring of 2024 and deciding to “stay” on the ballot and then rejecting a contract extension. The couple has six children and nine grandchildren. “My family just wants me to be happy and keep working,” he said. “You don’t want to have to worry about entertaining me.”

Following a family tradition, Wallace begins his sixth decade in broadcasting, or its modern equivalent. His father Mike worked into his 80s and most recently performed at 60 minutes shortly before his 90th birthday.

“I know I want to do something because Wallaces continues to operate,” he said.

The Chris Wallace Show will end its run next month and Who's talking to Chris Wallace?The final episode will air as planned on Friday.