Chris Wallace is leaving CNN after three years with the network

Veteran broadcaster Chris Wallace is leaving CNN after less than three years with the network.

“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,” CNN CEO Mark Thompson said in a statement to Fox News Digital. “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.”

Wallace was offered a contract extension by CNN but chose to leave the network, a source familiar with the matter confirmed to Fox News Digital. His departure from CNN was first reported by The Daily Beast.

The 77-year-old told The Daily Beast that he wants to start his own business and do streaming or podcasting.

The Fox news channel draws more than 10 million viewers on election night as Trump's historic victory unfolds

According to a report from The Ankler last month, Wallace “was offered a new deal for significantly less than the $8.5 million pact he signed under former CNN boss Jeff Zucker.”

Wallace joined CNN in 2022 as part of the network's ill-fated streaming service CNN+. After CNN+'s implosion, Wallace remained with the network and hosted two different weekend talk shows: “Who's Talking to Chris Wallace?” and “The Chris Wallace Show,” both of which had low viewership.

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During the presidential election year, “The Chris Wallace Show” failed to break 600,000 total viewers, averaging just 85,000 in the 25-54 demo coveted by advertisers.

Before CNN, Wallace hosted “Fox News Sunday” for 18 years.

It is expected to appear on the network by the end of the year.

Reports of CNN's financial woes peak as the 2024 election ends. (Reuters)

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Wallace's exit comes as reports of CNN's financial woes may be coming to a head following the end of the 2024 election, suggesting possible layoffs and pay cuts for on-air talent.