First victim of CNN layoffs revealed to be high-paid host who insisted he was leaving to pursue podcasts

CNN anchor Chris Wallace was the first network star given the boot as the channel faces a staffing bloodbath the face of cratering ratings.  

Puck News reported that Wallace, who was paid $7 million a year, was told his two shows on the network were being axed by CEO Mark Thompson.

He was told he could stay on in a greatly-reduced role as an analyst on a far smaller salary, but decided not to, according to journalist Dylan Byers. 

Wallace, a former Fox News star, ended up quitting and insisted his decision was entirely his own. 

He now claims to be pursuing a career in streaming or podcasting, but does not appear to have a new job lined up.  

The weekly interview series Whos Talking to Chris Wallace and Saturday morning discussion panel The Chris Wallace Show were on the chopping block when he quit.

Wallace maintains he was never discussing his options because hed already decided to leave. Thompsons decision had reportedly been relayed to Wallaces agent.

It doesnt matter what was or wasnt said in that meeting because I had already decided with my wife six months ago to leave CNN, Wallace told Puck. 

Veteran CNN anchor Chris Wallace has become the first victim of cost-cutting efforts at the network 

CNN staffers have been left scared and frustrated after hearing the struggling network will undergo budget cuts and layoffs

Any further speculation is irrelevant. 

Wallace had earlier insisted he was excited to be between jobs.

This is the first time in 55 years Ive been between jobs. I am actually excited and liberated by that, he said.

Not knowing is part of the challenge. I‘m waiting to see what comes over the transom. It might be something that I haven’t thought of at all.

Wallace worked with Fox News Sunday for 18 years but jumped ship to CNN in 2021 as a star signing for the networks ill-fated CNN+ streaming service. 

CNN+ launched in March 2022 and was canned just a month later, with Wallace staying on at the main news channel afterwards. 

Wallace is the first of multiple familiar faces set to be shown the door at CNN in the coming months, with hundreds of staffers set for the chop.  

Earlier this week, it was reported that the network suffered its worst rating in a key demographic in a quarter of a century in the week after the presidential election.

An average of 61,000 viewers aged between 25 to 54 tuned in on Tuesday, a week after the vote.

It was the smallest of audience viewers in that demographic since June 27, 2000, when Bill Clinton was in the White House.

Primetime coverage - between 8 pm and 11 pm - also saw struggling viewership numbers with an average of 483,000 since Election Day. Fox News brought in 3.4 million, according to the network.

CNNs Election Day coverage also waned compared to previous cycles, with a huge downfall in viewership as it fell below MSNBC for the first time since the company launched, according to The Hollywood Reporter.

CNN brought in 5.1million viewers, while MSNBC had 6.01million. Meanwhile, Fox News led with 10.32million.

The highest-paid stars on the network include Anderson Cooper - who rakes in $20million a year - Erin Burnett at $6million, and rising star Kaitlan Collins at $3million. 

CEO Mark Thompspon was credited with turning around The New York Times into a media megabrand with 10 million subscribers, well-regarded journalism and huge profits.

But media analysts say he faces an even tougher task with turning around CNN, as cable TV stations continue to fade away in the face of streaming giants.