CNNpp Chris Wallace recently announced he left the network to explore the podcast and streaming landscape. But it seems there may be more to his departure than meets the eye.

On Monday (November 11), the broadcaster signed a three-year contract with CNN in 2021 after 18 years with Fox News said he would be leaving the Warner Bros. subsidiary.

“When I look at the media landscape right now, the people going independent, whether it’s podcasting or streaming, that seems to be where the action is,” the 77-year-old veteran told the broadcaster. The Daily Beast.

“This is the first time in 55 years I’ve been between jobs,” he added. “I’m actually excited and relieved about it.”

Wallace’s departure was confirmed shortly thereafter by CNN CEO Mark Thompson, who called him “one of the most respected political journalists in the news business.”

It has since been claimed in a new report published by Puck Newsthat Wallace’s exit came after he was informed of his two shows— Who is talking to Chris Wallace? and The Chris Wallace Show – were canceled and his reported annual salary of $7 million would be greatly reduced.

His pay cut was part of the company’s broader cost-cutting initiative, according to the outlet. It was also reported that Thompson had told Wallace that he was welcome to stay at the network – but as an analyst at a much lower salary.

At the same time, the three-time Emmy winner has another son 60 minutes host Mike Wallace insisted he was not involved in any contract negotiations or talks about his future with the company.

“It doesn’t matter what was said or not said in that meeting because I had already decided with my wife six months ago to leave CNN,” he told Puck News. “Any further speculation is irrelevant.”

The Independent has reached out to CNN for comment. A representative for Wallace was not immediately available.

In addition to CNN and Fox News, Wallace has worked as a correspondent, anchor and host for several of the major news networks, including ABC, CBS and NBC.

During his decades-long career, he has interviewed global leaders including US Presidents Barack Obama and Donald Trump, and Russian President Vladimir Putin. He has also covered major events, such as the Supreme Court hearings for Brett Kavanaugh and Trump’s impeachment.

In 2020, Wallace became it only moderator to return to the debate stage to preside over the Joe Biden vs. Donald Trump debate after making his moderating debut for the final presidential debate of 2016 between Hillary Clinton and Trump.