Chris Wallace says he’s ‘in good shape’ but STILL doesn’t know if he will keep his $5m job at CNN+

Chris Wallace has revealed he still does not know if his future lies at CNN or ‘some place else’ – four days after its streaming service flopped after just three weeks.

The news anchor, 74, who ditched Fox News after 18 years for a $5million job at CNN+, said he was ‘in good shape’ and was ‘going to be fine’ regardless.

But he warned he was concerned for members of his team as well as the hundreds of others left in the lurch when the ‘vanity project’ was axed on Thursday.

Bosses dumped the $300million initial investment after just three weeks amid feeble subscriber figures that were as low as 150,000.

It spat in the face of former chiefs such as Jeff Zucker, who had negotiated pumping $1billion into it over four years.

The ex-president of CNN Worldwide is also said to have blanked his old friend Warner Brothers Discovery CEO David Zaslav since he was ousted in February.

Wallace refused to be drawn on what his future plans were as he appeared on the Common Ground Committee last night.

Asked if he knew what was going to happen to him, he said: ‘No. No I don’t know. We’ll see. My gosh, it just happened on Thursday, give me a couple of days.

‘I will say this, I am going to be fine. I’m in good shape whether it’s CNN or some place else.

‘Frankly, what I’m mostly concerned about right now, and very, is my team and the hundreds of other people.

‘There were three hundred people I think that had jobs at CNN+, some of them had left CNN to go to streaming, some of them left other places to move across the country, and so I think you’re seeing a lot of the anchors at CNN+ doing everything they can to protect the people that were working on their team and to make sure they get a safe landing at CNN or some place else.’

He also told how streaming services appear to be ‘in the ICU on life support’ amid CNN+’s failure and Netflix floundering.

He said: ‘The idea was you’ve got to get a foothold in the streaming world because that’s where the future of news off the main stream networks is going to be.

‘Now you have some equally smart people that have come in with a diametrically opposed view.

‘These are the new bosses at CNN+, Warner Brothers Discovery, who have come to the conclusion that to have a narrow, niche product like a news streaming service doesn’t work.

‘I have absolutely no idea which is right and which is wrong but the Discovery people are in charge and so they made the decision.’

He added: ‘Two weeks ago streaming was king, now we’ve had the decision on CNN+ we’ve had the bad forecast about Netflix and suddenly streaming is in ICU on life support.

‘I think the positive view of streaming and the negative view on streaming were both wildly exaggerated and we’re just going to have to wait and see.’

CNN+ launched on March 29, shortly before CNN was taken over by new corporate parents.

The new leaders of Warner Bros Discovery quickly let it be known they considered it an ill-conceived idea. The service will be shut down at the end of April.

Executives said some CNN+ employees will be absorbed into the TV network but there will be layoffs. The head of CNN+, Andrew Morse, is leaving the company.

Some lower-level staff were incensed when they only found out they had lost their jobs through social media and the Press.

Industry insiders slammed Wallace for ditching a ‘plum gig at Fox News’ to host ‘the biggest media failure of the century’.

They told DailyMail.com: ‘Chris Wallace has total egg on his face – leaving his plum gig at FOX News to front the biggest media failure of the century.

‘At least Quibi lasted eight months – CNN+ couldn’t even make it 30 days. If I worked at CNN I’d be p***ed – $300 million to launch a streaming service that can’t even make it a month.

‘Chris Wallace interviewing Judy Collins should have been the first signal this was doomed – who was going to watch that? What a waste of $8m, CNN should have left him at FOX.

‘CNN had three years to plan this out – and they couldn’t even last 30 days, what an embarrassment.’

It comes as Zucker’s friendship with Zaslav is said to be hanging by a thread after he left CNN on February 2.

They have reportedly not spoken since despite previously being long-term allies in business and in life, according to the New York Times.

Three weeks after launching, CNN+ was dead in the water, amid woeful subscriber figures – about 150,000 – and an unpopular business model with bosses.

It marked the bitter end to one of CNN’s biggest vanity projects, with $300million sunk into the service and a budget of $1billion over four years.

Announcing the news, Mr Licht said consumers wanted ‘simplicity and an all-in service’ rather than ‘standalone offerings’ rather than what CNN+ offered.

He said some content will wind up on other company networks, and workers will get opportunities to apply for jobs elsewhere inside Warner Bros Discovery.

He said Morse would be leaving the company. Mr Licht wrote: ‘While today’s decision is incredibly difficult, it is the right one for the long-term success of CNN.

‘It allows us to refocus resources on the core products that drive our singular focus: further enhancing CNN’s journalism and its reputation as a global news leader.’

Key members of staff were reportedly only told about the news hours before a town hall meeting with the CEO at lunchtime.

Meanwhile most of the lower-level workers were left in the dark and only heard about it through the press and social media.

CNN+ and a $1b woke backfire: How vanity streaming project for once ‘most trusted name in news’ collapsed into rancor and humiliation just THREE WEEKS after launch

• Bosses dumped CNN+ after just three weeks amid pathetic subscriber numbers
• It spat in the face of ex-boss Jeff Zucker who sorted $1billion for it over four years
• Low-level workers revealed that their jobs had been axed without them knowing
• They launched a furious fightback last night as they openly slammed senior staff

CNN was one of the most trusted news firms in the country, covering the whirlwind agenda with facts and analysis that few rivalled.

But over the last few years the media company has been accused of nosediving into a chaotic left-wing entertainment service that is a shadow of its former self.

The crisis culminated last week in what has been described as the ‘biggest flop in US broadcasting history’ as it pulled its hyped up new streaming app.

Bosses dumped CNN+, its $300million vanity project that was unveiled to much fanfare, after just three weeks amid feeble subscriber figures.

It spat in the face of former chiefs such as Jeff Zucker who had negotiated pumping $1billion into it over four years.

The firm was exposed when low-level staff revealed their jobs had been slashed without them knowing – only finding out through social media.

But they launched a furious fightback last night as they openly slammed senior figures for ‘pulling the rug out beneath us’.

The move appeared to have been triggered by executives at Discovery, which only completed its rocky merger with CNN owners WarnerMedia earlier this month.

Bosses had been dropping hints for weeks about their opposition to the streaming service, including CEO David Zaslav who was said to be against it from the start.

Yet the huge embarrassment, which sees stars such as Chris Wallace and Eva Longoria left in the lurch, seemed to be the climax of a raft of failings at CNN.

The company’s rapid decline can be traced back to its move away from impartial journalism towards opinion-based shows in the last few years, according to some critics.

Its founding fathers in the 1980s created a beacon of unbiased reporting that made ‘news the star’.

The firm cemented its position in American households during the Gulf War and was seen by many as the nation’s ’emergency room’ during terror attacks or elections.

But by the 2010s it started to flounder as US media became more politically aligned, with viewers ditching it for other channels in their droves.

It hired former NBC chief Zucker in 2013 to try to turn this around, with him bringing in a swathe of commentary to try to compete with the likes of Fox News.

It saw the polar opposite firms set on parallel paths, with CNN morphing into the left-wing version of its right-wing rival.

By October 2019 the company had settled into third place in the viewer ratings, cemented behind Fox News and MSNBC for the 10th quarter in a row.

Meanwhile, to the fury of bosses, Fox News continued to soar, having been the most watch cable news network in the country since 2002.

CNN’s mammoth editorial team – around 4,000 by 2010 that dwarfed its rivals – made this even more concerning.

But chiefs appeared to realize covering straight news was bumping viewership slightly yet not enough to keep people tuning back in.

Its move to commentary based pieces has bedded down recently, with ‘analysis’ articles across the site now often a smokescreen for commentary, critics claim.

One headline from last month read: ‘Demonizing Disney: Fox and right-wing media attack the entertainment giant as ‘woke’ company indoctrinating kids.’

Another, by CNN Editor-at-large Chris Cillizza last May, was titled: ‘This is how dangerous right-wing media *actually* is.’

And one more, from January, said: ‘Biden’s legislative problem is threadbare margins, not left-wing overreach.’

The examples are a far cry from the original CNN people trusted before the shift to commentary in the 1980s.

CNN+ appeared to have been was set up to follow in the failing tradition, with them even snaffling long-term Fox devotee Wallace.

Amid huge anticipation – mostly built up by the company – it was dubbed ‘the evolution of video news and the start of a new era for the company’.

The $300million startup was unveiled to huge fanfare – and a glitzy New York City launch party – but drew in a pathetic 150,000 subscribers.

CNN+ launched with a base price of $5.99 per month, or $59.99 for an annual subscription.

Subscribers who signed up the first four weeks were eligible for half off that monthly price for life, in what CNN called the ‘deal of a lifetime’.

After the promotion ends, the monthly base price was set to be the same as rival Fox News’ established streaming service, Fox Nation, which started in 2018.

It was previously reported executives thought its growth rate could have competed with the Wall Street Journal and the Washington Post at up to 2.9million.

CNN bosses first looked into a streaming service in early 2020 and hired seasoned pro Jason Kilar to oversee WarnerMedia.

The firm in the April bought out Canopy, which made a personalized news app, as well as bringing on New York Times product veteran Alex MacCallum.

Zucker and AT&T CEO John Stankey put their weight behind CNN+ and they also hired consulting firm McKinsey to help with the launch on March 29.

Andrew Morse was tasked with divvying up CNN and CNN+ operations and was given $1billion over four years to play with.

But relations soured when WarnerMedia said it would merge with Discovery in May last year, with streaming veteran Jason Kilar set to be axed.

He is said to have then given Morse and Zucker free reign to make the CNN+ dream come true despite fears Discovery would shelve it.

When Kilar left the company, Zucker reportedly continued to push for it as a top priority while he backed it from the sidelines.

Meanwhile insiders told Axios three executives that stepped in for Zucker briefly tried to distance themselves from it.

Kilar is said to have agreed to keep the CNN+ project going regardless of the $43billion merger, according to sources.

By this point Discovery chiefs were reported to be furious he did not hold off the launch until after the companies joined forces.

Zaslav told CNBC on February 4: ‘I haven’t gotten a business review on what CNN+ is going to be and how it’s going to be offered.’

Executives are said to be under pressure to fill a huge hole in company finances as it battles to shake off a reported $55billion debt.

There had also been skepticism a paid news streaming service would attract interest from consumers, who already have available a slew of online TV.

While Fox has a paid streaming service, Fox Nation, other major news organizations make their apps available free.

WBD is said to be interested in pursuing a streaming strategy centered on HBO Max, rather than multiple niche subscription services.

Under this plan, some CNN+ shows would be incorporated into the tentpole HBO Max service.

Discovery also has its own streamer, Discovery Plus, which will reportedly also be merged into HBO Max.

Execs seem to feel consolidation is the right move in the fractured streaming market, and want to offer a premier combined service rather than multiple niche streamers. 

Discovery executives are also believed to be interested in moving CNN away from opinion programming and back towards its roots as a hard news outlet.

Sources told Axios WBD was considering a plan to fill fired host Chris Cuomo’s former 9pm weekday slot with a live nightly newscast.

At the start of February, Zucker – who had championed CNN+ throughout – shook the firm to its core by resigning amid a romance scandal with his top lieutenant.

Zaslav three weeks later made Chris Licht – an ally from outside CNN – Zucker’s successor.

There were constant meetings over the following days between executives, CNN+ boss Morse, Licht and Discovery’s ‘JB’ Perrette.

Even from this early stage CNN chiefs were said to have realized Discovery executives were worried about CNN+’s spiraling costs.

They were also said to be livid CNN had not waited until after the merger was completed before launching the streaming service.

Axios reported that on April 12, just four days after the merger, millions of dollars was slashed from the app and redundancies were set to follow.

It was swiftly followed by marketing being suspended and finance chief Brad Ferrer was ousted, replaced by Discovery’s Neil Chugani.

Three weeks after launching, CNN+ was dead in the water, amid woeful subscriber figures – about 150,000 – and an unpopular business model with bosses.

It marked the bitter end to one of CNN’s biggest vanity projects, with $300million sunk into the service and a budget of $1billion over four years.

Announcing the news, Mr Licht said consumers wanted ‘simplicity and an all-in service’ rather than ‘standalone offerings’ rather than what CNN+ offered.

He said some content will wind up on other company networks, and workers will get opportunities to apply for jobs elsewhere inside Warner Bros Discovery.

He said Morse would be leaving the company. Mr Licht wrote: ‘While today’s decision is incredibly difficult, it is the right one for the long-term success of CNN.

‘It allows us to refocus resources on the core products that drive our singular focus: further enhancing CNN’s journalism and its reputation as a global news leader.’

Key members of staff were reportedly only told about the news hours before a town hall meeting with the CEO at lunchtime.

Meanwhile most of the lower-level workers were left in the dark and only heard about it through the press and social media.

Producer Ellie Smith said: ‘PSA if you’re going to tweet something snarky about CNN+, hundreds of journalists and technicians who did nothing but work their tails off just had the rug pulled out from under them. So be kind.’

Another, Erika Ryan, said: ‘Let me just say I’m very proud of the work I’ve done at CNN+.

‘I work with world class journalists and we have poured our heart and soul into creating content that we’re extremely proud of.

‘Well if anyone needs a producer with print, digital, live tv writing, control room and now ~streaming~ experience, I’m available for hire!’

Chief National Affairs Analyst Kasie Hunt said: ‘(Some of you are asking about me. I am proud to be on team CNN. I will be fine. It’s not about me right now.)

‘The journalists I have been privileged to work with on CNN Plus are world class I am so incredibly proud to be able to call them colleagues If your organization would like a chance to benefit from their talents, my DMs are open This is *my* job for the foreseeable future.’

Around 350 out of the 700 people on the streaming service are set to be laid off with 90 days pay.

Those who cannot get another job within CNN will then be given at least a six months severance package.

The channel’s stars are said to be negotiating new deals, with Wallace potentially set for a move to the TV network side of things.

CNN news reported on CNN+ being shut down, claiming it was ‘hyped as one of the most signifiant developments in the history of CNN’.

The Twitter post appeared to have misspelled significant, with the full post saying: ‘CNN+, the streaming service that was hyped as one of the most signifiant developments in the history of CNN, will shut down on April 30, just one month after it launched.’

Critics mocked the network for shutting down the streaming service so quickly, with one asking: ‘Wait… there was a CNN+?’

Donald Trump said: ‘Congratulations to CNN+ on their decision to immediately FOLD for a lack of ratings, or viewers in any way, shape, or form.

‘It was like an empty desert out there despite spending hundreds of millions of dollars and the hiring of low-rated Chris Wallace, a man who tried so hard to be his father, Mike, but lacked the talent and whatever else is necessary to be a star.

‘In any event, it’s just one more piece of CNN and Fake News that we don’t have to bother with anymore!’

An industry insider told DailyMail.com: ‘Chris Wallace has total egg on his face – leaving his plum gig at FOX News to front the biggest media failure of the century.

‘At least Quibi lasted eight months – CNN+ couldn’t even make it 30 days. If I worked at CNN I’d be p***ed – $300 million to launch a streaming service that can’t even make it a month.

‘Chris Wallace interviewing Judy Collins should have been the first signal this was doomed – who was going to watch that? What a waste of $8m, CNN should have left him at FOX.

‘CNN had three years to plan this out – and they couldn’t even last 30 days, what an embarrassment.’

Patrick Moorhead wrote: ‘Anyone surprised? @CNN has fallen over the past 5 years and is having a hard time getting up.’

Joe Pags said: ‘CNN+ is going away. Did you know it existed?’ CNBC’s Alex Sherman said: ‘CNN+ offered a ‘lifetime’ deal where you only had to pay $2.99 a month and you were a subscriber for life.’

He added: ‘Hard not to chuckle at that concept today, even if Gallows humor (my favorite).’

Nicholas Fondacaro posted: ‘CNN+ wasn’t worth 1 penny. So they should get all their money back.’

Another man added on Twitter: ‘CNN+ is now the biggest flop in the history of broadcasting.’

The rapid decline intrigued marketing leaders, with CEO and founder of Alembic Tomás Puig saying: ‘CNN hasn’t realized their competitor is now the New York Times.

‘Print and video are two sides of the same coin now – where it used to be just print journalism.

‘Then video journalism was very different – moving everything to 24 hours. Now print is 24-hour, video is 24-hour, and all the reporters carry around cameras.

‘CNN thought they could just repackage their current content and compete with the New York Times. It’s never going to happen.’