Ex-CNN anchor Chris Wallace advising private equity firm that owns CBS: report

Former Fox News and CNN anchor Chris Wallace is being paid as an advisor to the private equity firm that recently bought CBS — the same network his father worked for as a “60 Minutes” correspondent, according to a report.

Wallace, the 77-year-old newsman — son of legendary “60 Minutes” bulldog Mike Wallace and stepson of CBS News executive Bill Leonard — has quietly signed on as a senior adviser at RedBird Capital Partners, the New York Times reported.

Wallace, who walked away from CNN last year after an unsuccessful stint marred by low ratings, now reports directly to RedBird founder Gerry Cardinale, according to the Times.

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The firm put in $2 billion to join Skydance, the Hollywood outfit run by David Ellison, in buying CBS’s parent, Paramount, following the Trump administration’s approval of an $8 billion merger.

That puts Wallace, who never actually worked for CBS beyond a college internship and a short gig at a local Chicago affiliate in the 1970s, in a position to influence the same news division his famous family helped build.

“I want to help him in any way I can,” Wallace told the Times when asked about Ellison. He confirmed to the Times that he has spoken directly with the 42-year-old media heir who now controls CBS.

Inside the network, his sudden proximity to the new boss has fueled speculation about how CBS News might be reshaped after years of turmoil.

The network was rocked during the Trump era when Paramount was forced to cough up $16 million to settle a lawsuit filed by the president over the editing of a “60 Minutes” interview with then-Vice President Kamala Harris.

Though many legal experts mocked the suit as frivolous, the case triggered bitter infighting between Paramount executives and the journalists who produced the piece.

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Now, with Skydance at the helm, staffers are bracing for Ellison’s vision, which is likely to include considerable downsizing and cost-cutting.

David Ellison, the son of Oracle billionaire Larry Ellison, has cozied up to Trump socially and even explored buying The Free Press, a digital upstart founded by Bari Weiss that skewers mainstream news outlets like CBS.

That pedigree has some insiders whispering about a potential political tilt. Wallace pushed back hard on that notion.

“I am absolutely convinced that any talk about the new owners wanting to move CBS News in a particular political direction is absolutely mistaken,” Wallace told the Times.

He said Ellison wants “a news organization that lives up to the tradition of Cronkite and Murrow and my dad.”

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Wallace appeared to brush off concerns voiced by current “60 Minutes” correspondents that the new corporate owners will exert undue influence on the show’s news content and editorial decisions — saying that it wasn’t anything new.

“In the early years, and in fact for years thereafter, it was routine that executives of CBS News would screen pieces and comment on them and expect their comments to be acted on,” Wallace said.

“I’ve been a little surprised at this notion that somehow ‘60 Minutes’ is an independent entity that isn’t part of CBS News.”

Wallace’s own résumé runs across every major network. He covered the White House for NBC, spent nearly two decades hosting “Fox News Sunday,” and jumped to CNN in 2021.

Wallace’s much-hyped jump to CNN ended with a whimper.

The veteran anchor, who reportedly raked in $7 million a year, never managed to deliver an audience to justify the price tag.

His two shows, “Who’s Talking to Chris Wallace” and “The Chris Wallace Show,” limped along with just 500,000–750,000 viewers an episode, numbers that were anemic by cable news standards. Those viewership numbers, however, are higher than the ratings currently pulled by CNN primetime anchors.

In the key advertising demographic of 25-to-54-year-olds, Wallace often scraped by with only 85,000 viewers.

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Executives pulled the plug after the 2024 election, axing both programs as part of a cost-cutting drive. Wallace was told he could stay on at a sharply reduced salary as a network analyst — but he declined.

Wallace, who was brought on to helm the lineup at streaming service CNN+ before it was cancelled just a month after going live, said his exit was a chance to chase “new opportunities” in podcasting and digital media.

After leaving CNN last year, Wallace toyed with launching a podcast or independent news venture but quickly lost interest.

When asked if there was a chance Wallace could return to the air under the CBS umbrella, he told the Times: “At this point, that isn’t something that’s in the cards.”

He then added: “But having said that — and to mix a metaphor — who knows when an old fire horse wants to answer the bell?”

Wallace, Redbird and Paramount declined to comment.