Former Fox News anchor and, most recently, CNN contributor Chris Wallace announced that he is leaving the TV news business for podcasting.

The Daily Beast first reported news of Wallace's break from CNN.

On Monday, CNN CEO Mark Thompson told The Hill that Wallace was "one of the most respected political journalists in the news business with a unique track record across radio, print, broadcast television, cable television, and streaming."

Initially, the 77-year-old was hired to fill a role at CNN+, an endeavor that proved futile after the network was forced to shut down the streaming service after a month. Wallace told the Daily Beast that podcasting is "where the action seems to be."

"This is the first time in 55 years I've been between jobs," he stated. "I am actually excited and liberated by that."

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