Chris Wallace announced he’s leaving CNN after three years and looking for independent platforms like streaming or podcasting for his next job amid reports of layoffs coming to the network for many of its biggest stars.

Speaking with The Daily Beast, the 77-year-old broadcaster said that he has “nothing but positive things to say. CNN has been very good to me. This is the first time in 55 years I‘ve been between jobs.”

“I am actually excited and liberated by that,” Wallace said, noting that podcasting is “where the action seems to be.”

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

Wallace’s career spans several networks over half a century, including his previous stop at Fox News for 18 years, The Hollywood Reporter noted.

The departure of the news man — who anchors “The Chris Wallace Show” on Saturday mornings and “Who’s Talking to Chris Wallace?” — comes at the end of his three-year, $8.5 million a year contract.

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CNN CEO and Chairman Mark Thompson said in a statement, “Chris Wallace is 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. We want to thank him for the dedication and wisdom he’s brought to all his work at CNN and to wish him the very best for the future.”

News of the longtime journalist’s departures comes amid a report from Puck that the network is reportedly looking to “axe top stars in layoffs that’ll see hundreds fired as ratings continue to tank.”

While the report notes that there’s no mention of who’s getting axed, CNN’s on-air stars like Anderson Cooper, Jake Tapper, Kaitlan Collins, and Erin Burnett could be on the list, the outlet noted.

JUST IN: CNN will be firing hundreds of employees including some of their top stars according to Puck News.

The news comes as CNN’s Chris Wallace says he is not returning after his contract expires.

“In the next few months, I’m told, CNN will implement another round of layoffs… pic.twitter.com/oHn9uJVNL9

— Collin Rugg (@CollinRugg) November 12, 2024

“In the next few months, I’m told, CNN will implement another round of layoffs that will impact hundreds of employees across the organization,” reporter Dylan Byers — who previously worked for CNN — wrote.

“Redundant assignments will be nixed, and various divisions will be reduced or even eliminated,” he added, noting that on-air workers will be “asked to assume more of the responsibilities once handled by teams of producers and production assistants.”

Following President-elect Donald Trump’s landslide victory, networks like MSNBC and CNN have seen ratings plummet, as previously reported.

According to Nielsen data, the viewership on MSNBC on Thursday, analyzing Trump’s win, brought in a total of 596,000 viewers — and in the coveted age demographic of ages 25-54, a total of 71,000 viewers, Mediaite reported.

Over on CNN, coverage of Trump’s election victory throughout the day on Thursday brought in 419,000 total viewers, and in the key age demographic, just 91,000 viewers.

Related: MSNBC And CNN Ratings Plummet Following Trump’s Landslide Victory