Walter Cronkite School of Journalism and Mass Communication and Telecommunication in honor of the veteran news reporter. At the same time, the Walter Cronkite Award for Journalism Excellence was established. In 1989, a professional news program produced by the school's students began production, and later evolved into the well-known Cronkite NewsWatch TV news program. In 2001, the school voted to change its name to Walter Cronkite School of Journalism and Mass Communication. The school received independent school status in 2004. It chose Christopher Callahan as its founding dean in 2005. A year later, the school established the Cronkite News Service for advanced journalism students to distribute TV and
Walter Cronkite correspondents, relieving Bill Downs as the head of the Moscow bureau. CBS offered Cronkite $125 ($2,189 in 2018 money) a week along with "commercial fees" amounting to $25 ($438 in 2018) for almost every time Cronkite reported on air. Up to that point, he had been making $57.50 ($1,006 in 2018) per week at UP, but he had reservations about broadcasting. He initially accepted the offer. When he informed his boss Harrison Salisbury, UP countered with a raise of $17.50 ($306 in 2018) per week; Hugh Baillie also offered him an extra $20 ($350 in 2018) per week to stay.