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Wallace was born Myron Wallace on May 9, 1918, in Brookline, Mass. He began his news career in Chicago in the 1940s, first as a radio news writer for the Chicago Sun and then as a reporter for WMAQ. He started at CBS in 1951.

He was married four times. In 1986, he wed Mary Yates Wallace, the widow of his close friend and colleague Ted Yates, who had died in 1967. Besides his wife, Wallace is survived by his son, a stepdaughter, Pauline Dora, and stepsons Eames and Angus Yates.

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Associated Press Television Writer Frazier Moore, Deepti Hajela, former Associated Press writer Polly Anderson and National Writer Hillel Italie contributed to this report.