He was a B list player who was on the way out anyway. His ratings were in the toilet and he was trying anything to be seen. If he didn't pull this he would have been shown the door soon anyway. CNN thought they could have someone like Sanchez to get ratings with people who don't watch Fox but still wanted independent editorial and could possibly bring in a more diverse ethnic group as they already had Anderson Cooper.
Rick tried desperately with twitter and Facebook to make inroads but in the end it just doesn't matter. He couldn't do more tazer stunts as that would make him even more of a freakshow so he tried to stay middle of the road. That doesn't get ratings when the dominate players already have claim to that already.
He had his shot, and he flopped. He got pissed and went the way of Dr Laura and Helen Thomas. Good riddance.