On 27 March 1987, Walden was sacked by new management after HSV-7 was taken over by the Fairfax group. He was told of his dismissal only minutes before going on air to present what became his final news bulletin for the station.
Walden was farewelled at State Parliament hosted by Premier Denis Napthine and awarded a lifetime achievement quill by the Melbourne Press Club.
On his retirement, he was reported to be the longest continually serving face on Australian television with a media career spanning six decades.
Since his retirement Walden has published five books: a memoir The Newsman, and Good News, a selection of stories that shaped the city of Melbourne, "Don't Piss in my Pocket" a book of quotes, 'Crazy Aussie Crims" and "Aussie Icons and Legends".