In the simplest of ways it means "news". Made famous by Hip Hop artist Grand Puba.
Yo man, what's the Cronkite?
by Bonita Applebum February 2, 2006
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Oh, no way we're watching "Super Troopers" without I'ma split the ziplock on this cronkite first.
by Puppy Love November 30, 2006
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The greatest journalist to ever live. He broke the news of President John F. Kennedy's assassination and death. He exposed the American people to the reality of the war in Vietnam. He also was a staunch supporter of NASA and the exploration of space. Men like Walter Cronkite are the standard of what a journalist should be.
The following is a famous quote from Walter Cronkite after John F. Kennedy's funeral on November 25th, 1963.

"It is said that the human mind has a greater capacity for remembering the pleasant than the unpleasant. But today was a day that will live in memory and in grief. Only history can write the importance of this day: Were these dark days the harbingers of even blacker ones to come, or like the black before the dawn shall they lead to some still as yet indiscernible sunrise of understanding among men, that violent words, no matter what their origin or motivation, can lead only to violent deeds? This is the larger question that will be answered, in part, in the manner that a shaken civilization seeks the answers to the immediate question: Who, and most importantly what, was Lee Harvey Oswald? The world’s doubts must be put to rest. Tonight there will be few Americans who will go to bed without carrying with them the sense that somehow they have failed. If in the search of our conscience we find a new dedication to the American concepts that brook no political, sectional, religious or racial divisions, then maybe it may yet be possible to say that John Fitzgerald Kennedy did not die in vain. That’s the way it is, Monday, November 25, 1963. This is Walter Cronkite, good night."
by Nascarking24 October 2, 2013
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From The Daily Show with Jon Stewart (1/29/07):

Two or more people try to get each other off, and the first one to climax says: "And that's the way it was."

We were both trying to steal home, when she suddenly screamed "and that's the way it was" and left me hanging! What did I do to deserve a sloppy cronkite?
by AZ_Squeegee January 30, 2007
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When two people try to get each other off and the first one to get off says,"That's the way it was."
At the party, the two news reporters went into the broom closet to perform a sloppy cronkite.
by City of Dope January 30, 2007
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