CBS Discloses $40M Annual Loss on Colbert's Late Show, Defends Byron Allen Time Buy Deal
By
Nellie Andreeva
The bagel they save for the regulars. Don't skim, savour.
Summary
CBS issued a statement defending its decision to cancel The Late Show With Stephen Colbert and replace it with Byron Allen's Comics Unleashed. The network disclosed that The Late Show was losing $40 million annually, while revealing that Allen is paying $15 million per year as a "time buy" to lease the 11:30 PM time slot, selling ad inventory himself. CBS pushed back against speculation of political motivation behind the cancellation.
Key quotes
· 3 pulledCBS for the first time revealed the balance sheet for The Late Show, claiming that it lost $40 million a year, a number that had been widely circulated.
The network also disclosed that Allen is paying $15 million a year as a 'time buy,' meaning that he is leasing the 11:30 PM hour from CBS and selling its ad inventory himself in search of profit.
Amid continuing speculation about political motivation behind CBS' decision to cancel The Late Show With Stephen Colbert and a soft ratings launch for its successor, Byron Allen's Comics Unleashed, the network issued a statement Thursday.
You might also wanna read
CBS Reports $15 Million Profit from Leasing Late-Night Slot to Byron Allen
CBS has announced that leasing its late-night time slot to Byron Allen's production company will generate $15 million in profit, after cance
Variety·3d ago
CBS Cancels 'The Late Show With Stephen Colbert' Due to Financial Reasons
CBS announced the cancellation of 'The Late Show With Stephen Colbert,' citing financial reasons. The show, running for over three decades,
nytimes.com·10mo ago
Stephen Colbert Reflects on The Late Show's End as CBS Cites Financial Reasons
Stephen Colbert reflects on the end of his tenure as host of The Late Show, which concludes on May 21st after nearly 11 years. CBS states th
Stephen Colbert's 'Late Show' Finale Marks End of 33-Year Late-Night Era at CBS
Stephen Colbert's final episode of "The Late Show" on CBS concluded 33 years of late-night television at the Ed Sullivan Theater. Despite st
IndieWire·9d ago
CBS Provided Legal Guidance on FCC Equal-Time Rule for Colbert Interview with Democratic Representative
CBS and its parent company Paramount are facing scrutiny after reports that CBS provided legal guidance to 'The Late Show with Stephen Colbe
arstechnica.com·3mo ago
Colbert and Letterman Destroy CBS Property in Comedic Farewell to 'The Late Show'
Stephen Colbert and David Letterman mark the end of 'The Late Show With Stephen Colbert' by throwing CBS property—including couches, an offi
Rolling Stone·16d ago