To say there’s been an uproar over the cancellation of The Late Show after 33 years would be an understatement, as everybody from Jimmy Kimmel to Bowen Yang to Andy Cohen is sounding off. Stephen Colbert is still set to continue hosting episodes nightly on the 2025 TV schedule until next May, but as heated arguments continue over politics and money losses, some are claiming this move could have been made sooner than it was.
The Late Show with Stephen Colbert airs on CBS, whose parent company, Paramount Global, is in the midst of a merger with Skydance. The reported $8 billion deal was delayed by a lawsuit involving President Donald Trump and 60 Minutes, which was ultimately settled (a move that Colbert himself criticized on the air). A person close to Skydance told the New York Post’s On the Money that if the merger hadn’t been held up, The Late Show would have been canceled sooner. They claimed:
This thing is losing money left and right. I hear it’s on the way to lose more than $50 million and they would have killed it sooner if they were in charge. This guy pisses off more than half the country.
CBS said The Late Show’s cancellation was purely based on finances, despite Stephen Colbert being considered one of the best late-night hosts on a show that was comfortably winning its timeslot in the ratings.
However, the timing of the decision seemed questionable to some, as it came just days after Colbert called Paramount's decision to settle its lawsuit with the president — paying $16 million toward his Presidential Library — a “big fat bribe.”
A source for Skydance — which is run by the Ellison family, who have close personal ties to Donald Trump — maintains that The Late Show was headed toward losses higher than the previous year, reportedly in the $40 million to $50 million range, and would have been a prime target for cancellation. A Paramount spokesperson declined to comment to the N.Y. Post but denied that Stephen Colbert’s show is losing more than $50 million annually.
A deeper look into the financial picture seems to show trouble for the future of late-night shows as a whole, with advertising rates cratering ($220 million across late-night shows in 2024, compared to $439 million in 2018) and fewer people turning to network TV for entertainment.
Add to that the large staff required to produce the daily shows and the hosts’ salaries — Stephen Colbert allegedly is estimated to make between $15 million and $20 million annually — and one can see how the losses could pile up quickly.
The debate will continue whether The Late Show’s cancellation was a financial inevitability or politically motivated, but there’s no questioning the effects many feel over the loss. Stephen Colbert’s crew is reportedly “devastated,” and you can bet that Jon Stewart had some passionate words about the importance of shows like Colbert’s that take a stand.
I’ve got a feeling we haven’t seen the end of this issue — especially with The Late Show with Stephen Colbert continuing to air at 11:35 p.m. ET weeknights on CBS.
