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In this Just the News article, Misty Severi reports that CBS is defending its decision to end “The Late Show With Stephen Colbert” by pointing to the program’s massive financial losses.
- CBS said Thursday that “The Late Show With Stephen Colbert” had been losing roughly $40 million per year.
- The network previously said the cancellation was based on “financial reasons” and was not a reflection on Colbert himself.
- Colbert confirmed that he was not being replaced as host; rather, the entire program format was being replaced.
- CBS is shifting the time slot to Byron Allen’s “Comics Unleashed,” followed by “Funny You Should Ask.”
- Allen’s show is operating under a “time buy” model, meaning Allen is paying CBS $15 million to rent the airtime while keeping ad revenue.
- CBS framed the move as a business turnaround, claiming it turned a $40 million annual loss into a $15 million profit.
- The network described the move as a $55 million swing for a late-night slot it said had become too expensive to continue.
- “Comics Unleashed” debuted May 22, one day after Colbert’s final episode aired.
Read the full story: https://justthenews.com/accountability/media/cbs-defends-colbert-cancellation-revealing-revenue-loss
