TVByron Allen

CBS Says the Late Show Was Losing $40 Million a Year — Now Byron Allen’s Time Buy Will Turn a $15M Profit

CBS publicly defended its decision to cancel The Late Show With Stephen Colbert for the first time Thursday, revealing the show lost $40 million annually — while Byron Allen’s Comics Unleashed debuted to under 1 million viewers after Colbert’s 6.7 million finale.

By Daniel Park13H AGO3 MIN READ

Stephen Colbert Late Show Byron Allen Cbs Ratings Profit — Image: TV Insider

CBS issued a statement Thursday publicly defending its cancellation of The Late Show With Stephen Colbert for the first time, disclosing that the show lost approximately $40 million a year — and that Byron Allen’s replacement arrangement will swing the timeslot to a $15 million annual profit
Allen is operating under a “time buy” model: he pays CBS $15 million per year to lease the 11:30 PM hour and sells his own ad inventory; his show Comics Unleashed premiered May 22, the night after Colbert’s series finale
Colbert’s finale on May 21 drew 6.7 million viewers — the show’s most-watched weeknight episode in its history; Comics Unleashed debuted to approximately 995,000 total viewers and 116,000 in the 18–49 demo
CBS has faced weeks of speculation that the cancellation was politically motivated; the network’s statement called the move a response to a “cost prohibitive” business model rather than a political decision

CBS broke its silence Thursday on one of the more controversial decisions in late-night television in years: the cancellation of The Late Show With Stephen Colbert. For the first time, the network put numbers to the story. The Late Show was losing roughly $40 million a year, CBS said — a figure that had been widely circulated but never confirmed. Under the new arrangement, Byron Allen leases the 11:30 PM timeslot from CBS for $15 million annually and sells his own advertising, flipping the math from a $40 million annual loss to a projected $15 million profit, per Deadline.

“We’re proud to partner with Byron Allen on a new business and programming model for late night that proactively addresses a network daypart that was cost prohibitive to continue,” CBS said in its statement. The network has been under pressure since the cancellation was announced, with critics and commentators questioning whether politics played a role in ousting Colbert, whose show had a distinctly liberal sensibility. CBS did not address the political speculation directly, framing the move purely as a financial one, per Variety.

The Numbers After Colbert

The scale of the audience drop is hard to ignore. Colbert’s May 21 series finale drew 6.7 million viewers — the most-watched weeknight episode in the show’s history. Comics Unleashed, which premiered the following night on May 22, opened to approximately 995,000 total viewers and 116,000 in the 18–49 demo, according to LateNighter citing initial Nielsen Live+Same Day panel data, per TV Insider. Allen has been direct about not trying to recapture Colbert’s audience — he told outlets he has no interest in political humor and is building something different.

Allen, 65, is a Detroit-born billionaire who started his career in stand-up comedy and built a media empire over decades. His Comics Unleashed has been a syndicated panel comedy format for years, and the CBS slot gives it a prime broadcast home. Whether that audience finds him is a question the next few weeks of ratings data will start to answer, per The Hollywood Reporter.

Filed in

About the author

Daniel Park

Daniel Park reports on television — showrunners, writers’ rooms, network shifts, and the long arc of prestige. He covered the writers’ strike from inside three rooms.