CBS Defends Byron Allen Time Buy, Discloses'The Late Show' Loss
Deadline • • general
Key Points:
- CBS revealed that The Late Show with Stephen Colbert lost about $40 million annually, confirming widely circulated reports amid speculation about political motives behind its cancellation.
- Byron Allen’s Comics Unleashed is airing in the 11:30 PM slot as a “time buy,” with Allen paying CBS $15 million a year to lease the hour and sell ad inventory independently, shifting financial risk away from the network.
- Comics Unleashed debuted on May 22 with 878,000 viewers, significantly lower than Colbert’s finale audience of 6.74 million but somewhat competitive compared to The Late Show’s season average of 2.14 million viewers.
- CBS stated the new model turned a $40 million annual loss into $15 million in profit, representing a $55 million positive financial swing for the late-night time slot.
- The cancellation of Colbert’s show sparked criticism, particularly due to his outspoken political stance and the timing of the decision ahead of the Paramount-Skydance acquisition, with former host David Letterman publicly voicing concerns.