CBS Now Turning Late Night Profit Thanks to Byron Allen Deal
The Hollywood Reporter • • entertainment
Key Points:
- CBS expects to turn a $15 million profit on late night programming due to Byron Allen’s time buy of the former Late Show timeslot, shifting from a $40 million annual loss to a $15 million profit.
- The network canceled Stephen Colbert’s Late Show, citing the high costs of producing late night content, and partnered with Allen on a new business model where his company covers production costs and pays CBS for the timeslot.
- Allen’s show, Comics Unleashed, debuted to about 1.1 million viewers, lower than Colbert’s 2.7 million average, but the time buy model makes the slot profitable for CBS regardless of ratings.
- Byron Allen is pursuing an aggressive media strategy, recently acquiring BuzzFeed and aiming to expand into free-streaming video, audio, and user-generated content, positioning BuzzFeed to compete with YouTube using AI technology.
- Following the final broadcast, Stephen Colbert’s Late Show has officially ended, with staff sharing images of the dismantled set on social media.