CBS Says Late-Night Byron Allen Deal Generates $15 Million in Profit

Key Points:

• CBS has canceled its traditional "Late Show" with Stephen Colbert and leased the late-night time slot to Byron Allen's "Comics Unleashed" under a "time buy" model, shifting from a $40 million annual loss to a $15 million profit.
• The move has sparked criticism and ridicule, with some industry insiders and former hosts like David Letterman accusing CBS executives of canceling Colbert's show to appease President Donald Trump, who disliked late-night political humor.
• Colbert's politically charged content had boosted CBS's late-night ratings above rivals, but the new show by Allen drew significantly lower viewership, with 878,000 viewers for its debut compared to Colbert’s 6.7 million for his finale.
• Under the new arrangement, Byron Allen covers all production costs and pays CBS a fixed fee for the time slot, while retaining advertising revenue, ensuring CBS profits regardless of ratings.
• Late-night TV advertising revenues have declined sharply, dropping nearly 60% from $519.7 million in 2017 to $209 million in 2025, reflecting broader challenges in maintaining audience engagement in this time slot.