CBS Defends Byron Allen Time Buy, Discloses Financials On ‘The Late Show With Stephen Colbert’s Annual Loss & ‘Comics Unleashed’s Profit
CBS has defended its decision to cancel The Late Show with Stephen Colbert, revealing that the show lost approximately $40 million annually. The network has entered a 'time buy' agreement with Byron Allen for his new show, Comics Unleashed, which is expected to generate a profit of $15 million per year. This shift is part of CBS's strategy to address financial losses in late-night programming amid declining ad revenues.
- ▪CBS disclosed that The Late Show lost about $40 million a year.
- ▪Byron Allen is paying $15 million a year for a 'time buy' of the 11:30 PM hour.
- ▪Comics Unleashed drew 995,000 viewers on its debut night, significantly lower than Colbert's finale viewership of 6.74 million.
Opening excerpt (first ~120 words) tap to expand
Stephen Colbert and Byron Allen CBS Amid continuing speculation about political motivation behind CBS‘ decision to cancel The Late Show With Stephen Colbert and a soft ratings launch for its successor, Byron Allen‘s Comics Unleashed, the network issued a statement Thursday. In it, CBS for the first time revealed the balance sheet for The Late Show, claiming that it lost about $40 million a year, a number that had been widely circulated. The network also disclosed that Allen is paying $15 million a year as a “time buy,” meaning that he is leasing the 11:30 PM hour from CBS and selling its ad inventory himself in search of profit. That is a flat fee for the network not contingent on the show’s performance (which would impact Allen’s ad rates).
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