Late Show ending in 2026

Kimmel disputes reports that The Late Show lost 40 million annually and notes other revenue streams while CBS frames the cancellation as a financial decision.

Kimmel challenges claim Colbert show lost 40 million

Jimmy Kimmel pushed back on reports that The Late Show with Stephen Colbert was losing 40 million a year. In a recent interview with Variety, he argued that such figures ignore affiliate fees and other income streams that are part of late night budgets. He said the numbers circulating focused on ad revenue alone and left out a big part of the money that flows through networks and distributors. CBS announced last month that The Late Show will end in May 2026, saying the decision was financial and not tied to the show's performance or content.

The article also notes a broader corporate backdrop, including Paramount settling a 16 million dollar lawsuit with Donald Trump over a 60 Minutes interview and its merger with Skydance that required FCC scrutiny. Some observers have wondered if politics or public perception played a role in the timing of the cancellation. Trump denied involvement in a Truth Social post, while Kimmel suggested budget chatter remains murky. Industry observers say late-night budgets depend on multiple streams beyond ad sales, including affiliate fees and distribution deals, which complicate the budget math behind any one show.

The dispute exposes how audiences hear about the money side of late-night TV. Advertisers care about ratings, but networks also chase affiliate fees, streaming deals, and licensing. When a network frames a cancellation as purely financial, it may hide a broader strategic shift in programming, ownership, and regulatory risk from mergers. The Trump episode adds a political layer that can affect public reaction and investor confidence. For readers, the lesson is to look beyond headlines and ask who benefits from a given budget story and what other costs are at play in a big media franchise.

Highlights

The outlook for late-night finances will hinge on what numbers networks choose to publish and who questions them.