The $140 million late-night franchise is ending in 2026
In short: CBS is retiring The Late Show after 33 years. Despite its massive production costs and high-profile hosts, the network is pivoting away from the late-night talk format to turn a $55 million annual swing in profit.
The Late Show first launched on August 30, 1993, with David Letterman. CBS invested heavily to secure the move, spending over $140 million to acquire the show, renovate the Ed Sullivan Theater for $4 million plus additional costs, and sign Letterman to a three-year, $14 million per year contract. This era was marked by intense competition; while Letterman initially topped Conan O'Brien's rival, he eventually fell behind Jimmy Fallon and stayed behind Leno after 1995 due to ratings shifts and lost NFL rights.
The transition to Stephen Colbert in 2015 saw a shift in branding and personality. While Colbert hosts as himself rather than a fictional character, the show operates under a license from Letterman's Worldwide Pants. The franchise faced significant logistical hurdles, including a 2014 lobbying effort where CBS reportedly paid over $40,000 in campaign contributions to Governor Andrew Cuomo to secure $16 million in state tax incentives to keep the production in New York City.
The franchise's end is driven by a stark financial reality. Reports suggest the show was losing roughly $40 million per year with a 200-person staff and a $20 million annual salary for Colbert. By canceling the franchise and selling the timeslot back to affiliates for a 'time buy' arrangement, CBS expects to swing from a $40 million loss to a $15 million profit. This move is also linked to regulatory efforts for the Skydance/Paramount merger, with FCC Chair Brendan Carr noting the cancellation helped the company comply with regulations.
Opens the Intellect+ feed with this card first. Swipe up for the next one.
Sources
- Summary by Intellect · source: The Late Show (franchise)
To cite this card, link to https://intellectplus.co.uk/app/entertainment-the-late-show-franchise.
How we source, check and correct cards: Editorial standards.
General information, not professional advice. Spotted an error? Flag the card or see corrections and complaints.
Intellect Plus is a visual educational discovery platform for exploring fascinating facts and ideas. Brain Food, Not Brain Rot. What is Intellect Plus?
Related
More in TV series · More in Entertainment · Latest · A–Z · All topics
