George Cheeks, the president and CEO of CBS, discussed the cancellation of “The Late Show” with Stephen Colbert at a press conference on Thursday. His statements come on the same day that Paramount Global and Skydance Media finalized their $8.4 billion merger.
“The challenge in late night is that the advertising marketplace is in significant secular decline,” Cheeks said following the deal closing, per Deadline. “We are huge fans of Colbert, we love the show, unfortunately the economics made it a challenge for us to keep going.”
“I know [Skydance] is going to invest, but they’re going to invest cautiously and wisely, so for me, managing this business is really important for me to double down the area’s road in broadcast intriguing, which really is primetime and sports,” the CBS exec continued.
Despite speculation from mainstream media and Colbert himself that the cancellation was politically motivated, Cheeks said it all came down to money.
He didn’t give the exact amount that “The Late Show” was losing, but said during the press conference that it was a “significant” amount in the “tens of millions of dollars.”
“At the end of the day, it just wasn’t sustainable to continue,” Cheeks concluded.
Last month, Paramount Global agreed to a $16 million settlement in a lawsuit Trump had brought that accused the media outlet of election interference. The lawsuit stemmed from an interview CBS News’s “60 Minutes” conducted with Democratic presidential candidate Kamala Harris one month before the 2024 election. The lawsuit alleged that the interview was edited to make it seem more coherent than it really was.
“People have been speculating about the timing of this decision from Paramount, and they’re pointing out that last Monday, just two days before my cancellation, I delivered a blistering monologue in which I showed the courage to have a mustache,” Colbert said during an episode that aired just after news of the upcoming cancellation dropped. “When obviously CBS saw my upper lip and boom, canceled. Coincidence? Oh, I think not. This is worse than fascism. This is stashism.”
“They clarified that the cancellation was purely a financial decision. But how could it purely be a financial decision if ‘The Late Show’ is number one in ratings? A lot of folks are asking that question, mainly my staff’s parents and spouses,” Colbert went on.
He also accused CBS insiders of leaking financial details to justify the cancellation.
“Over the weekend, somebody at CBS followed up their gracious press release with a gracious anonymous leak saying they pulled the plug on our show because of losses pegged between $40 million and $50 million a year. $40 million is a big number. I could see us losing $24 million, but where would Paramount have possibly spent the other $16 million? Oh, yeah,” he said, seemingly referencing the amount of the settlement.