CBS canceled The Late Show with Stephen Colbert because it was losing $40 million a year, it was claimed.
Puck journalist Matthew Belloni revealed Colbert’s astonishing lack of profitability Friday, hours after CNN first broke the news that the show was canceled because it was in the red.
Belloni outlined how The Late Show – whose cancelation was announced Thursday – costs $100m a year to produce, with Colbert, 61, getting paid between $15 million and $20 million a year to host.
Colbert beats ABC and NBC rivals Jimmy Kimmel and Jimmy Fallon in the ratings, but that still wasn’t enough to save him.
Late night shows have slumped in profitability in recent years as viewers shun the format in favor of streaming services or watching content on their phones.
Advertiser revenue has slumped sharply even in the last three years, Puck reported, making it harder to pull Colbert’s show out of the red.