CBS ends Colbert Late Show, launches Allen Comedy

CBS has ended "The Late Show with Stephen Colbert" and replaced it with Byron Allen's "Comics Unleashed," citing a fundamental shift in the network's late-night business model driven by financial considerations. The network stated Thursday that the long-running talk show had been losing approximately $40 million annually, making the time slot "cost prohibitive" to continue under the traditional production model.

Under a new "time buy" arrangement, Allen's company leases the 11:35 p.m. hour from CBS for a reported $15 million per year, covering all production costs and selling the advertising inventory itself. CBS framed this move as a significant financial turnaround, claiming it transformed an hour losing $40 million into one generating a $15 million profit, representing a $55 million annual swing. The network emphasized the decision was purely financial and not a reflection on Colbert, who is not being replaced as host; the entire program format has been changed.

"Comics Unleashed" debuted on May 22, the night after Colbert's final episode aired on May 21. Colbert's series finale was a major ratings event, drawing 6.74 million viewers, the show's most-watched weeknight episode...