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Stephen Colbert’s manager knew that “The Late Show” would be canceled at CBS more than two weeks before his client did, and the decision to cancel the show was “truly driven by financials,” according to a new report.
Although many supporters have speculated the late-night show was canceled over Colbert’s liberal politics, sources told The Ankler’s Lesley Goldberg that the decision was financially motivated.
“The timing of the cancellation news break — it came three days after a post-vacation Colbert blasted Paramount’s settlement with Trump as “a big fat bribe” — has created terrible optics for the media conglomerate as it awaits formal approval of its merger with Skydance. Nevertheless, multiple sources say the shocking decision to retire the Late Show brand was truly driven by financials as the late-night space has continued to face declining ad revenue and dwindling linear viewers,” The Ankler reported.
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Colbert said last week that Paramount’s decision to settle an election interference lawsuit brought by President Donald Trump for $16 million was part of “a big fat bribe” by Paramount to secure the Trump administration’s approval for its merger with Skydance Media.
Goldberg’s sources told her that Colbert’s manager received a call from CBS executives a year ago informing him of impending budget cuts to “The Late Show.” The Ankler story also said that five staffers were laid off a year ago as additional “nips and tucks” were instituted to help trim the show’s budget.
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The same sources said Colbert was also involved in efforts to cut the show’s budget, helping devise cost-saving measures to keep the show on track.
According to Goldberg, on June 27, just days prior to Paramount’s announcement of its settlement with Trump, manager James Dixon received a call from CBS executives informing him that the network would be walking away from Colbert and “The Late Show.”
More than two weeks later, Dixon informed Colbert of CBS’s decision after the taping of his July 16 show, according to The Ankler. The following day, the late-night host announced the forthcoming cancellation of his show to his viewers.
Fox News Digital has reached out to Paramount for comment.
Another report stated Colbert’s show was losing $40 million a year for the network.
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