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The CBS tv chief broke his public silence concerning the choice to cancel “The Late Present with Stephen Colbert,” echoing firm speaking factors Thursday that this system can be shuttered for purely financial causes.
Paramount Chair of TV Media George Cheeks spoke about canceling Colbert’s present throughout a press convention following the shut of a long-planned merger that put CBS’ father or mother firm beneath new possession. Cheeks, one of many few executives from the earlier regime to stay round after the Skydance Media merger, oversaw all of CBS when the choice was made to cancel this system.
“We’re large followers of Colbert, we love the present. Sadly, the economics made it a problem for us to maintain going,” Cheeks informed reporters in his first public remarks about Colbert because it was revealed this system would finish in Might 2026 and the “Late Evening” model could be retired.
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“The Late Present with Stephen Colbert” will finish in Might 2026. (Screenshot/Colbert)
“The problem in late night time is that the promoting market is in important secular decline,” Cheeks continued.
CBS mentioned it was “purely a monetary choice in opposition to a difficult backdrop in late night time” when saying the stunning plans final month.
“The Late Present,” which Colbert took over from David Letterman in 2015, famously leaned into liberal politics within the Trump period and have become a serious platform for Democratic politicians.
Colbert had been outspoken along with his criticism of Paramount settling President Donald Trump’s lawsuit in opposition to the corporate over CBS’ dealing with of the “60 Minutes” interview with then-Vice President Kamala Harris within the run-up to the election. Paramount settled the lawsuit final month, and the FCC authorised the long-planned, $8 billion merger with Skydance shortly after.
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Paramount Chair of TV Media George Cheeks. (Kristina Bumphrey/Selection through Getty Photos)
Many have questioned the choice, suggesting that it was performed to appease Trump and the FCC, however everybody concerned has pointed on to the present’s backside line from the beginning.
“It’s not associated in any method to the present’s efficiency, content material or different issues taking place at Paramount,” the community mentioned when first saying the “Late Present” could be canceled.
Puck Information’ Matt Belloni reported that the late-night present “has been dropping greater than $40 million a yr” for CBS and that it had a price range of “greater than $100 million per season.”
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When breaking his public silence, Cheeks didn’t affirm the precise quantity however acknowledged the “Late Present” was dropping important money.
“On the finish of the day, it simply wasn’t sustainable to proceed,” he mentioned.
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Fox Information Digital’s Joseph A. Wulfsohn contributed to this report.
