Jimmy Kimmel Calls Colbert's $40M Loss Claims 'Nonsense'

Addressing the Financial Claims About Stephen Colbert’s Show

Jimmy Kimmel recently addressed rumors that Stephen Colbert’s "The Late Show" was costing CBS $40 million annually, calling these reports completely false. In an interview with Variety, Kimmel stated, "The idea that Stephen Colbert’s show was losing $40 million a year is beyond nonsensical." He emphasized that those making such claims don’t understand how the media industry operates.

Kimmel criticized the so-called insiders who analyze the budgets of shows, saying, "I don’t know who they are, but I do know they don’t know what they’re talking about." He pointed out that these individuals seem to focus only on advertising revenue and ignore other important factors like affiliate fees. These fees, he explained, amount to hundreds of millions — possibly even billions — and a portion of them is allocated to late-night shows.

CBS’s Statement on the Decision to Cancel the Show

In a statement released on July 18, CBS announced that the decision to cancel Colbert’s show was purely financial and unrelated to the show’s performance, content, or any other issues at Paramount. However, Puck News reported that Colbert’s show had been losing more than $40 million annually for CBS, with a budget exceeding $100 million per season. This loss was compared to the profitability of CBS' daytime and primetime programming.

Despite these reports, Kimmel firmly denied the claim, stating, "It really is surprising how little the media seems to know about how the media works." He added, "There’s just not a snowball’s chance in hell that that’s anywhere near accurate."

The Evolution of Late-Night Television

Kimmel also expressed his belief that late-night television is far from dead. While acknowledging that network television is declining, he noted that more people are watching late-night shows than ever before. He included Johnny Carson in this observation, pointing out that while Carson’s peak viewership was around 9 million per night, lead-in shows had much higher numbers.

However, Kimmel highlighted that viewership has shifted, with late-night shows now being watched in different ways. He mentioned that his monologues typically receive between 2 and 5 million views each night, sometimes more.

Comparing Ratings Across Late-Night Shows

Fox News Digital reached out to CBS’ parent company, Paramount, for further comments. Meanwhile, Greg Gutfeld’s show, "Gutfeld!", has been performing well in the late-night landscape. As of July 20, 2025, "Gutfeld!" averaged 3.1 million viewers, outperforming CBS’ "The Late Show," which averaged 1.9 million.

Other late-night programs also showed varying levels of success. ABC’s "Jimmy Kimmel Live!" averaged 1.5 million viewers, while NBC’s "The Tonight Show starring Jimmy Fallon" had 1.1 million. Seth Meyers’ "Late Night with Seth Meyers" managed 751,000 viewers during the same period.

The Future of Late-Night Programming

Despite the challenges faced by traditional late-night formats, Kimmel remains optimistic about their future. He believes that while the industry is evolving, there is still a strong audience for these shows. He emphasized that the key to success lies in adapting to new viewing habits and maintaining high-quality content.

As the late-night landscape continues to change, it will be interesting to see how networks and hosts navigate these shifts. For now, Kimmel's dismissal of the financial claims surrounding Colbert’s show highlights the ongoing debate about the true costs and value of late-night television.