Stephen Colbert’s Late Show: A Financial Sinkhole for CBS

It seems CBS has been losing around $40 million annually since 2021, possibly even earlier, due to the show hosted by Stephen Colbert. This situation raises questions about the network’s management.

To put it bluntly, CBS has lost significant amounts—at least $160 million—broadcasting Colbert’s program.

Why is that? Well, Colbert hasn’t exactly been a cultural icon or a major draw for the network. His contributions to the late-night scene haven’t really broken new ground; instead, they’ve become just another segment among a slew of similar shows that some might find smug or unfunny.

In fact, it seems a bit worse than that.

Colbert, along with peers like Jimmy Kimmel and Jimmy Fallon, turned late-night television into a platform for political resistance, which some viewers dubbed “Resistance Television” or “Anti-Trump Television.” This shift has led CBS to rely on programming that feels more like a liberal news hour than innovative late-night entertainment.

The bottom line? CBS appears to be flushing $160 million down the drain, possibly aiming to sway public opinion in favor of Democrats.

If they were genuinely concerned about finances, they’d have either canceled Colbert years ago or at least pushed him to revamp his format into something fresh that audiences would actually enjoy.

Businesses focused on economics wouldn’t simply “carry on” after such losses. They’d take action, especially after a $120 million hit.

But that’s precisely what CBS has chosen to do.

Speaking of choices, one has to wonder who Colbert invited as his top guest on the night the show was canceled. Was it a big star? It could have been anyone, right? But no, it was Adam Schiff, who many consider to be an incredibly dull and dishonest figure.

Contrast this with something like HBO’s Larry Sanders Show, where Garry Shandling portrayed a fictional late-night host. That show captured the chaos and challenges of booking guests and provided audiences with a humorous take on the behind-the-scenes drama of late-night TV. It made a point of showcasing how a compelling guest could create buzz.

And who really benefitted from that anxiety and stress over bookings? The viewers, of course.

Now flash forward to 2025. A late-night show is racking up $40 million in losses, largely overshadowed by ratings from a competitor on cable. There’s something to be said about performance here…

Yet, Colbert hasn’t faced any consequences for these issues. Some might argue it’s because he says what many hope to hear, or that external pressures played a role—perhaps even the merger of CBS’s parent companies, Paramount Global and Skydance.

It’s conceivable that Skydance pressured Paramount to address the Colbert situation directly.

So, in the end, we find that Colbert represents an era where corporations were willing to endure massive losses—up to $120 million—just to keep him on air while paying hefty salaries.

Clearly, there’s been a strategy at play here, benefitting certain political messages over solid business practices.