Here's everything you need to know about the world of television for Wednesday, July 30th 2025:
PRODUCTION NOTES
I had originally planned on including some reader comments in tonight's newsletter, but the story below forced me to shift things around. They will be in tomorrow night's newsletter instead.
IS 'THE LATE SHOW WITH STEPHEN COLBERT' REALLY LOSING $40 MILLION A YEAR?
In the days that followed the cancellation of the CBS late night talker The Late Show With Stephen Colbert, sources that appear to be at CBS and its parent Paramount Global fed a steady stream of background quotes to eager industry reporters. "This cancellation has nothing to do with politics." "It's a reflection of the weakened state of late night television." "And oh, by the way, the show was losing $40 million a year."
The economics of late night television have always been a bit of a black box, so in the absence of any other data, that $40 million figure has become the accepted conventional wisdom in most of the reporting surrounding the cancellation. So much so that when The Financial Times wrote about David Ellison and the turmoil at CBS today, their piece quoted the $40 million figure, attributing it to "media reports."
But how accurate is that number?
It's a bit difficult to know for sure. But after talking to several people familiar with the economics of the show (both current and former employees), here is an overall look. The Late Show's annual budget appears to be in the $90-$100 million range. And while the outside estimates of the show's ad revenue are all over the map, most estimates show the revenue dropping by about half over the past six years. Which likely means a substantial annual deficit over the past couple of years.
But is the reported $40 million a year deficit an accurate reflection of the revenue problem? Sources I've spoken with insist the number is wildly inflated, with two sources who have direct knowledge of the show's economics telling me the number for the upcoming season is likely to be closer to the range of $25-$28 million. Which is a lot of money, but it is also not $40 million a year.
One source suggested that the $40 million figure included a lot of extraneous expenses, including likely pay increases for staff and for Colbert if the show continued past next year. The source also suspected the figure included some shifting of expenses in a way designed to maximize the short-term loss, although "No one really knows for sure," I was told. "I don't know anyone I've talked to who can figure out where that $40 million number came from. So it's impossible to know how accurate it is. If you ask me, it's bullshit."
One of things I've heard from more than one person is that the idea of cancelling a show because it's losing $40 million a year and then leaving it on the air until May doesn't make a lot of sense. "I've read some stories that CBS executives are leaving the show on the air in order to give us a 'proper send-off.' I'm sorry, but I've worked for this company long enough to know that some executives might be sentimental about shows. But they're not tens of millions in more losses sentimental."
Another pushback I've heard from insiders was the idea that The Late Show was less digitally savvy than competing late night talkers, leading to less digital ad revenue. The sources agree that was true, but laid much of the blame on the network and to a lesser extent on Colbert himself. "I know for a fact that we tried to get the green light for more digital content and we were told the network 'didn't think that played to our strength.' I also don't think it was a high priority for Stephen, although I don't have any direct knowledge of the conversations he might have had with CBS."
Regardless, what is clear is that at best the reported $40 million a year loss is the absolute worst case scenario. And the truth is that the loss this year will be substantial, but likely at least $10 million less than network sources are telling reporters.
I've reached out to the network and Paramount Global as well as to Stephen Colbert and have not received a response.
If you have any feedback or details I should know, you can reach me confidentially on Signal at allyourscreens.24 or via email at
SPEAKING OF THE FINANCIAL TIMES
The FT had a piece today entitled Paramount Deal Thrusts David Ellison Into Trump's War With US Media and despite all of the attention it's been receiving, it doesn't actually include any comments from David Ellison. Instead, it quotes someone who is supposed to be close to him, saying things that seem designed to rile up critics:
“The news lost its way — it became extreme, elitist, and performative,” said a person close to Ellison. “People like Colbert and others act like they’re the IP, the value, when it’s the brand and journalism that matter. We need to get back to fundamentals. That’s what David and his team believe.”
Ellison plans to “bring back a performance-based culture” to CBS, the person said, evoking “the days of Edward R Murrow and Walter Cronkite”, two of the most revered reporters in US broadcast history. “Not quotas. Not ideology. Just objective journalism.”
Ellison has held talks with Bari Weiss, the former New York Times journalist turned media entrepreneur and fierce critic of liberal institutions and “cancel culture”, about acquiring her start-up The Free Press. One person close to Ellison said that if Weiss, who the FT previously reported was seeking $200mn for her business, “ends up being part of the team, she’ll be a key voice but not the only voice”.
Are those comments an accurate reflection of Ellison's approach to CBS and its news division? Maybe? It certainly matches comments he's made in other outlets. But I'm struck both by how strident the comments are and also how ill-informed.
Both Edward R. Murrow and Walter Cronkite were willing to speak truth to power and reported on subjects that would likely be seen as partisan in 2025. If Ellison or his "close" associates are invoking their names, they seem to be doing without really understanding what they represented.
ODDS AND SODS
* ESPN cut ties with hall-of-famer Shannon Sharpe after he settled a $50 million lawsuit brought by his ex-girlfriend accusing him of rape. Earlier in April, Front Office Sports reported Sharpe, 57, had settled a separate accusation with a female production assistant who said he strangled her in the workplace while the two worked at FS1.
* I'll be reporting on this in more depth after I have the chance to play around with it, but Showrunner, a new AI-generated TV show service launched today and it promises to let you type in a few words to create scenes - or entire episodes - of a TV show, either from scratch or based on an existing story-world someone else has created.
* Samsung TV Plus is going to be live-streaming five dates from the upcoming Jonas Brothers North America Tour, and "the live concert will feature a surprise host featuring live interviews, commentary, and more." Samsung TV Plus is available on Samsung TVs, as well as various Samsung devices.
WHAT'S NEW TOMORROW
THURSDAY, JULY 31ST:
* An Honest Life (Netflix)
* Dutch III (BET+)
* Glass Heart Series Premiere (Netflix)
* Leanne Series Premiere (Netflix)
* Lost Treasures Of Egypt Season Premiere (NatGeo Wild)
* Lost Treasures Of Rome Season Premiere (NatGeo Wild)
* Marked Series Premiere (Netflix)
* Project Runway Season Twenty-One Premiere (Freeform)
* The Sandman Bonus Episode (Netflix)
* Twisted Metal Season Two Premiere (Peacock)
FRIDAY, AUGUST 1ST:
* Built In Birmingham: Brady & The Blues Series Premiere (Prime Video)
* Chief Of War (Apple TV+)
* Deadliest Catch Season Premiere (Discovery)
* Eyes Of Wakanda Series Premiere (Disney+)
* Family Tree (Sundance Now)
* Killer In The Woods (LMN)
* Life After Lockup Season Premiere (WE tv)
* Marc Maron: Panicked (HBO)
* My Oxford Year (Netflix)
* Ready To Love Season Premiere (OWN)
* Stillwater Season Four Premiere (Apple TV+)
SEE YOU ON THURSDAY!