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First Post
an hour ago
- Business
- First Post
Did money or politics cause Colbert cancellation? Either way, the economics are tough for TV
As recently as 2018, broadcast networks took in an estimated $439 million in advertising revenue for its late-night programs, according to the advertising firm Guidelines read more CBS says its decision to end Stephen Colbert's late-night comedy show is financial, not political. Yet even with the ample skepticism about that explanation, there's no denying the economics were not working in Colbert's favor. The network's bombshell announcement late Thursday that the 'Late Show' will end next May takes away President Donald Trump's most prominent TV critic and the most popular entertainment program in its genre. The television industry's declining economic health means similar hard calls are already being made with personalities and programming, with others to be faced in the future. For the late-night genre, there are unique factors to consider. STORY CONTINUES BELOW THIS AD As recently as 2018, broadcast networks took in an estimated $439 million in advertising revenue for its late-night programs, according to the advertising firm Guidelines. Last year, that number dwindled to $220 million. Once a draw for young men, now they've turned away Late-night TV was a particular draw for young men, considered the hardest-to-get and most valuable demographic for advertisers. Increasingly, these viewers are turning to streaming services, either to watch something else entirely or catch highlights of the late-night shows, which are more difficult for the networks to monetize. More broadly, the much-predicted takeover of viewers by streaming services is coming to pass. The Nielsen company reported that during the last two months, for the first time ever, more people consumed programming on services like YouTube and Netflix than on ABC, CBS and NBC or any cable network. Networks and streamers spent roughly $70 billion on entertainment shows and $30 billion for sports rights last year, said Brian Wieser, CEO of Madison & Wall, an advertising consultant and data services firm. Live sports is the most dependable magnet for viewers and costs for its rights are expected to increase 8% a year over the next decade. With television viewership declining in general, it's clear where savings will have to come from. STORY CONTINUES BELOW THIS AD Wieser said he does not know whether Colbert's show is profitable or not for CBS and parent company Paramount Global, but he knows the direction in which it is headed. 'The economics of television are weak,' he said. In a statement announcing the cancellation, George Cheeks, Paramount Global's president and chief executive officer, said that 'This is purely a financial decision against a challenging backdrop in late night. It is not related in any way to the show's performance, content or other matters happening at Paramount.' Cheeks' problem is that not everyone believes him. Colbert is a relentless critic of Trump, and earlier this week pointedly criticized Paramount's decision to settle Trump's lawsuit against CBS over a '60 Minutes' interview with Kamala Harris. He called Paramount's $16 million payment to Trump a 'big fat bribe,' since the company is seeking the administration's approval of its merger with Skydance Media. On Friday, the Writers Guild of America called for an investigation by New York's attorney general into whether Colbert's cancellation is itself a bribe, 'sacrificing free speech to curry favor with the Trump administration as the company looks for merger approval.' STORY CONTINUES BELOW THIS AD CBS' decision made this a pivotal week for the future of television and radio programming. Congress stripped federal funding for PBS and NPR, threatening the future of shows on those outlets. Journey Gunderson, executive director of the National Comedy Center, called the decision to end Colbert's show the end of an era. 'Late-night television has historically been one of comedy's most audience-accessible platforms — a place where commentary meets community, night after night,' Gunderson said. 'This isn't just the end of a show. It's the quiet removal of one of the few remaining platforms for daily comedic commentary. Trump, who has called in the past for CBS to terminate Colbert's contract, celebrated the show's upcoming demise. 'I absolutely love that Colbert got fired,' the president wrote on Truth Social. 'His talent was even less than his ratings.' Some experts questioned whether CBS could have explored other ways to save money on Colbert. NBC, for example, has cut costs by eliminating the band on Seth Meyers' late-night show and curtailing Jimmy Fallon's 'Tonight' show to four nights a week. STORY CONTINUES BELOW THIS AD Could CBS have saved more money by cutting off the show immediately, instead of letting it run until next May, which sets up an awkward 'lame duck' period? Then again, Colbert will keep working until his contract runs out; CBS would have had to keep paying him anyway. CBS recently cancelled the 'After Midnight' show that ran after Colbert. But the network had signaled earlier this year that it was prepared to continue that show until host Taylor Tomlinson decided that she wanted to leave, noted Bill Carter, author of 'The Late Shift.'
Daily Mail
4 hours ago
- Entertainment
- Daily Mail
Powerful Hollywood entity call for investigation into bribery after Stephen Colbert cancellation
A powerful Hollywood group has called for a sweeping investigation into Paramount Global following the abrupt cancellation of The Late Show with Stephen Colbert. The Writers Guild of America wants New York Attorney General Letitia James to launch a probe into whether the cancellation is related to Colbert's criticism of the network's capitulation to President Trump. In a fiery joint statement from the the East and West Coast arms of the Writers Guild, the union suggests the scrapping of the show may amount to political bribery. The guild alleges Paramount's decision to axe the show after Colbert accused the company of bribing Donald Trump to advance its proposed $8.4 billion merger with Skydance Media was not merely coincidence, but potentially 'a dangerous capitulation to political pressure.' 'Cancelations are part of the business,' the WGA said, 'but a corporation terminating a show in bad faith due to explicit or implicit political pressure is dangerous and unacceptable in a democratic society.' The union's statement referenced the $16 million settlement Paramount reached earlier this month with Trump over a contentious 60 Minutes segment involving Kamala Harris during the 2024 election. The agreement was widely derided by media watchdogs as a dubious payoff and has already prompted an ongoing investigation by the California State Senate. Massachusetts Senator Elizabeth Warren has also demanded a federal probe into whether the settlement constituted an illegal attempt to curry favor with the White House. The cancellation came just two days after Colbert slammed the settlement live on air, calling it 'a big fat bribe' and openly questioning whether the payment was made to grease the wheels for the merger's approval. WGA leaders argue that segment may have cost Colbert his job. 'Given Paramount's recent capitulation to President Trump,' the union wrote, 'we have significant concerns that The Late Show's cancelation is a bribe, sacrificing free speech to curry favor with the Trump Administration.' The guild called on 'elected leaders to hold those responsible to account' and vowed to pursue every possible legal and political remedy to support its members and protect media freedom. Paramount executives deny any political motive. In a joint statement, co-CEO George Cheeks, CBS Entertainment president Amy Reisenbach, and CBS Studios president David Stapf insisted the decision was based purely on declining revenues and shifting industry dynamics. 'This was a financial decision against a challenging backdrop in late night,' they said. 'It is not related in any way to the show's performance, content or other matters happening at Paramount.' But critics aren't buying it. Vermont Senator Bernie Sanders fired off a blistering statement on X: 'Stephen Colbert, an extraordinary talent and the most popular late-night host, slams the deal. Days later, he's fired. Do I think this is a coincidence? NO.' Senator Ed Markey went further, suggesting possible political interference: 'If the Trump administration is using its regulatory authority to influence or otherwise pressure your company's editorial decisions, the public deserves to know.' Trump wasted no time celebrating the move on his Truth Social account gleefully writing, 'I absolutely love that Colbert got fired. His talent was even less than his ratings. I hear Jimmy Kimmel is next. Greg Gutfeld is better than all of them combined, including the Moron on NBC who ruined the once-great.' The post prompted a visceral response from Colbert's fellow hosts. Kimmel posted to Instagram: 'Love you Stephen. F**k you and all your Sheldons CBS.' The timing of Colbert's cancellation has only deepened suspicions. On July 2, Paramount agreed to settle Trump's lawsuit. On July 15, Colbert railed against it on national television. On July 17, Paramount pulled the plug on the show despite it still being the top-rated program in its timeslot, beating both Fallon and Kimmel in linear and digital viewership. Indeed, while CBS cited financial strain, the numbers have painted a more complicated picture. Advertising revenue for The Late Show has dropped 40% since 2018 from $121.1 million to $70.2 million last year, according to ad firm Guideline. But the show still drew a nightly average of 1.9 million viewers this past season, more than any other late-night rival with Colbert has maintaining a massive digital following on YouTube and TikTok. But CBS insists the business no longer adds up. One former TV network executive said The Late Show had been hemorrhaging money and losing up to $40 million annually because of shrinking ad dollars and rising production costs. 'Fifteen years ago, a show like The Tonight Show could earn $100 million a year,' they said. 'Now, they're money pits.' CBS had already begun gutting its late-night schedule. The Late Late Show with James Corden was scrapped in 2023. After Midnight was canceled earlier this year. Colbert will end in May of next year with CBS planned to fill the Late Show slot with reruns of the primetime hit Tracker. ABC's Jimmy Kimmel has a contract that also runs out next year. Kimmel, 57, openly wondered in a Variety interview before signing his latest three-year contract extension how long he wanted to do it. He's hosted his show since 2003. "I have moments where I go, I cannot do this anymore," Kimmel told Variety in 2022. "And I have moments where I go, what am I gonna do with my life if I'm not doing this anymore?' It's a very complicated thing ... I'm not going to do this forever." Colbert, Kimmel and Stewart were all nominated for Emmy awards this week. Colbert's cancellation is the latest flashpoint in what critics call a mounting war against media critical of Trump. The president has long sparred with journalists and entertainers, launching lawsuits against The New York Times, CNN, 60 Minutes, and ABC News.
Russia Today
14 hours ago
- Entertainment
- Russia Today
Writers guild seeks probe after CBS axes Colbert show
The Writers Guild of America (WGA) has called for an investigation into the abrupt cancellation of The Late Show with Stephen Colbert by CBS and its parent company, Paramount Global, alleging the move was politically motivated. CBS confirmed earlier this week that it will end the long-running late-night program in May 2026, retiring the entire Late Show franchise after over three decades. Executives cited declining ad revenue and changing viewer habits as reasons for the decision. 'Cancellations are part of the business,' the WGA's East and West Coast branches said in a joint statement Friday, 'but terminating a show in bad faith due to political pressure is dangerous and unacceptable in a democratic society.' The union urged New York state officials to launch a formal investigation. The WGA noted that the cancellation followed CBS's recent $16 million settlement with President Donald Trump, who had sued the network over alleged media bias. The case stemmed from a 60 Minutes segment that Trump claimed defamed him during its 2024 election coverage. Paramount did not admit to any wrongdoing but agreed to pay earlier this month. Colbert criticized the settlement on-air as a 'big fat bribe,' referring to Paramount Global's ongoing effort to secure regulatory approval for a merger with Skydance Media — a deal that could face government scrutiny. The WGA called the payout a 'capitulation to President Trump,' arguing that Colbert's cancellation sacrifices free speech in the hopes of currying favor with regulators ahead of the merger. Other late-night hosts expressed outrage over the move. Tonight Show host Jimmy Fallon said he was shocked, while Jimmy Kimmel Live! host Jimmy Kimmel voiced support for Colbert and sharply criticized CBS. Trump praised the show's cancellation in a Truth Social post, adding, 'I hear Jimmy Kimmel is next. Has even less talent than Colbert!' While CBS has tried to maintain neutrality, Colbert has frequently mocked Trump with humor and satire, once calling the former president's actions authoritarian. Despite the controversy, The Late Show averaged 3.61 million viewers during the 2024–2025 season — a 16% rise from the previous year — making it the most-watched late-night program during the fall season.
The Guardian
16 hours ago
- Entertainment
- The Guardian
Cancelling Colbert, bribery, an $8bn deal: what's going on at Paramount?
For a decade the comedian Stephen Colbert has mocked, ridiculed and eviscerated Donald Trump from every conceivable angle. On Thursday Colbert told his audience at the Ed Sullivan Theater in New York that his popular late night TV show is being cancelled. 'Yeah, I share your feelings,' he said in response to a chorus of boos. The CBS network insisted that it had made 'a purely financial decision' to wind up The Late Show next year. But others are not so sure. Adam Schiff, a Democratic senator who was a guest on Thursday's show, tweeted: 'If Paramount and CBS ended the Late Show for political reasons, the public deserves to know. And deserves better.' There are reasonable grounds for suspicion. Earlier this month CBS's owner, Paramount Global, reached a $16m settlement with Trump over an interview on its current affairs strand 60 Minutes, removing a potential obstacle to the company's $8bn sale to the Hollywood studio Skydance Media. If the mega-merger goes ahead, a friend and ally of the US president, the billionaire Larry Ellison, could wield huge influence over the CBS news division as well as programmes ranging from South Park to Star Trek. The Late Show is sure to be seen by some as an example of obeying in advance. Among those sounding the alarm is Marvin Kalb, the last correspondent personally hired at CBS by Edward R Murrow, a giant of broadcast journalism whose defiance of McCarthyism was recounted in the film and play Good Night, and Good Luck. Now 95, Kalb perceives the Skydance takeover as a threat to CBS's journalistic independence and moral integrity – and fears that this time it will buckle. Speaking by phone from his home near Washington, Kalb said: 'In my judgment it means that CBS, starting with 60 Minutes, will be under a tighter editorial control than it has ever been. The idea that 60 Minutes will be able to continue to do virile, unafraid reporting on Trump may be coming to an end.' The Murrow protege, who spent 24 years at CBS News, warns that the network could drift in the direction of Rupert Murdoch's Fox News, which often parrots Trump's talking points. 'I'm afraid that CBS News will become a little Fox, that it will begin to be timid in the way in which it approaches any possibly critical story about the president. 'Just as you rarely see or hear anything on Fox that is critical of Trump, likewise it may very well end up that CBS will be essentially in the same position, and that is huge loss for those who still favour freedom of the press and who still favour a vigorous, unafraid press.' Speaking on Tuesday, before the news about The Late Show broke, Kalb expressed concern about the future of the late-night comedians whose caustic, bullshit-detector political satire has earned Trump's wrath in the past. Jon Stewart, whose current contract expires in December, and Colberthave both mercilessly skewered Paramount for caving in to Trump. 'My gut feeling would be that Colbert's contract, when it comes up, will simply not be renewed, and they will find a humourist who is pro-Trump,' Kalb said presciently. 'Those are the kinds of programmes that, in a humorous way, tend to either criticise or make fun of Trump – and he doesn't like that.' The former host of NBC's Meet the Press who is Edward R Murrow professor of practice, emeritus at the Harvard Kennedy School continued: 'He has already taken action against the press, starting from his first term with 'fake news' and 'fake media'. He has already gone a long way toward diminishing the once virile press – I keep using that word because I'm thinking about people who are not afraid, people who are open minded, fair-minded journalists who are simply covering the news. 'If the news happens to be unfavourable with respect to the president, so be it. But if the president doesn't like it, he's going to make his views known. I think if there were a serious study done even up to this point on the last five or six months, I believe you would see an initial, perhaps reluctant timidity come into the coverage of news concerning Trump.' Trump filed a $10bn lawsuit against CBS last October, alleging that the network deceptively edited an interview that aired on 60 Minutes with the then vice-president and presidential candidate Kamala Harris to 'tip the scales in favor of the Democratic party' in the election. In an amended complaint filed in February, Trump bumped his claim for damages to $20bn. CBS initially called the lawsuit 'completely without merit', a view shared by many legal experts, and sought to have it dismissed. But then the company entered into mediation in an attempt to placate Trump as Paramount's controlling shareholder, Shari Redstone, sought to close the $8bn merger with Skydance, which needs federal government approval. The CBS News head, Wendy McMahon, and 60 Minutes executive producer Bill Owens quit over Paramount's handling of the showdown. When Paramount reached the out-of-court settlement, it insisted that the $16m would go towards Trump's future presidential library, rather than to him personally, and it would not be issuing an apology. But critics saw it as the starkest example yet of Trump's ability to intimidate major institutions including the media. Rome Hartman, one of the producers of the Harris segment, who retired from CBS News and 60 Minutes last month for unrelated reasons, said in a phone interview: 'The motive of this lawsuit was clearly harassment and intimidation and the decision by Paramount's leaders to succumb to that harassment and intimidation was an absolute betrayal. It's a shameful betrayal of the hardworking people at 60 Minutes and at CBS News.' Despite Trump's pressure campaign, 60 Minutes has continued to produce unflinching reports on his administration's immigration crackdown, assault on federal government departments and other issues. Now its staff are bracing for a change of ownership and potentially different approach. Hartman continues: 'Now everyone is hoping that the new corporate parents will allow 60 Minutes to operate with the independence that it has always enjoyed. That's not a just-because-we-want-it sort of thing; that's because the independence and editorial voice of 60 Minutes is one of the reasons it has lasted as long as it has and it has the amazing reputation that it has for over half a century. We were betrayed by one corporate parent and they hope that will not be repeated by the new folks. 'We are living in a moment of real peril for free voices and independent journalism, even independent commentary, as would be the case with Stewart and Colbert. These guys are businessmen in the end, and I hope they see that to maintain longstanding principles of independence and free speech is not just in their interest morally but in their interest economically.' Skydance was founded in 2010 by Larry Ellison's son David. According to its website, David, who is a pilot, came up with the name as a reference to flying aerobatics known as 'skydancing' and its promise of limitless possibilities. It has produced films including the Tom Cruise vehicles Top Gun: Maverick and the Mission: Impossible franchise. But although David is the public face of Skydance, his father Larry will be the power behind the throne at Paramount, according to an organisational chart obtained by the New York Times last year. The co-founder of software company Oracle is one of the world's wealthiest men and a friend of Trump, who has touted Ellison as a potential buyer of TikTok. Bill Carter, the author of four books about television, says: 'Both of the Ellisons seem to be close to Trump, and Trump will basically use any leverage he can. That's what he does, and he has been given the power to do it pretty much across the board here. 'The speculation is that they'll install somebody who is at least somewhat willing to take his side in a future controversy, which means there's very likely to be some kind of chilling effect on the news division, and especially at 60 Minutes, because they have basically defied him even after this.' Last week the New York Times reported that David Ellison had held talks about acquiring the Free Press, an online publication co-founded by Bari Weiss and noted for its 'anti-woke' politics. Discussions include Weiss 'taking on an influential role in shaping the editorial sensibilities of CBS News', the paper added, though probably not in a managerial capacity. Journalist Mehdi Hasan responded to the report about Weiss by tweeting: 'RIP CBS News.' Paul Farhi, a former media reporter at the Washington Post, said: 'She's an opinion journalist and always has been, and that's not the person you want running a news division or having a prominent role in the news division. You want someone who actually knows or upholds the tradition of straight-up reporting that CBS has stood for its entire existence.' Farhi added: 'I suspect at the end of it he'll discover that CBS News wouldn't be too crazy about having her, but it'll be a real test of his intentions, if he has any intentions at all, for CBS News. If he brings in someone like her, it will signal a direction and will be a sign of we're not going to do things the way we've done in the past. 'But I think it's more likely that he won't do anything that's going to be radical in terms of CBS News. For one thing, CBS News is a very small part of the overall Paramount enterprise that she's buying. It's not a big profit centre. At the end of the day I suspect we won't be talking about this topic once the merger is done, simply because CBS News is not out of control.' But other parts of the Paramount forest are already in revolt. Trey Parker and Matt Stone, co-creators of the long-running animated sitcom South Park, have accused the incoming Paramount president, Jeff Shell, of meddling in contract negotiations for streaming rights to the show, allegedly to benefit Paramount+ at their expense. This has caused disruption to production schedules including a delay for South Park's 27th season. Parker and Stone wrote on social media earlier this month: 'This merger is a shitshow and it's fucking up South Park. We are at the studio working on new episodes and we hope the fans get to see them somehow.' Stewart and Colbert have also been pushing back. Stewart used a Daily Show monologue to tear into Paramount's settlement, interrupted by a spoof ad for the fast-food chain Arby's that said: 'For when you want a sandwich commensurate with your company's shame.' Colbert called it a 'big fat bribe' and even alluded to speculation about his own job security, pointing to a moustache he grew on holiday and quipping: 'OK, OK, but how are they going to put pressure on Stephen Colbert if they can't find him?' The timing of the decision to axe him raised eyebrows in Washington. Senator Elizabeth Warren said on Thursday: 'CBS canceled Colbert's show just three days after Colbert called out CBS owner Paramount for its $16m settlement with Trump – a deal that looks like bribery. America deserves to know if his show was canceled for political reasons.' Speaking before the announcement, Carter, author of The Late Shift and executive producer of the CNN docuseries The Story of Late Night, said: 'It would be pretty obvious to anybody looking at this situation if they decided to eliminate those guys that it would be for political reasons because they're obviously outspoken and have a big audience listening to them and it gets under Trump's skin. 'But it's scary to think that's something that could happen in America, that a president could basically eliminate a voice of protest against him. It would be like [President Richard] Nixon getting rid of the editorial cartoonists who were criticising him over Watergate. I would not put it past Trump to try to do it. 'I do think that if you're David Ellison, it's a terrible look. If you're in Ellison's shoes, you have to know this will brand you as another person who's basically giving the knee to Donald Trump. A lot of these guys don't care because they have other agendas. But it is a thing to live with if you're going to be branding yourself that way.'
CNBC
19 hours ago
- Politics
- CNBC
Donald Trump's lawsuit against Bob Woodward over audiobook is dismissed
A federal judge on Friday dismissed U.S. President Donald Trump's nearly $50 million lawsuit against the journalist Bob Woodward for publishing tapes from interviews for his 2020 best-seller "Rage" as an audiobook. The decision by U.S. District Judge Paul Gardephe in Manhattan is a victory for Woodward, his publisher, Simon & Schuster, and its former owner, Paramount Global. Woodward interviewed Trump 19 times between December 2019 and August 2020, and approximately 20% of "Rage" was derived from these interviews. The book was released in September 2020, while the audiobook "The Trump Tapes," including Woodward's commentary, was released in October 2022. In a 59-page decision, Gardephe stated that Trump did not plausibly allege that he and Woodward intended to be joint authors of "The Trump Tapes," noting that Simon & Schuster credited Trump as a "reader" while crediting Woodward as the author. The judge, an appointee of Republican President George W. Bush, also stated that Trump did not demonstrate he had a copyright interest in his stand-alone responses to Woodward's questions. Gardephe also stated that federal copyright law preempted Trump's state-law-based claims. He gave Trump until August 18 to amend his complaint a third time. A spokesperson for Trump's legal team said in a statement: "In another biased action by a New York Court, this wrongful decision was issued without even affording President Trump the basic due process of a hearing. We will continue to ensure that those who commit wrongdoing against President Trump and all Americans are held accountable." Lawyers for Woodward, Simon & Schuster and Paramount did not immediately respond to requests for comment. The defendants had argued that federal law barred Trump from copyrighting interviews conducted as part of his official duties, and that no president before him ever demanded royalties for publishing presidential interviews. They also referred to Woodward as the "sole architect and true author" of the interviews, just as journalists like the late Walter Cronkite and Barbara Walters were in their interviews with other presidents. Woodward also stated that his interviews reflected "classic news reporting," which helped convey accurate information to the public, and thus constituted "fair use." Trump was sued in January 2023, claiming he had told Woodward repeatedly that the interviews were intended solely for the book. Woodward said he never agreed to that restriction. The $49.98 million damages request was based on what Trump's lawyers called projected sales of 2 million audiobooks at $24.99 each. Paramount sold Simon & Schuster in October 2023 to private equity firm KKR KKR.N for $1.62 billion in cash. The case is
