Latest news with #financial decision
Yahoo
2 days ago
- Entertainment
- Yahoo
CBS cancels ‘Late Show With Stephen Colbert,' citing ‘financial decision'
Stephen Colbert's beloved late-night show is coming to an end. CBS announced its plan to cancel 'The Late Show With Stephen Colbert' after the next TV season in a statement on Thursday, July 17. The network claimed it was 'purely a financial decision.' 'We consider Stephen Colbert irreplaceable and will retire 'The Late Show' franchise in May of 2026,' CBS executives' statement read. 'We are proud that Stephen called CBS home. He and the broadcast will be remembered in the pantheon of greats that graced late night television.' '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,' the announcement concluded. Colbert addressed the situation during the taping of Thursday's show at the Ed Sullivan Theatre in New York, sharing that he learned the news on Wednesday evening. Delivering the news from his iconic 'Late Show' desk, the television host said he was appreciative to the network for giving him a platform. As the audience booed, Colbert chimed in, 'Yeah. I share your feelings.' He continued to explain, 'I'm not being replaced, this is all just going away.' 'I do want to say that the folks at CBS have been great partners. I'm so grateful to the Tiffany Network for giving me this chair and this beautiful theater to call home. And of course, I'm grateful to you, the audience who have joined us. … And I am extraordinarily, deeply grateful to the 200 people who work here,' Colbert continued. 'We get to do this show for each other, every day, all day,' he added. 'It is a fantastic job. I wish someone else was getting it.' CBS' decision marks the end of the network's historic late-night programming, which started when David Letterman jumped ship from NBC in 1993 to host 'The Late Show With David Letterman.' Colbert took over the show when Letterman left in 2015. He's been a consistent ratings leader for the network ever since. The star has hosted nearly 1,700 episodes over the span of almost 10 seasons. His first show aired on Sept. 8, 2015. Before his stint on 'The Late Show,' Colbert starred on 'The Daily Show' and 'The Colbert Report.' There were already rumblings that Colbert might be on the chopping block, as Skydance Media is slated to acquire Paramount Global, CBS' parent company. This is just another blow to CBS, which recently settled a lawsuit with President Trump in order to keep the peace and save the Skydance-Paramount merger. The network already canceled 'After Midnight' with comedian Taylor Tomlinson, which replaced 'The Late Late Show with James Corden,' after just two seasons. As for its competing networks, ABC's 'Jimmy Kimmel Live!' is set to film its final season of a three-year deal in fall, and NBC's Jimmy Fallon and Seth Meyers signed deals last year to continue their shows through 2028. Solve the daily Crossword
Yahoo
22-07-2025
- Business
- Yahoo
Jon Stewart defended his friend Stephen Colbert in an f-bomb-filled monologue against CBS and the Trump administration
Jon Stewart slammed CBS's decision to cancel his friend Stephen Colbert's talk show. CBS, which is owned by Paramount, said the cancellation was "purely a financial decision." But Stewart said Paramount was capitulating to Trump over its proposed merger with Skydance Media. Jon Stewart says CBS's cancellation of "The Late Show With Stephen Colbert" has less to do with the show's financials and more to do with getting into the Trump administration's good books. Stewart slammed CBS and its decision during his expletive-filled monologue on "The Daily Show" that aired on Monday night. Both Stewart's and Colbert's shows share the same parent company, Paramount Global. "Now, obviously, I am certainly not the most objective to comment on this matter," Stewart said of his longtime friendship with Colbert. Stewart acknowledged the financial challenges that come with trying to run a late-night television show like Colbert's. Stewart said in his monologue that "late night TV is a struggling financial model" and is akin to "operating a Blockbuster kiosk inside of a Tower Records." "But when your industry is faced with changes, you don't just call it a day. My God, when CDs stopped selling, they didn't just go, 'Oh well, music, it's been a good run,'" Stewart said. Stewart said CBS's cancellation of Colbert's show raised questions over whether it was "purely financial" or the "path of least resistance" for Paramount's proposed merger with Skydance Media. "I believe CBS lost the benefit of the doubt two weeks prior when they sold out their flagship news program to pay an extortion fee to said president," Stewart said. Earlier this month, Paramount said it had agreed to pay President Donald Trump a $16 million settlement. Trump had filed a lawsuit against CBS that accused the network of "deceptive editing" of an interview with then-Vice President Kamala Harris on "60 Minutes." "Look, I understand the corporate fear. I understand the fear that you and your advertisers have with $8 billion at stake," Stewart said. "But understand this: Truly, the shows that you now seek to cancel, censor, and control, a not-insignificant portion of that $8 billion value came from those fucking shows. That's what made you that money," he added. Representatives for Stewart, Colbert, CBS, and the White House didn't respond to requests for comment. 'Fear and pre-compliance' Stewart said that capitulating to Trump wouldn't play out the way Paramount expects. He referenced the president's recent lawsuit against The Wall Street Journal after it reported on a "bawdy" birthday letter Trump sent to Jeffrey Epstein on the latter's 50th birthday. "Donald Trump is suing Rupert Murdoch. The owner of Fox News, the man other than Biden may be most responsible for getting Trump elected," Stewart said. "Fox spends 24 hours a day blowing Trump, and it's not enough. Imagine suing someone mid-blow. How could you? 'Finish up. Finish up down there, and I'll see you in court,'" he added. Stewart added that the reason Colbert's show was ending wasn't its financial health but the "fear and pre-compliance that is gripping all of America's institutions." "This is not the moment to give in. I'm not giving in," Stewart said. During his half-hour monologue, Stewart said versions of the f-word more than two dozen times. CBS said in a statement on July 18 that the cancellation of Colbert's show was "purely a financial decision against a challenging backdrop in late night." It added that the decision was "not related in any way to the show's performance, content or other matters happening at Paramount." Last week, Puck's Matt Belloni reported that Colbert's show had been losing more than $40 million a year. This is in spite of Colbert's popularity with viewers. His show was the only late-night show to gain viewers this year, according to ratings from the American audience measurement company Nielsen. Advertising revenue across late-night shows like Colbert's has been dropping, too. Ad revenue for late-night fell from $439 million in 2018 to $220 million in 2024, The New York Times reported, citing data it had obtained from the advertising data firm Guideline. Read the original article on Business Insider
Yahoo
20-07-2025
- Business
- Yahoo
Man worries he'll die young — should he spend $500k to retire early?
Faced with a history of family members dying young, Sarah's husband wants to spend US$500,000 to retire early. She called The Ramsey Show to find out if fear is a good enough reason. Sarah and her husband, 53, are in a strong financial position. Their house is paid off, they've saved millions for retirement and on paper, they're set. But his family history looms large. With his mother dying at 59 and both of his brothers dying at 55, he's starting to wonder if he should clock out of work early, just in case. That's why he's seriously considering spending the money to buy five years of his pension and retire early. The Ramsey Show hosts pushed back on the idea of making a major financial decision based on fear. 'None of us is promised tomorrow,' said Ken Coleman. Don't Miss Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich — and 'anyone' can do it The Canadian economy is showing signs of softening amid Trump's tariffs — protect your wallet with these 6 essential money moves (most of which you can complete in just minutes) I'm almost 50 and don't have enough retirement savings. What should I do? Don't panic. Here are 6 solid ways you can catch up Buying a pension to retire early? At the heart of the matter is Sarah's husband's fear of dying young. While she called to ask if they should buy the pension, the Ramsey hosts cautioned against making an emotional decision. 'I would not sacrifice the future here on the altar of the immediate,' said Coleman. 'We have to live in the moment, yes, but also not sacrifice our future based on some emotion that's not rooted in facts.' Jade Warshaw echoed his sentiment. 'I don't like that idea,' she said. 'Something about that doesn't feel right.' As the hosts dug deeper, it became clear the couple doesn't need the extra money from the pension to retire early. They own their home outright and have millions saved for retirement. If they spent US$500,000, they'd receive about US$6,000 per month in retirement income. But given their other assets, they likely don't need it to live comfortably. 'You don't need the money, so I certainly wouldn't buy it,' Warshaw said. 'Now it's up to you guys to decide: what is this US$6,000 a month worth to us?' If it's not worth working for seven more years, he could retire now, without buying the pension. Beyond the numbers, Warshaw encouraged the couple to consider using some of their money to assess and improve his health. Lifestyle changes and preventive care could help improve both his quality of life and longevity. Read more: Here are — and very quickly regret. How many are hurting you? When does it make sense to retire early? Retiring early can be appealing for many reasons. Maybe, like Sarah's husband, you're worried about your health. Maybe you feel burned out or want more time to travel. Whatever the reason, it's important to consider the financial side. If you've spent your working years saving, paid off your house and built a solid nest egg, early retirement might be an option. But if you're still in debt or have minimal savings, this might be the time to buckle down on your financial goals instead. In Sarah's case, her family's strong net worth and paid-off house make early retirement a real possibility. If they had called in with debt or little savings, the advice would've been different. According to a recent Northwestern Mutual survey, Americans believe they'll need US$1.26 million to retire comfortably. Canadians fare similarly, with a BMO survey reporting that they believe they'll need around CA$1.54 million to retire comfortably. Sarah and her husband are already in that ballpark, setting them apart from the average household. And if full retirement doesn't make sense just yet, a gradual approach might. Scaling back to part-time hours — say from 40 to 20 a week — can offer many of the same lifestyle benefits without jeopardizing your financial future. 1. The Ramsey Show Highlights: Pay $500,000 To Retire? (He's Afraid He's Going To Die Early)(June 13, 2025) 2. NorthWestern Mutual: Planning and Progress Study 2025 3. BMO: BMO Retirement Survey: Over Three Quarters of Canadians Worry They Will Not Have Enough Retirement Savings Amid Inflation (Feb 12, 2025) What To Read Next Are you rich enough to join the top 1%? Here's the net worth you need to rank among Canada's wealthiest — plus a few strategies to build that first-class portfolio Ramit Sethi says you should hit these 9 'money milestones' before 40 if you want to be rich — how many have you crossed off the list? Pet owners, here's how you can get up to 90% cashback on expensive emergency veterinary bills — and you can even get a free quote in 30 seconds This man from Toronto feels broke making $73,000 a year — his wife recently left him and he has an 18-month-old child. Here's what Dave Ramsey told him This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Independent
18-07-2025
- Business
- The Independent
CBS staff in turmoil over ‘Trump shakedown' after Stephen Colbert and The Late Show are canceled
CBS staffers aren't buying the network's claims that the cancellation of Stephen Colbert's top-rated, late-night show was purely a 'financial decision,' but rather a continuation of the 'Trump shakedown' that began with parent company Paramount's settlement of the 60 Minutes lawsuit, according to multiple sources. Despite The Late Show averaging 2.4 million total viewers on a nightly basis and handily beating rival networks' late-night competition, Paramount and CBS executives announced in a joint statement Thursday that Colbert's long-running program would come to an end next year. 'T he Late Show With Stephen Colbert will end its historic run in May 2026 at the end of the broadcast season. We consider Stephen Colbert irreplaceable and will retire The Late Show franchise at that time,' the announcement – signed by Paramount co-CEO George Cheeks, CBS Entertainment president Amy Reisenbach and CBS Studios president David Stapf – noted. 'We are proud that Stephen called CBS home. He and the broadcast will be remembered in the pantheon of greats that graced late night television.' Calling it an 'agonizing decision,' the executives added: '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.' The news dropped like a lead balloon for fans, who immediately groaned and booed when Colbert revealed on his show Thursday night that he would be wrapping up for good next May. 'I share your feelings,' he said to the disappointed studio audience. While the corporate bosses insist the decision was merely due to late-night television becoming unprofitable because of dwindling ad revenues and high production costs, it cannot be ignored that it comes amid Paramount's pending $8.4 billion merger with Skydance, the media and film production giant, which requires approval from the Trump administration. Additionally, Colbert has been highly critical of Paramount's settlement with Trump, agreeing with lawmakers and journalism groups that the $16 million payment to the president to drop a lawsuit that legal experts said was 'frivolous' and akin to bribery. 'While I was on vacation, my parent corporation, Paramount, paid Donald Trump a $16 million settlement over his '60 Minutes' lawsuit,' Colbert said Monday after returning from a multi-week break. 'As someone who has always been a proud employee of this network, I am offended. And I don't know if anything will ever repair my trust in this company, but just taking a stab at it, I'd say $16 million would help,' he quipped, adding that the 'technical name in legal circles' for the settlement is 'a big, fat bribe.' Several network sources told The Independent that while they understand that Colbert's program had become costly to run over the years, and was potentially a drain on the network's bottom line, many people working at CBS don't fully believe the narrative coming from upper brass about the cancellation. One senior staffer at CBS, for instance, said that no one at the network 'is buying that it's a financial decision,' adding that the demise of the CBS flagship left 'everyone stunned,' including 'famous comedians' that the source said they knew. Indeed, responding to the news that his late-night rival would soon be out of a job, ABC star Jimmy Kimmel posted on Instagram: 'Love you, Stephen. F*** you and all your Sheldons, CBS.' Another network staffer said they were told the show had been 'on the chopping block' for a few years because it was 'very expensive to produce.' At the same time, though, this insider said that they didn't believe this was the reason behind the sudden announcement on Thursday. 'Many of us think this was part and parcel of the Trump shakedown settlement,' the staffer declared. Meanwhile, The Independent has also learned that staffers at Comedy Central's The Daily Show, which is also owned by Paramount, are expressing concern that their program could be next. The Independent has reached out to Paramount and CBS for comment. Earlier this month, after Paramount reached its settlement with Trump, Status News' Oliver Darcy reported that the upcoming merger with Skydance – which is led by pro-Trump billionaires Larry and David Ellison – could result in the cancelations of Colbert and Daily Show host Jon Stewart, both vocal critics of the president. Stewart, like Colbert, has also pilloried Paramount for paying off Trump. 'What better gift could [the Ellisons] give Trump than to get rid of Colbert and Stewart?' one media insider told Status. Stewart, meanwhile, recently noted on his podcast that he 'unfortunately' hasn't spoken with soon-to-be new corporate boss David Ellison or any other Skydance brass, amid rumors that he could soon be booted. 'I've been kicked out of sh*ttier establishments than that. We'll land on our feet,' he said. Amid the fallout over the Colbert announcement, Democratic lawmakers are sounding alarm bells that the move could be politically motivated. 'If Paramount and CBS ended 'The Late Show' for political reasons, the public deserves to know,' Democratic Senator Adam Schiff, of California, who was a guest on Colbert's show Thursday night, posted on social media. Echoing Schiff's sentiments, Massachusetts Senator Elizabeth Warren – who had previously warned Paramount that it could face congressional probes for violating anti-bribery statutes – noted that the decision came 'just THREE DAYS after Colbert called out CBS parent company Paramount for its $16M settlement with Trump.' 'America deserves to know if his show was canceled for political reasons,' she added. Whether this move was made to appease Trump or not, the president made it clear that he was pleased with the result either way. 'I absolutely love that Colbert got fired,' Trump gloated on Truth Social on Friday. 'His talent was even less than his ratings. I hear Jimmy Kimmel is next. Has even less talent than Colbert! Greg Gutfeld is better than all of them combined, including the Moron on NBC who ruined the once great Tonight Show.'
Yahoo
18-07-2025
- Entertainment
- Yahoo
CBS to Cancel ‘Late Show With Stephen Colbert' Citing ‘Financial Decision'
TV's ongoing problems with late night have come for Stephen Colbert, with CBS announcing Thursday that it plans to end his 'Late Show' after the next TV season, citing a 'financial decision.' The maneuver — which ends years of original late-night programming at CBS that started when the network lured David Letterman from NBC in 1993 — comes as the economics of wee-hours TV have begun to accelerate, with media companies growing wary of the high price tags involved in producing the shows while the young viewers they try to attract watch more of them via digital video. More from Variety CBS Reveals Fall Premiere Dates; 'CIA' Moves to Midseason, Gets New Showrunner Eva Pilgrim Jumps to 'Inside Edition' from ABC News' 'GMA3' Trump Claims '60 Minutes' Settlement Is Worth as Much as $35 Million Including 'Advertising'; Paramount Denies Deal Includes PSAs 'We consider Stephen Colbert irreplaceable and will retire 'The Late Show' franchise' in May of 2026, CBS executives said in a statement. 'We are proud that Stephen called CBS home. He and the broadcast will be remembered in the pantheon of greats that graced late night television. 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.' Colbert, who was informed of the network's decision Wednesday evening, according to a person familiar with the matter, told the audience at the taping for Thursday's broadcast about the matter. 'It is a fantastic job. I wish somebody else was getting it,' he quipped, while offering thanks to CBS executives and the 200 or so staffers who work on his program. Audience members booed. ''Yeah, I share your feelings,' said Colbert. 'It's not just the end of our show, but it's the end of 'The Late Show' on CBS. I'm not being replaced. This is all just going away.' There has been growing speculation that both Colbert and Jon Stewart, who hosts one broadcast of Comedy Central's 'Daily Show' each week, could be under growing scrutiny from executives at Skydance Media, which is slated to acquire Paramount Global, the parent of both CBS and Comedy Central. David Ellison, who leads Skydance, has projected an image of being intrigued by the politics espoused by President Donald Trump, who Colbert and Stewart routinely skewer in monologues and commentary. Indeed, Senator Adam Schiff, the California Democrat, took to social media Thursday after taping a 'Late Show' broadcast and said: 'If Paramount and CBS ended the Late Show for political reasons, the public deserves to know. And deserves better.' CBS has already been winding down its activity around midnight. The network recently cancelled 'After Midnight,' a companion program that aired after 'Late Show' and featured comedian Taylor Tomlinson. She decided to leave to focus on her own stand-up, even though CBS had sought a third season of the show. It's no secret among staffers and executives associated with late night that the business of the format has been in decline. Young people are the very consumers jumping first to new streaming behaviors that are less tied to watching programs at a specific time and date. Hosts like Jimmy Fallon, Jimmy Kimmel and Colbert continue to generate headlines and digital memes and still build sizable live audiences that the networks– and their distributors and advertisers — covet. But less so, and the ranks of the hosts have narrowed in recent years. So too have episodes of the shows. None of the medium's regular hosts holds forth on Fridays any longer, with Fallon's 'Tonight' the last to give up the fifth night of the week. Still, CBS' decision has puzzled others in the industry. The exit of a popular late-night host is the kind of thing that might be announced during 'upfront' meetings with advertisers in May, so as to boost interest in the program for its last year on air. Indeed, Johnny Carson unveiled his decision to leave NBC's 'Tonight Show' at a presentation to advertisers in 1991. David Letterman was celebrated at one of CBS' regular upfront spectacles at Carnegie Hall, a decision that helped whet appetites for his last few months on 'Late Show.' Some networks with a big hand in the late-night game continue to gain support for their shows. NBC wooed Allstate, T-Mobile and several other big-spending advertisers to bolster the recently completed 50th season of 'Saturday Night Live.' The network is trying to do the same thing with a new program featuring 'Tonight Show' host Jimmy Fallon called 'On Brand' that has him trying to help market popular products. Colbert will next year wind up a colorful run. When he took over 'Late Show' in 2015, he had to navigate a new role. He was no longer the bloviating conservative character he portrayed on Comedy Central. He had to instead find ways to be his authentic self, even though he had not revealed such a persona to the public in the past. His first months were riddled with scrutiny, and comparisons to the 'Late Late Show' led by James Corden that reveled in games and skits. But Colbert turned a corner in 2016 when he hosted an Election Night special on Showtime and had to entertain a live New York crowd that stared in disbelief at results showing that Donald Trump would triumph over Hillary Clinton. Colbert found his footing that night, and decided to lean heavily into pointed humor about current events. His ratings surged and 'Late Show' has often been TV's most-watched late night program. Is CBS averse to ratings? Or is the money it costs to get them just too dear at a time when streaming video is taking more of traditional TV's audience away? CBS has opted to fill its now-empty 12:30 a.m. slot with old repeats of a syndicated comedy roundtable from media entrepreneur Byron Allen? What will the network do to replace 'The Late Show'? Best of Variety New Movies Out Now in Theaters: What to See This Week 'Harry Potter' TV Show Cast Guide: Who's Who in Hogwarts? Final Emmy Predictions: Talk Series and Scripted Variety - New Blood Looks to Tackle Late Night Staples Solve the daily Crossword
