According to an industry insider, “The Late Late Show” with James Corden was canceled due to the enormous losses it incurred annually. Reportedly, the show cost CBS up to $20 million annually. After leading it for eight years, Corden hosted the show’s final installment last week.
According to reports, Corden was paid an annual salary of $5 million as the host, while other production costs ranged from $60 to $65 million. Profits only came in at $45 million, putting the program at a significant loss.
According to the anonymous insider, “It was simply not sustainable. CBS could not afford him anymore.” Apparently, for the show to remain on the air, Corden would have to take significant pay cuts alongside layoffs. However, it was determined the show would end after thirty years on television.
Corden told Deadline, “It’s been it’s a really hard decision to leave because I’m so immensely proud of the show. I’m thrilled to be extending [for a year]. I always thought I’d do it for five years and then leave, and then I stayed on. I’ve really been thinking about it for a long time, thinking whether there might be one more adventure.”
Deadline reported:
CBS chiefs — including President and CEO George Cheeks, CBS Entertainment President Kelly Kahl, SEVP Programming Thom Sherman, CBS Studios boss David Stapf and Nick Bernstein, SVP, Late-Night Programming, West Coast — were keen to keep Corden and offered a variety of deals including a three-year extension, a two-year extension and a rolling one-year deal before he made his decision. “My bosses here at CBS have been incredibly supportive and extraordinarily patient with me while I made this decision,” Corden added.
It has been a rough time to be in late-night television over the past few years. Ad revenue has collapsed 41 percent over the last five years in accordance with the shows becoming woke and politicized instead of focusing on actual comedy. More recently, a writer strike has caused several woke late night shows to shut down. The American Tribune wrote about the dismal financial performance in the industry:
Late-night TV shows used to be a form of entertainment Americans would universally consider funny and enjoyable to watch. However, in recent years these shows embraced more of a political agenda rather than focusing on comedy. Americans have demonstrated they are tired of this political messaging, as ad revenue for late-night television has collapsed 41 percent over the last five years.
The American Tribune also reported on the late-night shows which are set to be suspended in light of the writer strike:
Late-night talk shows such as The Late Show with Stephen Colbert, Jimmy Kimmel Live!, Late Night with Seth Meyers, The Daily Show, and The Tonight Show Starring Jimmy Fallon are set to shut down starting on Tuesday, as the writers for them have agreed to go on strike.
Further, other shows are expected to be impacted but a final decision has not yet been made on them. Those are Saturday Night Live, Real Time with Bill Maher, and Last Week Tonight with John Oliver.
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