CBS boss insist ‘economics’ behind Late Show cancellation as Paramount deal finalised
The Late Show was cancelled after a 32-year-run due to a decline in advertising, according to CBS boss George Cheeks, who spoke at a press conference following the sale of Paramount.
Entertainment conglomerate Skydance’s AU$12.2 billion takeover of Paramount finally became official on August 7, just over a year after it was first announced.
During a press conference marking the changing of the guards, Cheeks addressed the controversial cancellation of The Late Show with Stephen Colbert.
Stephen Colbert
“The challenge in late night is that the advertising marketplace is in significant secular decline,” Cheeks explained.
“We are huge fans of Colbert, we love the show, unfortunately, the economics made it a challenge for us to keep going.”
The decision to end the TV institution after more than three decades came two days after Colbert called a US$16 million settlement between CBS parent company Paramount and President Donald Trump a “big fat bribe” in order to get FCC approval for the merger.
Trump filed suit against CBS and Paramount in October 2024, following a 60 Minutes interview with Kamala Harris that Trump claimed was edited to show the candidate in a positive light.
The US$10 billion lawsuit was widely considered “frivolous”, but the network still settled out of court, fuelling accusations that it was attempting to curry favour with the President as it awaited approval for the AU$12.2 billion merger.
Cheeks, former boss of CBS, has been handed an expanded remit under the new owners. As chair of TV Media, Cheeks will oversee the CBS Network, BET, Nickelodeon, MTV, and Comedy Central.
Fear of a litigious Trump
This means that South Park will be under the control of Cheeks. The show recently signed a A$2.3 billion deal with Paramount, and immediately used its season opener to take aim at the network’s fear of Trump.
All eyes will be on Cheeks, who was roundly criticised for being behind the cancellation The Late Show, as well as for interfering in the editorial independence of 60 Minutes following the filing of the Trump suit.
Bill Owens, veteran executive producer of the US version of 60 Minutes, resigned in April, citing his increasing inability “to make independent decisions based on what was right for 60 Minutes, right for the audience”.
“So, having defended this show — and what we stand for — from every angle, over time with everything I could, I am stepping aside so the show can move forward,” he wrote.
“The show is too important to the country, it has to continue, just not with me as the executive producer.”
Wendy McMahon, president and CEO of Paramount Global’s CBS News, resigned in May, telling staff she no longer agrees with decisions made by upper management.
Funnily enough, Colbert will be back on CBS next year after all — guest starring on comedy Elsbeth, as the host of the fictional late-night show, Way Late with Scotty Bristol.
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Nathan Jolly is the Features Editor at Mumbrella. He joined the team in July, 2023.
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