Jimmy Kimmel isn’t holding back. The late-night host is taking a hard swing at recent reports claiming Stephen Colbert’s The Late Show was losing CBS a staggering $40 million a year. In an interview with Variety published Monday, Kimmel called the claims “completely false” and labeled the whole idea “beyond nonsensical.”
“I just want to say that the idea that Stephen Colbert’s show was losing $40 million a year is absolutely absurd,” Kimmel told Variety. “These alleged insiders who supposedly analyze the budgets of the shows — I don’t know who they are, but I do know they don’t know what they’re talking about.” He added that these reports seemed laser-focused only on advertising revenue, conveniently forgetting about affiliate fees, which, he notes, run into the hundreds of millions — potentially even billions. “You’ve got to allocate a certain percentage of those fees to late-night shows,” he explained.
The controversy erupted after CBS announced on July 18 that Colbert’s tenure on The Late Show would be coming to an end. In a statement, the network emphasized that the decision was “purely” financial and unrelated to the show’s content, performance, or any other matters at Paramount. But shortly after, Puck News reported that Colbert’s show “has been losing more than $40 million a year” for CBS, with a budget exceeding $100 million per season. The report went on to compare The Late Show to CBS’ daytime and primetime programming, which remain profitable.
Kimmel, however, is having none of it. “There’s just not a snowball’s chance in hell that that number is anywhere near accurate,” he told Variety. He even recalled similar claims from his own show’s early years: “The first ten years I did Jimmy Kimmel Live!, they claimed we weren’t making any money — and we had five times as many viewers on ABC as we do now. Who knows what’s true? All I know is they keep paying us — and that’s kind of all you need to know.”
It’s clear Kimmel has no intention of letting these financial reports tarnish the image of late-night television. In fact, he seems bullish on the genre’s future. “Network television is declining, no question about it. But more people are watching late-night television than ever before — and I include Johnny Carson in that,” he said. He pointed out that when Carson was at his peak, he averaged around 9 million viewers a night. While that’s massive, the lead-in shows at the time drew 30 to 40 million viewers, which helped inflate those numbers. Today, late-night audiences are just scattered across different platforms. “Our monologues get between 2 and 5 million views, sometimes more, every night,” Kimmel noted.
The ratings landscape in late-night has been shifting dramatically. Fox News Digital reported that Fox’s Gutfeld! has been thriving, averaging 3.1 million viewers through July 20, 2025, compared to 1.9 million for CBS’ outgoing The Late Show. ABC’s Jimmy Kimmel Live! averaged 1.5 million viewers, NBC’s The Tonight Show starring Jimmy Fallon pulled in 1.1 million, and NBC’s Late Night with Seth Meyers drew 751,000 viewers. The numbers underscore a bigger trend: late-night is no longer dominated by traditional network schedules. Streaming clips, social media, and online highlights have created a parallel universe of viewership that doesn’t always get captured by conventional Nielsen ratings.
Kimmel also pushed back against what he perceives as media ignorance about how television actually works. “It really is surprising how little the media seems to know about how the media works,” he said. “Suddenly, he’s losing $40 million a year? Even that — that’s all you need to know.”
In his own humorous, self-deprecating style, Kimmel reminisced about the early skepticism his show faced. “We were accused of losing money constantly, but somehow, we kept going,” he said. The takeaway? Ratings and financial success in late-night television are far more complicated than a single headline can capture.
Kimmel’s defense of Colbert is also a subtle nod to the value of affiliate fees, which are often overlooked by industry commentators. While ad revenue is a visible and easily quantified measure, affiliate fees — payments from local stations that carry network programming — are a massive, steady source of income that can significantly offset production costs. According to Kimmel, ignoring those numbers paints a distorted picture of a show’s profitability.
It’s also worth noting that CBS’ decision to end The Late Show was officially described as “purely financial” rather than performance-driven. That nuance is crucial, as it separates the business strategy from the creative output of the show. Kimmel seems intent on reminding the public that a network’s bottom line is influenced by a complex mix of costs, fees, and revenues, rather than the simplistic “winning or losing” narrative.
On a broader scale, Kimmel’s comments touch on the evolving nature of media consumption. While network television faces decline, late-night programming has adapted, finding new life in digital spaces. Social media platforms, YouTube, and streaming services allow shows to reach millions beyond the traditional broadcast audience. “People are still watching late-night — just in different places,” Kimmel said. “Our monologues get millions of views online, which is something the old-school metrics don’t even account for.”
The competitive landscape of late-night is shifting as well. With Fox’s Gutfeld! surging in ratings, the genre is becoming more diverse in content and audience appeal. The fact that a conservative late-night show can outperform traditional network programs indicates that viewer habits are no longer predictable. Meanwhile, ABC, NBC, and CBS continue to adapt, balancing traditional scheduling with digital outreach. Kimmel’s own show remains a strong contender, leveraging its online presence to maintain visibility and relevance.
Kimmel’s statements also reflect a broader point about media reporting: numbers can be misleading without context. Comparing budgets and revenue streams without considering affiliate fees, digital engagement, and changing audience habits can lead to sensationalized headlines. Kimmel seems intent on cutting through that noise with a mix of humor, firsthand experience, and insider perspective.
In short, Jimmy Kimmel is defending not just Colbert but the integrity of late-night television itself. While network ratings may fluctuate and financial calculations may be murky, the genre is far from dying. Late-night remains a dynamic, evolving space where audience engagement extends well beyond traditional TV screens. Whether through viral clips, social media shares, or streaming highlights, viewers are still deeply invested in the content, even if the numbers don’t always match up to the heyday of Johnny Carson.
Kimmel’s message is clear: don’t believe everything you read in the headlines. Numbers are just part of the story, and in the world of late-night television, the full picture is far more complex — and far more exciting. The Late Show may be ending, but late-night itself is alive, thriving, and reaching audiences in ways the old metrics never could have imagined.
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