“Utterly Absurd”: Jimmy Kimmel Rejects Claims That Stephen Colbert’s “The Late Show” Was Canceled Over a $40 Billion Loss

A Shocking Backdrop

Rumors that “The Late Show with Stephen Colbert” – one of America’s most iconic late-night programs – could face cancellation due to staggering financial losses have sent shockwaves through the entertainment industry. According to alleged internal reports, the show was blamed for draining CBS with a $40 billion loss. The claim has not only unsettled the television landscape but also ignited fierce debate about how major networks actually calculate profits and expenses.

Jimmy Kimmel: “It Makes No Sense”

Stepping in as one of the loudest voices of skepticism, Jimmy Kimmel, host of ABC’s “Jimmy Kimmel Live!”, bluntly dismissed the figures as unrealistic. He argued that the so-called insiders focused only on direct ad revenues while ignoring the affiliate fees—a revenue stream worth hundreds of millions, if not billions of dollars, of which a portion is traditionally allocated to late-night programming.

“Suddenly he’s losing $40 billion a year? I don’t buy it. When I started my show, they told me for the first ten years that we weren’t making any money—despite the fact that we had five times the audience ABC has today. And yet, they still paid us. That’s all you need to know,” Kimmel said with pointed sarcasm.

The Transparency Dilemma in U.S. Television

Kimmel’s remarks highlight a long-standing issue: the financial opacity of the television business. For decades, networks have used complex accounting methods to shift costs, often making shows appear unprofitable on paper while they continue to generate brand value and indirect revenues across the advertising–affiliate–streaming ecosystem.

In Colbert’s case, where the show consistently leads or remains among the leaders in late-night ratings, the claim of being a “$40 billion liability” seems even more implausible. Some media experts speculate that such figures could be part of a strategic narrative—either a bargaining chip in CBS’s internal negotiations or a way to justify a broader restructuring amid the industry’s pivot toward streaming.

What Lies Ahead for Colbert and Late-Night  TV?

Regardless of the veracity of the numbers, the controversy underscores a deeper challenge: traditional broadcast television is under pressure from streaming platforms. Once the beating heart of American pop culture, late-night shows are now forced to justify their place in a landscape dominated by on-demand content from Netflix, YouTube, and TikTok.

For Stephen Colbert, long considered a ratings champion, being framed as a financial burden defies logic. As Kimmel noted, the real issue is not whether the show loses money on paper but whether networks still see late-night programming as a strategic investment—or merely a cost center ripe for cuts.

Conclusion

“Utterly absurd”—Kimmel’s sharp rebuke does more than defend a colleague; it exposes the fragile state of an entire industry. At its core, this dispute is not just about Colbert or a single show, but about the future of late-night television in the digital age. Until CBS provides a transparent explanation, Kimmel’s words remain a reminder that in Hollywood, financial truths are rarely as straightforward as they appear