Jimmy Kimmel Fires Back at Claims Stephen Colbert’s ‘Late Show’ Lost CBS $40 Million: “That Story Doesn’t Hold a Drop of Truth”
In a candid and wide-ranging interview with Variety , Emmy-winning host and comedian Jimmy Kimmel didn’t hold back when addressing recent reports that CBS’s The Late Show with Stephen Colbert was losing $40 million annually. The conversation, originally scheduled to celebrate Kimmel’s multiple Emmy nominations, quickly turned into a passionate defense of late-night television and a pointed critique of the media’s understanding of TV economics.
Emmy Success and Humble Beginnings
Kimmel, who recently earned four Primetime Emmy nominations—including Outstanding Talk Series for Jimmy Kimmel Live! , Short Form Comedy for The Rabbit Hole with Jimmy Kimmel , and both Game Show Host and Executive Producer for Who Wants to be a Millionaire —reflected on his career trajectory. “I never thought I’d be in this position,” Kimmel admitted. “I wanted to be a disc jockey in Las Vegas. Had I gotten that job, I might never have left. But this is all much more than I ever imagined.”
Public Support for Colbert
Kimmel’s admiration for Stephen Colbert was front and center. He even put up a billboard in Los Angeles declaring his support for Colbert at the Emmys. “Voting for Stephen is the least we could do at this point,” Kimmel explained. “Awards don’t always matter, but this year, I think it will. People are very upset about what happened to him and his show.”
Debunking the $40 Million Loss Myth
Industry insiders and media analysts have circulated claims that The Late Show with Stephen Colbert was hemorrhaging $40 million a year, especially following the show’s cancellation after the FCC approved the Paramount-Skydance merger. Kimmel was unequivocal in his response:
“The idea that Stephen Colbert’s show was losing $40 million a year is beyond nonsensical. These alleged insiders don’t know what they’re talking about. They focus only on advertising revenue and ignore affiliate fees, which amount to hundreds of millions—probably billions—in total. You must allocate a percentage of those fees to late-night shows. There’s just not a snowball’s chance in hell that’s anywhere near accurate. They keep paying us, and that’s all you need to know.”
The Real State of Late-Night TV
Kimmel pushed back against the narrative that late-night television is dying. While network ratings have declined, he argued that viewership remains strong across digital platforms:
“Network television is declining, but more people are watching late-night than ever before—just not on traditional TV. Our monologues get 2 to 5 million views nightly online. Seth Meyers gets 2 million on YouTube alone. Jon Stewart’s The Daily Show pulls in 5 million on a Monday night. When you add streaming numbers, these shows compete with the biggest hits on Netflix and Hulu. The media paints late-night as a rotting corpse, but it’s simply not true.”
Camaraderie Among Late-Night Hosts
Kimmel described a close bond with his fellow late-night hosts, especially during the recent writers’ strike. “We became really close during the strike,” he said. “We had long, fun conversations and started a podcast. Now it’s a frequent text chain. We were all shocked and disappointed by what happened to Colbert’s show and by the lack of response from the right about free speech. Silencing comedians is not what this country is about.”
Game Show Host Roots and a Susan Lucci Moment
Kimmel also reflected on his roots as a game show host, recalling his first TV job on Win Ben Stein’s Money . “Ben and I won the Emmy for best game show host our first year. We couldn’t believe it. When we won, I gave my Emmy to Susan Lucci, who was famous for her losing streak. It felt right.”
Why Colbert Deserves the Emmy
Asked why people should vote for Colbert at the Emmys, Kimmel was effusive: “He’s a sweet, moral, ethical person. He’s the salt of the earth—humble and extremely smart. I hope whatever he does next is even more powerful.”
The Matt Damon Story
Kimmel shared a classic story involving his longtime faux-rival Matt Damon. “Matt was at my house for dinner and started choking on a pork rib. It was stuck for an hour and a half. We tried the Heimlich, but it was too far down. His brother was there, and we YouTubed solutions. Eating bits of bread finally worked. If he’d died in my house, I’d be in prison for life!”
Final Thoughts on Politics and Trump
Kimmel ended on a political note, referencing former President Trump’s recent appearance at a WWE event. “I saw him get booed, and it really cheered me up. If Trump is getting booed at wrestling, America is starting to catch on.”
Jimmy Kimmel’s passionate defense of late-night television and his support for Stephen Colbert offer a rare, insider perspective on the business realities and cultural importance of comedy programming. Despite rumors and shifting media narratives, Kimmel insists the genre is far from dead—and that the numbers, and the fans, tell a very different story.
