Jimmy Kimmel Responds to Reports Colbert ‘Late Show’ Was Losing $40 Million a Year

Jimmy Kimmel has hit out at reports that The Late Show With Stephen Colbert was losing money before the series was canceled.

Variety published a new interview with the late-night host on Monday, August 18, which featured quotes he shared last month about The Late Show‘s reported money problems. “I just want to say that the idea that Stephen Colbert‘s show was losing $40 million a year is beyond nonsensical,” Kimmel told the outlet. “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.”

According to Kimmel, the financial loss reports seemed “to only be focused on advertising revenue and have completely forgotten about affiliate fees, which number in the hundreds of millions — probably in total billions — and you must allocate a certain percentage of those fees to late-night shows.” He added, “It really is surprising how little the media seems to know about how the media works. There’s just not a snowball’s chance in hell that that’s anywhere near accurate. Even that — that’s all you need to know. Suddenly he’s losing $40 million a year?”

Reflecting on his journey with his own series, Jimmy Kimmel Live!, he continued, “I will tell you, the first 10 years I did the show, 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.”

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CBS surprised viewers when it announced last month that The Late Show would come to an end in May 2026. The network claimed the cancellation was purely a financial decision and “not related in any way to the show’s performance, content or other matters happening at Paramount.”

The cancellation came hot on the heels of CBS’s parent company, Paramount, settling a $16 million lawsuit with President Donald Trump over an alleged edited 60 Minutes interview with former Vice President Kamala Harris from 2024. The settlement also came amid Paramount’s merger with the media company Skydance, which had to receive approval from the FCC.

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Some have speculated that Trump played a role in The Late Show‘s cancellation, as Colbert is known for criticizing the current presidential administration on the series. Trump, for his part, denied any involvement in the decision in a July 29 Truth Social post, writing, “Everybody is saying that I was solely responsible for the firing of Stephen Colbert from CBS, Late Night. That is not true! The reason he was fired was a pure lack of TALENT, and the fact that this deficiency was costing CBS $50 Million Dollars a year in losses — And it was only going to get WORSE!”

He went on to attack Kimmel and fellow late-night host Jimmy Fallon, stating, “Next up will be an even less talented Jimmy Kimmel, and then, a weak, and very insecure, Jimmy Fallon. The only real question is, who will go first? Show Biz and Television is a very simple business. If you get Ratings, you can say or do anything. If you don’t, you always become a victim. Colbert became a victim to himself, the other two will follow.”

Trump previously claimed Kimmel will be “NEXT to go in the untalented Late Night Sweepstakes” in a July 22 Truth Social post. Kimmel clapped back by sharing a screenshot of the post via his Instagram that same day, writing, “I’m hearing you’re next. Or maybe it’s just another wonderful secret.”

The Late Show With Stephen Colbert, Returns, Tuesday, September 2, 11:35/10:35c, CBS