Former ‘Full Frontal’ host Samantha Bee discussed the financial struggles of legacy late-night shows like Stephen Colbert’s on the ‘Breaking Bread with Tom Papa’ podcast. Bee admitted that Stephen Colbert’s show was suffering from a ‘hemorrhaging’ of viewers and money, which she attributed to the shifting audience preferences. The decision to cancel ‘The Late Show with Stephen Colbert’ was described as a financial move by CBS, as the network cited ‘purely financial reasons’ due to the difficult environment in late-night television.
Bee and comedian Tom Papa both acknowledged that the show was losing over $40 million each year and that viewers had become increasingly disengaged. They noted that audiences no longer relied on late-night programs for updates, as they now predominantly consume content through their phones and streaming services. Bee pointed to the rise of platforms like Netflix and the popularity of shows like ‘Squid Games’ as indicative of a changing media landscape.
While some speculated that political reasons might have influenced CBS’s decision to cancel Colbert’s show, especially given the host’s known criticism of Donald Trump, Bee and Papa suggested that the primary factor was the show’s financial performance. They both agreed that the decision was a ‘no-brainer’ for a network looking to cut costs in an increasingly competitive market. Bee also mentioned that the involvement of Trump in a corporate merger involving CBS’s parent company, Paramount, could have added pressure on the network to make changes.
The conversation highlighted the broader trend among late-night hosts as they struggle to remain relevant amid the rise of digital and streaming content. Bee’s remarks underscored the financial pressures facing legacy late-night programs and the challenges faced by traditional TV in adapting to modern consumption habits.