One of the biggest TV stories of the summer revolved around CBS' unexpected (to most) cancellation of its late-night mainstay "The Late Show with Stephen Colbert," citing financial issues as the biggest cause, while also pointing blame at Colbert's lack of momentum on YouTube and social media. Those excuses were debated publicly, with Jimmy Kimmel and more expressing disbelief that money troubles suddenly cropped up at the same time CBS boss Paramount was attempting to finalize its merger with Skydance Media. Another significant cause was also in play that hasn't been discussed as much.
George Cheeks, who ascended to Chair of TV Media as the merger was made official, addressed a key component that went into the network's decision to end "The Late Show" after its upcoming 11th season. Speaking a post-merger press conference (via Deadline), Cheeks first claimed that "The Late Show" was losing tens of millions of dollars a year, not quite confirming the $40 million/year losses that were reported by others.
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