Byron Allen to Save CBS $150M+ by Taking Over Colbert’s Late Show Slot

Byron Allen is set to take over ‘The Late Show with Stephen Colbert’ time slot on CBS starting May 22, with his show ‘Comics Unleashed’ airing back-to-back half-hour episodes from 11:35 PM–12:37 AM ET/PT.

Paramount+ Premium subscribers will have access to a live stream of the show via their local CBS affiliate feed. Allen Media Group’s comedy game show, ‘Funny You Should Ask’, hosted by Jon Kelley, will follow immediately after, airing from 12:37 AM–1:37 AM ET/PT.

Cost Savings and Strategic Move

Allen told TheWrap that while he was surprised by CBS’ decision to cancel Colbert’s show, he saw an opportunity to expand ‘Comics Unleashed’ while helping Paramount-owned CBS reduce costs. The media giant, led by David Ellison, is targeting at least $3 billion in annual cost savings.

“Between the two time periods, they’re saving approximately $150 million+ per year, just on production and marketing. That does not include what I’m paying [for the time slot]. So it’s a great deal for CBS.”

Allen declined to disclose the exact amount he is paying for Colbert’s former time slot.

Career Milestones and Legacy

Allen began his career at 18, becoming the youngest comedian to appear on ‘The Tonight Show with Johnny Carson’. He later hosted ‘The Byron Allen Show’ on the same lot, with Carson serving as his inspiration for ‘Comics Unleashed’.

The May 22 premiere holds personal significance for Allen, as it marks the same date Carson stepped down from late-night television in 1992.

“CBS wanted me to premiere Sept. 21 and I said, ‘No, let’s do it Friday, May 22.’ What people don’t realize is that was my hero Johnny Carson’s last night. Normally, you would premiere in September, but I said ‘No, no, no, no. That’s when Johnny stepped down. That’s when I’m stepping up.’”

Financial and Industry Context

The shift follows ‘Comics Unleashed’ replacing ‘After Midnight’ last year after host Taylor Tomlinson’s resignation. Allen highlighted the financial strain of the previous show:

“They were spending $30 million to $40 million a year on ‘After Midnight.’ And I said, ‘I can save that production money. I can buy the time period, pay you millions of dollars’ and that was it. They said, ‘Yeah, let’s give it a shot’ and the show’s been doing great there.”

The late-night format has faced financial challenges, with reports suggesting ‘The Late Show’ was losing $40 million to $50 million annually.

Allen’s move comes amid broader industry shifts, including Paramount’s $16 million settlement with former President Donald Trump over a ‘60 Minutes’ interview involving Vice President Kamala Harris. Colbert’s show was canceled shortly after he referred to the settlement as a “big fat bribe” to secure regulatory approval.