CBS's cancellation of Stephen Colbert's "The Late Show" has devastated the network's late-night ratings.
Its replacement, "Comics Unleashed," lost 65% of its audience compared to the same time slot last year, reports The Daily Beast.
According to Nielsen data, Byron Allen's show drew only 628,000 total viewers and just 82,000 in the crucial 18-49 demographic. Meanwhile, competitors capitalized on the exodus: Jimmy Kimmel's show surged to 2.185 million viewers — a 53% year-over-year increase — with the 18-49 demographic jumping 178%.
Jimmy Fallon's "Tonight Show" drew 1.301 million viewers, a 10% increase.
Despite the drop in viewership, CBS's financial exposure is limited. Under a "time buy" deal, Allen purchased the time slot directly and covers production costs, with Allen absorbing the ratings consequences rather than CBS, reports The Daily Beast. A source explained, this model benefits CBS by protecting the network from exposure to audience and advertiser volatility, even as the show collapses into irrelevancy.
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