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Toronto Sun
4 days ago
- Entertainment
- Toronto Sun
Did money or politics cause Colbert cancellation? Either way, the economics are tough for TV
Published Jul 18, 2025 • 5 minute read The Ed Sullivan Theater, where the 'Late Show' is recorded live, stands in midtown Manhattan on July 18, 2025 in New York City. Photo by Spencer Platt / Getty Images Reviews and recommendations are unbiased and products are independently selected. Postmedia may earn an affiliate commission from purchases made through links on this page. CBS says its decision to end Stephen Colbert's late-night comedy show is financial, not political. Yet even with the ample skepticism about that explanation, there's no denying the economics were not working in Colbert's favour. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account The network's bombshell announcement late Thursday that the 'Late Show' will end next May takes away President Donald Trump's most prominent TV critic and the most popular entertainment program in its genre. The television industry's declining economic health means similar hard calls are already being made with personalities and programming, with others to be faced in the future. For the late-night genre, there are unique factors to consider. As recently as 2018, broadcast networks took in an estimated $439 million in advertising revenue for its late-night programs, according to the advertising firm Guidelines. Last year, that number dwindled to $220 million. Once a draw for young men, now they've turned away This advertisement has not loaded yet, but your article continues below. Late-night TV was a particular draw for young men, considered the hardest-to-get and most valuable demographic for advertisers. Increasingly, these viewers are turning to streaming services, either to watch something else entirely or catch highlights of the late-night shows, which are more difficult for the networks to monetize. More broadly, the much-predicted takeover of viewers by streaming services is coming to pass. The Nielsen company reported that during the last two months, for the first time ever, more people consumed programming on services like YouTube and Netflix than on ABC, CBS and NBC or any cable network. Networks and streamers spent roughly $70 billion on entertainment shows and $30 billion for sports rights last year, said Brian Wieser, CEO of Madison & Wall, an advertising consultant and data services firm. Live sports is the most dependable magnet for viewers and costs for its rights are expected to increase 8% a year over the next decade. With television viewership declining in general, it's clear where savings will have to come from. Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. Wieser said he does not know whether Colbert's show is profitable or not for CBS and parent company Paramount Global, but he knows the direction in which it is headed. 'The economics of television are weak,' he said. In a statement announcing the cancellation, George Cheeks, Paramount Global's president and chief executive officer, said that 'This is purely a financial decision against a challenging backdrop in late night. It is not related in any way to the show's performance, content or other matters happening at Paramount.' Cheeks' problem is that not everyone believes him. Colbert is a relentless critic of Trump, and earlier this week pointedly criticized Paramount's decision to settle Trump's lawsuit against CBS over a '60 Minutes' interview with Kamala Harris. He called Paramount's $16 million payment to Trump a 'big fat bribe,' since the company is seeking the administration's approval of its merger with Skydance Media. This advertisement has not loaded yet, but your article continues below. On Friday, the Writers Guild of America called for an investigation by New York's attorney general into whether Colbert's cancellation is itself a bribe, 'sacrificing free speech to curry favour with the Trump administration as the company looks for merger approval.' CBS' decision made this a pivotal week for the future of television and radio programming. Congress stripped federal funding for PBS and NPR, threatening the future of shows on those outlets. Journey Gunderson, executive director of the National Comedy Center, called the decision to end Colbert's show the end of an era. 'Late-night television has historically been one of comedy's most audience-accessible platforms — a place where commentary meets community, night after night,' Gunderson said. 'This isn't just the end of a show. It's the quiet removal of one of the few remaining platforms for daily comedic commentary. This advertisement has not loaded yet, but your article continues below. Trump, who has called in the past for CBS to terminate Colbert's contract, celebrated the show's upcoming demise. 'I absolutely love that Colbert got fired,' the president wrote on Truth Social. 'His talent was even less than his ratings.' Some experts questioned whether CBS could have explored other ways to save money on Colbert. NBC, for example, has cut costs by eliminating the band on Seth Meyers' late-night show and curtailing Jimmy Fallon's 'Tonight' show to four nights a week. Could CBS have saved more money by cutting off the show immediately, instead of letting it run until next May, which sets up an awkward 'lame duck' period? Then again, Colbert will keep working until his contract runs out; CBS would have had to keep paying him anyway. This advertisement has not loaded yet, but your article continues below. CBS recently cancelled the 'After Midnight' show that ran after Colbert. But the network had signaled earlier this year that it was prepared to continue that show until host Taylor Tomlinson decided that she wanted to leave, noted Bill Carter, author of 'The Late Shift.' 'It is a very sad day for CBS that they are getting out of the late-night race,' Andy Cohen, host of Bravo's 'Watch What Happens Live,' told The Associated Press. 'I mean, they are turning off the lights after the news.' Read More Colbert, if he wanted to continue past next May, would likely be able to find a streaming service willing to pay him, Wieser said. But the future of late-night comedy on the entertainment networks is genuinely at risk. Trump, in fact, may outlast his fiercest comic critics. Jon Stewart, once a weeknight fixture, works one night a week at 'The Daily Show' for Paramount's Comedy Central, a network that seldom produces much original programming any more. This advertisement has not loaded yet, but your article continues below. ABC's Jimmy Kimmel, who was chided on social media by Trump on Friday — 'I hear Jimmy Kimmel is next' — has a contract that also runs out next year. Kimmel, 57, openly wondered in a Variety interview before signing his latest three-year contract extension how long he wanted to do it. He's hosted his show since 2003. 'I have moments where I go, I cannot do this anymore,' Kimmel told Variety in 2022. 'And I have moments where I go, what am I gonna do with my life if I'm not doing this anymore?' It's a very complicated thing … I'm not going to do this forever.' Colbert, Kimmel and Stewart were all nominated for Emmy awards this week. — AP journalist Liam McEwan in Los Angeles contributed to this report. David Bauder writes about the intersection of media and entertainment for the AP. MMA Toronto & GTA World Celebrity Tennis
CNBC
15-07-2025
- Business
- CNBC
Stock futures are little changed as investors await more bank earnings and inflation data: Live updates
Traders work on the floor of the New York Stock Exchange moments before the Closing Bell and the start of President Donald Trump's news conference on tariffs on April 02, 2025 in New York City. Spencer Platt | Getty Images Stock futures were little changed on Tuesday evening, as investors await earnings releases from several big banks and the latest wholesale inflation report. Futures tied to the Dow Jones Industrial Average pulled back 54 points, or 0.1%, while S&P 500 futures lost 0.1%. Nasdaq 100 futures slipped 0.1%. In the regular trading session, the S&P 500 lost 0.4% and the Dow fell more than 400 points. The Nasdaq Composite outperformed, however, rising about 0.2% and posting a record close. The tech-heavy index got a boost from shares of Nvidia , which rose 4% after the company said it hopes to resume its H20 AI chip sales to China "soon." June's consumer inflation report weighed on markets Tuesday, with the headline figures showing a 0.3% increase on the month and a 12-month rate of 2.7%, in line with the Dow Jones consensus. The reading has fueled some concern for Wall Street, showing the impact of President Donald Trump's tariffs as they make their way through the economy. Trump over the weekend fanned the flames of his trade war after he announced a 30% tariff on imports from Mexico and the European Union beginning Aug. 1. "Inflation has started a slow climb as signs of tariff-induced inflation are now evident within durable and nondurable imports," said Joe Brusuelas, chief economist at RSM U.S. "That prompts an important question: Will service and housing inflation, which is easing but still elevated, cool further to offset what will be a more pronounced increase in durable and nondurable goods?" "Our sense is that the Federal Reserve will continue to display patience as the direction of inflation evolves," he added. Investors will get another inflation reading on Wednesday as June's producer price index report rolls out. Dow Jones consensus estimates call for a 0.2% increase on a month-to-month basis. Several central bank representatives will be speaking as well, including Richmond Fed President Thomas Barkin and Fed Governor Michael Barr. On the earnings front, major banks continue to report with Bank of America , Goldman Sachs and Morgan Stanley sharing details before the bell. Results from Johnson & Johnson are also on deck. Stock futures were little changed on Tuesday evening, with investors awaiting fresh corporate earnings and inflation data. Futures tied to the Dow Jones Industrial Average pulled back 47 points, or 0.1%, while S&P 500 futures dipped 0.1%. Nasdaq 100 futures slipped 0.1%. — Brian Evans
CNBC
10-07-2025
- Business
- CNBC
Stock futures are flat after S&P 500, Nasdaq rally to new closing records: Live updates
Traders work on the floor of the New York Stock Exchange (NYSE) on July 07, 2025, in New York City. Spencer Platt | Getty Images News | Getty Images U.S. equity futures were little changed Thursday evening after investors continued piling into risk assets, sending the S&P 500 and Nasdaq Composite to new closing records. Futures tied to the benchmark S&P 500 fell 0.04%. Nasdaq 100 futures were lower by 0.01%. Dow Jones Industrial Average futures slipped 32 points, or 0.07%. In regular trading, the broad market S&P gained 0.27% to end the day at 6,280.46, while the tech-focused Nasdaq finished higher by 0.09% at 20,630.67. The Dow advanced 192 points, or 0.43%, closing at 44,650.64. The moves came as investors shrugged off any worries around the latest trade developments, including a 50% U.S. tariff on imported copper that President Donald Trump announced Wednesday night, as well as a 50% tariff on Brazil. The rally in stocks began Wednesday, after Nvidia briefly touched a $4 trillion market cap for first time, launching a rally in tech names. On Thursday, consumer discretionary was the top performing sector in the market. The economy needs to continue to stay resilient, however, for the rally to be sustainable, warned Drew Pettit, Citi's U.S. equity strategy director. "Structurally, we're not there yet. Fundamentally, I don't think we're there yet," he told CNBC's "Closing Bell Overtime" Thursday. "If you want these types of sectors to continue to outperform more than just a tactical trade, you're going to need the macro data to hold in there and the Fed to cut rates. It's not an either or, structurally, I think it's both and we're not quite there." The major averages are on pace to end the week little changed, with the Dow hovering just under the flat line on a weekly basis and the S&P and Nasdaq higher by less than 1%. Investors are looking ahead to the Treasury Department's monthly treasury statement at 2 p.m. ET Friday.
Newsweek
01-07-2025
- Health
- Newsweek
100,000 Americans To Get New Medicare Numbers After Data Incident
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. The federal Centers for Medicare & Medicaid Services (CMS) has written to approximately 103,000 Medicare recipients warning them that their personal information may have been compromised "in a data incident," and saying they will get new Medicare numbers. The agency added it was "not aware of any reports of identity fraud or misuse of the information as a direct result of this activity" and said it was taking action "out of an abundance of caution." Newsweek contacted the CMS for comment on Tuesday via online inquiry form outside of regular office hours. Why It Matters According to government figures, more than 66 million Americans receive medical coverage through Medicare, meaning any breach to the CMS's data security is likely to cause widespread anxiety. The CMS's letter to more than 100,000 Medicare recipients includes "guidance on actions they may wish to take" to protect their personal data. What To Know In a press release published on Tuesday, the CMS said it had written to the Medicare beneficiaries "whose personal information may have been involved in a data incident affecting accounts." The agency said it had "identified suspicious activity related to unauthorized creation of certain beneficiary online accounts using personal information obtained from unknown external sources." In response, the CMS said it had "worked quickly" to deactivate impacted accounts and is investigating the scope of the suspected data breach and what impact it could have on recipients. In its letter, the agency said that on May 2, its call center "began receiving inquiries from beneficiaries who received letters confirming the creation of accounts they did not initiate." Stock photograph showing a Medicare Services office in New York City. Stock photograph showing a Medicare Services office in New York City. Spencer Platt/GETTY An investigation concluded "malicious actors had fraudulently created new accounts between 2023 and 2025 using valid beneficiary information." This information included Medicare Beneficiary Identifiers (MBI), last names, zip codes, dates of birth and coverage start dates. Using these "unauthorized accounts," the CMS said, "bad actors" may also have been able to access some Medicare recipients' mailing addresses, provider information, diagnosis codes, services received, plan premium details and dates of service. Those impacted were told they will receive a new Medicare card, complete with a fresh Medicare number, in the mail over the coming weeks. On Monday, FBI Deputy Director Dan Bongino said the agency was "announcing the results from the largest health care fraud investigation, as measured by financial losses, in DOJ history." This resulted in nearly $15 billion in losses with $245 million being seized back by authorities and 324 people charged with various offenses. What People Are Saying In its letter to roughly 103,000 Medicare recipients, the CMS said: "We're writing to inform you of an incident involving your personal information related to your account. To help make sure your privacy is protected, we will mail you a new Medicare card with a new Medicare Number in the coming weeks. "The incident involved currently unknown bad actors who accessed your data from an unknown source to fraudulently create accounts." What Happens Next The CMS said it is continuing to investigate what took place with the "data incident," including whether any sensitive personal information was compromised.
CNBC
16-06-2025
- Business
- CNBC
Stock futures are little changed as investors eye Israel-Iran conflict: Live updates
Traders work on the floor of the New York Stock Exchange (NYSE) in New York City. Spencer Platt | Getty Images Stock futures were roughly flat on Monday evening as investors continued to monitor the conflict between Israel and Iran. Futures tied to the Dow Jones Industrial Average added 26 points, or 0.06%. S&P 500 futures inched up 0.03%, while Nasdaq 100 futures lost 0.02%. The three major averages ended Monday's regular trading on a positive note, with the 30-stock Dow adding more than 300 points. The S&P 500 posted a roughly 0.9% advance, while the Nasdaq Composite jumped 1.5%. Investor sentiment was aided by cooling oil prices, with Brent crude and West Texas Intermediate crude futures settling more than 1% lower. It was a turnaround from the sharp rally in oil prices on Friday following Israel's airstrikes against Iran. Though the attacks went into a fourth day on Monday, Iran reportedly asked several nations, including Saudi Arabia and Qatar, to urge U.S. President Donald Trump to put pressure on Israel for a ceasefire, a Middle East diplomat with knowledge of the matter told NBC News. The diplomat said the ceasefire would be in exchange for Iran's flexibility on nuclear talks. "[Israel's] main short-term objective is to neutralize the Iranian nuclear threat. Longer term, the more difficult goal is to effect regime change, though it is not clear whether that will be achievable," said Jeff Buchbinder, chief equity strategist at LPL Financial. He added that while every conflict is different, an analysis of 25 geopolitical shocks dating back to the Pearl Harbor attack in 1941 showed that stocks have been resilient in these scenarios. Total drawdowns around these events have averaged 4.6% over an average of roughly 19 days, Buchbinder said. "Recoveries to pre-event levels have taken longer, averaging 40 days, but we're still talking about an interruption of only a few weeks to a couple months typically," the strategist said. On the economic front Tuesday, investors will watch for May's retail sales data. The main event this week will be the Federal Reserve's rate policy decision, which is due Wednesday afternoon. Fed funds futures trading data suggests a near certainty that central bank policymakers will hold rates at their current target range of 4.25% to 4.50%, according to the CME FedWatch tool.
