CBS Turns Late-Night Profit With Byron Allen Time-Buy Deal

CBS says its new time-buy deal with Byron Allen will convert late-night from a roughly $40 million annual loss into about $15 million in profit. Under the arrangement, Allen covers all production costs and CBS charges a fixed fee for the time slot, while Allen sells the ads; the network’s fee isn’t dependent on ratings. The move follows Stephen Colbert’s departure and a broader dip in late-night ad spending, illustrating a shift of attention and dollars toward digital media. Allen’s debut in Colbert’s former slot drew modest ratings compared with Colbert’s finale.