Byron Allen Paid Millions of Dollars To Lease CBS Time Slot Being Vacated By Stephen Colbert

The Late Show With Stephen Colbert on CBS signs off on May 21, 2026. Another show of that kind will not fill that time slot. The very next day on May 22, 2026, a media mogul will move into that 11:35 p.m. time slot.

About Bryon Allen

Now that Colbert is leaving, CBS has leased the time slot to Byron Allen. The two back-to-back episodes of Allen's stand-up show, Comics Unleashed with Byron Allen, will bring his existing holdings to a bigger stage. The arrangement extends Allen Media Group’s growing relationship with CBS, where the company will also lease the 12:37 a.m. slot for its comedy game show Funny You Should Ask, where Allen appears regularly.

David Letterman, Stephen Colbert, and Byron Allen

The decision to end the traditional late-night model is a big structural shift in late-night television programming.

When David Letterman retired in 2015, Stephen Colbert took over The Late Show desk and quickly became the most-watched late-night show in America. His blend of political satire, cultural commentary, and celebrity interviews was a winning formula.

When CBS announced in 2025 that Colbert’s show would conclude in May 2026, they cited financial challenges facing the late-night model, even though his politics and frequent criticism of President Donald Trump were considered.

Byron Allen’s Strategic Opportunity

Byron Allen began his career at the age of 14 in the mid-1970’s as a stand-up comedian. During his rise, he began building up comedy and other media assets under what is now the Allen Media Group, one of the largest independent media companies in the United States. Today, at the age of 65, his holdings empire now includes a dozen television channels, including The Weather Channel, production companies, film distribution, and digital media.

In 2006, Allen launched Comics Unleashed, a panel-style stand-up show designed to give comedians, both old and new, a national stage to showcase their talents. The show originally ran in syndication until 2016, and returned to production in 2025.

Now Allen's two comedy shows will take over one of television’s most coveted time slots.

Under the agreement with CBS, Allen Media Group will lease the 11:35 p.m. slot ‘for tens of millions of dollars’ through the 2026–2027 season. The hour will feature two episodes of Comics Unleashed, followed by Funny You Should Ask at 12:37 a.m.

Allen's Plan Is Significant

What makes this moment significant is that Allen will control one of television’s most coveted time slots through a lease arrangement rather than a traditional network production contract. He is effectively turning late night into a real estate play. Instead of competing for a hosting job to occupy a network desk, Allen secured the broadcast space itself.

Instead of CBS paying to produce a show, Allen pays the network for the airtime and sells the advertising himself.

For CBS, the arrangement eliminates the massive production costs associated with late-night talk shows and generates ongoing revenue. For Allen, it offers something even more powerful: control.

Byron Allen’s plan is something very different. Instead of one host defining late night, the future may belong to the producers who control the airtime itself.

Allen won’t be replacing Stephen Colbert, 61, in the late-night lineup. He is redefining late-night television by determining who ultimately owns it.

In a recent conversation, Allen joked:

“What we do is we keep the commercial time, and we sell it directly to the advertisers. So this better work, or I’m going to be in front of your house in a tent!”