Stephen Colbert is joining his former late-night TV boss Jon Stewart in condemning the settlement between Paramount and President Donald Trump. And with both The Late Show and The Daily Show pushing back against their parent company, it could completely alter the late-night landscape.
Colbert returned from hiatus on Monday night and didn't waste any time making a splash. He directly addressed Paramount's $16 million payment to settle President Trump's lawsuit regarding the editing of a 60 Minutes interview with Kamala Harris.
The late-night TV host noted Paramount declared the lawsuit was without merit, yet it still agreed to a deal. "As someone who has always been a proud employee of this network, I’m offended, and I don’t know if anything will ever repair my trust in this company," Colbert said. "But just taking a stab at it, I’d say $16 million would help.”
So why would Paramount still give Trump $16 million? According to Colbert, it was to facilitate the sale of Paramount to the media company Skydance. The $8 billion merger has been held up as it awaits approval from the Federal Communications Commission.
"Now, I believe this kind of complicated financial settlement with a sitting government official has a technical name in legal circles: It’s big fat bribe,” Colbert said, attacking the company that signs his checks. But he's not the only one biting the hand that feeds.
Last week, Jon Stewart denounced the deal on The Daily Show (another Paramount production). He used words like "shameful" and also suggested the settlement was a means to an end, while the Paramount-Skydance merger is still in limbo.
Late-night TV hosts mocking their networks is nothing new. Conan O'Brien ridiculed the NBC lineup for years, and John Oliver often takes shots at Warner Bros. on Last Week Tonight.
But the political ramifications of what Colbert and Stewart are doing make this one a little different. Skydance Media CEO David Ellison has a friendly relationship with President Trump, and Paramount's willingness to pay the president despite admitting no wrongdoing raises eyebrows.
Journalist Oliver Darcy questioned the futures of Colbert and Stewart in his Status newsletter. As Stewart attacks his bosses, Darcy reports insiders are exploring whether the late-night host is expendable. Letting Stewart go when his contract expires at the end of the year could save the company money, while the politics make things messy.
For his part, Stewart may be happy to walk away. His Daily Show return was only meant to last through the election, but he chose to stick around through 2025. The ratings prove it was a wise decision, but it may not be enough to convince Stewart to put up with Skydance's ownership.
Meanwhile, Stephen Colbert remains the top late-night TV host on broadcast TV. CBS has him under contract through 2026 with a hefty salary. However, there's no guarantee Skydance wants to keep Colbert on the books beyond that. Darcy reports a media insider told him, "What better gift could [they] give Trump than to get rid of Colbert and Stewart?”
Colbert and Stewart are arguably the most prominent stars in late-night television. The genre isn't what it used to be in terms of revenue, but there are other ways to monetize the shows. But politics could be what decides if the former Daily Show duo has a long-term future.
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