CBS’s decision to end Stephen Colbert’s tenure on The Late Show and replace the program with a new late-night arrangement under media entrepreneur Byron Allen has been followed by a significant drop in viewership, according to industry data cited in a Status report.

Nielsen figures indicate that nearly two-thirds of the audience Colbert had been drawing near the end of his run has not carried over into the new 11:35 p.m.time slot.

The change comes as CBS shifted to a “time buy” model in which Allen Media assumes production costs, reportedly turning a previously loss-making hour into a profitable one for the network.However, media analysts warn that the decline in late-night viewership may have broader consequences beyond the time slot itself.

Experts note that strong late-night programs often help retain audiences for local news broadcasts and even influence viewership patterns into the following morning.With Colbert’s show no longer anchoring the schedule, some of that habitual audience retention appears to have weakened.Veteran media observers also suggest that competitors, including ABC’s Jimmy Kimmel Live!, may be benefiting by absorbing displaced viewers.

CBS has defended the programming shift, stating that the previous late-night hour had become financially unsustainable, reportedly costing tens of millions annually, while the new arrangement generates profit.

Byron Allen has also emphasized that his goal is not to replicate Colbert’s audience but to serve an existing viewer base tied to his long-running comedy programming.

Despite the financial upside for CBS, analysts cited in the report argue that the loss of a strong lead-in program could have ripple effects across the network’s broader ratings ecosystem, including local affiliates and adjacent time slots.