Jimmy Kimmel has come to the defence of fellow late-night host Stephen Colbert following reports that The Late Show was cancelled due to significant financial losses.

Colbert recently announced that his show would conclude after ten seasons, sparking rumours that it was losing $40 million annually. In a conversation with Variety, Kimmel dismissed these claims as “beyond nonsensical.”

Kimmel criticised the so-called insiders who analyse television budgets, asserting they lack a comprehensive understanding of the industry.

He emphasised that their focus on advertising revenue overlooks the substantial affiliate fees that contribute hundreds of millions, potentially billions, to late-night shows.

“It’s surprising how little the media seems to know about how the media works,” Kimmel quipped, stating that the reported financial figures are grossly exaggerated.

While acknowledging the decline of network television, Kimmel argued that late-night shows are not dead, but rather evolving as viewership shifts away from traditional formats.

He pointed out that streaming platforms often struggle to achieve viewership numbers comparable to those of late-night shows.

Kimmel concluded that while the media may portray late-night television as failing, the reality is quite the opposite.