Byron Allen will take over CBS’s 11:35 p.m. late-night slot beginning May 22, a move that converts Stephen Colbert’s post-local-news hour into a paid two-hour comedy block. This is a clear cost-cutting pivot for the network—and it could reshape how broadcast late night is programmed going forward.

CBS announced the deal Monday, saying it will air back-to-back half-hour episodes of Allen’s Comics Unleashed from 11:35 p.m.–12:37 a.m. ET/PT, followed by two half-hour episodes of Allen Media Group’s game show Funny You Should Ask from 12:37–1:37 a.m., Monday through Friday. The arrangement is a buy-time agreement for the 2026–27 season — meaning Allen pays CBS for the airtime rather than CBS producing nightly originals.

“I truly appreciate CBS’ confidence in me by picking up our two-hour comedy block of ‘COMICS UNLEASHED’ and ‘FUNNY YOU SHOULD ASK,’ because the world can never have enough laughter,” Byron Allen said in a statement, which the network circulated with its announcement. CBS also issued its own statement confirming that it will retire The Late Show franchise in May and calling Colbert “irreplaceable,” while framing the change as a financial decision.

Stephen Colbert’s final episode is scheduled for May 21; Allen’s block begins the following night. Paramount+ Premium subscribers will be able to stream the shows live via the feed of their local CBS affiliate (and local viewers will see the new programming on their broadcast stations).

Allen is both a comedian and the founder and CEO of Allen Media Group. Comics Unleashed launched approximately 20 years ago as a syndicated stand-up showcase; Funny You Should Ask, hosted by Jon Kelley, has been in first-run syndication since 2017. Allen Media Group has previously taken a hands-on role in selling time and distribution for its content—and Allen himself led high-profile litigation against companies he said undervalued Black-owned media, a lawsuit against McDonald’s that settled in 2025.

The swap closes a chapter that began with David Letterman in 1993 and continued with Colbert, who took the desk in 2015. CBS has said the decision is not related to content or any other matters at Paramount, though Colbert has publicly criticized the company and remained outspoken in recent months—remarks that had some viewers debating motive before the network’s financial rationale was disclosed.

Industry reaction was immediate. Some late-night insiders called the deal pragmatic; others warned it signals a sustained retreat by broadcast networks from expensive nightly productions. Is this the new late-night playbook? Possibly. The move highlights a broader trend: networks increasingly favor lower-cost, guaranteed-revenue models—time buys and syndication—to manage shrinking ad returns for overnight programming, which could push more talent to streaming specials, podcasts or shorter-run formats.

For viewers: mark May 21 as Colbert’s final night on CBS and expect Comics Unleashed and Funny You Should Ask to debut May 22 in the 11:35 p.m.–1:37 a.m. window. For the industry: watch whether other networks follow suit or if advertisers and streaming platforms fill the gap left by fewer nightly broadcast talk shows.