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When CBS announced that it planned to outsource the hallowed “Late Show” slot occupied by Stephen Colbert and David Letterman before him to “Comics Unleashed,” the syndicated, low-budget talk show with stand-ups riffing on their routines, many saw politics at play.

But the show’s host and producer, comic-turned-mogul Byron Allen, saw the math. Once a cultural touchstone, late-night television has seen its prominence erode greatly over the years with viewers and advertising dollars shifting away from broadcast TV to streaming.

“I said, ‘Look guys, you’re spending a small fortune on late night,’” recalled Allen, who estimated that the programming was costing the network more than $200 million. He offered it a solution.

His company, the Los Angeles-based Allen Media Group, would pay $15 million for the airtime to run “Comics Unleashed,” which previously aired after “The Late Show,” while keeping most of the advertising time on the program to sell. It was the same time-buy model that propelled his fledgling media empire and made him wealthy many times over.

“Comics Unleashed” drew 1.1 million viewers in its debut in the new time slot last month, down substantially from the 2.7 million Colbert’s show averaged in its final season. Critics chimed in, with one outlet even calling it a “ratings disaster.”

But Allen, typically, was not fazed, saying his show bested the competition in key markets and was more comparable with the same time period last May before Colbert’s post-cancellation victory lap.

“CBS has won big-time because they have zero production costs and now they are saving $55 million a year,” he said in an interview.

Media mogul Byron Allen at his studio on the set of “Comics Unleashed” in Culver City.

(Jason Armond/Los Angeles Times)

A relentlessly driven, shrewd dealmaker and entrepreneur, Allen is used to defying skeptics and seeing opportunity in assets overlooked by others. He was one of the first entertainers to recognize that there was more money to be made in owning your content, rather than just performing it.

Over the last three decades, he has built a multibillion-dollar business, Allen Media Group, which now has 2,000 employees across various media properties.

In addition to creating a trove of accessible, family-friendly programs, he’s taken a number of big, bold swings, buying up distressed assets that now span broadcast, cable, streaming and film distribution.

At times, he appears like a minnow trying to swallow a whale. Although many deals have landed, others, such as his bids for ABC, BET, Paramount Global and Tegna, have not.

“He’s had misses, but that doesn’t stop him from going to bat,” said Lloyd Greif, president and chief executive of Greif & Co., a Los Angeles-based investment bank.

After a major restructuring that began two years ago during which the company laid off staffers and sold off properties, Allen is back with a slew of ambitious acquisitions. In addition to owning CBS’ late-night block, he also took over the 12:35 a.m. slot with his comic game show, “Funny You Should Ask.” He declined to reveal how much he paid for that airtime.

Allen recently snapped up controlling interest in the digital media company BuzzFeed (including HuffPost) for $120 million and bought a 10.7% stake in cable channel Starz for $25 million.

Although Allen’s programming has been dismissed as low-budget, apolitical comedy, and his finances have been questioned by some, he remains undaunted by doubters.

“I like to say I’m a 65-year-old overnight success.” And he remains focused on his mission, even proclaiming he is “building the world’s biggest media company.”

An entrepreneurial streak

Allen was born in Detroit, where his grandparents owned a roller rink where he worked as a floor guard. Being surrounded by a family of factory workers and the legacy of 20th century American industry set the stage for his entrepreneurship. “I didn’t play sports; I played office,” he said.

At age 7, after his parents’ divorce, Allen moved to Los Angeles with his mother, Carolyn Folks. It was the summer of 1968 and they planned a two-week vacation. But Detroit was in flames following the assassination of the Rev. Martin Luther King Jr., and they stayed.

Folks put herself through UCLA and eventually worked her way up at NBC from an intern to a publicist, a move Allen credits with changing the trajectory of their lives. His mother couldn’t afford child care, so Allen often accompanied her at the studio, where he soaked up tapings of “Sanford and Son” and “The Tonight Show.” After Johnny Carson finished filming and the studio was empty, Allen would sit at his desk, mimicking the legendary late-night host.

At 14, he convinced his mother to let him do stand-up at the Comedy Store on Sunset Boulevard.

“There were literally four people and 200 chairs. And I said, ‘I have to figure out how to make these chairs laugh.’”

A writer for Jimmie “J.J.” Walker, who was starring on the groundbreaking Norman Lear hit comedy “Good Times,” caught his act. He hired Allen to write jokes for Walker along with a pair of yet-to-be discovered comics: Jay Leno and David Letterman. Allen earned $25 a joke.

Howie Mandel met Byron Allen when they were both starting out at The Comedy Store.

(Allen Media Group)

“Most people in my business wait for other people to give you an opportunity,” said Howie Mandel, the actor and comic who met Allen when they were starting out at the Comedy Store during this period. “Byron and his mom constantly made their own opportunities.”

In 1979, when Allen was 18, he became the youngest comic to appear on “The Tonight Show.” Like a shot out of a cannon, the performance catapulted his career.

While various offers poured in, Allen chose the NBC prime-time series “Real People” as a host and correspondent. It was an embryonic version of reality TV. Allen traveled around the country showcasing quirky, heartwarming stories. The hit show brought Allen to every pocket of America. It also made him a star, delivering him to the country’s living rooms each week.

He continued to tour, doing stand-up and serving as the opening act for such musicians as Lionel Richie and Dolly Parton, and starred in TV movies.

Allen became a hero to young, Black entertainers who were just starting out. Among them was Eddie Murphy, who has called Allen “one of my first inspirations.”

“He just loves comedians,” said Whitney Cummings, co-creator and executive producer of the hit CBS sitcom “2 Broke Girls.” She recalled crucial career and financial advice Allen gave her after she first appeared as a young comic on “Comics Unleashed.” “It gave me like a true north. It changed my life.”

Whitney Cummings says Allen helped her early in her career.

(Troy Conrad)

As Allen’s success swelled, he said, he realized the industry was what he calls “business show, not show business.”

“You need to know the business side and learn the business side and then you can do as many shows as you want. And I knew that I didn’t want to work for anybody,” he said.

While on “Real People,” he sat in on sales meetings and went to the National Assn. of Television Programming Executives, where he introduced himself to Al Masini, the syndication trailblazer who produced “Entertainment Tonight” and “Star Search.”

“I understand you’re the best. I’m here to learn from you,” Allen said.

In 1989 he began hosting the syndicated “The Byron Allen Show.” Two years later, he created BYCA Television Distribution to take over his talk show’s distribution and syndicate other shows.

But Allen and his new company were soon facing legal and financial issues. A group of former employees and an investor sued, claiming they had not been paid. The dispute forced the company into Chapter 7 bankruptcy.

Allen pressed on. He had absorbed another key lesson.

Learning from Richard Pryor

When he was still hanging out at the Comedy Store, he watched Richard Pryor trying out new material.

Iconic comedian Richard Pryor.

(Bettmann / Bettmann Archive)

“He would bomb night after night for almost three months,” Allen said. “I’ll never forget, he told me, ‘Byron, you’re only as good as you dare to be bad.’ I learned, OK, take risks. It’s about growing and taking chances.”

In 1993, Allen launched CF Entertainment on his dining room table in Los Angeles. The production company, later Entertainment Studios, became the foundation of his media empire. He focused on producing low-cost, syndicated programming, including interview series and court shows. Allen produced and often served as host.

His first show, “Entertainers With Byron Allen,” packaged the five-minute celebrity interviews during hotel press junkets, a conveyor belt of actors promoting their latest projects set up by the studios into an hourlong talk show.

Allen bartered the show for free to TV stations in exchange for a split of the revenues from selling commercials to advertisers. Success was not immediate. He said he received countless rejections at first.

“My house went in and out of foreclosure probably 14 times,” he said. At one point, he said, his telephone service was turned off, forcing him use a pay phone for calls.

But the format established the template for what became Allen’s highly successful business. Forbes has estimated his net worth in the billions. Allen declined to discuss his personal or business finances.

The mogul now owns multiple homes, including a $91.3-million mansion in Aspen, Colo., that was recently featured in the Wall Street Journal.

“A lot of people didn’t take him seriously and saw him as a comedian,” said Joan Robbins, Allen’s first employee, who has stayed on for 32 years as president of talent relations. “I don’t think anybody realized the extraordinary business sense he had.”

Byron Allen gets final touches at his studio on the set of “Comics Unleashed.”

(Jason Armond/Los Angeles Times)

As Allen’s media ambitions have expanded beyond comedy and syndicated talk shows, so has his company. It produces, distributes and sells advertising for 74 television programs (“Mathis Court With Judge Mathis” and “Career Day” among them) as well as owns 13 broadcast stations affiliated with the major networks in 11 markets and several dot-TV cable and digital networks including Cars.TV, Automotive.TV and Comedy.TV.

In 2016, he acquired the Black entertainment platform TheGrio and later purchased the assets of the Black News Channel out of bankruptcy for a reported $11 million, merging its TV assets and carriage deals into TheGrio’s network.

A year earlier, Allen made waves by filing the first of several multibillion-dollar racial discrimination lawsuits to tackle what he called the “trade deficit between Black America and white corporate America.” His case against Comcast for not carrying Allen-owned stations and networks reached the Supreme Court before being settled.

“I feel good about starting that conversation … because we were going in circles and we were definitely suffering from economic genocide,” he said.

In 2018, Allen’s company bought the Weather Channel and the streaming service Local Now for $300 million. His firm also announced it had raised $500 million in credit facilities organized by Deutsche Bank Securities, Jefferies Financial Group, Brightwood Capital Advisors and Comerica Bank to finance production and other acquisitions.

What unites these disparate assets? “We’re directed at where the viewers are,” he said. “That’s where we’ll be.”

But in his tireless push to expand his sprawling company, Allen has made several failed bids for high-profile assets.

In 2023, he offered Disney a reported $10 billion for ABC and some of its cable networks, and the following year bid $30 billion for Paramount Global. He also made plays for Tegna and BET.

None of his offers succeeded, prompting skepticism about his ability to finance such deals. Allen Media Group is wholly owned by the entrepreneur.

Allen dismissed such concerns. “I raised the money to buy the Weather Channel in one day,” he said. “There’s trillions of dollars looking for really good executives and really good deals. I have no problem raising capital.”

The Times viewed multiple letters from private equity firms and banks. Several indicated that Allen had financial backing on the deal to buy BET, and another showed he had $4 billion in funds to back the purchase of Paramount assets.

Over the years, former employees have criticized some of Allen’s employment practices. In 2012 he faced a class-action suit from performers and staffers on “Comics Unleashed” who alleged they were not paid residuals or reimbursed for travel and other expenses. The suit was settled in 2023.

Allen called the suits “frivolous,” saying, “I couldn’t be in business if I actually conducted myself that way.”

Last year, Allen came under fire after announcing sweeping cuts at about two dozen local affiliates that included laying off meteorologists, part of a reorganization to centralize forecasts at the Weather Channel in Atlanta. The move sparked viewer outrage and the plans were reversed.

The controversy came as Allen’s company was retrenching. He sold off about a third of the TV station portfolio for $171 million.

Allen said this was a case of “rightsizing,” paying down debt and investing more in digital. “I sold 10 of my ABC, NBC, CBS and Fox affiliates to Gray [Media] at a great price for us and a great price for them.”

Allen confirmed he is negotiating with lenders over substantial debt payments coming due in the next year, but said he is “highly confident they will get refinanced or extended.”

Shortly after he bought a stake in Starz, Allen announced his intentions to own the cable channel. Starz responded by adopting a poison pill.

“Good luck,” he said. “I still plan to take over Starz, and I will eventually get control of Starz.”

At Jimmy Kimmel’s annual monologue to advertisers at Disney’s recent upfront presentation, the ABC late-night host offered sympathy to his ousted CBS cohort Stephen Colbert.

“First, it’s bad enough to lose your job,” Kimmel said. “Imagine getting replaced by the owner of the Weather Channel.”

Byron Allen, the media mogul whose holdings do include the Weather Channel, laughed when the gag was repeated to him during a recent phone conversation. “I like Jimmy Kimmel a lot,” he said.

Allen, never lacking in self-confidence, can afford to roll with the jokes. Episodes of his 20-year-old syndicated program “Comics Unleashed,” a half-hour show featuring mostly lesser-known stand-ups sharing routines and stories, are replacing “The Late Show with Stephen Colbert” on CBS in the 11:35 p.m. time period starting Friday.

While it’s a triumph for Allen, 65, it’s also a sign of how the traditional late-night talk show — one of television’s most culturally influential formats — may no longer be sustainable in the era of streaming TV.

CBS said last year it canceled Colbert because it lost $40 million a year as the late-night viewing habit among audiences has eroded in the streaming era. Many in the TV industry are skeptical of the claim, believing Skydance Media wanted to silence the relentless Trump-bashing host in order to clear the government regulatory path for its acquisition of network parent Paramount. (The FCC’s approval of the deal came days after the cancellation was announced.)

Cedric the Entertainer, left, with Byron Allen on the set of “Comics Unleashed.”

(Allen Media Group)

But no one who has worked in late-night television in recent years can dispute how financial challenges are clouding the format’s future. Polished after-hours programs with a live audience, large teams of writers and producers and high-priced hosts are fighting off obsolescence as traditional TV audiences get smaller and ad revenues shrink. While CBS is the first to act, other networks have thought about getting out of the business altogether.

Since 2022, “The Late Show” lost 20% of its audience in the advertiser-coveted 18-to-49 age group, according to Nielsen data. Ad spending on all late-night television shows hit $209 million in 2025, down from $519.7 million in 2017, according to data from Guideline.

“Nothing is forever, especially in television,” said former network executive Ted Harbert, who oversaw the launches of “The Tonight Show Starring Jimmy Fallon,” and “Late Night with Seth Meyers” at NBC. “Digital tech is killing late night.”

The hosts of the programs and their funniest bits are arguably seen by more people than ever before thanks to clips replayed on social media platforms. But the revenue generated by digital viewing doesn’t approach what the networks get for audiences watching live on TV.

Over the last 10 years, late-night shows flocked to YouTube as a way to be a part of the national conversation and bring attention to the shows. Harbert believes the notion that the clips alone — which may feature a funny bit or a snapshot of a conversation with a guest — would help lure viewers to traditional TV was folly.

“The shows cannibalized themselves by making their show available in snack-size clips after the network airing,” he said. “And viewers obviously would rather watch a couple of five-minute clips than a whole show.”

Late-night shows were once among the most profitable programs on TV because of their ability to reach viewers in the 18-to-34 age group that attract premium prices for commercial time. But the same demographic was the first to gravitate to streaming platforms and abandon traditional TV which thrives on appointment viewing.

Daniel Kellison, a former producer for “Jimmy Kimmel Live” and “The Late Show with David Letterman,” noted that Kimmel — who has also been targeted by the Trump administration for his harsh barbs — has seen his TV ratings increase this year.

But the overall trend for the time period is still down. While Kellison believes Colbert’s cancellation is an effort by CBS to appease Trump, he agrees that the genre needs to evolve and adapt to the changing media landscape.

“There’s always going to be an audience for conversation around politics and life and these sort of shows will exist in different formats and I think it’s incumbent upon people to figure out how to present them,” he said.

CBS executives have said they want to develop a new network show in the late-night time period. But for the next year it will lease the slot to Allen. His company Allen Media Group pays CBS for the time, covers the cost of production and sells the advertising. He is also the host. The deal will erase whatever losses the network experienced in that TV block.

“Comics Unleashed” has been running in the 12:35 a.m. hour since CBS canceled “After Midnight” last year. When that show moves to the earlier time slot, it will be replaced by another Allen program, “Funny You Should Ask,” a comic quiz show hosted by John Kelley.

Allen said he has great respect for the late-night TV tradition. His mother was a tour guide at NBC in Burbank and he was able to hang out on the studio lot to watch Johnny Carson tape “Tonight.” Allen would get advice from Carson, whom he calls his hero and mentor, and eventually got a shot at doing stand-up on “Tonight” when he was 18 years old.

Allen even asked CBS to move the start date of “Comics Unleashed” to May 22 because it is the anniversary of Carson’s final show in 1992. But his sentimentality ends when it comes to the economics of programming in that time slot.

“We will be in profit,” Allen said of “Comics Unleashed,” which according to Nielsen has seen its audience grow in the 12:35 a.m. time slot by 26% since October.

Kimmel has accused CBS of dumping Colbert for “Comics Unleashed” because Allen’s show doesn’t partake in political humor that could alienate the White House as Skydance moves to close its next acquisition: Warner Bros. Discovery.

“I feel like CBS is turning 11:35 p.m. into a ‘least’ time slot,” Kimmel said at the Disney presentation. “Least as in least likely to offend the president with the rerun of ‘Comics Unleashed’ from 2007 featuring Paula Poundstone and Andy Dick.”

Poundstone and Dick are not among the 1,000 comedians who have appeared on “Comics Unleashed” over the years, many of whom went on to become stars. But not having the program dabble in political humor is a business decision.

The guests stick to storytelling and slice-of-life material that doesn’t date, which is why the episodes can attract an audience years after being taped. They don’t plug books, movies, concerts or any other elements that would be dated by future airings.

“Twenty years ago when we shot our first episode I said ‘we’re making it ‘I Love Lucy,’” Allen said. “I want these shows to be funny today and 20 years from today.”

Allen said his company will produce 130 new episodes of “Comics Unleashed” for the 2026-27 TV season.

But the reason the current set of late-night hosts leaned into politics so heavily in recent years is because it works.

When Colbert took over “The Late Show” from Letterman in 2015, the program’s ratings sputtered as the audience did not really know Colbert outside of the satirical figure he played on Comedy Central with his show “The Colbert Report.”

The night Trump scored his surprising win in the 2016 presidential race against Hillary Clinton, Kelly Kahl, then an executive vice president of CBS Entertainment, sent a text to Chris Licht, then executive producer of “The Late Show,” telling him it was “the best thing to happen to the show.”

Colbert found his voice on the program, which rose to No. 1 in the ratings and has been there ever since.