Jimmy Fallon signs multi-million-dollar contract extension amid late-night shakeup
What's the story
Jimmy Fallon has reportedly signed a multi-million-dollar contract extension to continue hosting The Tonight Show Starring Jimmy Fallon until 2028. This comes after CBS recently canceled Stephen Colbert's The Late Show, which will end in May 2026, signaling potential changes in the late-night talk show landscape. Despite budget cuts last year that reduced Fallon's show from five days a week to four, he will continue hosting his late-night show, man a new reality show, On Brand, and appear on Password.
Industry shifts
Late-night talk show format is facing challenges
The late-night talk show format has been struggling due to the increasing popularity of social media among younger audiences and allegations of extreme partisanship. An industry insider told Page Six, "Seth and Jimmy had budget cuts last year, which saw Jimmy go from five days a week to four days." The changes in Fallon's show schedule reflect the overall trend of cost-cutting measures in the late-night television industry.
Controversial timing
CBS cancels Colbert's The Late Show
Colbert announced last month that CBS had canceled his show, which will end in May 2026. The timing of this decision raised eyebrows as it came after Colbert criticized his network for settling a defamation case with Donald Trump for $16 million. A CBS source told Page Six, "While his staff liked him, corporate didn't... and Colbert's contract was up... so it was a perfect storm."
Political fallout
Trump's scathing critique of Colbert's dismissal
Trump took to Truth Social to criticize Colbert's dismissal, attributing it to a "pure lack of TALENT" that cost CBS $50 million annually in losses. He warned that other late-night hosts like Jimmy Kimmel and Fallon could be next. A NewsBusters survey revealed 99% of political guests on late-night talk shows between January and June were left-leaning, with Fallon not interviewing any politicians during the study period.
Guest diversity
Fallon's potential pivot to more conservative guests
Despite not interviewing any politicians during the NewsBusters survey period, Fallon has recently booked Fox News late-night host Greg Gutfeld and Barstool Sports's Dave Portnoy, known for his conservative views. An insider said, "Jimmy is more motivated by entertaining his viewers [than political point scoring], and he knows the importance of digital-first content." Meanwhile, sources confirmed that Kimmel will continue to target Trump on his show.