NEW YORK, NY — In what industry insiders are calling a “slow-motion collapse,” CBS’s decision to pull the plug on The Late Show with Stephen Colbert marks the latest in a series of high-profile retreats under the leadership of CBS President and CEO George Cheeks. The once-dominant broadcast network has now lost its grip on three of the most culturally potent properties in American television: the Super Bowl, the Grammy Awards, and now late-night’s most influential platform.
The impact is not just cultural—it’s financial. According to public filings and industry analysts, CBS’s parent company Paramount Global suffered a 6% year-over-year revenue decline in Q1 2025, almost entirely attributed to the absence of the Super Bowl. The Super Bowl alone accounted for an estimated $700 million in ad revenue in previous years. In addition, the Grammys—recently lost to Disney—had brought in between $60–100 million annually for CBS in advertising.
“We are looking at a $760 to $800 million annual hole in CBS’s revenue,” said Jeff Barge, a media analyst and longtime communications professional. “That is not a dip. That is an extinction-level hemorrhage for a broadcast network with no viable replacement strategy.”
Cheeks, who assumed the role in 2020 after a largely behind-the-scenes career in legal affairs and business operations, is facing growing scrutiny over his qualifications to steer a network through a rapidly evolving—and increasingly unforgiving—media environment. Critics point to his lack of creative programming experience and a track record defined more by cautious management than bold reinvention.
“George Cheeks is a lawyer who’s been asked to captain a spaceship,” Barge added. “The network needs vision, agility, and creative risk-taking—and instead it’s getting actuarial caution and brand erosion.”
Though CBS has managed to retain the top spot in linear ratings—largely due to a slate that appeals to older viewers—analysts note that this is little comfort in an era dominated by streaming, social media, and global franchise content.
“CBS is leading in a horse race no one under 50 is watching,” said Barge.
While Cheeks’s defenders highlight his experience at NBCUniversal and his calm stewardship during the Paramount/Skydance merger chaos, others say his tenure has been defined by strategic passivity, a lack of original creative initiatives, and an overreliance on legacy brands.
“This is not just a programming slump—it’s an extinction-level event,” Barge emphasized. “Losing the Grammys and the Super Bowl may be excusable in today’s volatile rights environment. But letting go of The Late Show—CBS’s last remaining bridge to cultural immediacy—is an abdication.”
Insiders suggest that talent agents, showrunners, and younger executives are increasingly skeptical of CBS’s future relevance.
“CBS used to be a destination,” Barge said. “Now it’s where ideas go to age out.”
As Paramount Global moves through a turbulent merger and potential asset sales, questions mount about whether CBS can survive this era of disruption with its identity—and audience—intact.
“For now, the only bold move CBS appears capable of making is backing away from the future,” Barge concluded.
