‘Wildly unprofitable’: James Corden’s Late Late Show was losing ‘up to $20 million a year’

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James Corden’s Late Late Show was a money loser that was costing CBS up to $20 million-a-year and faced the possibility of cancellation, according to a new report.

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Cordon, who became a household name thanks to his Carpool Karaoke and Spill Your Guts segments, stepped away from his hosting gig at The Late Late Show last month after announcing he was heading back to his native London to be closer to his family.

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But according to sources cited by ex-CNN anchor Brian Stelter in Los Angeles Magazine, the program struggled to turn a profit “netting less than $45 million” against a production budget that was between $60 million and $65 million.

“It was simply not sustainable,” one unnamed executive said. “CBS could not afford him anymore.”

“Corden’s show was wildly unprofitable and may well have been heading to the chopping block whether he stayed or not,” Stelter writes.

Sources added to Stelter that had Corden had a last-minute change of heart and wanted to keep the show going he would have “faced a multimillion-dollar pay cut or painful staff reductions or both.”

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Following Corden’s exit, CBS ended production on The Late Late Show after a 28-year run that began in 1995 with Tom Snyder.

Variety reported that Corden’s salary when he started hosting the late-night program was believed to have started in the $4 million-$5 million range before jumping considerably following contract negotiations in 2019 after he enjoyed a surge in popularity thanks to his Late Late Show lead-in Stephen Colbert.

“James Corden has burned his way to the top of American television with a daring, energetic and inventive broadcast that stands out in the late night space,” CBS chief creative office David Nevins said at the time. “He is a host and performer whose considerable talents shine on every stage, and he has created a cutting-edge comedy factory with shows that have resonated across multiple platforms. James and his shows are a great source of pride to CBS, and it’s exciting to extend our relationship well into the future.”

But according to Deadline, Seth Meyers’ Late Night was more popular, averaging 1.01M viewers over the 2020-21 season, while Corden’s Late Late Show brought in 971,000 viewers. Corden’s series finale proved to be a ratings hit, with 1.43 million households tuning in to watch his goodbye.

After it was announced the comedian was leaving the show last April, one source told the Daily Mail: “We desperately tried to keep him for longer, but James only wanted to do one final year.”

Corden signed off with a star-studded week that included appearances by Tom Cruise, a Carpool Karaoke skit with Adele and his last-ever guests, Harry Styles and Will Ferrell.