In 2023, Los Angeles Magazine reported that The Late Late Show with James Corden cost $60 million to $65 million a year to produce and “netting less than $45 million.” Those figures imply a substantial annual shortfall, commonly summarized as up to about $20 million—but they came from anonymous sources, not audited CBS accounts. The report does not establish that the show definitively lost $20 million each year or that its finances caused Corden to leave.
What the reported numbers say
Brian Stelter’s 2023 Los Angeles Magazine report attributed the figures to “well-placed sources.” It said the show cost $60 million to $65 million a year to produce while “netting less than $45 million.” Read the original report.
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| Measure | What the 2023 report said | Important qualification |
|---|---|---|
| Annual production cost | $60 million to $65 million | Attributed to anonymous sources; not a published CBS accounting statement. |
| Annual netting | Less than $45 million | The report does not define the accounting basis for “netting.” |
| Implied annual gap | Roughly $15 million or more at the stated bounds; often summarized as up to about $20 million | An arithmetic estimate from the reported figures, not a confirmed loss figure. |
The arithmetic is straightforward but the accounting is not fully specified: subtracting less than $45 million from costs of $60 million to $65 million points to a gap of roughly $15 million or more. The familiar “$20 million a year” phrasing is a headline-level characterization, not a precise audited result.
Why the $20 million figure needs qualification
The financial claim rests on anonymous sourcing in a single report. The material available does not include audited statements or a public CBS disclosure that confirms the annual cost, netting, or resulting shortfall. Because “netting” is not defined, it should not be silently treated as a precise revenue measure or as a complete profit-and-loss calculation.
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So the defensible answer is that the show was reported to have a potentially large annual gap, with the figures implying roughly $15 million or more and the popular summary putting it at up to about $20 million. The record cited here does not verify that CBS lost exactly $20 million in a typical year.
How the estimate relates to Corden’s departure
CBS News reported that Corden announced in April 2022 that he would leave the program in 2023, after hosting since 2015. CBS News covered the announcement. The final episode aired April 28, 2023, according to The Independent.
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The reported financial estimate is relevant context, but it does not establish why Corden chose to leave. His departure had been announced about a year before the final episode, and the reporting cited here does not show that the estimated shortfall was the cause. Nor does the estimate establish that the show’s end was solely a response to its economics.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Does “most unpopular” describe what the figures measure?
No. The financial report concerns production costs and the amount the show reportedly netted; it does not measure audience approval or establish that Corden was the “most unpopular” late-show host. Popularity and profitability are separate questions, and the financial figures cannot answer the first.
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