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Byron Allen Takes CBS Late-Night, Saves $150M, Becomes BuzzFeed CEO

5/16/2026

28 6 Full Breakdown

Summary

Story summary

Byron Allen, media entrepreneur, will take over CBS’s 11:35 PM–12:37 AM ET/PT slot from Late Show with Stephen Colbert on May 22, 2026.
Allen says the blocks will save CBS more than $150 million annually toward a $3 billion cost-saving goal.
CBS chair George Cheeks called the arrangement profitable.
Allen will become BuzzFeed CEO after buying 52% stake for $120 million, with $20 million upfront and $100 million note due in five years.

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Story summary

Byron Allen, media entrepreneur, will take over CBS’s 11:35 PM–12:37 AM ET/PT slot from Late Show with Stephen Colbert on May 22, 2026.
Allen says the blocks will save CBS more than $150 million annually toward a $3 billion cost-saving goal.
CBS chair George Cheeks called the arrangement profitable.
Allen will become BuzzFeed CEO after buying 52% stake for $120 million, with $20 million upfront and $100 million note due in five years.