Rumors about the $40 million annual losses appeared to stem from reports published by a media outlet called Puck and the New York Post.

Stephen Colbert and his money-losing CBS late-night show would have been canceled even sooner if the merger between parent company Paramount and Skydance wasn’t held up, On The Money has learned. People at the independent studio and their partners Redbird Capital in the $8 billion takeover of the media giant have been busy crunching P&L (profit and loss) of CBS and are seeing a lot more L than P – particularly when it comes to “The Late