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Jimmy Kimmel pushed back Monday against reports that Stephen Colbert’s "The Late Show" was losing CBS $40 million a year, calling them completely false.

"I just want to say that the idea that Stephen Colbert’s show was losing $40 million a year is beyond nonsensical," Kimmel told Variety in an interview published Monday. "These alleged insiders who supposedly analyze the budgets of the shows — I don’t know who they are, but I do know, they don’t know what they’re talking about."

"They seem to only be focused on advertising revenue and have completely forgotten about affiliate fees, which number in the hundreds of millions — probably in total billions — and you must allocate a certain percentage of those fees to late-nigh

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