While showing his support for Stephen Colbert, Jimmy Kimmel slammed the insinuation that The Late Show was “losing $40 million a year” before it was canceled.

Kimmel, 57, called those reports “beyond nonsensical,” telling Variety on Monday, August 18, “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 night shows.”

The host of Jimmy Kimmel Live! called the claims about what led to The Late Show‘s controversial ending nowhere “near accurate.”

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