NBC Has Made Its Decision On Jimmy Fallon

Jimmy Fallon’s role as host of NBC’s The Tonight Show Starring Jimmy Fallon is secure through 2028 after signing a multi-million-dollar contract extension. Fallon will also host the new reality show On Brand, premiering next month, and continue appearing on Password.

Late-night talk shows face challenges, with CBS canceling Stephen Colbert’s The Late Show, set to end in May 2026, amid budget cuts and a $16 million defamation settlement with President Donald Trump. 

Other shows, including Fallon’s and Seth Meyers’ Late Night, have faced cost-cutting measures. Fallon’s show reduced tapings from five to four days a week, airing repeats on Fridays, while Meyers’ house band was cut entirely.

Industry insiders note late-night viewership is declining due to social media’s rise, especially among younger audiences, and criticism of partisan content. 

A NewsBusters survey found 99% of political guests on late-night shows from January to June leaned left. Trump, commenting on Truth Social, attributed Colbert’s cancellation to “a pure lack of TALENT” and $50 million in annual losses, predicting further shake-ups for hosts like Jimmy Kimmel and Fallon. 

A CBS source told Page Six: “While his staff liked him, corporate didn’t … and Colbert’s contract was up… so it was a perfect storm. A CBS source cited corporate dissatisfaction and Colbert’s expiring contract as factors in the decision.