A month after Colbert announced that The Late Show will be ending after 10 seasons as its host, reports emerged that it had been losing $40 million annually. During a recent interview with Variety, Kimmel, 47, shut down those claims, calling them “beyond nonsensical.”

Late night talk shows in recent years haven't been quite as much of a staple of network television like in the days of David Letterman and Jay Leno, but CBS' move against "The Late Show with Stephen Colbert" will still come as a shock to many.

The Late Show with Stephen Colbert is on summer vacation, but not for much longer. The cancelled show is set to return from hiatus soon.