Byron Allen, the host of 'Comics Unleashed,' is set to take over the CBS time slot in May, replacing Stephen Colbert's late-night show. With an estimated net worth of $1 billion, Allen has built a major media empire through smart business moves, spanning television networks, production companies, and major acquisitions.
Allen's career began in comedy, but he transitioned to the business side of television, creating Entertainment Studios, which later became a major company producing and distributing TV shows and selling ads. Today, through Entertainment Studios and Allen Media Group, he owns 12 cable networks and produces around 70 TV shows across the United States, generating $100 million in revenue every year.
Allen's business model is unique, giving away his shows for free and earning money by selling 50% of the advertising time. His strategy has been successful, reaching around 35 million viewers. He has also made multi-billion dollar offers for major media companies, including ABC, Black Entertainment Television, and Paramount.
CBS announced that it will hand its 11:35pm ET slot to Allen under a time buy agreement, replacing 'The Late Show' with Allen's comedy talk show 'Comics Unleashed.' Starting May 22, two back-to-back half-hour episodes of the show will air nightly, with Allen also continuing to lease the 12:37am hour with his comedy game show 'Funny You Should Ask,' giving him a full two-hour block on the network each night.
