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.”

Per sources, the purported financial problems that The Late Show has been experiencing are due to diminishing advertising revenue. It was reported by CNN that the late-night talk shows across all the major networks brought in $220 million,

Kimmel defended Colbert against financial loss allegations, arguing media reports ignore hundreds of millions in affiliate fees when analyzing late-night show budgets.