If you’re producing a night show that cost over $100 million a year to make and that show is losing OVER $50 million a year, you’re doing it wrong! That’s not sustainable, even for deep pocketed legacy networks.
The late night talk show format has been adopted by the podcasters who are doing it much better for a microscopic fraction of the cost and to a much larger audience.
Does anyone think Joe Rogan spends $100 million a year flying people to Austin to sit on his couch for three hours? And there's dozens others doing what Rogan does and getting bigger audiences than the night shows are getting.