Twigz
12-05-2006, 05:23 PM
David Letterman has inked a deal to keep him on CBS through 2010 - and make him $140 million richer in the process.
Letterman's new "Late Show" deal will pay him $35 million a year, a nice bump up from the $31.5 million a year he has been raking in as TV's highest-paid nighttime funnyman.
Letterman, 59, had one year left on his old deal. He and CBS have been working "amicably" on a new contract for months now, insiders said.
"I didn't hear the normal positioning and posturing going on with this deal," one source said. "I have to assume CBS came in and said: 'Let's do this. We love you, you love us, you've made a lot of money, you don't spend most of it.
" 'We'll give you a few dollars on top of [the $31.5 million], and let's be done with it.' "
Letterman has hosted "Late Show" since 1993, when he jumped to CBS from NBC after losing "The Tonight Show" to Jay Leno in the wake of Johnny Carson's retirement.
"I'm thrilled to be continuing at CBS," Letterman said in a statement. "At my age, you really don't want to have to learn a new commute."
Letterman's new deal means he'll be hosting one year longer than archrival Leno, who's due to leave "The Tonight Show" in 2009.
Leno will be replaced by "Late Night" host Conan O'Brien (who replaced Letterman at NBC).
"It's interesting timing. It'll give [Letterman] a year after Leno leaves to see if he can make inroads against Conan," one insider said. "This show is Dave's life."
Said another TV insider, "Dave is fixated on Jay and wants to go up against Conan so he can go out on top."
Although Leno consistently outrates Letterman by an average of over 1 million viewers a night, he earns less money.
Leno signed a deal in 2004 valued at roughly $26 million annually.
"We are truly honored that one of the most revered and talented entertainers of our time will continue to call CBS home," CBS President/CEO Les Moonves said.
"Thirteen years ago, David Letterman put CBS late night on the map and in the process became one of the defining icons of our network."
Letterman's new "Late Show" deal will pay him $35 million a year, a nice bump up from the $31.5 million a year he has been raking in as TV's highest-paid nighttime funnyman.
Letterman, 59, had one year left on his old deal. He and CBS have been working "amicably" on a new contract for months now, insiders said.
"I didn't hear the normal positioning and posturing going on with this deal," one source said. "I have to assume CBS came in and said: 'Let's do this. We love you, you love us, you've made a lot of money, you don't spend most of it.
" 'We'll give you a few dollars on top of [the $31.5 million], and let's be done with it.' "
Letterman has hosted "Late Show" since 1993, when he jumped to CBS from NBC after losing "The Tonight Show" to Jay Leno in the wake of Johnny Carson's retirement.
"I'm thrilled to be continuing at CBS," Letterman said in a statement. "At my age, you really don't want to have to learn a new commute."
Letterman's new deal means he'll be hosting one year longer than archrival Leno, who's due to leave "The Tonight Show" in 2009.
Leno will be replaced by "Late Night" host Conan O'Brien (who replaced Letterman at NBC).
"It's interesting timing. It'll give [Letterman] a year after Leno leaves to see if he can make inroads against Conan," one insider said. "This show is Dave's life."
Said another TV insider, "Dave is fixated on Jay and wants to go up against Conan so he can go out on top."
Although Leno consistently outrates Letterman by an average of over 1 million viewers a night, he earns less money.
Leno signed a deal in 2004 valued at roughly $26 million annually.
"We are truly honored that one of the most revered and talented entertainers of our time will continue to call CBS home," CBS President/CEO Les Moonves said.
"Thirteen years ago, David Letterman put CBS late night on the map and in the process became one of the defining icons of our network."