Late Show with David Letterman
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$400 million
For many years, people across the United States tuned in every weeknight to see David Letterman host his late night talk show on CBS. The show was extremely successful to the point where nobody had hosted a late night show for longer than Letterman did. He’s since retired from the late night scene, but hasn’t been completely out of the picture just yet. Now in his early 70s, Letterman is producing shows once again, and many of those now in the late night circuit say that he has been their biggest mentor in the business.
Letterman is an Indiana man through and through, having been born in Indianapolis on April 12, 1947. Though he was more interested in cars (like many in Indiana) during his youth, he wanted to focus his potential career in broadcasting. Originally planning to attend Indiana University, Letterman found himself at Ball State University north of his hometown and majored in broadcasting.
Letterman had worked on a campus radio station while in college, and after he had graduated had moved back to Indianapolis where he first worked in radio as a talk show host. He developed quite an audience in the area, and caught the notice of some national media, including ABC who used him as a reporter for the Indycar broadcasts, especially the famous Indianapolis 500 race.
Because of his early success, Letterman took a shot at the big time, heading out to California with the hopes of landing some major gigs. He started to make appearances on television, as well as working as a writer for many popular shows of the time. Many producers in Hollywood saw Letterman’s potential, and he had his first chance at becoming a talk show host when he’d fill in for the legendary Johnny Carson for “The Tonight Show”. Carson became his mentor during these years, and helped Letterman to land his first solo show that was broadcast on NBC’s morning schedule, earning many accolades but not drawing big ratings.
Still, NBC wanted to keep Letterman around as they saw that Letterman had what it took to become a star. With that, he was given his own late night talk show that was broadcast following “The Tonight Show” on a nightly basis, developing a lot of memorable segments that Letterman would use down the road. The idea was that the show would groom Letterman to eventually take over for Carson when he retired.
In 1992, that time did come for Carson after a lengthy career with “The Tonight Show”, and many had expected that Letterman was the natural fit. However, NBC pulled a huge surprise when they announced that comedian Jay Leno would be the one taking over. Many had speculated that it was because Leno was more willing to do whatever it takes and work long hours away from the set while Letterman was not a “gladhanding” company man.
CBS had struggled for years to compete with “The Tonight Show” because of its popularity, and saw this as the perfect advantage to finally make their mark. With that, Letterman was hired after he decided to leave NBC, giving him a massive contract and a new studio in the process. Because many watchers were familiar with Letterman, “The Late Show with David Letterman” became a success early on.
There were peaks and valleys throughout the show’s history in terms of ratings, but the show remained a constant for CBS for many years. Letterman had many memorable moments during the show’s run, which lasted for more than 20 years. Letterman then decided in 2014 that he’d retire in one year’s time. His final “Late Show” was broadcast on May 20, 2015 with a massive ratings pull and some of the most notable names in the United States both in and out of entertainment making appearances.
Though he’s now retired, Letterman is still pulling in big money with an estimated $20 million per year, and a net worth that’s now amassed at $400 million. Letterman’s production company, Worldwide Pants, may not be as active these days, but they still have a catalog of some very lucrative tapes that have produced a lot of royalties. On top of his talk show, Worldwide Pants also has the entire library of “Everybody Loves Raymond”, which has made a lot from syndication. Letterman has also had stand-up specials with big audiences and a lot of viewers on television, including one on Netflix that was very popular.
If you’ve seen Letterman in recent years, you’ve likely noticed that he’s sporting a much different look as a retiree, growing a long beard. “The beard is a good reminder to me that that was a different life,” he said. “I’m hopeful that I will either find something else, or something else will be presented to me.”
He added that “I don’t miss late night television. And I’m a little embarrassed that, for 33 years, it was the laser focus of my life. Maybe life is the hard way, I don’t know. When the show was great, it was never as enjoyable as the misery of the show being bad.” When asked if he missed it, he said that “The first year I sure did - you know, when they wise up and let you go, you’ll go through it - because you get into a rhythm. And I so miss that.” These days, though, “The best part is that I get to do stuff with my son (now)...At my age, and this is no breakthrough or revelation, but the most secure I ever feel is when I’m around my son.”
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