Stephen Colbert ‘Late Show’ Salary Revealed: Takes Major Pay Cut After Comedy Central

Stephen Colbert has reportedly taken quite a pay cut to host The Late Show on CBS. Back when he was dominating the Comedy Central series, The Colbert Report, the comedian was reportedly taking in $6 million a year. With having moved over to CBS, however, the former Daily Show correspondent's salary has allegedly been knocked down to $4.6 million per year.

Again, allegedly.

Time reports that Colbert's three-year contract is considerably low in comparison to Tonight Show host Jimmy Fallon, who reportedly takes home from $11 to $12 million per year. Even Jimmy Kimmel Live! host Jimmy Kimmel brings in a $10 million annual paycheck. And CONAN, well, he's bringing in about $12 million – whether or not that includes his production company Conaco's back-end deal is uncertain.

So, if these numbers are correct, why has Colbert agreed to take The Late Show spot? Many speculate it is due to the fact that the new show will "elevate the late-night talker in the public consciousness," meaning that it'll bring Colbert to brand new audiences, ones who may not have seem him on Comedy Central.

Of course, if you watched last night's premiere episode, it's almost certain to say that he'll one day be bumped well above his Comedy Central salary. Will he match Letterman's ending salary of $30 million? Well, that's doubtful.

The Late Show with Stephen Colbert debuted last night with guests George Clooney and Republican candidate Jeb Bush. Tonight's episode will welcome Scarlett Johansson, Elon Musk and Kendrick Lamar.

 The new, bolder and brighter stage for the “Late Show With Stephen Colbert” is all set and ready in the Ed Sullivan Theater. The inaugural show premieres tonight. Photo by Robert Deutsch, USA TODAY https://usat.ly/1VLMY57 #LateShow #Colbert

A photo posted by USA TODAY (@usatoday) on Sep 8, 2015 at 6:50pm PDT