Letterman staying 'Late?'
Host in talks to stay on through 2011-12 season
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It's understood CBS and Letterman are deep in discussions on a new deal that would keep him at the helm of "Late Show With David Letterman" through the 2011-12 season. Letterman's existing deal with the Eye runs through the 2009-10 season, but the new three-year pact under discussion would supersede the final year of the previous contract.
That's significant for the Eye because the network is said to be negotiating a reduction in the license fee that it pays for "Late Show." CBS has been on a cost-cutting binge on all of its programs, so it's no surprise that "Late Show" would also be facing a license fee reduction.
Letterman's Worldwide Pants shingle owns "Late Show" outright, along with its 12:35 a.m. companion, "The Late, Late Show With Craig Ferguson." Letterman's personal paycheck has long been said to be one of the richest in TV, pegged at about $30 million annually for most of the past decade. It's unclear how the license fee reduction will affect Letterman's take-home pay.
CBS and a rep for Worldwide Pants declined comment late Tuesday.
