Despite filling five hours of our weeks with what some (...innocently drums fingers ...) consider to be softball questions and hacky jokes, Jay Leno has managed to remain the king of the late-night time slot, consistently banking the best ratings for the hour following the evening news. And it's looking like Tonight Show host may not want the party to end.
Three years ago, Leno, who took over the hosting chair from the beloved Johnny Carson in 1992, told General Electric Company (NYSE: GE)'s NBC Networks that he would be retiring in 2009. At that point, NBC gave the nod to auburn-haired late-late-night funnyman Conan O'Brian. But as the swan song grows closer, the Los Angeles Times reports, Leno may be having misgivings about this plan.
Leno is reportedly a workaholic and will only be 59 when 2009 rolls around. Johnny Carson was 74 when he stepped down from the gig. NBC clearly wouldn't mind keeping their number-one guy on the payroll, and if he wants to keep working, they definitely want him in their employ rather than with the competition. Leno has a non-compete clause to keep him off the air for six months after leaving NBC, but what's six months out of a 20-year career?
If Leno in fact changes his mind, where does this leave poor Conan? Not so poor. If Leno sticks with Tonight and NBC defects on their arrangement with O'Brien, he earns a $40 million penalty AND could continue to act as the host of Late Night with Conan O'Brien, which is arguably a lower-stress assignment anyway. O'Brien could also beat a hasty retreat to another network, and News Corp.'s (NYSE: NWS) FOX networks is rumored to be interested.
As Tom Dorsey of the Louisville Courier-Journal noted, "If all this sounds vaguely like deja vu, it's probably because you can recall the debacle NBC got into over who would be [Johnny] Carson's replacement in the early 90s." At that time, David Letterman held the spot that O'Brien currently occupies and considered himself a shoo-in for the position. Passed over for Leno, he headed to CBS Corp. (NYSE: CBS), where he still remains with a contract through 2010 and a handsome salary and incentives package that tops even Leno's.
Beth Gaston Moon is an analyst at Schaeffer's Investment Research.
As Tom Dorsey of the Louisville Courier-Journal noted, "If all this sounds vaguely like deja vu, it's probably because you can recall the debacle NBC got into over who would be [Johnny] Carson's replacement in the early 90s." At that time, David Letterman held the spot that O'Brien currently occupies and considered himself a shoo-in for the position. Passed over for Leno, he headed to CBS Corp. (NYSE: CBS), where he still remains with a contract through 2010 and a handsome salary and incentives package that tops even Leno's.
Beth Gaston Moon is an analyst at Schaeffer's Investment Research.
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Reader Comments (Page 1 of 1)
10-30-2007 @ 1:39AM
gene said...
Dumbest thing NBC ever did was pick Leno over Letterman. Letterman was clearly the only guy around who was capable of continuing The Tonight Show tradition, and Leno was a very poor substitute.
reidallas
10-30-2007 @ 10:20AM
DON said...
If Leno wants to stay NBC better listen because Conan isn't that funny and can't do what Leno does. Letterman is good and people like him more now. He has changed sense he has a kid. Both have to worry about Jimmy over at ABC coming on strong.
10-31-2007 @ 1:11PM
alphillips said...
If O'Brien and Letterman were so damn good why then does Leno have all the rating numbers? I Leno decides he wants to stay....I say to the NBC brass......WFC.
10-31-2007 @ 2:30PM
bryce said...
If Leno leaves, then we can all watch Letterman without switching back and forth between Jay's monologue and Letterman's "top ten list". Conan is not funny and his program is silly.
11-01-2007 @ 1:58PM
who cares said...
I like Jay...I like David a little better... I think Conan is clearly a no talent...he has nothing to contribute to this planet in any way, shape or form... period.
11-01-2007 @ 2:04PM
Homer Forbes said...
Jay Leo does not match up to Johnny Carson but he is head and shoulders above Letterman. Letterman's monologue is lame and doesn't have much to it. His Top Ten has run its course and is overdone. He can milk that only so long. He found something that caught on for a while but he's now beating a dead horse. O'Brien is too silly and crazy. His monologue is 75% is antics and 25% substance. Let him go if Jay wants to stay. I'll watch Leno but I will not watch O'Brien and I rarely watch Letterman.
11-01-2007 @ 2:06PM
jim said...
heyjay take a hike..you were good but your days are over...bring back dave
11-03-2007 @ 10:50PM
JAVAGIRL said...
I WOULD HAVE LOVED TO SEE RYAN SEACREST TAKE THE TONIGHT SHOW
11-03-2007 @ 10:57PM
JAVAGIRL said...
RYAN SEACREST IS VERY QUICK WITTED AND WOULD MAKE A GREAT HOST, FUNNY HE COULD HAVE GUEST BANDS FOR THE INTROS
11-05-2007 @ 11:57PM
Solange said...
I can't believe that you actually opted to replace Leno with Conan. Leno is much more entertaining than Conan, who is way too off-the-wall and does not have the suave of Leno. This doesn 't make any sense -Your ratings for the Tonight show are the highest and you're going to jeopardize that for Conan? Oh well... I guess my days of watching the Tonight show will be over. No, I'll no longer be watching the Tonight show and definitely not goofy Conan. Good luck when you go into a dive!!f
11-22-2007 @ 11:37PM
Don Lipper said...
Conan has never been funny. He will be a disaster if he takes over the Tonight Show. With NBC so fragile elsewhere and so solid at 11:30, what are they thinking?
12-11-2007 @ 2:27PM
Kat said...
I hope the execs at NBC read these blogs. I agree, Conan will be a big mistake for the Tonight Show. If they want to keep the NO.1 spot they'll keep Jay.
1-10-2008 @ 1:30PM
harry said...
posters who think nbc screwed up when they hired leno over letterman, just look at the ratings difference. obviously nbc made the right choice. conhan is a jerk and not funny. nbc will be making a big mistake having him take over for leno. ratings will go in the toilet which letterman would love cause he would become mr. latenight..