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“I have a question for the group, actually. How many of you watch late-night on any network today? Raise your hand.” Few hands went up. That was how Paramount’s new COO, Andy Gordon, parried a question about Stephen Colbert’s cancellation during a meet-and-greet with journalists upon closing of the $8 billion merger with Skydance on Aug. 7.

The moment was telling, and not just for late-night. The same question could be asked about the Big 3 evening news broadcasts, or primetime lineups on cable news. It gives the impression of irrelevance, especially in the all-podcasts-are-video-are-tv-content moment that media executives appear to be experimenting with during a downsizing era. And yet, that narrative sells the TV news ecosystem short.

Viewers may not watch The Late Show live anymore, but if Colbert has something interesting to say, it’ll rack up millions of views instantly on social platforms and YouTube and be recirculated…

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