Owning 'The Late Show With Stephen Colbert' is key for CBS, exec says

CBS is looking to be the night owl that becomes a cash cow.

With the departure of David Letterman in May, the network for the first time will own and produce both of its late-night shows — "The Late Late Show With James Corden" and "The Late Show With Stephen Colbert," which premieres next month.

CBS licensed "Late Show With David Letterman" and the shows that followed it in the 12:35 a.m. slot from Letterman's company, Worldwide Pants, and was a profit participant in the programs.

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