The ‘Tonight Show’ is no longer tonight

Good morning, Nerders. It’s Monday, September 9th. In today’s newsletter, we cover:

• Late Night TV — Why late-night television is cutting back hours

• Profit-Per-Employee — One industry stands out from the rest at the top of the U.S. profit-per-employee rankings

• U.S. Steel — Why a blocked Japan-U.S. steel merger has everything to do with China

TODAY’S STORY

Is late-night TV now a part-time job?

NBC has decided to move “The Tonight Show Starring Jimmy Fallon” to four original recordings a week, like its late-night rivals CBS’ “The Late Show with Stephen Colbert” and ABC’s “Jimmy Kimmel Live,” which are already on the same schedule.

NBC’s move to reduce its late-night show time slots aims to shore up the program's economics as audiences shift towards streaming and away from cable and satellite TV subscriptions. The change in consumer behavior for late-night audiences has led to declining ratings, viewership numbers, and ad revenue.

Furthermore, some late-night voices leaned into politics, alienating more current and potential audience members.

Top hosts, like Jimmy Fallon, make north of $15 million annually, a lot of money for a part-time job.

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DATA BYTES

• Energy companies dominated the 2023 profit-per-employee rankings, with 3 out of the top 5 (pictured) and 12 out of the top 25 (not pictured)

• Energy companies make significant upfront investments in infrastructure and technology, which allows them to generate sizeable profits without requiring a lot of employees

#SHORTS

Why a blocked Japan-U.S. steel merger has everything to do with China

@boringbusinesskieran

Why a blocked Japan-U.S. steel merger has everything to do with China // Make sure to follow me to keep up with the latest business storie... See more

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To read the web version of previous stories, click here

If you have any comments or feedback, just respond to this email.

Thanks for reading,
Kieran & Justin Ryan