Jimmy Kimmel called reports that Stephen Colbert's show was canceled due to an annual $40 million loss was "nonsensical." He also claimed that late-night television is not dying, and slammed the network for "silencing comedians.

Stephen is going to evolve and shine brighter than ever in a new format that he controls completely,' O'Brien said.

While receiving a TV Academy Hall of Fame award, Conan O’Brien offered some thoughts about the state of late-night television.